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Banking, finance, and taxes

Treasury Exits Last AIG Stake

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By Jon C. Ogg Updated Published
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Jon Ogg
American International Group, Inc. (NYSE: AIG) is just about entirely about to be outside of the government’s direct oversight. Uncle Sam’s giant bailout has already turned out to be profitable for taxpayers, but now we have news that the Treasury Department is about to sell its remaining stake of 16% or so in the insurance giant.

We have been calling for Uncle Sam to use the strength of the last secondary stock sale as cover for a total and complete exit from this bailout. Now that finally appears to be happening.

AIG shares closed down 2.2% at $33.36 on Monday against a 52-week range of $22.19 to $37.67. We last saw AIG down only 0.5% at $32.85 in the after-hours session.

It appears as though the US Treasury may still hold onto some warrants even after the share sale. What this does for 2013 and beyond is allow investors to evaluate AIG as its own company rather as a company that is effectively in receivership. The problem that AIG has is that many investors still cannot decide how they are supposed to evaluate this behemoth.

JON C. OGG

Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. a673b.bigscoots-temp.com.

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