Also: Astronomer finds new, Earth-like planet.
American International Group reached a deal Thursday, Sept. 30, 2010 to repay the government billions of dollars in assistance it received during the credit crisis. From The New York Times:
The American International Group said Thursday that it had completed a plan to repay United States taxpayers for bailing out the insurance giant during the height of the financial crisis.
Under the plan, the Federal Reserve Bank of New York would be repaid the nearly $20 billion that it is owed and the Treasury Department would convert the $49.1 billion in preferred stock that it holds into 1.66 billion common shares. Over all, A.I.G. received a bailout package of nearly $180 billion.
With the conversion, the Treasury Department will own 92.1 percent of A.I.G., the statement said. The government will then sell its stake over time on the open market. In addition, A.I.G. said it would issue up to 75 million warrants with a strike price of $45 a share to existing common shareholders.
» AIG and U.S. government agree on exit plan [The New York Times]
In other news:
» N. Korea releases photo of Kim's likely heir [MSNBC]
» Newly discovered planet may be most Earth-like ever, astronomer says [Los Angeles Times]
» Don't Blame Hyperactivity on Bad Parenting: Genes Are at Fault, Study Says [Bloomberg]