AIG execs say $500,000 base salary is not enough
Monday, December 7, 2009
It’s pitchfork time again.
The Wall Street Journal reports that five top American International Group executives are threatening to quit because of limits on their salaries, imposed because taxpayers propped up the company with $180 billion bail-out.
The AIG executives include the general counsel. Their base salary is pegged at $500,000, the Journal’s Deborah Solomon and Serena Ng write. The Journal restricts access to all but the first few paragraphs of its story to subscribers. This piece is worth the price of the paper. But the reader comments truly are priceless:
Says a reader identified as Vincent Caputo: “This is Wall Street at it’s finest. Bankrupt your company seven times over, need a taxpayer bailout of 175 billion dollars, act like nothing’s happened and then cry like babies when asked to act responsibly. ”
Reader Scott Brunson: “Can’t wait to see their resumes: Presided over largest US financial disaster in history. Required $180B government bailout. Adios and good riddance.”
Reader David Patch: “I say let them go packing and lets see how they fare financially in the open market under present conditions. The people of Wall street have yet to realize that the pay structure was out of whack. Like the industry they work, there needs to be a market correction. So let the greed dictate their future and may hit hit them like the prevailing winds during tornado season.”