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Fund Wants AIG, Morgan Stanley to Recoup Executive Pay


Posted on 20 Apr 2009

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The Services Employees International Union's pension fund claims that American International Group Inc. (AIG), Morgan Stanley and other companies squandered more than $5 billion on executive pay since 2005 and should recoup the payments or face lawsuits.

The fund said today it sent letters to 29 companies, including AIG and Morgan Stanley, demanding that directors recover "incentivized executive pay" based on derivatives or other investments whose value was later written off. Such letters often are the precursor to investor lawsuits.


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