HUFF NEWS: American International Group Inc. has paid the federal government $2.15 billion this week after selling off a life insurance subsidiary, trimming its financial bailout balance to roughly $51 billion.
The Treasury Department said Thursday that the repayment comes from AIG’s sale of its Nan Shan Life Insurance Co. in Taiwan. AIG has now paid back $11.4 billion of the $68 billion in bailout funds it received from the government at the height of the 2008 financial crisis.
The government sold 200 million AIG shares in May. That cut the government’s stake in the company from 92 percent to 77 percent. Treasury officials have said they expect to recoup the full amount of the bailout… (more)
EDITOR: If AIG is able to repay the funds advanced under TARP, the government will end up making money on the controversial ‘bail out’ of banks and insurance companies. Will miracles never cease!
