EX-AIG CEO EYES $7M EXIT (This Is Not a "free" Market)

IHNR · #1 (**permalink**) 09-19-2008, 01:09 PM

What is a conservative about supposedly? Small government, well have the largest US bailout in the history of this country, so many of you idiot right hate the UN for losing American's self-government but now we will be controlled by those who control our dept, which most namely include Saudi Arabia and China... the article follows
I thought the right hates WELFARE when we allow the welfare of dying institutions and there pathetic leadership floats softly to the ground with their golden parachutes.
Reagan and Bush II have caused this mess by using the philosophy of deregulation when see now why should exist and should be separate and without ties to those who can control their authority.

Bloomberg
Posted: 4:06 am
September 18, 2008

American International Group head Robert Willumstad, named CEO in June amid record losses from the housing slump, may get a $7 million exit package after a Fed takeover forces him out.

Willumstad is entitled to keep a $4 million cash bonus, 1 million shares, six months' severance salary and life insurance and other benefits worth about $40,000, said David Schmidt, a senior consultant at New York-based executive pay firm James F. Reda & Associates.

Willumstad, the former Citicorp president who left the bank in 2005 to seek a CEO position, will be replaced by former Allstate Corp. head Edward Liddy in the takeover. AIG shares have dropped 94 percent since his appointment.

AIG tumbled 45 percent to $2.05 in NYSE trading.

Willumstad's predecessor at AIG, Martin Sullivan, was chief for three years until being ousted after two record quarterly net losses.

n power.

nathanbforrest45 · #2 (**permalink**) 09-19-2008, 03:49 PM

Quote:

Originally Posted by IHNR

What is a conservative about supposedly? Small government, well have the largest US bailout in the history of this country, so many of you idiot right hate the UN for losing American's self-government but now we will be controlled by those who control our dept, which most namely include Saudi Arabia and China... the article follows
I thought the right hates WELFARE when we allow the welfare of dying institutions and there pathetic leadership floats softly to the ground with their golden parachutes.
Reagan and Bush II have caused this mess by using the philosophy of deregulation when see now why should exist and should be separate and without ties to those who can control their authority.

Bloomberg
Posted: 4:06 am
September 18, 2008

American International Group head Robert Willumstad, named CEO in June amid record losses from the housing slump, may get a $7 million exit package after a Fed takeover forces him out.

Willumstad is entitled to keep a $4 million cash bonus, 1 million shares, six months' severance salary and life insurance and other benefits worth about $40,000, said David Schmidt, a senior consultant at New York-based executive pay firm James F. Reda & Associates.

Willumstad, the former Citicorp president who left the bank in 2005 to seek a CEO position, will be replaced by former Allstate Corp. head Edward Liddy in the takeover. AIG shares have dropped 94 percent since his appointment.

AIG tumbled 45 percent to $2.05 in NYSE trading.

Willumstad's predecessor at AIG, Martin Sullivan, was chief for three years until being ousted after two record quarterly net losses.

n power.

You know Nazi, for once I have to agree with you about this not being conservative. I don't agree that we should be bailing out failed banks, mortgage companies or automakers. However, I think both parties have enough blame to go around. I don't think anyone who is honest would begin to say the democrats are not in favor of all this mess.

True conservatism would never accept what is being done.

IHNR · #3 (**permalink**) 09-19-2008, 04:33 PM

Holly shit... Nathan Agreed with one something. Yes, Nathan Barry Goldwalter would be rolling in his grave...

So I don't want to hear about ANY WELFARE OR SOCIAL PROGRAMS FOR THE REMANDER OF THIS SITE AWE.... thank you

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I Hate The Nazi Right