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Treasury Expects $5B in Proceeds from Sale of AIG Shares

The ""U.S. Department of the Treasury"":http://www.treasury.gov/Pages/default.aspx announced Friday that it expects proceeds from the the sale of its ""American International Group, Inc."":http://www.aigcorporate.com/index.html (AIG) common stock to be about $5 billion.

Treasury stated it will sell 163,934,426 shares of AIG stock at $30.50 per share. The offering will reduce Treasury’s investment in AIG to $25 billion.

AIG plans to purchase up to $3 billion of the shares. Previously in a release, Treasury announced plans to sell $4.5 billion of its AIG common stock.

Currently, Treasury holds 61 percent of AIG's shares, and AIG remains the largest investment for the Troubled Asset Relief Program (TARP). TARP invested $67.8 billion into AIG through taxpayer dollars. According to a recent SIGTARP report, $36 billion is still owed to taxpayers.

About Author: Esther Cho


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