AIG limits pay of top executives

Times Wire Reports

American International Group Inc. said it was limiting how much it paid its top executives, including granting a $1 salary for this year and the same for 2009 to Chief Executive Edward Liddy.

The decision is one of many broader moves made by the troubled New York-based insurer, which has been under pressure to restrict executive pay since accepting billions in government assistance to save it from collapse. AIG has received about $150 billion so far.

AIG said there would be no 2008 annual bonuses and no salary increases through 2009 for its top seven officers.