Banking, finance, and taxes
Greenberg Begins Selling AIG Shares (AIG)
Published:
Last Updated:
There had been hopes that Hank Greenberg was going to come with his own plan to save American International Group (NYSE: AIG). That was removed yesterday after the company agreed to the government plan. But now it looks even less and less likely. The ex-Chairman has filed a 13D with the SEC to sell shares in the open market. We don’t know if this means anything about margin calls, but this massive drop in AIG has apparently caused liquidity issues. As of July 15, Greenberg’s Starr International held more than 227 million shares. See below:
- The Reporting Persons presently intend to engage in open-marketsales of shares of Common Stock for liquidity and other purposes. Suchsales may be made at such times, in such amounts and at such prices aseach of the Reporting Persons may in its sole discretion determine.Such sales may, individually or in the aggregate, materially decreasethe percentage of the outstanding Common Stock of the Issuerbeneficially owned by the Reporting Persons.
AIG shares are up 19% at $3.94 today, but they had traded as highas $4.36 earlier before this filing. Sometimes billionaires lose moremoney than they can afford.
Jon C. Ogg
September 25, 2008
Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
