AIG Says More Managers Get “Retention” Payouts Topping $4 Million

Posted by Dave
December 18, 2008

: Image via Wikipedia

Dec. 9 (Bloomberg) — American International Group Inc., the insurer whose bonuses and perks are under fire from U.S. lawmakers, offered cash awards to another 38 executives in a retention program with payments of as much as $4 million.

The incentives range from $92,500 to $4 million for employees earning salaries between $160,000 and $1 million, Chief Executive Officer Edward Liddy said in a letter dated Dec. 5 to Representative Elijah Cummings. The New York-based insurer had previously disclosed that 130 managers would get the awards and that one executive would get $3 million.

“I remain concerned, as do many American taxpayers, that these retention payments are simply bonuses by another name,” Cummings said in letter responding to Liddy.

Source: http://www.bloomberg.com/apps/news?pid=20601103&sid=aKIvmgvNl6zA&refer=us