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AIG’s ex-CEO Rejects Severance Pay

By Justin Gardner | Related entries in Economy, Good Decisions, Money

Finally, somebody who doesn’t take the easy way out.

(Reuters) – American International Group Inc’s (NYSE:AIG – News) former Chief Executive Robert Willumstad has rejected a $22 million severance payment, the Wall Street Journal reported, citing a person familiar with the decision.

Willumstad e-mailed his successor, Edward Liddy, of his decision to forego the severance since he was not able to execute the restructuring plan he had developed, the paper said.

However, the most intriguing bit of this article is the news that AIG may not take the bailout terms…

The newspaper also reported major shareholders concerned about the government takeover were planning to meet on Monday to discuss alternatives to the federal bailout, citing a person familiar with the matter.

Hmmm, can they really afford not to? I thought they were so far in the hole that they couldn’t do it themselves.

More as it develops…

This entry was posted on Monday, September 22nd, 2008 and is filed under Economy, Good Decisions, Money. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “AIG’s ex-CEO Rejects Severance Pay”

Fred Brito Says:
September 22nd, 2008 at 6:14 pm
Now this is what I call an Honest Con Artist!
Jaime Sanchez Says:
October 7th, 2008 at 12:30 pm
I strongly believe that American taxpayers dont want any severance or bonuses be paid to CEO’s of failed corporations of Wall Street. These failed CEO’s should be investigated and prosecuted in a court of law. If they are found to be guilty, they should be thrown behind bars and should pay back the taxpayers that they have been misleading all the time.

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