AIG exec resignation letter

[JACKDRUID]

Originally posted by: winnar111

Originally posted by: JACKDRUID

Originally posted by: winnar111

Grateful for being employed for $1 a year?

$1 a year now, but when/if things turn around, they get paid their regular millions.

So given that they can

A: Work elsewhere, now, and get those millions while tax rates are still reasonable
B: Take a chance on things turning around, getting $1 in salary, and dealing with people like you and Pelosi in the meantime and the stress that goes along with it, and, if all that works, get those millions after Zero hikes their tax rate


B sounds awesome.

exactly. B is better than A

FACT is, they probably won't be able to find a job elsewhere, nor one that has the prospect of paying so much.

 

[CPA]

Originally posted by: JACKDRUID
pathetic.

$742,006.40 is not a payment from A.I.G, its a payment from us. Its not "donated", its giving back rightfully.

we really need to hang these dumb ass AIG execs.

So, all of the exec's should work for free then, right? That's obviously the only solution to your outrage.

Give me a break. All companies make money through customers. Most large companies have contracts with government entities. Guess who pays for that - you, me and all taxpayers.

Furthermore, it was been proven over and over that the Feds knew about these contracts and decided it was not proper to break the contracts in exchange for the TARP money. Now, all of a sudden they are pissed? that should tell you enough about who is at fault here.

This guy has a legitimate complaint. I don't care how much money he was guaranteed. A binding contract is a binding contract. The guy should get paid, withheld at normal tax rates and everyone else should put their jealousy and envy aside.

 

[CPA]

Originally posted by: JACKDRUID

Originally posted by: DisgruntledVirus

Originally posted by: JACKDRUID
pathetic.

$742,006.40 is not a payment from A.I.G, its a payment from us. Its not "donated", its giving back rightfully.

we really need to hang these dumb ass AIG execs.

You either don't know how business works, or don't care to find out some facts.

Bandwagon FTL

A.I.G. business doesn't work, so nothing applies.

fact? the fact is, these people won't have a job let along the bonuses had government not paid A.I.G.

they should be grateful still being employeed. they definately don't deserve bonuses.

Employed at ZERO pay? Will you please think for one second before you post.

 

[winnar111]

Originally posted by: Marlin1975

Originally posted by: winnar111

Originally posted by: JACKDRUID

Originally posted by: winnar111

Grateful for being employed for $1 a year?

$1 a year now, but when/if things turn around, they get paid their regular millions.

So given that they can

A: Work elsewhere, now, and get those millions while tax rates are still reasonable
B: Take a chance on things turning around, getting $1 in salary, and dealing with people like you and Pelosi in the meantime and the stress that goes along with it, and, if all that works, get those millions after Zero hikes their tax rate


B sounds awesome.

This guy was getting millions when AIG was being proped up with all its junk investments. he may have not been the one to pull the trigger but I bet he was more then happy to take the bonus money and profits from the stock price of their junk and not complain then.

He and all the others at AIG made more then they should have.

He's already admitted that. But the fact that he was overpaid 5-10 years ago doesn't oblige him to work for free now and become Congress's punching bag.

 

[CPA]

Originally posted by: ProfJohn

Originally posted by: MonkeyK
How many executive VPs does AIG have that this guy never met the CEO?
Usually there are not very many executive VPs.

I think banks and financial companies are fill with people with these types of titles.

Clark Howard talked about this on his radio show. Everyone at a bank has the title Vice President because it makes them sound important and their customers want to feel they are dealing with someone important.

This is correct. VPs at banks are glorified managers, most without much of a staff.. Nothing more.

 

[JACKDRUID]

Originally posted by: CPA A binding contract is a binding contract. The guy should get paid, withheld at normal tax rates and everyone else should put their jealousy and envy aside.

the contract no longer binds when one side (A.I.G.) fail.

A.I.G. failed, so contract no longer binds.

 

[winnar111]

Originally posted by: JACKDRUID

Originally posted by: winnar111

Originally posted by: JACKDRUID

Originally posted by: winnar111

Grateful for being employed for $1 a year?

$1 a year now, but when/if things turn around, they get paid their regular millions.

So given that they can

A: Work elsewhere, now, and get those millions while tax rates are still reasonable
B: Take a chance on things turning around, getting $1 in salary, and dealing with people like you and Pelosi in the meantime and the stress that goes along with it, and, if all that works, get those millions after Zero hikes their tax rate


B sounds awesome.

exactly. B is better than A

FACT is, they probably won't be able to find a job elsewhere, nor one that has the prospect of paying so much.

Many of the employees have, in the past six months, turned down job offers from more stable employers

Go ahead and take his job then.

 

[CPA]

Originally posted by: Marlin1975

Originally posted by: winnar111

Originally posted by: JACKDRUID

Originally posted by: winnar111

Grateful for being employed for $1 a year?

$1 a year now, but when/if things turn around, they get paid their regular millions.

So given that they can

A: Work elsewhere, now, and get those millions while tax rates are still reasonable
B: Take a chance on things turning around, getting $1 in salary, and dealing with people like you and Pelosi in the meantime and the stress that goes along with it, and, if all that works, get those millions after Zero hikes their tax rate


B sounds awesome.

This guy was getting millions when AIG was being proped up with all its junk investments. he may have not been the one to pull the trigger but I bet he was more then happy to take the bonus money and profits from the stock price of their junk and not complain then.

He and all the others at AIG made more then they should have.

Thank you wage police.

 

[CPA]

Originally posted by: JACKDRUID

Originally posted by: CPA A binding contract is a binding contract. The guy should get paid, withheld at normal tax rates and everyone else should put their jealousy and envy aside.

the contract no longer binds when one side (A.I.G.) fail.

A.I.G. failed, so contract no longer binds.

OMG.....I give up.

 

[LTC8K6]

the contract no longer binds when one side (A.I.G.) fail.

That would only be the case if AIG declared bankruptcy.

 

[Robor]

This guy was an Executive VP at AIG, worked there 11 years, and he considers himself blameless? Sorry, but I find it hard to believe someone in his position knew nothing about what was going on. He can resign and think he's doing something noble but the right/difficult move would have been leaving back while this was happening.

 

[Atomic Playboy]

I don't feel sorry for him any more than I feel sorry for any other person in this country who was a good employee and was still let go because of the economic downturn. He made a choice to stay with AIG, and he made a good profit while he was there. His company went under, through no fault of his own, and he gambled on getting paid by staying. It didn't work out for him. It didn't work out for my friend who took a new job in September only to be fired in November in one of the "last in, first out," rounds of firings. It didn't work out for my friend who quit his job on a promise of new employment only to have the company that promised him new employment go under. It didn't work out for tens of thousands of Americans across the country who thought their employment was secure because they were a good worker. At least this guy has some savings he can fall back on.

I wish him and his family the best of luck. But I'm not going to cry for him while millions of Americans are worse off than he is.

 

[piasabird]

It is so very hard to understand why I should feel sorry for a person with a $700,000.00 Bonus!

If the financial wizard lost a bunch of money invested in AIG, then he is not that smart. Guess he never heard of diversification. I just wonder what his salary was the first ten years?

Wa, Wa, Wa; What a crybaby. Another spoilt milionaire.


While the government is at it, all the politicians that received donations from AIG should have to pay that back as well!

 

[JS80]

Originally posted by: CPA

Originally posted by: JACKDRUID

Originally posted by: CPA A binding contract is a binding contract. The guy should get paid, withheld at normal tax rates and everyone else should put their jealousy and envy aside.

the contract no longer binds when one side (A.I.G.) fail.

A.I.G. failed, so contract no longer binds.

OMG.....I give up.

lol why'd you bother in the first place?

 

[PokerGuy]

People like Balt and JACKDRUID are a major part of the problem. They are letting their emotions get in the way of logic and jumping on the whichhunt bandwagon.

This guy is the perfect example of the kind of people that are getting screwed in this process. I'm sure there's plenty of execs getting bonuses that don't deserve them, but this furor and anger directed at all recipients is stupid.

 

[LTC8K6]

He can resign and think he's doing something noble but the right/difficult move would have been leaving back while this was happening.

Yes, well they persuaded him to stay with a new contract with a retention bonus offer and a $1 salary agreement.

Try to keep up...

 

[winnar111]

Originally posted by: Robor
This guy was an Executive VP at AIG, worked there 11 years, and he considers himself blameless? Sorry, but I find it hard to believe someone in his position knew nothing about what was going on. He can resign and think he's doing something noble but the right/difficult move would have been leaving back while this was happening.

Who's Geithner going to find to replace him? The man can't even staff his own department.

 

[ProfJohn]

Originally posted by: Marlin1975
This guy was getting millions when AIG was being proped up with all its junk investments. he may have not been the one to pull the trigger but I bet he was more then happy to take the bonus money and profits from the stock price of their junk and not complain then.

He and all the others at AIG made more then they should have.

Based on whose judgement??

That is a VERY slippery slope.

Anyone who sits in a cubicle programing a computer all day and making $100k is making more than they should in my opinion... see how it works?

If your boss comes in tomorrow and offers you a $10000 a year pay raise are you going to turn him down because it is more money than you should be making?

 

[Taejin]

Originally posted by: JACKDRUID

Originally posted by: DisgruntledVirus

Originally posted by: JACKDRUID
pathetic.

$742,006.40 is not a payment from A.I.G, its a payment from us. Its not "donated", its giving back rightfully.

we really need to hang these dumb ass AIG execs.

You either don't know how business works, or don't care to find out some facts.

Bandwagon FTL

A.I.G. business doesn't work, so nothing applies.

fact? the fact is, these people won't have a job let along the bonuses had government not paid A.I.G.

they should be grateful still being employeed. they definately don't deserve bonuses.

Why are you still posting? Stupid people should not be posting.

 

[CPA]

Folks, this has nothing to do with "feeling sorry" for anyone. This comes down to contract law, a basis of our whole economic structure. AIG had a binding contract, plain and simple. You can't just change the terms of a legal contract because of political pressure. Furthermore, why isn't there more outrage about the unconstitutionality of taxing these bonuses at 90%? Talk about taking away rights.

 

[ProfJohn]

Originally posted by: JACKDRUID

Originally posted by: CPA A binding contract is a binding contract. The guy should get paid, withheld at normal tax rates and everyone else should put their jealousy and envy aside.

the contract no longer binds when one side (A.I.G.) fail.

A.I.G. failed, so contract no longer binds.

Incorrect, the contract is legit unless AIG goes into bankruptcy court and a judge decided that the contract no longer binds.

A judge is the ONLY ONE who can make that determination.

 

[soulcougher73]

Originally posted by: Balt
Regardless of how productive his sector of the company may have been, he'd still have been out of a job without the government's bailout. While I can understand his frustration at being persecuted even though he isn't part of the dirty underbelly, you have to accept a certain amount of responsibility even for things which aren't entirely your fault when you are part of a failed organization.

He was still better off after government intervention than before it. At least he got the choice to quit his job rather than simply being laid off or fired.

This. Had the taxpayers not stepped in (unwillingly), he would not even have a job and AIG would be history. When a company fails you dont get bonuses, simple as that. Just because they got bailed out does not mean they are entitled to their bonuses. They should be happy they even have a freaking job still.

 

[alchemize]

I love when the Subway-working morons like Jackdruid come to a thread about business.

AIG has numerous lines of business. Life, P&C, etc. They were extremely successful and a very well run company that had an out-of-control arm. Other insurance companies will be snapping up the good employees and leaving the shit ones to run it into the ground and leave the bill with the taxpayers. Congrats, government you've manage to fuck up again, pandering to your idiot constituents.

 

[Balt]

Originally posted by: PokerGuy
People like Balt and JACKDRUID are a major part of the problem. They are letting their emotions get in the way of logic and jumping on the whichhunt bandwagon.

This guy is the perfect example of the kind of people that are getting screwed in this process. I'm sure there's plenty of execs getting bonuses that don't deserve them, but this furor and anger directed at all recipients is stupid.

Uh, no. Try again.

If you actually read what I said, I don't see how you can conclude that I'm on any kind of witch hunt. What I have said is that regardless of whether his sector of the company was profitable, he was part of a larger organization that failed. Just because he wasn't directly responsible for the failures of the company doesn't mean he should expect nothing to change when his company fucks up.

I have no anger or bitterness toward the guy, but I don't think he should expect to get paid like he has in the past when his company is surviving off of government money. We expect workers in the airline and automobile industries to make sacrifices for their companies, why not financial executives?

 

[LTC8K6]

Had the taxpayers not stepped in (unwillingly), he would not even have a job and AIG would be history.

He stayed on to reorganize and dismantle AIG to help save it...that's what the retention bonus contract and $1 salary were about...

Sheesh!