Attributing to people familiar with the matter, The Wall Street Journal said, 'federal prosecutors, after a two-year investigation, may soon decide not to charge executives for their role surrounding financial contracts that nearly brought down the company.'
Insurer American International Group will recover $45 million from its employees given as retention payments last year and return the amount to the government, a media report says.
Attributing to people familiar with the matter, The Wall Street Journal said AIG is preparing to pay Kelly several million dollars in severance after she resigned over federal pay curbs.
The company's recently hired chief executive Robert Benmosche threatened to quit last month reportedly amid frustrations over limitations on pay for top AIG executives.
The Asian life assurance business of AIG, is expected to set a price range for its initial public offering early next week and hopes to strike agreements with big 'cornerstone' investors who could take one-fifth of the shares sold a few days after that, the report said citing sources.
In an interview to the Financial Times, AIG Chief Executive Officer Robert Benmosche said it would take at least two years for AIG to sell businesses and earn enough profits to repay the government and persuade it to sell its 80 per cent stake.
The AIA Group, which is a leading life insurance player in the Asian region, has a significant presence in India. AIG on Monday said it would accelerate steps to make AIA, an independent entity and also seek an Initial Public Offering on an Asian stock Exchange for the company.
Benmosche would receive an annual salary of $3 million in cash and $4 million in AIG common stock as per the previous agreement on August 17.
At a board meeting last week, Benmosche told fellow AIG directors that he was 'done' but agreed to think it over after other board members reacted with shock.
Two successive reports, one by Percy Mistry in 2007 and the other by Raghuram Rajan in 2008 had provided the RBI and the finance ministry with blueprints of what to do next. Both reports, unfortunately, was put on ice. The global meltdown saved the RBI. It also saved the finance ministry from having to work on the two reports.
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