AIG used to be the company (and stock) we all loved to hate. The insurer needed a massive taxpayer-funded bailout in 2008 to stay alive. And even with the government's help, many investors thought that AIG would never fully recover.
But four-and-a-half years later, AIG (AIG) is once again a Wall Street darling. Forget about how AIG may be Too Big To Fail. It may now be Too Big To Ignore.
The stock passed $40 Monday for the first time since February 2011. Shares are up 12% this year and nearly 25% over the past 12 months. The company replaced Apple (AAPL) as a favorite stock of hedge funds at the end of 2012. The government has also sold off its last remaining shares of AIG ... for a $22.7 billion profit.
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