People pass the AIG building, in New York, Tuesday, Jan. 8, 2013. American International Group Inc. said Tuesday its board of directors will weigh whether to take part in a shareholder lawsuit against the U.S. over the government's $182 billion bailout of the insurer. (AP Photo/Richard Drew)
AIG severs final bailout link with Treasury
Published: 06:03:05 PM, Fri 01 March 2013 UTC
WASHINGTON (AP) — The Treasury Department has sold its remaining warrants in American International Group Inc., severing its final financial link to the insurance company that got the government's biggest bailout of the 2008 financial crisis.
Treasury received approximately $25 million for the warrants, which it sold back to AIG. Warrants give the purchaser the right to buy stock at a guaranteed price.
AIG President Robert Benmosche said in a statement Friday that the sale means "we are turning the final page on America's assistance to AIG."
Treasury in December had sold the last of its stock in AIG. The government has recovered the $182 billion in support it provided plus receiving an additional $22.7 billion. The New York company became the focus of much public anger over the bailout.
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