American International Group Inc. (AIG)’s rescue has come to an end with the U.S. raising $7.6 billion in its final offering of the insurer’s shares, four years after a bailout that fueled resentment against Wall Street.These are the kinds of things you notice when you take the time to see the long game. Nobody liked the idea of bailing out firms like AIG. But the consequences of not doing so would have been disastrous for everyone. And now today we see how well that has all been managed by Treasury Secretary Geithner. He deserves a shout-out from all of us. And I'm here to give one to him.
The Treasury Department is selling 234.2 million shares at $32.50 each in the sixth offering since the 2008 rescue. The proceeds boost the U.S. profit on the rescue that began in 2008 to $22.7 billion, according to a statement today from the Treasury, which injected capital through the Troubled Asset Relief Program.
Tuesday, December 11, 2012
U.S. profits from AIG bailout
From Bloomberg Business:
Posted by Nancy LeTourneau