Four of five managers in AIG's Financial Products unit that are under the jurisdiction of pay master Kenneth Feinberg didn't make good on pledges to return the bonuses as of August, Feinberg said in documents released yesterday. The fifth employee hadn't made any promise, Feinberg said.
"The performance of AIG Financial Products has contributed significantly to the deterioration in AIG's financial health," Feinberg said. Compensation proposed by AIG for the staff doesn't "adequately reflect the role of AIG Financial Products" in the decline of the insurer, he said.
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