AIG Slapped With Pay Cap

Wall Street

Updated Apr. 25, 2017 10:37AM EDT / Published Mar. 23, 2010 5:04PM EDT

Pay czar Kenneth Feinberg has ordered cash salaries to max out at $500,000 for most of the top executives at the five companies he oversees. Feinberg reviewed the pay of the top 25 executives (meaning senior execs and the 20 highest paid employees) at the firms, including AIG, GM, Chrysler Financial, Chrysler Group, and GMAC Inc. The cap will cover 82 percent of the 119 employees in question, and next month Feinberg will release pay restrictions for the next-highest-paid employees (those ranking 26th through 100th). AIG wanted 10 of its "top 25" to get more than half a million, but Feinberg allowed only five. The company's financial-products group, which was responsible for the derivatives trades that contributed to the financial crisis, saw their cash salaries frozen to 2008 levels. Feinberg's goal is to reduce total compensation for executives at AIG, GMAC, and Chrysler Financial by 15 percent.

Hackers Steal Large Sum From Anti-Trump Super PAC

The Lincoln Project said hackers set their eyes on a committee vendor, “producing authentic-looking invoices”

Kanye West Wants to Open a Porn Studio: Report

A rep for the embattled artist told TMZ that he’s in “advanced talks” to set up the project as part of his Yeezy company.

Several Crew Injured in Crash on Set of Eddie Murphy Film

Eddie Murphy and the film’s other stars, Keke Palmer and Pete Davidson, weren’t on the set at the time.

‘Giant’ Coyote Spotted Prowling Central Park Spooks Joggers

Brett Cohn said the animal stopped him “in his tracks” on Saturday morning.

Black British ‘Homeland’ Actor Clarifies Blackface Comments

David Harewood initially said actors should be able to play any character, even in blackface, as long as it’s “good.”

Scholz to Putin: Keep Kant’s Name Out of Your Mouth

Olaf Scholz says the Russian president doesn’t have the “slightest right” to cite Imannuel Kant.

Marathoner Sips Glass of Wine at Every Mile, Still Finishes

He blindly taste-tested each glass and correctly identified 21 of them.

India’s Modi Slammed for Calling Muslims ‘Infiltrators’

His campaign speech was seen as an ominous warning for India’s religious minorities if he wins a third term this year.

AIG Slapped With Pay Cap