AIG Chief slashes his salary to $1

[scheming daemons]

AIG Chief Executive Edward Liddy agreed to slash his annual salary to $1 as part of a series of voluntary pay restrictions by top executives tied to a massive $150 billion government bailout.

AIG (AIG, Fortune 500) will also forgo bonuses this year and eliminate pay increases through 2009 for the firm's top executives.

Liddy will get paid $1 per year for 2008 and 2009, with his compensation consisting entirely of equity payments. While he will not receive bonuses during those years, he will be eligible in 2010 for "extraordinary performance." He will also be ineligible for severance payments.

"This action by the senior management team demonstrates not only that we understand our obligation to taxpayers and shareholders, but also that we are committed to the future success of this organization," said Liddy in a statement.

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Full article at:

http://money.cnn.com/2008/11/25/news/companies/aig_ceo/index.htm?postversion=2008112514

[rocktivity]

He just got handed a chunk of $700 billion from US.

When do WE get rewarded for OUR "extraordinary performance"?

:mad:
rocknation

[monmouth]

1. They also have screaming customers they're losing daily. Friend of

mine has a close friend who is upper management at AIG. He told her he hates to even answer his phone these days...

[crispini]

2. About time.

The peasantry are not amused.

[RaleighNCDUer]

14. Let's see -- pay cut or mob violence.

Hmm. Hard choice.

[lame54]

3. He's still overpaid

[walldude]

12. ROFLMAO!!!!!!

OOH SNAP! :rofl:

[phantom power]

4. It's a start. But how much money does he already have stashed away?

If I was already a multimillionaire, it wouldn't be all that onerous for me to take $1 for the next two years either.

[riqster]

5. It's a step in the right direction

Baby Step, Baby Step, Baby Step...

[Javaman]

6. wow, what a fucking sport.

why wasn't this useless bastard doing this years ago?

I wonder what his golden parachute is like? is he going to cut that?

[no_hypocrisy]

7. Now give up your stock options pal!

[waiting for hope]

8. Betcha he can still afford this:

[Jester Messiah]

9. And for his next stunt, he'll jump his motorcycle over a shark.

Anyone gullible enough to be taken in by this farce deserves a starring role in Idiocracy 2: Electric Boogaloo.

[earth mom]

10. Big whoop. He slashed his pay AFTER he got millions no doubt.

:eyes:

[aquart]

13. The "pay" was nothing. The bonuses everything.

[Rambis]

11. It's me, I fucked up, I got no timing, I got no timing!

kick my ass, I'm not asking, I'm telling, kick my ass!

[hamsterjill]

15. Color me suspicious

Sorry, but I'm suspicious. It sounds good and looks good on paper for him to say that he's doing that, but I'm sure this guy isn't exactly going to be living in a tent eating bread and water until 2010.

Let me see one of the overpaid execs actually do something that's going to cause them a little discomfort. Then maybe I'll stop being so cynical.