U.S. officials press Feinberg to ease AIG curbs: report

24 November 2009 @ 03:48 am EDT

Kenneth Feinberg, the Obama administration's pay czar, is being pressed by federal officials to relax executive compensation restrictions at American International Group Inc for 2010, the Wall Street Journal reported, citing people familiar with the matter.


Kenneth Feinberg
Kenneth Feinberg, special master for executive compensation under the Troubled Asset Relief Program at the Treasury Department, testifies before the House Oversight and Government Reform committee during a hearing on ?Executive Compensation: How Much is Too Much?? on Capitol Hill in Washington October 28, 2009.
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The officials believe very severe curbs could harm the insurer and eventually the taxpayers, according to the paper.

AIG, which has received up to $180 billion of federal aid, including more than $80 billion in loans, is 80 percent-owned by U.S. taxpayers.

Last month, Feinberg slashed compensation for top earners at seven bailed-out companies including AIG for the final two months of the year.

(Reporting by Ajay Kamalakaran in Bangalore; Editing by Dan Lalor)

Copyright 2009 Thomson Reuters. All rights reserved.

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