By Sonja Ryst, Financial Reporter
American International Group Inc. (AIG)’s senior managers earned multi-million paychecks after the U.S. government bailed the company out in 2008.
The New York insurer’s board will reportedly meet today to consider joining a $25 billion shareholder lawsuit alleging that the U.S. government enforced onerous terms in connection with its rescue of AIG, according to the New York Times and court documentation.
AIG’s CEO Robert H. Benmosche earned $2.7 million in total summary compensation in 2009, $8.4 million in 2010, and $13.9 million in 2011, according to the company’s most recent proxy filing. CFO David L. Herzog received $6.1 million in 2009, $7.3 million in 2010, and $6.5 million in 2011.
As a Troubled Asset Relief Program recipient, AIG must comply with executive compensation requirements overseen by the U.S. Department of the Treasury. AIG said its pay structures for executive officers were prescribed by law.
AIG did not immediately respond to a request for comment.