Treasury: $6.3B return from stock sale by AIG

[Omaha Steve]

Source: AP

By MARTIN CRUTSINGER

WASHINGTON (AP) - The Treasury Department said Wednesday that a sale of MetLife Inc. stock by American International Group (AIG) Inc. brought in $6.3 billion, which will go toward repaying a portion of the taxpayer bailout of the insurance company.

Treasury said that the $6.3 billion in gross proceeds from the sale would be used to redeem part of Treasury's $18.2 billion investment in preferred equity shares in AIG.

AIG offered 146.8 million shares of its holdings in MetLife for sale and the stock sold at $43.25 a share.

The MetLife stock sale is part of the government's effort to wind down its largest and most complex rescue from the 2008 financial crisis, when it assembled a $182 billion package to save New York-based AIG.

Read more: http://apnews.excite.com/article/20110303/D9LNFOL03.html

[Yupster]

1. Kind of weird AIG owning 146 million shares of Metlife

Does Exon own shares of Shell?

Seems like you wouldn't own part of your competitor.

I thought holding each other's bonds was weird enough.

[No Elephants]

2. "$6.3 billion, which will go toward repaying a portion"

Lame

[RUMMYisFROSTED]

5. Roughly 3%.

:woohoo:

[jtuck004]

3. It's the least you could do. eom

[ixion]

4. I'm still waiting for my dividend check

but not holding my breath, as it were.