Tags: aig | bailout

AIG's CEO: Taxpayers Will Profit on Bailout

Monday, 26 Mar 2012 06:59 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
AIG expects American taxpayers to end up with a profit of $5 billion to $10 billion on the company's 2008 rescue when all is said and done, the chief executive of the bailed-out insurer said on Monday.

The U.S. government saved American International Group from bankruptcy in September 2008 with a bailout that ultimately totaled $182 billion. Earlier this month, the company finished paying off the government's preferred interest in some of its assets.

In an interview on CNBC, Bob Benmosche said the company now has an "awful lot of capacity" to buy back stock and that he assumes most of those buybacks will come from the U.S. Treasury's 70 percent stake in the company.

Treasury has been steadily reducing its position in the insurer, whose shares have recently recovered to trade above the government's $28.73 break-even point.

Benmosche also told CNBC's Jim Cramer his cancer treatments were going well and that he was in no hurry to retire. At one time he had been expected to retire this summer, though in recent months he has indicated a desire to stay on indefinitely.

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web

Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 

You May Also Like
Around the Web

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved