December 11, 2012 |
WASHINGTON - The Treasury Department said it would raise $7.6 billion in the sale of its remaining shares of American International Group Inc., ending the controversial bailout of the insurance giant with a $22.7-billion profit. The department agreed Tuesday to sell its remaining 234 million shares in AIG, which represented 15.9% of the company, for $32.50 each. The offering is expected to be completed Friday. The sale, in effect, closes the books on a bailout that, at its height, left the government pledging more than $182 billion in taxpayer funds to rescue the firm in return for owning 92% of its shares.
January 1, 1988
Richard J. Schmeelk and Maurice R. Greenberg have resigned from the board of Salomon Inc., the Wall Street brokerage house announced. Schmeelk, 63, had stepped down in 1986 as head of Salomon's corporate finance department. He will continue in a consulting position. Greenberg, 62, is chief executive of the New York-based multinational insurance company, American International Group.
June 26, 2008 |
International Lease Finance Corp., the world's biggest aircraft lessor, said it may order 300 jetliners from Boeing Co. and Airbus to meet demand from airlines that can no longer afford to buy their own planes. ILFC, a Century City unit of American International Group Inc., said it might purchase 150 single-aisle aircraft from each manufacturer.
September 26, 1991 |
Insurer May Lay Off 1,000: American International Group, a large and influential property and casualty insurance company, reportedly plans to lay off 1,000 people, a move that could set off a fresh round of layoffs in the troubled industry. The Wall Street Journal cited unidentified sources as saying the cuts will begin soon and continue during the next six months. The planned cuts would represent about 6% of AIG's staff of 16,000.