Pay czar Kenneth Feinberg has decided to bring the hammer of his authority crashing down on the executive pay packages of the seven firms receiving the most federal aid. According to media reports, Feinberg and the government will limit the pay of the twenty five highest-paid executives at these companies, with salaries taking the biggest cuts.
In all, salaries are expected to plummet 90 percent on average and total compensation will most likely fall by about 50 percent, marking a huge decrease in the amount that many executives will be receiving as compensation this year. The executives of AIG’s financial products …read more

AIG, the company that has been in the headlines in recent months due to its role in scandals involving federal bailout money and executive bonuses, has named new leaders that have a direct affect on their retirement services business.
Jay Wintrob has been named the CEO and president of domestic life and retirement service. In that role, he will be in charge of AIG’s retirement division for individuals located in the United States.
Robert H. Benmosche, the CEO and president of AIG, thinks the sky is the limit for Wintrob.
Said Benmosche: “I am very enthusiastic about the growth potential of the domestic …read more

AIG still trying to pay bonuses.

American International Group Inc., commonly known as AIG, is once again ready to start handing out bonuses. The last time they handed out bonuses, it didn’t go over too well with the American public. In fact, it prompted everything from boycotts to protests.
Prior to handing out bonuses this time, AIG is going to ask permission from Obama’s administration. Specifically, AIG will run their bonuses plan by Kenneth Feinberg — the person in charge of corporate compensation for those companies that have received bailout funding.
Even though AIG isn’t required by law to ask for permission regarding these bonuses since they were …read more

In an attempt to raise money, AIG is selling off its insurance unit in Taiwan. According to the Economic Daily News, nearly a dozen companies have submitted bids to date. The companies include both Taiwan firms and international entities.
Most industry experts believe that AIG will be able to get approximately $2 billion for its Taiwan insurance unit. The Economic Daily News is saying that the highest bid so far is approximately $2.5 billion.
AIG can use all the money it can get. It has received approximately $180 billion from the United States federal government in bailout funding. Once they sell this …read more

Although it recently took $40 billion from the government in order to stay afloat, American International Group’s CEO Edward Liddy has expressed his confidence that AIG is on its way to quickly paying back its federal debt. AIG chalks this up to a sweeping decrease in risks in its derivatives business.
 
AIG has not released any sort of predictions regarding the value of its stock increasing or decreasing in the near future, much to its shareholders’ chagrin. However, Liddy has called AIG’s chances of repaying the government “excellent” and promises a changing business model in the coming months.
 
Liddy revealed his predictions …read more

AIG has gotten more than $150 billion in United States federal bailout money. And while the company is still far from profitable, AIG’s CEO says that the bailout money will be repaid in the next three to five years — as long as the economy recovers. If the economy doesn’t recover, he says that the repayment process could take longer.
Edward Liddy, the CEO of AIG, spoke in front of a congressional committee that wanted to hear more about AIG’s present plans and what the future may hold. The committee didn’t hold back when it came to questioning and even slamming …read more

Protect yourself when buying life insurance.

The public outcry about AIG executives receiving more than $160 million in bonuses after being bailed out by the federal government continues. As a result, the House of Representatives is still trying to figure out how to respond. On Wednesday, the House passed another bill that is aimed at preventing excessive and unreasonable bonuses.
The bill, which was sponsored by Rep. Jim Himes of Connecticut and Rep. Alan Drayson of Florida, allows for industry regulators and the U.S. Treasury Secretary to decide whether or not bonuses are excessive or unreasonable. As advised by President Barack Obama, a delicate yet effective means …read more

You know what they say – you either have to laugh or cry. AIG has given us plenty to cry about this week. Time for some laughs.
For those of you who, like me, are too busy working hard to make sure you don’t lose your job to relax catch the late night humor, here’s what you’ve been missing. Thanks to Daniel Kurtzman, About.com Political Humor Guide for compiling these jokes. (Go visit him, he’s got more!)
“The insurance company AIG has announced they’re giving their executives another $165 million in bonuses. So they bankrupt the company, took $170 billion of our …read more