AIG (AIG) Jumps Higher as U.S. Overhang is Removed
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Shares of AIG (NYSE: AIG) are solidly higher early Tuesday after the U.S. sold its final tranche of 234,169,156 common shares of AIG at $32.50/share.
Despite the heavy supply of stock coming to the market, Wall Street likes the news as the Treasury overhang is now removed, allowing the stock to move higher.
Commenting on the news AIG President and Chief Executive Officer Robert H. Benmosche "Thank you America. Let's bring on tomorrow."
The Federal Reserve and Treasury's combined $182 billion commitment to stabilize AIG during the financial crisis has now showed a positive return of $22.7 billion. After the closing of today's offering, Treasury will continue to hold warrants to purchase approximately 2.7 million shares of AIG common stock .
Shares of AIG last traded at $33.90, up 1.6% from the close and up 4.3% from the Treasury pricing.
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Despite the heavy supply of stock coming to the market, Wall Street likes the news as the Treasury overhang is now removed, allowing the stock to move higher.
Commenting on the news AIG President and Chief Executive Officer Robert H. Benmosche "Thank you America. Let's bring on tomorrow."
The Federal Reserve and Treasury's combined $182 billion commitment to stabilize AIG during the financial crisis has now showed a positive return of $22.7 billion. After the closing of today's offering, Treasury will continue to hold warrants to purchase approximately 2.7 million shares of AIG common stock .
Shares of AIG last traded at $33.90, up 1.6% from the close and up 4.3% from the Treasury pricing.
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