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U.S. markets recover from steep losses
WASHINGTON, Jan. 18 (UPI) -- Sen. Charles Grassley, R-Iowa, has questioned how the general counsel of a bailed out U.S. firm could walk away from her job with a $3.9 million severance deal.
Anastasia Kelly was awarded the severance package despite the firm's salary restrictions put in place by the U.S. Treasury Department's pay master Ken Feinberg, who restricted the base pay for top AIG executives at $500,000 or less.
"The taxpayers are fed up up with massive payouts to executives at companies that took taxpayer money," Grassley said.
Grassley, the top ranking Republican on the U.S. Senate finance committee, on Friday requested that Feinberg explain Kelly's severance deal, The Wall Street Journal reported Monday.
Sources close to the deal said Kelly was granted 24 months severance and a retention bonus, all of which was arranged before the government stepped in to bailout AIG.
Five top executives said they would leave AIG if their salaries were cut, but four of them later withdrew their threats to leave, the Journal said.
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