Treasury Demands AIG Cut Bonuses; $165 Million Looms
American International Group Inc., the insurer saved from collapse by a $170 billion taxpayer bailout, was ordered by the U.S. Treasury to scale back its $1 billion plan to give retention pay and bonuses.
AIG agreed to reduce some retention payments in 2009 by 30 percent and tie bonuses to the company’s recovery, according to a person briefed on the matter and a letter from AIG Chief Executive Officer Edward Liddy. The New York-based insurer ...
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