AIG, Treasury Offer to Sell 300 Million Shares to Public

by The Associated Press May 11th 2011 8:29AM
Updated May 11th 2011 8:36AM
Global insurance company American International Group Inc. and the federal government are offering to sell a total of 300 million AIG shares to the public.

AIG and the government didn't specify a price for the shares in a regulatory filing on Wednesday. But 300 million shares of AIG were worth about $8.89 billion at Tuesday's closing price of $29.62.

The sale would be a big step by the government to disentangle itself from AIG after spending billions of dollars on its rescue of insurance company at the height of the financial crisis in 2008.

The Treasury Department owns about 92 percent of AIG. Treasury officials have said they expect to recoup the full bailout amount of the bailout.

The filing says AIG is offering 100 million shares for sale and the Treasury is offering 200 million shares.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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5 Comments

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amac170

AIG IS A DISGRACE TO THE INSURANCE INDUSTRY, THE GOVERNMENT SHOULD NOT LET THE PUBLIC INVEST IN THEM,THEY LIE, GET LAWYERS TO SPIN THE REAL FACTS RATHER THAN PAY CLAIMS, i AM LIVING PROOF OF THIS, ANY BODY INTERESTED?

June 06 2011 at 4:12 PM Report abuse rate up rate down Reply
rgkarasiewicz

Wow! I think that I would rather take my chances with the Irish Sweepstakes.

May 11 2011 at 12:46 PM Report abuse +1 rate up rate down Reply
marine1942

Two failures--AIG and Federal Gov't

May 11 2011 at 11:44 AM Report abuse +2 rate up rate down Reply
2 replies to marine1942's comment
It'sMe

And you forgot the biggest failure to the American people marine- Wall Street

Now after we bailed them out originally we get to buy these all back again, almost like a double dip effect, Bush should have let it collapsed , we could have saved alot more in the long run

May 11 2011 at 11:52 AM Report abuse +1 rate up rate down Reply
It'sMe

And you forgot the biggest failure to the American people marine- Wall Street!

Now after we bailed them out originally we get to buy these all back again, almost like a double dip effect, Bush should have let it collapsed , we could have saved alot more in the long run

May 11 2011 at 11:55 AM Report abuse rate up rate down Reply