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AIG Boss in $7M Payday
by Christopher Glynn ,Senior Reporter, November 25, 2009

American International Group awarded Chief Executive Officer Robert Benmosche with a multimillion dollar compensation package.

AIG rewarded Benmosche with $7 million for remaining its CEO. Benmosche had threatened to quit the company because of a government-mandated salary cap.

He also signed a non-compete agreement that would bar him from going to work for a rival insurer.

Benmosche, a New York native, led MetLife before AIG. In addition to his salary, Benmosche is also eligible for a bonus that could bring his total compensation to $10.5 million.

The federal government in September rescued AIG from collapse with a taxpayer funded bailout that to date has amounted to $180 billion.

Government intervention in AIG, as well as Wall Street, has come under harsh criticism. AIG in particular stirred ire from President Obama for using bailout money for its bonus pool. Suspicion that an ulterior motive, such as the counterparty relationship between AIG and Goldman Sachs, guided the AIG bailout has also arisen.

  
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