Posts Tagged ‘Aig’
Geithner: Right to pay AIG counterparties at par
January 12th, 2010
“Absolutely,” Mr. Geithner replied to a question from a CNBC television interviewer, though he specified that he had not been involved in a New York Federal Reserve bank decision for AIG to make the payments at par.
“We had no effective legal means to step in and prevent default (of AIG) … without helping this firm meet all its legal obligations,” he added.
For reprints of this story, please contact Lauren Melesio at 212-210-0707 or email lmelesio@crain.com
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Tags: Aig, Aig Counterparties
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AIG retention bonuses OK for ‘critical’ execs: Pay czar
December 10th, 2009
The awards, which AIG called “legally binding contracts,” were outlined in a broader report by Kenneth Feinberg, the Treasury Department’s special master for executive compensation.
“Due to the unique financial circumstances currently found to exist at AIG,” restructuring the 2009 contracts would not be consistent with the public interest, the report said.
The report also outlined compensation rules on the 26th to 100th highest-paid employees at AIG and three other companies that received bailout funds. Mr. Feinberg previously ruled on compensation for the 25 highest-paid employees.
Tags: Aig, Aig Retention
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Benmosche ‘frustrated’ but will remain at AIG
November 10th, 2009
“Let me be clear: I and the board remain totally committed to leading AIG through its challenges and to continuing to fight on your behalf,” Mr. Benmosche told employees.
According to the newspaper report, Mr. Benmosche had told AIG directors he was “done” with the job he took in August, but agreed to think it over when they reacted with shock. The memorandum sent Wednesday was intended to address employee “concerns” about the speculation, AIG said.
AIG is in the process of trying to sell assets, streamline its operations and improve profitability in an effort to repay the government after it received an aid package of about $180 billion from the government last year in exchange for an 80% stake in the company.
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Tags: Aig
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