U.S. no longer has AIG majority stake

The U.S. government is no longer the majority owner of American International Group Inc. The bailed-out insurance company said Friday that the Treasury Department had wrapped up a planned sale of AIG stock, which netted the government roughly $20.7-billion (U.S.). The government's sale of 636.9 million shares means it has less than a majority stake in AIG for the first time since the 2008 financial crisis, when the Treasury lined up a $182-billion bailout. New York-based AIG said the Treasury now owns about 16 per cent of its stock, down from 53 per cent. AIG nearly collapsed in 2008 after suffering massive losses from derivative trades. AIG's bailout was part of the Troubled Asset Relief Program enacted under President George W. Bush.