Compensation

New AIG Chief's Salary: $7 Million

Just compensation for one of the most difficult jobs on Wall Street, or more corporate excess? The New York Times reports that AIG will pay its new CEO, Robert H. Benmosche, $7 million a year, with an option for a bonus of up to $3.5 million. The pay package has already received preliminary approval from Obama’s pay czar, Kenneth Feinberg. Benmosche’s predecessor, Edward M. Liddy, has worked for $1 a year. Before Liddy, CEO Martin J. Sullivan was paid $14.3 million in 2007. The government owns nearly 80 percent of AIG.