Some executives in the group of 130 recipients will get more than $500,000 to stay through 2009, about 200 percent of their salaries.
The awards may equal 100 percent to 300 percent of an executive’s annual salary, and as much as 100 percent for the next round of payments for lower-paid employees, the person said. The retention payments are several times larger than year- end bonuses, which most of the 130 executives will still get in March, the person said.
AIG said in the filing that the 130 payments included $3 million for retirement services chief Jay Wintrob. His award, almost 400 percent of his 2007 salary of $775,000, was the only one disclosed by AIG. While most recipients will get 60 percent of the money this month and the rest in December 2009, AIG said, Wintrob elected to get his first payment in April.
How Much Taxpayer Money Does AIG Have?
According to Bloomberg, the U.S. taxpayer price tag from AIG is already $152.5 Billion dollars.
Now the Auto industry wants $34 Billion and is so desperate they are driving to D.C. in hybrids and more importantly taking a $1 dollar executive salary.
AIG was handed 4.5 times the money the entire U.S. auto industry wants, no strings attached, and this is what they do.
Even more hilarious, AIG claims they must raise the salaries to this level for retention purposes.
Yes, hiring incompetent thieves, caviar sucking, champagne guzzling idiots is a high priority in corporate America, especially in the current economic climate. Why the demand for executives who know how to run a company into the ground and then dump those costs onto the taxpayer is in high demand. I'm sure of that one!