Although you won't see this on the news and Rex bitch will not trumpet it, I thought I'd pass this along in the interest of truth and fair play: AIG ADOPTS VOLUNTARY EXECUTIVE COMPENSATION RESTRICTIONS CEO Liddy Will Forego Salary Through 2009 New Restrictions Go Beyond TARP Requirements NEW YORK, November 25, 2008 -- American International Group, Inc. (AIG) today announced voluntary restrictions on executive compensation that include a $1 salary for its Chief Executive Officer; no 2008 annual bonuses and no salary increases through 2009 for AIG’s top-seven-officer Leadership Group; and no salary increases through 2009 for the 50 next-highest executives, in addition to other bonus, severance and retention award restrictions. AIG is also developing a funding structure to ensure that no taxpayer dollars are used for annual bonus or future cash performance awards for AIG’s “Senior Partners,” the top 60 members of management. Edward M. Liddy, AIG’s Chairman and Chief Executive Officer, said AIG’s senior executives recognize AIG’s obligation to taxpayers. “We are extremely grateful for the assistance we have received, and we know we have an obligation to use that assistance to help AIG recover, contribute to the economy and repay taxpayers,” Mr. Liddy said. “This action by the senior management team demonstrates not only that we understand our obligation to taxpayers and shareholders, but also that we are committed to the future success of this organization.” Under the voluntary restrictions announced today: • Mr. Liddy, who joined AIG on September 18, will receive an annual base salary of $1 for 2008 and 2009. His initial compensation will consist entirely of equity grants, showing his confidence in AIG and its team. He will not receive an annual bonus in those years, although he may be eligible for a special bonus for extraordinary performance payable in 2010. • Mr. Liddy will not be eligible for severance payments. • Paula Rosput Reynolds, Vice Chairman and Chief Restructuring Officer, who joined AIG in October, will receive no salary or bonus whatsoever in 2008. In 2009 and beyond, other than her base salary, any other compensation she receives will be tied directly to the progress of the restructuring efforts. • The other five members of AIG’s top-seven-officer Leadership Group will not receive annual bonuses for 2008 or salary increases through 2009. • AIG’s Senior Partners will not earn long-term performance awards in 2008. Furthermore, they will not receive salary increases in 2009, and their 2008 and 2009 annual bonuses will be limited. In addition to Mr. Liddy foregoing any severance payments, there will be restrictions on severance payments to members of this management group, which exceed TARP severance restrictions. “We believe these actions demonstrate that we are focused on overcoming our financial challenges so AIG can return value to taxpayers and shareholders,” Mr. Liddy said.
Uh-oh. They may now announce that they are reducing your compensation to a new steel guitar . . . and you'll have to fly coach.
I've been flying coach. A couple years ago, Continental got the brilliant idea to award only 50% elite miles to purchasers of discounted tickets. Since AIG gets a volume discount, I became a second class citizen. This year, I've flown 120,000 actual miles and I get elite credit for only 60,000. Platinum level is 75,000 so I'm merely a Gold Elite and thus, usually relegated to the back section along with the screaming babies. Ever hear a baby cry in Spanish for 3 hours straight?:hihi:
I feel your pain. Going from platinum to silver this year has been an eye opening experience. I actually try to travel at terrible times now to get upgraded on long flights. Sometimes it works sometimes it doesn't.
Once you get used to first, it's tough going back to coach. I'm not a small person and coach seats were designed for runts like RexB.
