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AIG to get out of the railcar leasing business
American International Group (AIG) is getting out of the railcar-leasing business.
AIG, which received a more than $180 billion bailout from the federal government during the financial crisis of 2008 and 2009, is selling its rail division to Perella Weinberg Partners, according to a report by Bloomberg.
Bloomberg said the sale, which is still in progress, would be for $600 million.
AIG has been selling its assets to raise cash and narrow the focus of its business, according to the news service.
The Obama administration has pushed for building more railways in the U.S., arguing in part that building the trains would pump up the American economy.
Perella Weinberg is a New York-based investment bank. It already owns a transportation company called Infinity Transportation.
