AIG
| $67.8B Disbursed |
| $67.8B Returned |
| $5.03B Revenue to Gov't |
| $5.03B Profit |
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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.
Events
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$5,767.5 Revenue
Mar. 1, 2013 Warrant Proceeds
More info from www.treasury.gov -
$25.2M Revenue
Mar. 1, 2013 Warrant Proceeds
More info from www.treasury.gov -
$2.77B Payback
Dec. 14, 2012 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.
More info from www.treasury.gov -
$4.84B Revenue
Dec. 11, 2012 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.
More info from www.treasury.gov -
$18B Payback
Sep. 11, 2012 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.
More info from www.treasury.gov -
$2.7B Payback
Sep. 11, 2012 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 AIG’s outstanding shares of common stock will decline to approximately 15.9 percent.
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$750M Payback
Aug. 6, 2012 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.
More info from www.treasury.gov -
$5B Payback
Aug. 3, 2012 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.
More info from www.treasury.gov -
$750M Payback
May 7, 2012 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.
More info from www.treasury.gov -
$5B Payback
May 6, 2012 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.
More info from www.treasury.gov -
$1.49B Payback
Mar. 22, 2012 Partial Repayment
More info from www.treasury.gov -
$1.52B Payback
Mar. 15, 2012 Partial Repayment
More info from www.treasury.gov -
$44.9M Payback
Mar. 15, 2012 Partial Repayment
More info from www.treasury.gov -
$5.58B Payback
Mar. 8, 2012 Partial Repayment
More info from www.treasury.gov -
$6B Payback
Mar. 8, 2012 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.
More info from www.treasury.gov -
$972M Payback
Nov. 1, 2011 Partial Repayment
The payment was funded primarily through the scheduled release of escrowed proceeds from AIG’s sale of its American Life Insurance Co., or ALICO, subsidiary to MetLife, Inc. on November 1, 2010.
More info from www.treasury.gov -
$55.9M Payback
Sep. 2, 2011 Partial Repayment
More info from www.treasury.gov -
$2.15B Payback
Aug. 18, 2011 Partial Repayment
More info from www.treasury.gov -
$97M Payback
Aug. 17, 2011 Partial Repayment
More info from www.treasury.gov -
$110M Revenue
May 27, 2011 Commitment Fee Payment
More info from www.treasury.gov -
$5.8B Payback
May 24, 2011 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.
More info from www.treasury.gov -
$55.8M Payback
Mar. 15, 2011 Partial Repayment
More info from www.treasury.gov -
$5.51B Payback
Mar. 8, 2011 Partial Repayment
More info from www.treasury.gov -
$1.38B Payback
Mar. 8, 2011 Partial Repayment
More info from www.treasury.gov -
$2.01B Payback
Feb. 14, 2011 Partial Repayment
More info from www.treasury.gov -
$186M Payback
Feb. 14, 2011 Partial Repayment
More info from www.treasury.gov -
Jan. 14, 2011 AIG Repayment Plan Executed
In a complex transaction, AIG paid off its outstanding debt to the Fed with the help of the Treasury, which took a large stake in AIG as compensation.
More info from www.treasury.gov -
$55M Revenue
Dec. 17, 2010 Commitment Fee Payment
More info from www.treasury.gov -
Dec. 1, 2009 AIG and Fed Strike Deal to Reduce AIG Debt
AIG announces that it has completed two deals that, together, shave $25 billion off its tab to the Federal Reserve Bank of New York, bringing the combined total it owes the Fed and the Treasury to about $62 billion.
More info from www.propublica.org -
Oct. 22, 2009 TARP Chief for Exec Compensation Releases Findings
The Special Master for TARP Executive Compensation releases determinations on the compensation packages for the top 25 most highly paid executives at the companies that received "exceptional" assistance -- i.e. those that were bailed out in the strictest sense of the word: AIG, Bank of America, Citigroup, Chrysler, Chrysler Financial, General Motors, and GMAC.
More info from www.financialstability.gov -
Apr. 20, 2009 Treasury Trims AIG Aid to Recoup Bonus Payments
AIG and the Treasury Department finalize the agreement to provide AIG up to $30 billion more, but the Treasury trims $165 million from the additional aid and charges a fee for the same amount to recoup the bonuses paid to AIG employees in March.
More info from www.propublica.org -
Mar. 15, 2009 AIG Pays Out Bonuses to Execs
AIG pays out $165 million in retention bonuses to executives who work in the business unit that was primarily responsible for sinking the company.
More info from www.oag.state.ny.us -
Mar. 2, 2009 Fourth AIG Bailout
The government restructures its bailout of AIG for the third time. Treasury says it might invest up to $30 billion more. Together, the Fed's and Treasury's commitments add up to $180 billion.
More info from www.propublica.org -
$29.8B Bailout
Mar. 2, 2009 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.
$27.8B has actually been disbursed.May 13, 2009: $1.15BAug. 13, 2009: $2.06BNov. 13, 2009: $2.1BFeb. 17, 2010: $2.24BJan. 14, 2011: $20.3B -
$40B Bailout
Nov. 25, 2008 Purchase - Preferred Stock w/ Warrants
More info from www.financialstability.gov -
Nov. 10, 2008 Third AIG Bailout
The government restructures its bailout of AIG for the second time. Treasury invests $40 billion in AIG as part of the government’s now-$150 billion effort to keep AIG from collapsing.
More info from www.federalreserve.gov -
Oct. 8, 2008 Second AIG Bailout
The government restructures its bailout of AIG. The insurer gets access to $37.8 billion more in loans.
More info from www.nytimes.com -
Sep. 16, 2008 First AIG Bailout
With AIG collapsing, the Fed bails it out with access to an $85 billion credit line.
More info from online.wsj.com
| Date | Type | Amount | Program | Description |
|---|---|---|---|---|
| 03/01/2013 | Warrant | $25,150,923 | SSFI | Warrant Proceeds |
| 03/01/2013 | Warrant | $5,768 | SSFI | Warrant Proceeds |
| 12/14/2012 | Refund | $2,774,686,768 | SSFI | Repayment |
| 12/11/2012 | Proceeds | $4,835,810,802 | SSFI | Revenue from Sale of Stock |
| 09/11/2012 | Refund | $2,699,999,965 | SSFI | Partial Repayment |
| 09/11/2012 | Refund | $17,999,999,973 | SSFI | Partial Repayment |
| 08/06/2012 | Refund | $750,000,002 | SSFI | Partial Repayment |
| 08/03/2012 | Refund | $4,999,999,993 | SSFI | Partial Repayment |
| 05/07/2012 | Refund | $749,999,972 | SSFI | Partial Repayment |
| 05/06/2012 | Refund | $4,999,999,993 | SSFI | Partial Repayment |
| 03/22/2012 | Refund | $1,493,250,339 | SSFI | Partial Repayment |
| 03/15/2012 | Refund | $44,941,843 | SSFI | Partial Repayment |
| 03/15/2012 | Refund | $1,521,632,096 | SSFI | Partial Repayment |
| 03/08/2012 | Refund | $6,000,000,008 | SSFI | Partial Repayment |
| 03/08/2012 | Refund | $5,576,121,382 | SSFI | Partial Repayment |
| 11/01/2011 | Refund | $971,506,765 | SSFI | Partial Repayment |
| 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 |
| 03/15/2011 | Refund | $55,833,333 | SSFI | Partial Repayment |
| 03/08/2011 | Refund | $5,511,067,614 | SSFI | Partial Repayment |
| 03/08/2011 | Refund | $1,383,888,037 | 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 |
| 11/25/2008 | Purchase | $40,000,000,000 | SSFI | Purchase - Preferred Stock w/ Warrants |
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