The News: AIG Cuts Bonuses, Hoping to Clear the Air Once and For All. Ha.
AIG is crossing its fingers: By paying retention bonuses of 30 percent less than expected - a mere $46 million - the company hopes to tamp down what seems to be endless controversy surrounding its compensation practices, and satisfy Pay Czar Kenneth Feinberg at the same time.
The bonuses were agreed to before the insurer nearly collapsed in 2008. AIG has maintained it was contractually obligated to make the payments, but now says it's found a way to withhold $21 million of the scheduled payments.
A.I.G. May Cut Bonuses by About 30% [NY Times]
UBS Sees Turnaround in 2010 [WSJ]
UBS payouts to executive board balloon in 2009 [MarketWatch]
TD gives employees extra day off [Globe & Mail]
Lehman report casts auditors in poor light [FT]
Sen. Dodd to introduce plan to overhaul financial regulatory system [Washington Post]