US pay czar to announce pay for AIG middle managers
Kenneth Feniberg, the Obama administration's pay czar will today reduce pay for the 26th to 100th highest-paid employees at the six firms still under his authority, including AIG, Reuters reports.
Feinberg's control has caused friction with insurer AIG, where top executives, including CEO Robert Benmosche, have reportedly considered quitting because of the pay constraints.
Feinberg's rulings will apply only to the final month of 2009, but will set the baseline for 2010. In his first wave, Feinberg cut overall compensation by 50% and cash pay by 90%. He said the rulings are designed to reward long-term performance.
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