Pay czar to approve $10.5M for AIG head

[The Straight Story]

Pay czar to approve $10.5M for AIG head

WASHINGTON, Oct. 2 (UPI) -- The U.S. Treasury's pay czar is planning to approve a $10.5 million pay deal for the head of American International Group, a source close to the office said.

Kenneth Feinberg, the so-called pay czar, is assigned the task of approving compensation formulas or pay for the 100 top executives at AIG, Citigroup, Bank of America, General Motors Co., Chrysler, Chrysler Financial and GMAC -- companies that have received extraordinary measures as defined by the federal government's Troubled Asset Relief Program.

In August, Robert Benmosche took over AIG from Edward Liddy, who was appointed the task of running AIG in September 2008, when the firm fell into government receivership.

Liddy famously reduced his pay to $1 in November 2008.

Benmosche could receive $3 million in cash and $4 million in fully-vested common stock, The Washington Post reported Friday.

http://www.upi.com/Business_News/2009/10/02/Pay-czar-to-approve-105M-for-AIG-head/UPI-51621254510950/

[pfitz59]

1. theives and liars

wanna bet the "pay czar" is a former ceo himself, or employee of a financial services group taking the revolving door through govt!

[DJ13]

2. If you count that in dimes

Thats the same kind of "change" we saw during the Bush years.