Federal Reserve Sells Last Of Its Stake In AIG, Turns $18 Billion Profit

The Federal Reserve of New York sold the last of its stake in American International Group (AIG), the insurance giant bailed out by the federal government in 2008. In selling the last of its assets related to the AIG bailout, the Fed earned an $6.6 billion profit for taxpayers, bringing its total profits from the AIG rescue to $18 billion, CNN Money reports. The U.S. Treasury, which also expects to earn a profit on the sale of its AIG assets, still owns $29 billion in AIG stock, roughly 53 percent of the company.