The Treasury Department’s sale of 234 million shares will pad the $15.1-billion profit it has made already from the bailout of the giant New York insurer.

Jim Puzzanghera, Los Angeles Times

The U.S. Treasury said it is selling the rest of its stake in American International Group Inc., in effect closing the books on one of the biggest and most reviled bailouts of the financial crisis that engulfed the world four years ago.

The sale of the Treasury Department‘s remaining 234 million shares in an offering announced Monday would wipe out the government’s 15.9% stake and pad the $15.1-billion profit it has made already from the giant New York insurer.

The Treasury Department still would hold an undisclosed number of warrants in AIG, but taxpayers no longer would own a piece of a company that came to symbolize Wall Street’s wild risk-taking during the subprime housing boom.

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