U.S. profit on AIG climbs to $22.7B

Published Dec 12, 2012 at 04:00AM

The Treasury Department said Tuesday it would raise $7.6 billion in the sale of its final shares of American International Group Inc., ending the controversial bailout of the insurance giant with a $22.7 billion profit.

The department agreed to sell its remaining 234 million shares in AIG, which represented 15.9 percent of the company, for $32.50 each. The sale in effect closes the books on a rescue that at its height had the government on the hook for more than $182 billion and owning 92 percent of the company.

The offering, which was announced Monday, is expected to be completed Friday.