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U.S. markets recover from steep losses
NEW YORK, Nov. 25 (UPI) -- Federally supported U.S. insurance giant American International Group said it had taken steps to curb executive pay through 2009.
In a letter to New York State Attorney General Andrew Cuomo, the firm, which has received billions of dollars in federal aid, said it "must act prudently and, as such, must impose curbs on executive compensation," ABC news reported Tuesday.
The company said it would skip executive bonuses for its top seven executives this year and freeze pay for about 60 high-level managers and executives through 2009.
AIG Chief Executive Officer Edward Liddy symbolically reduced his pay to $1. An AIG statement said he would be offered no severance package when he left the company.
Cuomo had pressured the company to act, writing in a Nov. 18 letter that AIG should "be completely transparent with taxpayers as to what the company's compensation plans are."
"Let's have a race to the top, let's have a new era of corporate responsibility and accountability," Cuomo wrote.
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