Bailed-out insurer AIG told its new chief executive Robert Benmosche that he could not use the company-owned jet for his personal use, Bloomberg News reported.
Citing unnamed sources, Bloomberg said AIG’s board told Benmosche he would only be able to fly on company aircraft for business trips because any other use would require the exemption of the U.S. Treasury.
Benmosche had told the board he should be allowed personal use of a corporate jet, according to the report.
The board met with Benmosche, who was appointed CEO on Aug. 10, on Tuesday.
Benmosche has raised eyebrows since he arrived at AIG, for remarks that were critical of U.S. lawmakers, and for his decision to leave within days of his appointment for an extended vacation at his villa in Croatia.
U.S. taxpayers, through the Federal Reserve and Treasury Department, have given up to $180 billion in aid to the insurer, subjecting AIG to closer scrutiny.
American International Group Inc., once the world’s largest insurer, was rescued by the massive taxpayer bailout one year ago, after it ran out of the cash it needed to satisfy collateral calls related to derivatives linked to the U.S. housing market.
Was this article valuable?
Here are more articles you may enjoy.
Starr Acquiring IQUW; Starr Managing Agency to Be Among 10 Largest at Lloyd’s 
Reinsurers Hold Bulk of Jamaica’s Property Exposures From Hurricane Melissa: Reports 
GEICO Sues Medical Firms in Florida, NY Over Alleged No-Fault Auto Fraud 
AIG to Acquire Renewal Rights of Everest’s Retail Commercial Business Worth $2B 
