AIG CFO resigns over pay

In what is the most ridiculous move yet in this ongoing saga, the CFO of AIG is resigning over pay. That dumb thing thinks she is not paid enough? For presiding over the GS fiasco? For being the turkey of the industry? the laughing stock of a generation?

It is a national embarrassment to begin with. These people have no shame.

I think she, and most of the AIG staff, should be trialled and sentenced to reimburse their W2 gains. What arrogance and incompetence. She should be tarred, feathered up and leave town without making noise. She is a poster boy (or girl as it were) for the mediocrity that makes up a lot of corporate america today. Weak, stupid, despicable, aberrant and somehow feeling entitled to the good life. Good riddance, I can't wait for the whole lot of them to leave.

Comments

Stephen said…
And giving her $3.8 million severance is disgusting. The company would be bankrupt without the bailouts therefore employment contracts should have been renegotiated.
December 31, 2009 at 1:02:00 AM PST
Anonymous said…
Problem is that there is no more accountability in Govt .. GAO does not do anything. Govt officials can make the biggest mistakes and waste money like there is no tomorrow with no consequences .. All they will face is a slap on the hand at best .. They can freely spend and waste Taxpayers money with no consequences ..
And this also creates huge conflicts of interest / corruption from private sector who knows that all too well and abuses it.
Time to restore accountability and transparency ..
January 7, 2010 at 7:53:00 AM PST
Business Bard said…
Well said, well reasoned and SO frustrating. I don't think China will react in one step only because the US is their largest market. We're lockstep in this "experiment."-Lisa
January 12, 2010 at 11:51:00 PM PST
Post a Comment

Popular posts from this blog

Thug vs Thug: Porsche 1, Hedge Funds: 0

The latest drama is fun. VW became the largest company in the world, in terms of market cap, ahead of EXXON on a little financial market coup d'etat orchestrated by Porsche. Apparently VW stocks was on the way down, I don't know the details but many Hedge Funds (HF) were short the position. Fine. The price goes down. Porsche starts buying the anonymous float (and probably some private too?), but the point is they build a 73% market share without many people noticing. In the US you would need disclosure after 10% or so. Point is, that many HF wake up and realize that their short position is about to lose a lot of money. So what do they do? those idiots? they short cover all together, which means they buy the stock to cover the short. The stock zooms up, by a full multiplier and overtakes EXXON. Porsche makes A KILLING in the process and has robbed the city robbers to the tune of "potentially $30B". Not bad for a days worth of work. PS: hey, psst Porsche! With t...
Read more

Madrid Blog--We get sued

Image
...for having children If you are a foreigner and move to Madrid, do not, necessarily expect a warm welcome. Yesterday, we, or rather Don Mark Fleury and Dona Natali Manson ***note to Building Association of Serrrano XX, before you lawyer up, do your research. My husband spells his name "Marc" with a "c." and my first name is spelled "Nathalie;" not to mention that my honest English stone mason forbears would cringe at the misspelling of their last name to confound with that of the notorious 20th century serial killer. received an official communication from the Juzgado de Primera Instancia de Madrid, from one Don Ramiro Blah Blah, President of the Building Association of Serrano XX, a building of exactly 12 units, half of which were owned at one time by his father in law, in which it is alleged 1) "Mark Fleury and Natali Manson" have four children 2) these children own bicycles 3)and roller skates 4) and scooters ( Nathalie comment: nope sorry ...
Read more

Houston, We have a central-bank-run!

Judging by the comments, it seems many of you share my interest in understanding the recent economic news, at least Juha does. So I will continue covering that. Yesterday, my brother Carlos, who works for BNP in Europe sent me this story: Apparently we are seeing a dumping of US related assets by what is speculated to be... the Chinese. . Forget the computer attacks, Asia's sovereign funds dumping US assets would have a real impact on the economy. Credit and liquidity crises are not new and, when they turn bad, they turn bad. In 1929, the liquidity scare sparked a bank run. Banks didn't have enough cash and were defaulting, accelerating the mad dash and "bank-run" to get your money out while there was still liquidity. Then, the real economy wound up with no credit, and we all know the sad story from there. 2007 isn't like 1929. It isn't an "end-consumer" bank run. You and I are not going to the corner bank to take our savings out. Our confidence ...
Read more