AIG

  • 14 Mar 2014 at 2:29 PM

Bonus Watch ’14: Robert Benmosche

Benmosche, 69, earned a $6 million cash incentive, 50 percent more than his target, the New York-based insurer said yesterday in a regulatory filing…AIG revamped pay plans for executives last year to link compensation to performance after the end of restrictions tied to a U.S. government bailout. AIG repaid the rescue in 2012 and advanced 45 percent last year, beating the 30 percent gain of the Standard & Poor’s 500 Index. The plan “aligns the economic interests of our executives with the long-term interests of AIG and our shareholders,” the insurer said in the filing. Benmosche received a $2.3 million salary and $6.5 million in stock awards, bring his total compensation to $14.8 million, That’s 40 percent more than he earned a year earlier. [Bloomberg]

  • 12 Mar 2014 at 11:55 AM

Ex-AIG CEO Not Into Bailouts (For The Poor)

For corporations and fluffy white dogs they’re okay. Read more »

Snowflake’s daddy may not be able to sue the New York Fed, but his lawyers will be allowed a little chat under oath with the Fed’s soon-to-be-former chairman. Read more »

American International Group is benefiting from an improved reputation after the insurer finished repaying a $182.3 billion U.S. bailout a year ago, Chairman Steve Miller said. “We were the most disrespected brand name on the planet and now we have come back,” Miller said today in a Bloomberg Television interview with Stephanie Ruhle and Erik Schatzker at the World Economic Forum in Davos, Switzerland. “We’ve built a company with tremendous momentum and we’re going back on offense.” Under Chief Executive Officer Robert Benmosche, AIG has restored its name to its main units, resumed using it in television ads and struck deals to sponsor rugby teams in the U.S. and New Zealand. In 2009, then-CEO Edward Liddy said the name was “wounded and disgraced” by the company’s bailout, amid protests against the New York-based insurer and other financial firms. “If you go back four years, Goldman Sachs probably wouldn’t even have been sitting with me,” said Miller, who was interviewed alongside Goldman Sachs Group Inc. President Gary Cohn. “We were in deep trouble then.” [Bloomberg]

Now that he’s got an official end date, Ben Bernanke’s on-again-off-again date with Hank Greenberg is off, again—for now. And probably for good. Read more »

Septebmer 24, 2013: “The uproar over bonuses was intended to stir public anger, to get everybody out there with their pitch forks and their hangman nooses, and all that–sort of like what we did in the Deep South [decades ago]. And I think it was just as bad and just as wrong.” October 11, 2013 “The vilification of a person or a group of people is not right. It’s never right, and when it happens it should not be trivialized or dismissed lightly, as it too often was in the context of AIG. And when I referred to the South, I unintentionally trivialized a horrible legacy of our country. That was the opposite of my intent.”

The uproar over bonuses “was intended to stir public anger, to get everybody out there with their pitch forks and their hangman nooses, and all that–sort of like what we did in the Deep South [decades ago]. And I think it was just as bad and just as wrong.” [MoneyBeat via DI]