The Federal Reserve Bank of New York sold the last of its former American International Group (AIG) assets for a $2.8 billion net gain.
The government still owns 1.4 billion shares, or a 77% stake, in the monoline. It owns another $17.8 billion in collateralized debt obligations and other assets once owned by AIG as part of Maiden Lane III.
The New York Fed sold the last $6 billion in Maiden Lane II assets to Credit Suisse (CS) Tuesday.
The ML II facility borrowed roughly $19 billion to purchase assets from AIG.
"The completion of the sale of the Maiden Lane II portfolio has resulted in significant gains for the public and marks an important milestone in the wind-down of the extraordinary interventions necessitated by the financial crisis," said William Dudley, president of the New York Federal Reserve Bank.
AIG wanted to buy some of the assets back last year, but the government refused, thinking it could get a better return. The impact from that decision will show when the New York Fed reports official gains on the ML II sales as part of its portfolio disclosure in April.