The
US Federal Reserve said it had sold the last of its investment in
insurer AIG, turning a $17.7 billion profit for the public from its 2008
bailout.
The
New York Fed's final sale of its American International Group-related
assets made a net gain of about $6.6 billion, the central bank
announced.
"The total net profit to taxpayers
from the New York Fed's assistance to AIG and AIG-related facilities was
$17.7 billion," it said in a statement.
"The completion of the sale of the
Maiden Lane III portfolio marks the end of an important chapter -- our
assistance to AIG -- that was undertaken to stabilize the financial
system in the midst of the financial crisis," William Dudley, president
of the New York Fed, said.
"I am pleased that we were able to
achieve our principal goal, which was to protect the US economy from the
potentially devastating effects of AIG's failure, while demonstrating
sound stewardship of taxpayer interests."
AIG, once the world's largest
insurance company, was closely involved in the risky derivatives at the
center of the 2008-2009 financial crisis. The Fed and the US Treasury
rescued it from bankruptcy with a record $182 billion bailout.
As part of the financial market
bailout, the Fed took unprecedented actions, creating three limited
liability companies known as Maiden Lane, to absorb toxic assets from
AIG and other financial institutions at risk.
The first Maiden Lane was created to
help the merger of JPMorgan Chase and Bear Stearns; the remaining two
were aimed at easing capital and liquidity pressures on AIG, which was
reeling under soured bets after the collapse of US housing market
bubble.
Over time the Fed has recovered its
loans to the Maiden Lane companies and also sold off the assets they
held. Maiden Lane III repaid its loan, including interest, finally on
June 14.
The final sale of Maiden Lane III assets Thursday closes the Fed's involvement in AIG.
The Treasury still holds a 53 percent
stake in AIG's capital and plans to gradually sell its shares in an
effort to recover the $24.2 billion remaining in its investment.
Given that AIG shares closed at $33.76
Thursday, up 47.1 percent from a year ago, the Treasury may be able to
turn a profit on its rescue.
Under Fed rules, the central bank hands over the bulk of its profits to the Treasury.
dtinews.vn
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