http://biz.yahoo.com/ap/081125/aig_compensation.html

AIG adopts exec compensation, bonus restrictions, CEO Liddy gets $1 annual salary for 2 years

CHARLOTTE, N.C. (AP) -- American International Group is limiting how much it pays its executives, including granting a $1 annual salary for this year and next year to its Chief Executive Officer Edward Liddy.
The decision is one of many broader moves made by the troubled New York-based insurer Tuesday. It has been under pressure to restrict executive pay since accepting billions in government assistance.
The moves will also include no 2008 annual bonuses and no salary increases through 2009 for AIG's top seven officers. There will be no salary increases through 2009 for the 50 next-highest AIG executives.
AIG also says no taxpayer dollars will be used for annual bonus or future cash performance awards for AIG's top management positions.

 

I guess his receptionist will have to buy him lunch

 

lol, its all publicity. We would be up in arms if they continued that crap with our money.

 

Yeah I just think it's funny to think about

I'm sure somthing is happening under the table that will keep him happy

 

Or, he can live off of the gross amounts of income he was making for the last few years. But he can still charge a lot of stuff to the company, considering he is the CEO everything he does is for the company.

 

nothing under the table, ceo's primary income is not thier salary.. Salary to most top CEO's doesent mean ****, they get far far far more money in stock options.

i actually really like seeing this article. 99% of the time they instead layoff employees, cut benefits, cancel employee bonuses, cancell promotions and pay increases, however, in the end the CEO ends up with a fat payraise and plenty of bonuses.

i mean ****, our CEO pulls in roughly 600,000 salary, most of what she earns (millions) are in company stocks. However, if she gave up her paycheck for a year that would afford the company the capability to save about 10-15 employees.

this is the first time i have ever heared where the CEO is willing to sactifice his entire yearly salary in order to help save the company money, i mean ****, talk about leading by example.

major props and kudos.

they could have easily cut about 20 jobs and tossed those people in the unemployment line and kept the salary for the ceo.

 

More than 20 jobs if you think abou the amont the CEO of AIG must have been making I'm betting cutting his salary save 40 plus 6 figure jobs as if people making that much would actually be cut

 

Lee Ioccoa started this trend in the early 80's with Chysler. Plus he actually turned the company into a profitable organization. The sad part is he made a shitload of K cars and used cheap stuff to make cheap cars. Good for the 80's but not for todays standards. The big 3 CEO's make enough in 1 year to set anyone up for a lifetime of never needing anymore money at all. Please, these guys are rich beyond any of our wildest dreams. I think they should do away with multimillion dollar salaries unless you can heal the sick and /or can make something that will change the world so everyone else can benefit from it. Car company CEO's are overpriced and under qualified to make that much money..

Begging for a bailout, while flying a learjet to do it makes this a joke.

 

did you hear about citibank? or maybe it was citigroup?

they got something like 25 billion dollars then swiftly turned around and dropped something like 400 to 600 million to get thier name on a stadium.


un ******* believeable.

 

That's freakin' rediculous. I hate this whole bail-out thing. From what I can tell, a lot of it is going to stupidity of this nature.

 

if you mean Citi Field, the new home of the Mets, then i think that the stadium has been sponsered by them for a while now. at least a year before the bailout.

 

As far as I know Citi didn't get any of the bailout? They were already in a good situation and have bought a couple of the failed operations like Wachovia and a couple of others..