Two AIG Execs Get Eyebrow-Raising Pay Jump
Combining their cash salary with other compensation, the two execs would get multimillion-dollar pay packages. AIG has received a total of $182 billion in taxpayer support, and Feinberg says the cash salaries of most of its top 25 senior managers would be capped at $500,000.
Raking It in
Insurance head Kristian Moor will receive a base salary of $700,000 in 2010 and a $5 million in "stock salary". The filing described these units as "intended to reflect the value of AIG's common stock and so-called "hybrid" securities, [which] will be vested at grant and will be cash-settled in three equal, annual installments beginning on the first anniversary of the date of grant." Moor is also eligible for long-term incentive pay of up to $1.9 million, which would be granted this year.
CFO David Herzog will receive a base cash salary of $495,000 and an annual "stock salary" of $4.49 million in 2010. He may be awarded up to $1.02 million in long-term incentive pay.
The generous amounts will keep the public wondering how executives at bailed-out firms can still be raking it in. Whatever happened to the $1-a-year executive who's willing to work for the good of their companies and citizens who bailed them out? Where's Lee Iaccoca when he's needed?