The Treasury on Friday said it completed a massive recapitalization of bailed out insurer American International Group, paying off the New York Federal Reserve Bank and giving the U.S. government a 92 percent equity stake in the company.

The Treasury said the New York Fed received $47 billion in the long-awaited transaction, which will allow the Treasury to begin selling off its stake in AIG over time.

“Treasury remains optimistic that taxpayers will get back every dollar of their investment in AIG,” Treasury Secretary Timothy Geithner said in a statement.

After assuming about $20 billion in preferred interests in AIG subsidiaries previously held by the Fed, the Treasury said its cash investment in AIG now totals $68 billion.