Boo Hoo, I'm Gonna Take My 500k Salary & Go Home

[SteveO]

Report: AIG CEO ready to quit over pay constraints

NEW YORK (AP) - After just three months as head of embattled insurer American International Group, Robert Benmosche has threatened to leave his post as he struggles to deal with heavy government oversight and restrictions on what the bailed-out company can pay employees, according to a published report. wrote:

What a bunch of tools these guys are. Guvmint bails your ass out, you AGREE they own 80% of you, then you bitch and moan about your half-million dollar salaries.

"For the already struggling companies, the plan has introduced concerns about so-called brain drain, as the executives targeted by \"pay czar\ Kenneth Feinberg rank among the most talented and productive at their companies. wrote:

WTF?! Most talented and productive at what? Running your company and the world economy into the ground?


http://apnews.myway.com//article/2009111...CEN80.html

[davester]

Also note that the $500k cap is for "most" executive. The senior executives get more. Benmosche himself is approved to receive $10.5 million a year. Also, think about it....insurance companies actually produce....NOTHING.

[RgrF]

Not true davester, they produce revenue that translates to dividends. They produce money, beyond that they produce nothing.

[davester]

If by "produce" you mean that they take it out of other people's pockets and then redistribute it to the needy (not so much) and greedy (go, go, capitalism). I guess we should be thankful for all those dividends. Without the greedy dividend grabbers insurance companies would be purely socialist (eek, the word!!) institutions dedicated only to serving their policyholders, which is how they all started out.

[Seacrest]

This is why they never should have bailed out anybody.
You wanna gamble with OPM? Fine.
Reap the benefits when you win, take your lumps when you don't.

AIG wants to be known as an "insurance company" when it's convenient for them.
Meanwhile, they had all these off-the-books shenanigans going on, from which certain individuals were able to skim a lot of money for a while.

Now that the jig is up, we're all supposed to pretend that AIG the stodgy, conservative "insurance company" was a victim of "market forces" -- circumstances beyond its control.

It's all a complete farce.

[$tevie]

The sense of self-importance that people who work in the finance industry have is just sickening. I say go ahead and drain all the brains and give an entirely new crop of folks their chance to eff it all up.

[Mike Sellers]

I'll do the job for half the salary. Do I have the qualifications? No. Have I lost billions of dollars? No. I call that more than a wash in my favor.

[vision63]

I just want to know how can get one of those jobs.

[mrbigstuff]

I wonder if the right wing gets as upset about organizations like AIG as they do about government "entitlements." why not? they're both using tax dollars...?

[Mike Sellers]

mrbigstuff wrote:
I wonder if the right wing gets as upset about organizations like AIG as they do about government "entitlements." why not? they're both using tax dollars...?

It's a matter of scale. The more they use, the less they care.