American International Group (NYSE: AIG) CEO Robert Benmosche said that the company’s top executives have struggled financially after taking personal losses in the wake of the near-collapse of the company last year, according to the Wall Street Journal.
The losses were incurred when the executives' cash bonuses were cut and unvested stock salary and stock options that were previously earned were rendered almost worthless after AIG's near-failure in September 2008, the paper said.
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Benmosche told the paper that 10 people reporting directly to him lost a combined $168 million in prior years' pay since the insurer was bailed out by the U.S. government last year.
Five other employees at the company's financial-products division, who are unwinding its derivative trades, lost $88 million in prior pay, the paper cited Benmosche as saying.
In a separate interview with the Financial Times, Benmosche said it would take more than two years for the insurer to pay back the money it owes to U.S. taxpayers.
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