AIG Shares Drop as Treasury Cuts Stake

AIG(AIG_) shares fell in early trading Wednesday after the U.S. Treasury Department and the insurer sold 300 million shares Tuesday at $29.

Shares of AIG were down 3.5% to $28.43 about an hour into trading. The Treasury's sale of AIG shares raised $5.8 billion, bringing the government's stake in the insurer down to 77% from 92% according to Bloomberg.

AIG will use $550 million of the money it raised through the share shares to pay investors who lost money on share price declines relating to a 2004 accounting inquiry by then-Attorney General Eliot Spitzer, Bloomberg reports.

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- Posted: 2011-05-25 10:36:31

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