AIG plans to start paying back the taxpayers some of the $182 billion it borrowed, but the plan involves trading the government’s preferred shares in the company for common stock, a move that ought to raise at least one eyebrow.


The Treasury would get about 1.66 billion of AIG common shares, worth $62bn at Wednesday’s close, in exchange for the $49.1bn of AIG preferred shares it now holds.

That would boost the Treasury ownership stake in AIG up to 92.1% from its present level, with that stake then being sold off gradually.

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