AIG sells shares in Asian unit AIA to pay off $6 billion from US government bailout bill

[DCBob]

Source: Washington Post / AP

HONG KONG — American International Group Inc. is selling part of its stake in AIA Group Ltd. to raise $6 billion as it continues to repay the $182 billion government bailout that prevented the company’s collapse during the 2008 financial crisis.

New York-based AIG plans to sell a “significant proportion” of its 33 percent stake in AIA, the Hong Kong listed company said Monday. AIG said in a separate statement Sunday the shares will be sold to institutional investors and proceeds will be used to pay off money owed to the U.S. Treasury.


Read more: http://www.washingtonpost.com/business/economy/aig-sells-shares-in-asian-unit-aia-to-pay-off-6-billion-from-us-government-bailout-bill/2012/03/05/gIQAjlACsR_story.html

---

This is great news but no doubt the Republicans will find something negative to complain about this.

[Festivito]

1. Sad part is that American ownership might likely become Chinese ownwership.

but, at least we get the tax dollars ack and without going under deeper.

[dixiegrrrrl]

2. and AIG is not even a bank! that bailout was illegal as hell.

Not that illegal moves by The Fed and Treasury are uncommon anymore.