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Wednesday, February 3, 2010

Pay Czar Furious at $100M AIG Bonus Payments; Geithner Joins the Fray



online.barrons.com

  • February 3, 2010, 12:44 PM ET

Pay Czar Furious at $100M AIG Bonus Payments; Geithner Joins the Fray


By Tiernan Ray

Shares of American International Group (AIG) are off 24 cents, or 1%, at $23.72 on word the U.S “Pay Czar,” Kenneth Feinberg, is outraged by reports that AIG intends to pay $100 million in bonus money to executives on top of bonuses already paid out.

BBC News reports Feinberg, the Special Master for TARP Executive Compensation, has decried the additional bonuses as “Outrageous” and that such bonuses must be a thing of the past. The Washington Post’s Brady Dennis reported AIG’s intentions this morning, citing anonymous sources familiar with the matter.

AIG is in the midst of repaying $20 million in bonus payments, as demanded by Feinberg, on top of $19 million already paid back last year. The new payments, made to the financial products division, are said to be an early payment in return for some employees taking as much as 10% cut in total bonus.

Separately, in an appearance before the House Ways and Means Committee, Treasury Secretary Tim Geithner piled on, saying he thought the $100 million payout was outrageous, and urging House members to pass President Obama’s proposed $90 billion levy on the nation’s largest banks.

Geithner praised Feinberg for preventing AIG from handing out an even larger payoff, according to the Financial Times’s Tim Braithwaite in Washington.

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