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by aagnihot 6289 days ago
If the government had not bailed out AIG, it would have declared bankruptcy. In such a case, he would have been effectively jobless. Also, a bankrupt company cannot award bonus. So even as he keeps his job, he dares to complain about bonus. Hypocrisy at its best!!
2 comments
smallpaul 6289 days ago
He kept his job for a salary of $1.00, rather than go and enjoy a year with his family.

I have no idea why they would have structured the compensation that way though...the result is kind of predictable.

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jimbokun 6289 days ago
"He kept his job for a salary of $1.00, rather than go and enjoy a year with his family."

He obviously made a poor decision.

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gojomo 6289 days ago
But also in a bankruptcy, care is taken to separate out profitable divisions (often for sale to other entities), and those divisions are only valuable if the staff stick around. So one of the first things arranged post-bankruptcy are retention contracts much like the ones in question here.

It's hard to manage a giant company with some runaway losses/liabilities and other profits/assets. It can't be done by op-ed, radio call-in show, or congressional hearing.

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