AIG’s new CEO may come back from his Croatian vaction to a smaller salary.
Yesterday, the White House said Robert Benmosche’s $7 million pay package — $3 million in cash and $4 million in stock — was under review by pay czar Ken Feinberg.
New York Post: White House spokesman Robert Gibbs said the $7 million salary for American International Group Inc. Chief Executive Officer Robert Benmosche “will go through the process” for government review of compensation at companies bailed out by US taxpayers.
Gibbs said that Kenneth Feinberg, the administration’s so-called special master for executive pay, will examine the pay package to “ensure that it is consistent with his principles.”
We agree, it’s probably worth it to pay the right person a whole lot to do a very tricky job at AIG. Afterall, taxpayers will be on the hook if another bailout of the troubled insurer is needed. But Benmosche’s tenure hasn’t started off well — press has been about a vacation within weeks of starting and a conflict of interest with MetLife, his former employer.
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