Banking, finance, and taxes

Treasury Selling $4.5 Billion More In AIG Shares

American International Group, Inc. (NYSE: AIG) is just one more step closer to being a self-governing company without the oversight of taxpayers and the government.  Still, AIG owes all of us taxpayers but it is about to owe us less.  The United States Treasury has announced that it is going to sell $4.5 billion worth of AIG shares of common stock.  The Treasury said that AIG intends to repurchase $3 billion directly to avoid any market dilution.

Citigroup Inc. (NYSE: C), Deutsche Bank AG (NYSE: DB), Goldman Sachs Group Inc. (NYSE: GS), and J.P. Morgan Chase & Co. (NYSE: JPM) have been hired as the joint book-runners for this offering.

This would mark the third time that the United States Treasury has sold shares and this gets the ownership down just that much more.  AIG shares were halted and since its earnings report the shares have remained mostly positive and shares were at $31.16 after a $0.32 gain on the day before the shares were halted for trading.

It seems unlikely that the government’s stake (a loan call it) will be paid down entirely before the election and it probably will not be paid down this year.  Still, this is the third such secondary offering and it appears that the price will be better this time around.

JON C. OGG

Want to Retire Early? Start Here (Sponsor)

Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?

Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.

Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.

 

Have questions about retirement or personal finance? Email us at [email protected]!

By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.

By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.