STEVE INSKEEP, HOST: NPR's business news starts with the USG selling some AIG.</s>STEVE INSKEEP, HOST: The USG would be the U.S. government, which has announced it will sell at least $18 billion worth of shares of American International Group. You'll recall that during the financial crisis in 2008, the struggling insurance company was rescued with a government bailout. The federal government became AIG's majority stakeholder, but had promised that it was not a long-term investor. So with this latest sale, the government will become a minority shareholder for the first time since the rescue years ago.</s>STEVE INSKEEP, HOST: The U.S. will still hold onto about 20 percent of AIG for the moment. AIG has said it will take part of the selloff buying back $5 billion worth of its own shares from the Treasury Department. Government officials, by the way, say they expect to turn a profit, which would be seen as crucial for President Obama and his campaign as he seeks to defend unpopular bank bailouts.
The U.S. government has announced it will sell at least $18 billion worth of shares of American International Group. During the financial crisis in 2008, the struggling insurance company was rescued with a government bailout. The federal government became AIG's majority stakeholder, but had promised that it was not a long-term investor.