will ultimately get the lion's share of the credit for turning the company around and preventing a fire sale of its assets. Benmosche salvaged some of the company's businesses, defended the company's employees against their detractors and figured out a path forward that would let the company both repay the government and stay in business. In September, he said the company may be in a position to consider a dividend by next summer. "It was an ugly process," said Greg Valliere, chief political strategist with Potomac Research Group, but he added:
"Bottom line is that the government made money." In a statement on Monday, the Treasury said it launched an
underwritten public offering for AIG's remaining 234.2 million shares of common stock.
At Monday's closing share price of $33.36, the stake would be worth some $7.81 billion.
Treasury said that the sale, which is expected to price imminently, would be jointly led by Bank of America Merrill
Lynch, Citigroup, Deutsche Bank, Goldman Sachs and JPMorgan Chase & Co.
Treasury also said it would continue to hold warrants to buy common stock even after the share offering is complete. An AIG spokesman declined to comment. The sale closes out AIG's bailout, but other companies still
owe the government. The latest Treasury estimate has the Troubled Asset Relief Program ultimately costing the US taxpayers $60 billion. General Motors, auto lender Ally Financial Inc and small banks still owe the Treasury.