The U.S. Treasury is taking another step to unwind its unprecedented 2008 bailout ofAmerican International Group Inc.by selling about $5 billion more of the insurance giant's shares and reducing its stake in the New York company to 63%.
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Thanks to AIG's rising stock price -- up 41.5% this year -- the government was able late Sunday to price 164 million shares it plans to sell Monday at $30.50 each.
The sale brings down AIG's debt to taxpayers to $39 billion from more than $182 billion that the Treasury and the Federal Reserve had pledged in a multi-step bailout starting in September 2008. The government shelled out $125 billion, picking up a 92% stake in the company.
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