Retain them? Besides the unemployment line, where would these people go? If ever there was a company begging for either Congress or the State of New York to lower the boom, it would be AIG. Looking at how badly they ruined their once proud business and then repeatedly stumbled with their post-bailout boondoggles, I don't see how this one can be overlooked. Even now, the management team remains 100% oblivious to the world around them. (h/t Gregg)
American International Group Inc., the insurer that said yesterday it scrapped bonuses for top executives after a U.S. bailout, will still pay 130 managers “cash awards” to stay with the firm, including $3 million to retirement services chief Jay Wintrob.
Wintrob, 51, will get the “retention” payment in two installments, the first in April 2009 and the rest a year later, New York-based AIG said today in a regulatory filing. The firm previously disclosed the program in a Sept. 26 filing and said today that Wintrob and Chief Financial Officer David Herzog elected to get the payments four months later than planned.
“The expectation from the public and Congress was that they weren’t getting bonuses, not that they’d be pushed off by several months,” said David Schmidt, a consultant at executive pay firm James F. Reda & Associates. “That clearly violates the spirit of AIG saying they’ll forgo their bonuses.
