AIG and the Treasury have picked four banks to lead the first of two possible stock sales of the government’s massive holdings in the insurance giant along with newly issued stock, according to Dealbook.BofA, JPMorgan, Goldman Sachs and Deutsche Bank all secured roles as underwriters in a sale that could beat GM’s massive IPO last year.
Meanwhile, Morgan Stanley, which was a lead underwriter for the GM offering and also advised the Fed on AIG during the crisis, was snubbed.
After hearing 10 proposals from senior executives like BofA’s Brian Moynihan and JP Morgan chief Jamie Dimon, from all the major banks, officials then selected the underwriters over the weekend.
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