New York-based
The Wall Street Journal reports today that the plan involves converting the $49 billion in AIG preferred shares currently held by the Treasury into common shares sometime in early 2011. Treasury would then sell the shares to private investors over several years, potentially turning a profit if the shares rise in value. If the plan comes to fruition, it would be the latest in a series of moves made by AIG President and CEO Robert Benmosche to hasten payback of the estimated $120 billion in government assistance still outstanding.
In August, AIG and New York-based
Additionally,
Commenting in August on the company’s financial fortunes, Benmosche said there was light at the end of the tunnel. "AIG is getting stronger every day,” he said. “We still have more work to do, but we will finish the job and make sure we repay the American taxpayers.”