CEO cuts own pay after complaints

NEW YORK » Sprint Nextel CEO Dan Hesse said Friday he’s cutting his 2012 pay by $3.25 million after shareholder complaints about how his 2011 pay was calculated.

Sprint’s board bases the CEO’s pay on the company’s performance, but departed from its guidelines last year to exclude the cost of selling the iPhone. That boosted Hesse’s pay.

The iPhone is expensive for phone companies because Apple charges them hundreds of dollars more than the phones sell for in stores. The phone companies figure they’ll make their money back in service fees over the run of a two-year contract. Sprint started selling the phone in October, incurring big upfront costs.

Feds to liquidate more AIG shares

The government is loosening its grip on American International Group, the insurer bailed out by taxpayers during the financial crisis.

On Friday the Treasury Department announced it would sell more of its stake in AIG, an offering that comes after a recent surge in the insurer’s common stock.

Since the beginning of the year, shares of AIG have jumped more than 40 percent, to nearly $33. The Treasury Department has said it considers $28.73 the break-even price for the government.