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US Sets Price on Remaining AIG Shares

  • The US Treasury Department has agreed to sell the remaining 234 million shares which were received as part of the bailout of American International Group for $32.50 each. The Treasury Department expects to raise $7.6 billion in the sale and end the controversy surrounding the bailout of American International Group Inc. with a net gain of $22.7 billion. AIG's stocks closed on Monday at $33.36, and jumped 1.6% to $33.90 on Tuesday pre-market trading. The offer is expected to close by Friday. Poor investments into the housing market brought AIG to the brink of bankruptcy in September 2008. The Federal Reserve and the Treasury Department stepped in to keep the company alive.