US LAWMAKERS SLAM TREASURY OVER EXECUTIVE PAY AT AIG

The US House of Representatives' oversight and government reform committee took aim at the US Treasury on Tuesday for allowing executives at AIG and other companies that received substantial government bailout funding to receive "excessive" compensation in 2012. Lawmakers expressed concern about pay packages for executives at companies that received assistance under the Troubled Asset Relief Programme (TARP). The Treasury's pay supervision office set forth a principle in 2010 under which executives were receive salaries of no more than $500,000 a year except for good cause. TARP special inspector general Christy Romero told the committee that the number of executives whose salary exceeded that amount rose to 23 in 2012 from six in 2009. AIG Robert Benmosche received $14m in compensation last year, including $3m in salary and $11m in share-related awards. Treasury pay czar Patricia Geoghegan defended the compensation packages, saying that her office has sought to limit pay packages but still allow companies to remain competitive, retain talent and repay their TARP obligations. After having repaid the last of its $182.3m bailout late last year, AIG is no longer subject to pay restrictions.