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AIG was rescued by the Federal Reserve in the days following the Lehman Brothers bankruptcy in 2008. Benmosche did not become CEO until nearly a year later.
He was immediately controversial, negotiating a pay package with a base salary of $3 million a year, along with bonuses and options of up to $10.5 million. Immediately after starting the job he took a two-week vacation to his summer house in Croatia and requested use of AIG corporate jets for personal travel. And he was vocal in his defense of AIG’s pay policies and his criticism of Congressional oversight.
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