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U.S. markets recover from steep losses
WASHINGTON, Oct. 2 (UPI) -- The U.S. Treasury's pay czar is planning to approve a $10.5 million pay deal for the head of American International Group, a source close to the office said.
Kenneth Feinberg, the so-called pay czar, is assigned the task of approving compensation formulas or pay for the 100 top executives at AIG, Citigroup, Bank of America, General Motors Co., Chrysler, Chrysler Financial and GMAC -- companies that have received extraordinary measures as defined by the federal government's Troubled Asset Relief Program.
In August, Robert Benmosche took over AIG from Edward Liddy, who was appointed the task of running AIG in September 2008, when the firm fell into government receivership.
Liddy famously reduced his pay to $1 in November 2008.
Benmosche could receive $3 million in cash and $4 million in fully-vested common stock, The Washington Post reported Friday.
In a meeting with employees, Benmosche reportedly said, "The money is about what I am worth, and what my job is worth to be your leader. And that sets the tone for all of you in this room."
Feinberg, recently, said he was caught in a no-win situation. Any number he picked will be "likely ... criticized from both ends," he said.
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