By Meena Kaur, New York, October 9, (THAINDIAN NEWS) Kenneth Feinberg pay czar of Obama administration has officially approved annual pay package of 10.5 million dollars for Robert Benmosche, the Chief Executive of AIG.

The popularity of Mr. Feinberg is increasing these days. As a pay czar he needs to oversee the compensation level of executives for seven companies which were granted federal taxpayer bailouts. He has approved annual pay package of Robert Benmosche. Yet, he has also set some terms by which Mr. Benmosche will have to abide by if he wants to get the package.

After the approval of Mr. Benmosche’s pay package, speculations have started about Mr. Feinberg’s decision regarding the retirement package of Ken Lewis, Chief Executive of Bank of America. Service Employees International Union SEIU has been lobbying so that Mr. Feinberg does not approve a lucrative sum of 125 million dollars for the retirement package of Ken Lewis.

Former President George W. Bush in his last weeks of office had signed the bailout legislations for the companies. Total sum of 725 billion dollars were sanctioned for bailout, out of which 700 billion dollars has been popular as Wall Street Bailout. The rest of 25 billion dollars bailouts was sanctioned for the automobile industries of the country.

Neither did President Barack Obama nor did former president George W. Bush want to support the bailout plans. However, they had to support the plan as the companies which were funded with the bailout money were considered “to big to fail”. After one year of passing the bailout, the government has been monitoring the activities of the company to prevent misuse of bailout money.