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Czar puts ceiling on pay packages at bailed-out AIG
23.10.09
US pay czar Kenneth Feinberg has rejected pay packages proposed by bailed-out insurance giant American International Group and branded them inconsistent with the public interest.
Feinberg, appointed by Barack Obama to oversee pay at the seven auto and financial companies that received the most federal aid, said base salary at AIG should not exceed $500,000 a year (£301,000).
He also rejected attempts by AIG to provide perks worth more than $900,000 and other compensation worth more than $1.5 million to a number of its highest-ranking employees.
AIG chief executive Robert Benmosche has told employees that Feinberg will not attempt to claw back pay and bonuses.
