AIG
On four separate occasions, the government offered aid to AIG to keep it from collapsing, rising from an initial $85 billion credit line from the Federal Reserve to a possible commitment of about $182 billion between the Treasury ($69.84 billion) and Fed ($112.5 billion). The "committed" number above only reflects Treasury's commitment, which came under the TARP.
On January 11, 2011, AIG, the Treasury and Federal Reserve executed a plan to extricate AIG from government support. AIG paid off the Fed's loans. To extricate the Fed from its investment in two AIG subsidiaries, the plan called for AIG to draw down approximately $20 billion more from the Treasury (for a total investment of $68 billion). AIG used that money to buy the stakes in the subsidiaries, which it then immediately transferred to Treasury. The plan also called for the Treasury to convert its other investments in AIG into AIG common stock - bringing its holdings to 92.1 percent of the company. To recoup the $68 billion, the plan called for Treasury to sell off its stake in the AIG subsidiaries and its AIG common stock over time. The "Events" notes to the left show Treasury's remaining equity stake in AIG as it sold off those shares.
On Dec. 11, 2012, the Treasury sold its last remaining portion of AIG stock, ultimately earning a profit of about $5 billion. The Federal Reserve ultimately realized a profit of about $17.7 billion from its role in AIG's bailout.
| Date | Type | Amount | Program | Description |
|---|---|---|---|---|
| 03/01/2013 | Warrant | $5,768 | SSFI |
Warrant Proceeds
|
| 03/01/2013 | Warrant | $25,150,923 | SSFI |
Warrant Proceeds
|
| 12/14/2012 | Refund | $2,774,686,768 | SSFI |
Repayment
On 12/14/2012, Treasury completed the sale of 234,169,156 shares of common stock at $32.50 per share for total proceeds of $7,610,497,570, pursuant to an underwriting agreement executed on 12/10/2012. This is the portion of the transaction that repaid AIG's principal obligation.
|
| 12/11/2012 | Proceeds | $4,835,810,802 | SSFI |
Revenue from Sale of Stock
On 12/14/2012, Treasury completed the sale of 234,169,156 shares of common stock at $32.50 per share for total proceeds of $7,610,497,570, pursuant to an underwriting agreement executed on 12/10/2012. This is the portion of the transaction that resulted in a profit to the Treasury.
|
| 09/11/2012 | Refund | $17,999,999,973 | SSFI |
Partial Repayment
On 9/10/2012, Treasury executed an underwriting agreement to sell 553,846,153 shares of common stock at $32.50 per share for an aggregate amount equal to $17,999,999,973. Treasury's equity stake dropped to 22 percent with the sale.
|
| 09/11/2012 | Refund | $2,699,999,965 | SSFI |
Partial Repayment
On 9/11/2012, the underwriters exercised their option to purchase an additional 83,076,922 shares of common stock from Treasury at the same purchase price resulting in additional proceeds of $2,699,999,965. With the sale, Treasury's percentage ownership of AIGâs outstanding shares of common stock will decline to approximately 15.9 percent.
|
| 08/06/2012 | Refund | $750,000,002 | SSFI |
Partial Repayment
On 8/8/2012, Treasury completed the sale of 188,524,590 shares of common stock at $30.50 per share for total proceeds of $5,749,999,995, pursuant to an underwriting agreement executed on 8/3/2012. With this sale, AIG reduced its equity stake to 53 percent.
|
| 08/03/2012 | Refund | $4,999,999,993 | SSFI |
Partial Repayment
On 8/8/2012, Treasury completed the sale of 188,524,590 shares of common stock at $30.50 per share for total proceeds of $5,749,999,995, pursuant to an underwriting agreement executed on 8/3/2012.
|
| 05/07/2012 | Refund | $749,999,972 | SSFI |
Partial Repayment
On 5/7/2012, the underwriters exercised their option to purchase an additional 24,590,163 shares of common stock from Treasury at the same purchase price resulting in additional proceeds of $749,999,972. With this sale, the Treasury reduced its equity stake in AIG to 61 percent.
|
| 05/06/2012 | Refund | $4,999,999,993 | SSFI |
Partial Repayment
On 5/6/2012, Treasury executed an underwriting agreement to sell 163,934,426 shares of common stock at $30.50 per share for an aggregate amount equal to $4,999,999,993. With this sale, the Treasury reduced its equity stake in AIG to 63 percent.
|
| 03/22/2012 | Refund | $1,493,250,339 | SSFI |
Partial Repayment
|
| 03/15/2012 | Refund | $1,521,632,096 | SSFI |
Partial Repayment
|
| 03/15/2012 | Refund | $44,941,843 | SSFI |
Partial Repayment
|
| 03/08/2012 | Refund | $5,576,121,382 | SSFI |
Partial Repayment
|
| 03/08/2012 | Refund | $6,000,000,008 | SSFI |
Partial Repayment
On 3/13/2012, Treasury completed the sale of 206,896,552 shares of common stock at $29.00 per share for an aggregate amount equal to $6,000,000,008, pursuant to an underwriting agreement executed on 3/8/2012. With this sale, the Treasury reduced its equity stake in AIG to 70 percent.
|
| 11/01/2011 | Refund | $971,506,765 | SSFI |
Partial Repayment
The payment was funded primarily through the scheduled release of escrowed proceeds from AIGâs sale of its American Life Insurance Co., or ALICO, subsidiary to MetLife, Inc. on November 1, 2010.
|
| 09/02/2011 | Refund | $55,885,302 | SSFI |
Partial Repayment
|
| 08/18/2011 | Refund | $2,153,520,000 | SSFI |
Partial Repayment
|
| 08/17/2011 | Refund | $97,008,351 | SSFI |
Partial Repayment
|
| 05/27/2011 | Proceeds | $110,000,000 | SSFI |
Commitment Fee Payment
|
| 05/24/2011 | Refund | $5,800,000,000 | SSFI |
Partial Repayment
On 5/27/2011, Treasury completed the sale of 200,000,000 shares of common stock at $29.00 per share for an aggregate amount equal to $5,800,000,000, pursuant to an underwriting agreement executed on 05/24/2011. With this sale, the Treasury reduced its equity stake in AIG to 77 percent.
|
| 03/15/2011 | Refund | $55,833,333 | SSFI |
Partial Repayment
|
| 03/08/2011 | Refund | $1,383,888,037 | SSFI |
Partial Repayment
|
| 03/08/2011 | Refund | $5,511,067,614 | SSFI |
Partial Repayment
|
| 02/14/2011 | Refund | $2,009,932,072 | SSFI |
Partial Repayment
|
| 02/14/2011 | Refund | $185,726,192 | SSFI |
Partial Repayment
|
| 12/17/2010 | Proceeds | $55,000,000 | SSFI |
Commitment Fee Payment
|
| 03/02/2009 | Purchase | $29,835,000,000 | SSFI |
Purchase - Preferred Stock w/ Warrants
On Apr. 20, 2009, Treasury trimmed $165 million from the original $30 billion amount to recoup the bonuses paid to AIG employees in March.
So far,
$27.8B
has actually been disbursed:
|
| 11/25/2008 | Purchase | $40,000,000,000 | SSFI |
Purchase - Preferred Stock w/ Warrants
|