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Business

AIG reportedly preparing to pay out millions in bonuses

Text by NEWS WIRES

Latest update : 2009-07-10

US government-bailed American International Group wants to pay millions of dollars in bonuses to dozens of corporate executives, after an earlier round of payments set off a national furor, the Washington Post reported on Thursday.

REUTERS - American International Group is preparing to
pay millions of dollars more in bonuses to several dozen
top corporate executives, after an earlier round of
payments set off a national furor, The Washington Post
reported on Thursday.

 

The report said AIG has been pressing the U.S. government
to approve the payments in hopes of shielding itself from
renewed public outrage.

 

AIG does not need the permission of Kenneth Feinberg,
appointed last month to oversee the compensation of top
executives at seven firms that have received large federal
bailouts, the Post said.

 

But AIG officials have been reluctant to move forward
without political cover from the government, according to the
report.

 

"Any time we write a check to anybody" it is highly
scrutinized, an AIG official told the Post, speaking on
condition of anonymity. "We would want to feel comfortable that
the government is comfortable with what we are doing."

 

AIG's upcoming payments do not fall under Feinberg's
official purview because they involve bonuses delayed from
2008, the article said.

 

As a result, some Treasury officials believe they are under
no obligation to offer an advisory opinion in this case, which
could leave company officials to decide the matter on their
own, the Post said, citing a person familiar with the talks.

Date created : 2009-07-10

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