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November 12, 2009

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Frustrated AIG chief threatens to resign

AFTER just three months as head of battered insurer American International Group, Robert Benmosche has threatened to leave his post as he struggles to deal with heavy government oversight and restrictions on what the bailed-out company wants to pay employees, according to a published report.

Citing unnamed people familiar with the matter, The Wall Street Journal reported online late Tuesday that Benmosche told AIG's board he was "done" with the job, although he reportedly is reconsidering his stance in the face of the board's dismay.

According to the people, the former MetLife CEO is frustrated with the constraints of leading a company majority-owned by the government, the paper said. It reported that Benmosche has complained to AIG's board about the outcome of the Treasury Department's pay review which slashed pay for AIG executives by 91 percent from 2008.

When the credit crisis hit last year, the United States government rescued AIG with a loan bailout package worth up to US$182.5 billion in exchange for an 80 percent stake in the insurer. It is one of seven big firms the department ordered to cut top executives' salary and bonuses in half, from this month.


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