American International Group Inc. (NYSE:AIG) is asking the Obama administration's compensation czar Kenneth Feinberg if it can pay retention bonuses to its senior executives and employees.
According to
The New York Times, $2.4 million in bonuses is intended to go to the insurer's senior executives. The same report also says that "$9.6 million
in bonuses was allocated to 40 executives, with roughly half of money
paid in March and the rest scheduled to be paid out on July 15 and in mid-September."
According to
The Wall Street Journal, the retention bonus request to Feinberg also includes doling out $235 million for employees at the insurer's financial products unit.
Feinberg was appointed in June to oversee the compensation of top
executives at the seven institutions that have received large federal bailouts after politicians and taxpayers blasted AIG for paying over $165 million to employees in the financial products unit last spring. Many of the executives returned the money, and several of the executives in the unit also resigned. Many employees in the unit received threats; AIG changed the name of its offices and asked employees
not to wear any name badges or apparel due to possible threats to their personal safety.
- Maria Woehr Also see:
AIG's CDS unwind slows down
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