In a statement on Monday, the U.S. Treasury Department said it will launch an underwritten public offering to sell its remaining 234,169,156 common stock shares in insurer American International Group Inc., better known as AIG.
The U.S. government bought the controlling stake in the company as part of the $182 billion bank bailout in 2008. The sale would bring an end to the government's run as the company's largest shareholder, which represented a 16-percent ownership in the company.
Federal Reserve Chairman Ben Bernanke warned again that driving off the fiscal cliff could be detrimental to the U.S. economy. However, if a grand bargain is reached by politicians in Washington, Bernanke said during a speech a the Economic Club of New York, it could be a good new year for the U.S.
A life well-worth noting has caught the attention of obituary writers:
-- "Andrew F. Brimmer, a Louisiana sharecropper's son who was the first black member of the Federal Reserve Board and who led efforts to to reverse the country's balance-of-payments deficit, died on Sunday in Washington. He was 86." (The New York Times)