12/26/2008 05:12 am ET | Updated May 25, 2011

AIG Reduces CEO's Annual Salary To $1

American International Group Inc Chief Executive Edward Liddy will receive $1 in salary this year and next, and there will be no 2008 bonuses for the company's seven most senior executives, the troubled insurance conglomerate said on Tuesday.

Fifty more AIG executives will be locked out of pay raises in 2009, AIG said in a statement.

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