Chrysler LLC could be sold in pieces to other companies as its majority shareholder Cerberus Capital Management LP seeks to exit the auto business, according to a person briefed on the discussions and who asked not to be identified because the discussions are private.
Cerberus, the New York-based private equity firm, has been shopping the beleaguered automaker to General Motors Corp. and other companies.
Many combinations are being discussed, said the person.
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Chrysler and Cerberus spokesmen declined comment. Associated Press
American International Group Inc. agreed to freeze $19 million due to its former chief and $600 million in compensation for other executives amid criticism of such payments in light of the collapsed insurer's U.S. bailout.
New York Attorney General Andrew Cuomo announced Wednesday that AIG will withhold severance and bonus payments from former Chief Executive Officer Martin Sullivan and will not distribute funds from the $600 million deferred compensation and bonus pools of AIG's Financial Products subsidiary. Bloomberg News