In a filing with the U.S. Securities and Exchange Commission,
According to the filing, the CEO helped the company avoid negative ratings changes with Standard & Poor’s Corp. and Moody’s Investors Service, reviewed and revised AIG’s restructuring plan and cost control measures and stabilized the insurer’s talent pool. These achievements, among others, earned him a $3.5 million bonus.
Mark Herr, an AIG spokesman, told Bloomberg, “While AIG does not believe that the additional disclosure is material, it filed the amendment to provide full transparency of its compensation decisions.”
On Monday,
The payment of $3.95 billion represents the single largest cash payment AIG has made to the credit facility and is the largest reduction in the credit facility's principal balance since AIG placed AIA Group Limited (AIA) and American Life Insurance Co. (ALICO) into Special Purpose Vehicles last December and exchanged preferred equity interests in AIA and ALICO for a $25 billion reduction in the balance outstanding on the credit facility.
"This is continuing tangible evidence of AIG's progress in repaying the American taxpayers," says Benmosche. "AIG is getting stronger every day. We still have more work to do, but we will finish the job and make sure we repay the American taxpayers."
With the repayment, AIG's total principal and interest owed on the credit facility is approximately $21 billion. AIG anticipates the repayment will trigger an accelerated amortization of the prepaid commitment fee asset, resulting in an approximately $650 million pre-tax charge being taken by AIG.