Pay Czar: AIG Must Reduce Retention Pay
NEW YORK (
) --
American International Group
(AIG) - Get American International Group, Inc. Report
is being forced to reduce $198 million in scheduled retention payments.
Kenneth Feinberg, the Obama administrations pay czar, said these payments should be reduced, but did not indicate an appropriate amount, according to several reports.
A backlash ensued earlier this year after it was reported that AIG planned to pay bonuses of $165 million, even after receiving the bailout funding.
The flailing insurer is currently in the process of trying to repay a massive $85 billion loan from the government by selling off assets.
Earlier today
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AIG announced that it finally unloaded its Taiwan unit
to
Primus Financial
for $2.15 billion.
-- Reported by Jeanine Poggi in New York
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