Martin Sullivan /Robert Willumstad speaking at the Congressional Hearing now

[seemslikeadream]

CEOs: (From left) Robert Willumstad (July 2008-September 2008), Martin Sullivan (2005-2008), Maurice (Hank) Greenberg (1968-2005)

Company: American International Group (AIG). world's largest insurance firm

On their watch: In Willumstad's brief tenure, AIG stock plunged from around $27 a share
to $2 a share, and the ailing firm agreed to an $85 billion government bailout. Sullivan left
after two quarters of record losses and $20 billion in sub prime-mortgage-related losses.
Greenberg was credited with shaping AIG into the world's largest insurer but was forced
out in 2005 due to a fraud investigation. No charges were filed against him.

Payout: $7 million for Willumstad's three months of work, $47 million for Sullivan and for Greenberg, despite the investigation, a 12 percent stake in AIG. That stake, however, isn't worth what it was once was. After the government bailout, Greenberg's $3billion interest nearly disappeared, and he dropped off the Forbes list of the richest people in the world

WaPo: After Bailout, AIG Executives Head to Resort (running up tab of $440,000)
Posted by mod mom on Tue Oct-07-08 11:46 AM

After Bailout, AIG Executives Head to Resort
UPDATED: 11:31 a.m.

Less than a week after the federal government offered an $85 billion bailout to insurance giant AIG, the company held a week-long retreat for its executives at the luxury St. Regis Resort in Monarch Beach, Calif., running up a tab of $440,000, Rep. Henry Waxman (D-Calif.) said today at the the opening of a House committee hearing about the near-failure of the insurance giant.

Showing a photograph of the resort, Waxman said the executives spent $200,000 for rooms, $150,000 for meals and $23,000 for the spa.

"Less than a week after the taxpayers rescued AIG, company executives could be found wining and dining at one of the most exclusive resorts in the nation," Waxman said. "We will ask whether any of this makes sense. "

The committee will ask the company's executives about their multimillion-dollar pay packages -- some of which they continue to receive -- as well as who bears responsibility for the company's high-risk investment portfolio, which led to its near collapse just weeks ago.


http://voices.washingtonpost.com/livecoverage/2008/10/after_bailout_aig_executives_h.html?hpid=topnews

[seemslikeadream]

1. Disturbing letter from

Saintdennis

2007 he became concerned about super seniors when he tried to audit he was blocked

He was fired/ resigned :eyes:



Martin Sullivan /Robert Willumstad brushed it aside