(Reuters) – The U.S. Treasury Department said on Friday it has completed its final sale of common stock in American International Group, reducing its shares in the insurer to zero four years after a massive government bailout.
Treasury said it received $7.6 billion in proceeds from the sale of its remaining 234 million shares at $32.50 per share. Overall, Treasury and the Federal Reserve received a $22.7 billion positive return on their combined $182.3 billion bailout, the department said.
“Today officially begins a new chapter at AIG,” Chief Executive Robert Benmosche said in a statement.
The sale is part of Treasury's efforts to wind down its Troubled Asset Relief Program (TARP), created in 2008 to help rescue companies stricken by the financial crisis.
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