White House OK with $7 million salary for AIG CEO
The White House is fine with bailed-out insurer AIG's decision to pay its new chief executive $7 million a year.
By Agencies |
WASHINGTON: The White House is fine with bailed-out insurer AIG's decision to pay its new chief executive $7 million a year.
Presidential spokesman Robert Gibbs says that's the price of competent leadership to make the company profitable again.
AIG disclosed the details of Robert Benmosche's annual compensation package in a filing Monday with the Securities and Exchange Commission. He also could earn millions more in performance-based incentives.
Last fall, the government saved AIG from collapse with a bailout package worth up to $182.5 billion.
Gibbs says Benmosche's pay will be reviewed by Kenneth Feinberg, the government official in charge of policing compensation packages for companies that took federal bailout money.
Presidential spokesman Robert Gibbs says that's the price of competent leadership to make the company profitable again.
AIG disclosed the details of Robert Benmosche's annual compensation package in a filing Monday with the Securities and Exchange Commission. He also could earn millions more in performance-based incentives.
Last fall, the government saved AIG from collapse with a bailout package worth up to $182.5 billion.
Gibbs says Benmosche's pay will be reviewed by Kenneth Feinberg, the government official in charge of policing compensation packages for companies that took federal bailout money.
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