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AIG, GM Rejoin S&P 500

American International Group Inc. and General Motors Co. rejoined Standard & Poor’s S&P 500 index last Thursday, marking a key milestone in the recovery of two companies that needed billions of dollars to stay afloat during the financial crisis...
June 18, 2013

American International Group Inc. (AIG) and General Motors Co. (GM) rejoined Standard & Poor’s S&P 500 index last Thursday, marking a key milestone in the recovery of two companies that needed billions of dollars to stay afloat during the financial crisis. The move represents a symbolic victory for AIG and GM, both of which have taken steps to overhaul their operations and return to viability since their near-collapse about five years ago. Companies in this index are considered leaders in their industry, the S&P said on its website.

AIG received $182 billion in U.S. funds, while GM took $50 billion during the economic recession in 2008 and 2009. The bailouts were highly controversial, but government officials said they were necessary to stabilize the weak U.S. economy. In December 2012, the U.S. Treasury Department announced it was selling its remaining stake in AIG. Taxpayers made a profit on the AIG bailout, a once unthinkable outcome. Later that month, the U.S. Treasury said it would exit GM by early 2014.

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