For the first time since the Treasury took control of AIG four years ago, the U.S. will be a minority shareholder after selling off at least $18 billion of the bailed-out insurer’s stock, The New York Times reports.
Currently holding 53 percent of the company, a new deal could lower the U.S. stake to 15 percent. Although the Treasury is expected to earn a profit, it is trying to distance itself from a widely unpopular bailout, according to The Times.
As the stock markets tumbled in the fall of 2008, AIG was rescued by the Bush administration when it injected $182 billion into the company, owning 92 percent at the time. Since then, the U.S. has slowly sold its holdings.