AIG may pay more bonuses

NEW YORK, July 10 (UPI) -- Insurance giant American International Group is seeking permission from the U.S. government to pay millions of dollars in bonuses to executives.

Technically, the company does not need the blessing of Kenneth Feinberg, appointed by President Barack Obama to oversee compensation in some companies that have received federal aid, The Washington Post reported Friday. The bonuses date from last year, while Feinberg's responsibilities involve current and future compensation.

However, an unnamed AIG official told the post the company hopes to avoid a repeat of the furor that erupted over news of its previous round of bonuses.

"We would want to feel comfortable that the government is comfortable with what we are doing," the official said.

In a proxy statement filed last month, the company said it offered retention bonuses because many of its best employees, believing AIG's future was bleak, were likely to go elsewhere.

The top seven executives agreed in November to give up all bonuses for 2009. In March, bonuses for other executives were restructured.