AIG Anticipates Vote on Bailout Exit Plan, Eyes Debt Sale
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American International Group's (AIG
) board of directors is expected to vote Wednesday on a plan to exit the government's bailout
program, according to a Bloomberg report
citing comments made by AIG Chairman Steve Miller during an investment conference.
Miller reportedly said the insurance giant, which received a $85 billion government bailout two years ago, is also wrapping up talks with regulators about AIG's plan to end the need for government oversight. AIG's board of directors, along with the Federal Reserve Bank of New York, U.S. Treasury Department and three government trustees all must sign off on the plan, which will detail how to repay the government. The U.S. government owns a 79.8% stake in the company, according to a report
in the Wall Street Journal.
Miller, according to the Journal report, cautioned that the insurance company may remain mum on its plans after its board meeting because talks with the other parties are on-going.