Progress! AIG Pays Back $4 Billion to Taxpayers (AIG)

American International Group Inc. AIG said on Monday that it paid back nearly $4 billion in U.S. loans. The cash payment is the biggest lump sum paid by the bailed out insurer so far. According to a Reuters report, "The partial repayment of a Federal Reserve Bank of New York credit facility came after International Lease Finance Corp, AIG's aircraft leasing unit, sold $4.4 billion in debt to investors and used the bulk of the proceeds to repay $3.9 billion in government loans three years early." AIG received $182.3 billion as part of its bailout in the financial crisis. The company has been selling off assets in an effort to pay back taxpayers. "This is continuing tangible evidence of AIG's progress in repaying the American taxpayers," AIG Chief Executive Robert Benmosche said in a statement. "We still have more work to do, but we will finish the job and make sure we repay the American taxpayers." Shares of AIG are slightly higher in late trade, to $35.20.