This justs burns me up! The former CEO of AIG runs the company into the ground with risky sub-prime mortgage investments forcing the company to write off 20 billion in losses by June '08. He gets ousted, but with a $47 million severence package? I just don't understand this! I think that if any employees or investors lose their savings/jobs because of this then he should be prosecuted and held accountable. While I have posted this elsewhere I feel like it deserves a thread of it's own. Will the people who run the companies responsible for the near collapse of our financial markets be held accountable? grrrr.....
http://www.directorship.com/sullivan-to-receive--47m
Quote:
American International Group will give outgoing CEO Martin J. Sullivan a severance packaged valued at $47 million. Sullivan’s resignation took effect July 1, according to a Reuters report.
Sullivan will receive severance of $15 million and a bonus of $4 million for the portion of the year he worked. He will also maintain outstanding equity and long-term cash awards valued at approximately $28 million, according to the regulatory filing.
Sullivan resigned after AIG wrote down $20 billion in losses on the market value of assets linked to subprime mortgages.
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Crappy CEO, Big Compensation
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