AIG to pay top managers more bonuses
TEXT OF STORY
Stacey Vanek-Smith: AIG is making news again this morning. The insurance giant — which is now owned by us — wants to pay out more performance bonuses. Dan Grech has more.
Dan Grech: About 40 senior managers at AIG are due performance bonuses next week. The payout: $2.4 million.
These bonuses were actually awarded last year, but their payment was delayed. In the spring, AIG set off a firestorm of protest when it handed out $165 million in bonuses. This time, AIG is reluctant to pay out without political cover.
According to several reports, AIG has asked for the blessing of the Obama administration’s new compensation czar, Kenneth Feinberg. Feinberg oversees executive pay in seven bailed-out firms. But he doesn’t have any say on these bonuses since they were promised in the past.
AIG may be on its own as it weighs stiffing its executives or enraging taxpayers again.
I’m Dan Grech for Marketplace.
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