AIG top staff struggle financially: report

[Newsjock]

Source: Reuters

Top executives at troubled insurer American International Group have been struggling financially after taking personal losses in the wake of the near-collapse of the company last year, AIG's chief executive Robert Benmosche told the Wall Street Journal in an interview.

The losses were incurred when the executives' cash bonuses were cut and unvested stock salary and stock options that were previously earned were rendered almost worthless after AIG's near-failure in September 2008, the paper said.

Benmosche told the paper that 10 people reporting directly to him lost a combined $168 million in prior years' pay since the insurer was bailed out by the U.S. government last year.

Five other employees at the company's financial-products division, who are unwinding its derivative trades, lost $88 million in prior pay, the paper cited Benmosche as saying.

Read more: http://www.reuters.com/article/idUSTRE5BE0MO20091215

[Sub Atomic]

1. I'll be the first to post it:

:nopity:

[zogofzorkon]

2. let them

live on 38k a year, then tell me about struggling financially. Who writes this crap, who believes it.

[izquierdista]

3. Put them on the list

These are valuable names for any con-man, flim-flam artist, or boiler room operator. Greedy people who want to make it back are the best suckers to have, ask any pit boss or casino cashier.

[endless october]

4. at least they still have jobs.

a lot of people don't thanks to their idiotic gambling.

[no_hypocrisy]

5. Yeah, had to cut back on the landscaping crew for the Southampton cottage . . . .

"Personal losses" to them means something altogether different than my kind of personal losses.

[hughee99]

6. So the people who made millions by f'ing up the company

and the economy are now losing SOME of that money? That's absolutely awful, maybe we should hold a benefit for them. :nopity:

[dixiegrrrrl]

11. You right, we should. Let's see...what could we possibly send them?

Ideas, anyone?

[Newsjock]

7. If five people lost $88 million in pay

... just think about what obscenely large, amoral total pay they were receiving and, most likely, continue to receive. Poor crybabies. Let them rot.

[PassingFair]

8. There are plenty of foreclosed bungalows in my neighborhood for them to move into.

:nopity:

I'm sure they can still afford something nice
here.

:nopity:

Of course, there are no JOBS here, because
INVESTMENTS have long since ceased to be
SUPPORTIVE of manufacturing and the economy,
and become nothing but PONZI SCHEMES.

But I suppose AIG had NOTHING to do with THAT.

:nopity:

[ixion]

9. ah, poor bankers...

:sarcasm:

:nopity:

They should be in jail. That way, they wouldn't have to worry about struggling financially, and destroying the US economy.

[jtrockville]

10. STRUGGLE? Please! Banksters don't know the meaning of the word.

[hughee99]

15. They know all about struggle...

They struggle to make par, they struggle to decide what size boobs their new wife should get, they struggle to explain to their "less fortunate" relatives how they really have earned and deserve the money they have. They just don't spend any time struggling with money... or a conscience.

[mbperrin]

12. Benmosche reports on hardships from his personal island.

Keep talking, I think people will learn something about incompetence and arrogance. Perhaps next time, we will let illegitimate enterprises simply fail straight up.

[PSPS]

13. It's really quite shocking that Reuters even bothered writing this

Consider who the audience is that would have sympathy after reading the piece. Also note this is from Reuter's outsourced "newsroom" in India.

[hughee99]

17. Perhaps their intention wasn't to generate sympathy,

but to remind people why they shouldn't have any. During the holiday season, there is the tendency to feel sympathy for anyone who has had a tough year. This is a reminder that not all tough years are equal.

[tavalon]

14. Let them eat cake

Boo fucking hoo!

[maryinthemorn]

16. Downsizing with the rest of it. Such victims they are (NOT)!

[Dr.Phool]

18. Can they still put food on their families?

[Dulcinea]

19. Cry me a river!

I've been out of work for almost a year. Don't talk to me about financial struggles, AIG!

Where's your bailout money? Oh yeah, you've been using it to prop up Wall Street instead of loaning it to businesses to create jobs & get the economy moving again!

[Canuckistanian]

20. Poor dears. They must be down to their last few $millions

It must be rough for them. :nopity:

[bergie321]

21. So....

Is there like a bank account or a paypal set up so we can donate to help them through these difficult times? Wouldn't want them to have to sell a Ferrari...

[daggahead]

22. Poor babies. n/t