Friday, November 14, 2008

AIG's Sullivan: New Poster Boy for Excessive Pay

You thought AIG's expensive junkets for top sales and executive types at exclusive resorts were shocking. A mere few hundred thousand bucks is nothing compared to the salary of the CEO. Read this article and weep -- at what all those millions could be buying besides more Bentleys for the captain of AIG's sinking ship.
Meet the new poster boy for excessive CEO pay. He is ousted American International Group CEO Martin Sullivan.

Sullivan was kicked out of office this week after shareholders and investors complained that the insurance and financial giant posted two quarters of gigantic losses. According to figures from The Corporate Library, Sullivan’s payout package is worth $68 million, despite his less-than stellar performance.
[Read more.]

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