Martin Sullivan, AIG CEO, booted in June, got a $47 million severance package

[cali]

He was CEO for a little over 3 years. He was also an advisor to bushy.


http://www.portfolio.com/views/blogs/daily-brief/2008/07/03/martin-sullivan-minute-by-minute

[OneGrassRoot]

1. Thanks, Cali. Does anyone have a list of these golden parachutes...

provided to failed CEOs in the last few years (massive lay-offs, etc.)?

Thanks. :)

I'd like to see these figures stacked up against "welfare" expenditures decried by the right.

[cali]

2. I'm working on the most recent ones

for a "wall of disgrace".

[OneGrassRoot]

4. Awesome. Thanks so much. :) n/t

[OneGrassRoot]

5. Actually...

this is the very thing -- if compiled in an undeniable document showing how prevalent it is (rather than the piecemeal news bits every so often) -- that can potentially sway working-class voters from the Republican indoctrination of "Dems raise your taxes" and "Dems want to give everyone a handout and take your hard-earned money and give it to welfare queens."

That is my family. I rant and rant about corporate welfare but it doesn't sink in. Perhaps seeing it in black and white will help.

This is the information that could put reality it in their face.

Thanks again.

[Phoebe Loosinhouse]

7. Thank you for doing that.

Another side issue is how the companies partition off these parachutes in order to secure their solvency while they allow the pensions and retirements of their employees to get folded into bankruptcy and once again have to be secured by us, the taxpayers (forget through what entity) and often get severely reduced.

Also, since the line employees probably don't have defined benefits (pensions) anyway, they are screwed because a large portion of them probably have a large amount of their 401K invested in the company stock, which is the most common vehicle for the employer "match". That drops to about zero. In the last 401K I had, the company stock was walled off in such a manner that I could not transfer it to another fund of my choice unless I actually cashed out of the 401K entirely.

[mrJJ]

3. via americablog

via americablog

This past July, AIG gave its failed CEO a $47 million severance package for his troubles:
Poor fellow. I hope that he will be OK though he does have the advantage of having an office and secretary until the end of the year. This is a new era, where record losses are ignored and multi-million dollar golden hand shakes are given along with a nice peck on the cheek. Let's be honest, corporate America would do this for any employee, especially after years of being treated so well with no luxury too much. Just because he was paid massive amounts based on bad business and now is being paid yet again despite the company writing down billions doesn't mean he didn't deserve it. Hey, he had a contract! Legal wasn't able to find any of those famous loopholes despite AIG losing billions upon billions.

What's that? Your company won't even pay for all of your family health insurance after working there for 10 years? Well, you people are always so greedy and just ask for too much. Shouldn't you be working now anyway?

[BeyondGeography]

6. Carly's wondering why this guy got $5 million more than she did

[barbtries]

8. i cannot afford this!

i don't make this kind of money to keep on paying failed CEO's millions and millions of dollars?! how the fuck does this keep happening? aargh :argh: :argh: :argh: :argh:

[sellitman]

9. He is bushes friend.

He will probably get a medal or some cushy government job so he can continue to rape the American public.

[cali]

10. My bet is he returns to England where he's from and has already

received awards.

[PVnRT]

11. "In more civilized times, men who failed as completely as you have

would have fallen on their swords."