Five AIG execs upset that pay czar cut their compensation, may quit. Oh NO! Oh, dear GOD, NOOOOOO!

[Amerigo Vespucci]

Five AIG execs say may quit over pay: report
Wall Street Journal says they're upset that pay czar cut their compensation

http://www.msnbc.msn.com/id/34309703/

updated 5:23 a.m. PT, Mon., Dec . 7, 2009

Five senior executives at American International Group told the bailed-out insurer last week they may quit if their compensation was cut significantly by the U.S. pay czar, the Wall Street Journal reported.

The five senior AIG executives indicated on December 1, in written notices, that they were prepared to leave by year-end, the paper reported, citing unnamed sources. Two of them changed their minds over the weekend, the paper added.

AIG, which was propped up by the government with some $180 billion in taxpayer funds, has been sparring with the Obama administration's pay czar, Kenneth Feinberg, over executive compensation.

Even Chief Executive Robert Benmosche reportedly threatened to quit last month, in part because he did not have discretion over pay packages for top executives.

Feinberg has cut average compensation for the 25 best-paid employees at companies that received multiple bailouts and is setting guidelines for pay for the next 75.

[AllentownJake]

1. Audit them

Seriously, full scale IRS audit.

[FSogol]

2. Oh noes! If they quit, who will drive AIG into Financial insolvency?

:scared:

[jtrockville]

7. Someone in India? For a lot less than they were being paid!

[alp227]

3. The greed never ends...

nt

[DJ13]

4. Door.....Ass....

C Ya!

[Toucano]

11. ROFL!

My sentiments exactly!

[dembotoz]

5. leaving a good paying job during a recession??

I mean its hard to find a nice 7 figure job--might have to settle for a 6 figure job.
And if the quit-would they still get uc?????


oh the humanity.

[intheflow]

8. That was my thought, too.

A clear indication that you make too much money in this economy is your ability to walk off a job in a huff over having to take a pay cut--without fear of starving yourself and your family, or becoming homeless.

[prairierose]

6. Great idea...I hope they follow through with this threat...

fewer greedheads raping customers. Sounds like a win-win to me. Of course, I think they should be audited by the IRS, as was suggested earlier in the thread and the pay czar (really?) should see about clawback on their earlier unearned too large bonuses.

There is also the possibility that this company, now mostly owned by the taxpayers, could survive if there are fewer of these idiots dragging it into the ditch. That way there is a better chance that the taxpayers will be paid back for their investment in this bankrupt company. Maybe we could then allow them to go bankrupt and fail for good.

[YOY]

9. They assume they are worth the money.

I've known folks like them. They are not.

[rocktivity]

10. I'm going to put this as tactfully as possible

If you failed SO badly that your company needed A FEDERAL BAILOUT, you not only DESERVE a pay cut...




YOU DESERVE TO HAVE YOUR FREAKING EMPLOYMENT CUT, TOO!

:grr:
rocktivity

[sharp_stick]

12. Fuck me

The board should have sent them packing the second they sent the letter. I'd probably have shitcanned the lot of the top exec's if I had the chance.

[boobooday]

13. I will work for half of whatever they are getting

Without knowing exactly how much it is, I know that it is more than twice what I make in education.

I'm smart, and competent.

[silverweb]

14. I hope they do leave. Good riddance.

I'm sure there are some civic-minded, progressive types with the background necessary to run the company honestly and well, who aren't driven by pure greed and avarice, and can happily do an excellent job for reasonable compensation.

Of course, the board of directors would probably never want to hire honest, progressive execs.

[clear eye]

15. Ahh. Some GOOD news for a change. n/t

[jm9487]

16. What happened?

I often wonder what happened to these peoples consciences? Did they ever have one? How can a human become so greedy to the point that they already have much more than they need and their family needs, and yet revolt at the thought of being paid any less especially when OUR country is in such hard stricken times? There needs to be a surge of moralistic people who care about others more than themselves into our government, and if our government prevents that, then so should the words of Thomas Jefferson follow:

Governments are instituted among Men, deriving their just powers from the consent of the governed, — That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.

[spanone]

17. good. fuck them and their threats. quit. now.

[Blackhatjack]

18. We need to send in 5,000 Job Applications for their jobs at the new pay rate....

I'm betting that these Five(5) would change their minds looking at the job market.

[aquart]

19. Darlings, don't quit. Jump.

[donco6]

20. Read that this morning.

What hubris. To think you're so fucking valuable that you can bring the US govt to its knees just to keep you employed.

But then again, maybe he can . . .

[TexasObserver]

21. Recommend

[branders seine]

22. Too big to fail?

Too venal to be believed.

[old mark]

23. Standard rationale - we will not get "the best" talented executives

if they are not paid outrageous salaries, ridiculous perks and stupendous benefits.

Why do these folks go bankrupt with such talent?


mark

[indepat]

24. Tammy, tell me it ain't true

:P