AIG, which cut Washington lobbying activity after its massive federal bailout in 2008, has retained Patton Boggs to clear approval for its $5B divestiture of the bulk of its International Lease Finance Corp. aircraft leasing arm to Chinese investors.

The New York Times (Dec. 9) called the transaction “one of the biggest acquisitions of a U.S. company by Chinese investors."

The Committee of Foreign Investment in the U.S. is scrutinizing the sale to the group that includes New China Trust and China Aviation Industrial Fund.

PB is line for a $120K retainer from AIG. Tommy Boggs spearheads the push for clearance of the transaction.

He’s assisted by Jeff Turner, head of PB’s public policy, administrative and regulatory department. On its website, PB bills Turner the lobbyist who is most involved in “bet the company” projects.

AIG claims U.S. taxpayers made a $22.7B profit on the $182.3 federal bailout of the New York-based insurer.