AIG wants to slash Wall Street fees

Douglas McIntyre

According to documents obtained exclusively byBloomberg, new AIG (AIG) CEO Robert Benmosche wants Wall Street firms taking divisions of the insurance company public to shave 50 percent off their normal fees. The news service writes that "The banks have hundreds of millions of dollars at stake in fees they planned to earn from helping AIG, once the world's largest insurer, repay its government rescue."

Benmosche may get away with his plan, which would help to justify his controversial $7 million salary for running a company in which taxpayers have invested $180 billion in debt and equity. The federal government now owns 80 percent of AIG.

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