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AIG Freezes Bonuses, Severance Payments, Halts Lobbying, Cancels Events

AIG last week agreed to freeze distributions from a $600 million employee compensation and bonus pool, as well as severance and other payments promised to its former chief executive officer and the

By Daniel Hays | Updated on October 26, 2008

AIG last week agreed to freeze distributions from a $600 million employee compensation and bonus pool, as well as severance and other payments promised to its former chief executive officer and the head of its controversial Financial Products unit–at least until the company repays loans from the U.S. Treasury.

Following criticism by state and federal officials of the company’s pre- and post-bailout actions, AIG took the latest in a series of moves over the past two weeks in response to a letter from New York’s attorney general.

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