NU Online News Service, Aug. 18, 3:25 p.m. EDT

American International Group will pay its new chief executive more than the $1 its embattled former CEO agreed on when he took the job at the behest of the U.S. government last year.

In a filing with the Securities and Exchange Commission on Sunday, New York-based insurer AIG said it reached an agreement with its new President and Chief Executive Officer Robert H. Benmosche to pay him an annual salary of $7 million.

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