7 day forecast
National Briefs: Treasury will cut AIG stake
Share with others:
NEW YORK -- The U.S. government is selling more of its shares in insurer American International Group Inc., in a move that should decrease its holdings below a majority stake for the first time since the $182 billion bailout in 2008.
The sale is the latest step to recoup taxpayer money spent on the largest bailout of the financial crisis.
AIG said Sunday that the Treasury Department is selling $18 billion worth of its common shares to institutional investors.
AIG said it will buy back $5 billion worth. The price is not yet determined.
The move should reduce the government's stake in AIG to less than 20 percent of the insurer's total outstanding stock. Right now, Treasury holds about 53 percent of the company, or more than 871 billion shares of common stock, worth about $30 billion.
NEW YORK -- After an overwhelming response to its free-haircut-for-kids program last month, J.C. Penney will be making the offer permanent every Sunday, starting Nov. 4.
Penney's says 1.6 million children received free haircuts in August. The decision underscores the extent of new CEO Ron Johnson's efforts to re-energize the chain and transform every aspect of its business, from pricing to a new shopping experience.
JACKSON HOLE, Wyo. -- A bicyclist competing in a race from Logan, Utah, to Jackson Hole, Wyo., crashed on a bridge in Wyoming and fell about 35 feet to his death into the Snake River.
Robert Verhaaren, 42, of Mesa, Ariz., was participating in the annual LoToJa race, at 206 miles billed as the longest one-day bicycle race in the country, when he swerved to avoid a pothole and crashed on Highway 89 about eight miles from the finish line Saturday afternoon, Teton County sheriff's deputies said.
PORTSMOUTH, N.H. -- A New Hampshire attorney says a client contracted hepatitis C from a traveling hospital worker in Baltimore in 2008, two years earlier than has been previously alleged he began spreading the disease. He went to Baltimore after a brief stint at UPMC Presbyterian in Pittsburgh.
Michael Rainboth represents five patients who were allegedly infected by medical technician David Kwiatowski, who's been charged with tampering with needles and infecting at least 31 people. The Baltimore VA Medical Center on its website says 168 patients had procedures involving Mr. Kwiatkowski in 2008, and that it's offered free hepatitis testing to 51 of them.
Rep. Howard "Buck" McKeon, chairman of the House Armed Services Committee, said the Air Force is diligently investigating a widening sex scandal at Lackland Air Force Base after he made a personal visit to the Texas installation on Sunday. ... Parents in the nation's third largest school district say they don't know what they'll do if teachers strike today. Chicago Public Schools plans to keep some schools open for a half-day so students have a place to go.
-- Compiled from news services
First Published September 10, 2012 11:48 am
