The compensation packages of top executives at New York-based American International Group Inc. are set to fall under new rules announced by Special Master for Troubled Asset Relief Program (TARP) Executive Compensation Kenneth Feinberg.
The rules are aimed at curbing pay for the top 25 executives at the seven firms receiving "exceptional" government assistance. AIG has received $182.3 billion in TARP funds. According to a release by the Treasury Department, the rules will align compensation with long-term value creation and financial stability by slashing cash compensation up to 90% and requiring salaries to be paid in company stock held stock over the long term.
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