Business Breaking News

The Canadian Press - ONLINE EDITION

US Treasury sells remaining warrants held in AIG to the insurer, severing final bailout link

By: Martin Crutsinger, The Associated Press

Friday, Mar. 1, 2013 at 12:20 PM | Comments: 0

WASHINGTON - The U.S. Treasury Department has sold its remaining warrants in American International Group Inc., severing its final financial link to the insurance company that got the government's biggest bailout of the 2008 financial crisis.

Treasury received approximately $25 million for the warrants, which it sold back to AIG. Warrants give the purchaser the right to buy stock at a guaranteed price.

AIG President Robert Benmosche said in a statement Friday that the sale means "we are turning the final page on America's assistance to AIG."

Treasury in December had sold the last of its stock in AIG. The government has recovered the $182 billion in support it provided plus receiving an additional $22.7 billion.

The New York company became the focus of much public anger over the bailout.

Rate this
This article has not yet been rated.

We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high. If you thought it was well written, do the same. If it doesn’t meet your standards, mark it accordingly.

You can also register and/or login to the site and join the conversation by leaving a comment.

Rate it yourself by rolling over the stars and clicking when you reach your desired rating. We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high.

Sort by: Newest to Oldest | Oldest to Newest | Most Popular 0 Comments

You can comment on most stories on brandonsun.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

There are no comments at the moment. Be the first to post a comment below.

Post Your Comment

The Brandon Sun does not necessarily endorse any of the views posted. Comments are moderated before publication. By submitting your comment, you agree to our Terms and Conditions. New to commenting? Check out our Frequently Asked Questions.