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Friday, December 14, 2012

US Treasury says has completed final sale of AIG stock, (NYSE: AIG)

The U.S. Treasury Department said on Friday it has completed its final sale of common stock in American International Group, reducing its shares in the insurer to zero four years after a massive government bailout.Treasury said it received $7.6 billion in proceeds from the sale of its remaining 234 million shares at $32.50 per share. Overall, Treasury and the Federal Reserve received a $22.7 billion positive return on their combined $182.3 billion bailout, the department said."Today officially begins a new chapter at AIG," Chief Executive Robert Benmosche said in a statement.The sale is part of Treasury's efforts to wind down its Troubled Asset Relief Program (TARP), created in 2008 to help rescue companies stricken by the financial crisis.

American International Group, Inc. (AIG) is an international insurance company, serving customers in more than 130 countries. Shares of AIG fell by 0.64% or $-0.22/share to $34.02. In the past year, the shares have traded as low as $22.19 and as high as $37.67. On average, 25537100 shares of AIG exchange hands on a given day and today's volume is recorded at 16106249.