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The company said in a public filing Wednesday that it will repay a loan from the
During the height of the crisis, the New York Fed provided as much as
Treasury officials would not comment on the government’s planned sales of AIG shares. They said the shares will be sold to maximize taxpayer profits and minimize the risk of loss.
“Today’s announcement is a milestone in the government’s long- stated efforts to exit our investments in private companies as soon as practical while protecting taxpayers,” Treasury Acting Assistant Secretary for Financial Stability
AIG became a symbol for excess risk on
For months, the government expected to take massive losses on its investments in AIG. The
Wednesday’s filing moves the government closer to what Treasury officials expect will be a multibillion dollar profit.
AIG and Treasury first described the plan in September. Wednesday’s filing marks the official signing of the deal by AIG, the New York Fed and Treasury.
The filing “marks an important step forward in our progress toward completely repaying taxpayers. We remain committed to executing the steps and meeting all conditions in the agreement as soon as possible,” AIG said in a statement.