AIG execs threaten to quit if pay is cut

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Government compensation czar Kenneth Feinberg may not be able to rein in salaries as much as he wants, thanks to threats by five high-ranking executives at AIG to quit if they are told they have to take a significant pay cut. On Dec. 1, the five executives, including general counsel Anastasia Kelly and heads of some of AIG's (AIG) largest divisions, handed in their provisional resignations.

In addition to Kelly, who some say was the ringleader, the other executives threatening to resign included Rodney Martin, who heads one of AIG's international life-insurance businesses which is expected to be sold off; William Dooley, who heads the financial services division; Nicholas Walsh, vice chairman and head of AIG's international property-insurance and casualty-insurance businesses; and John Doyle, who heads the U.S property-casualty business. According to a report Monday in the The Wall Street Journal, Walsh and Doyle have already changed their minds and rescinded their resignations.