What can we help you cover!
Bookmark and Share

American International Group repaid another $6.9 billion of its bailout Tuesday, the U.S. Treasury said.

With that payment, the Treasury said it has now recovered 70 percent of the $411 billion distributed under the crisis-era Troubled Asset Relief Program, or TARP.

AIG paid the Treasury $6.6 billion from the proceeds of its sale of shares in insurer MetLife, shares it acquired when it sold its international unit Alico to MetLife last year. AIG paid Treasury another $300 million in funds it had retained for expenses related to the Alico deal.

After those payments, the Treasury still holds about $11.3 billion in preferred interests in AIG. It also owns about 92 percent of AIG’s common stock.

At Tuesday’s closing share price, the sale of that stock would generate a profit for the taxpayer of about $14.22 billion. The Treasury said it expects taxpayers to recover ”every dollar” of AIG’s bailout, which at one point swelled to $182 billion.

Of the TARP funds still outstanding, about 70 percent are concentrated in AIG, finance company Ally Financial and automaker General Motors.

Any ultimate profit on the AIG shares would help offset any possible loss from the sale of the auto businesses.


www.reliableins.net
Posted 2:53 PM

Share |


No Comments


Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This and all content is developed from sources believed to be providing accurate information. The information in this material is not intended to be used as tax or legal advice. Please consult with a tax and/or legal professional for detailed information regarding your individual situation. Some of this material was developed and shared by Reliable Insurance Managers, Inc. to provide information that may be of interest. Reliable Insurance Managers, Inc. is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.
Blog Archive
  • 2018
  • 2017
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
  • 2010
  • 2009
  • 2008


View Mobile Version

Our Customer Feedback

Our latest blogs

  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
© Copyright. All rights reserved. Powered by Insurance Website Builder