US bailout cost estimate slashed | business | Hindustan Times
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US bailout cost estimate slashed

business Updated: Oct 01, 2010 23:12 IST
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The US financial bailout will cost less than $50 billion, the Obama administration said on Thursday, slashing a prior estimate by more than half on the back of a new plan to sell the government's stake in insurer American International Group.

White House spokesman Robert Gibbs said converting the stake in bailed out insurance giant AIG to common stock could reap as much as $20 billion at Thursday's market prices, bringing down the overall cost.