Treasury sells AIG stake for $22.7B profit

Treasury sells AIG stake for $22.7B profit

The U.S. Treasury Department said Tuesday that it has sold all its remaining shares of American International Group (AIG), moving to wrap up the government’s biggest bailout of the 2008 financial crisis.

Treasury said it received $32.50 per share for its 234.2 million remaining shares, which represented a 16% ownership stake in the giant insurance company.

On Sunday, AIG said it will sell up to 90% of its airplane leasing unit to a Chinese investor group for $5.3 billion. It said it planned to use the proceeds to help repay the government for the bailout.

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