WKYT | Lexington, Kentucky | News

AIG said to be asking gov't to pre-approve bonuses

UNDATED (AP) - American International Group is reportedly asking
the federal government to OK the insurer's plan to resume paying
millions in promised retention incentives next week.
The Washington Post says AIG, which ignited a firestorm of
criticism earlier this year with its bonus payments, has asked the
administration's compensation czar to approve the payments in
advance to head off any public outrage.
While the company isn't required to get the government's
blessing because the payments are actually for 2008 employment
contracts, the newspaper said executives are reluctant to move
without official approval.
Compensation czar Kenneth Feinberg has the power to reject pay
plans he deems excessive at companies which benefited from large
infusions of the government's $700 billion bank bailout.

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