Patience has been rewarded for taxpayers, US government, and AIG as the near final shares owned by the US government (only 22% left after the sale, down from over 90% at one point) will be sold today into the open market.
AIG, the poster child of excess insurance and derivates products, dug a hole too large for its balance sheet to escape with the fall of the banking system in the 07-09 recession. The US Government propped up the company with a controlling contribution and then forced the company to shape up.
In this press release from the US Treasury the collective US Government will net over $12 billion in net gains on a $182 billion investment.
Patience was greatly rewarded in this situation!
Have a Great Day!
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