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Originally Posted by Claeren
For example the former CEO of AIG. Worked there for 40 years but was squeezed out a year ago because he was considered too old school for the 'new financial realities of the market'. HE has lost his entire net worth but the new CEO, the new school guy who 'got it' is leaving with a $9 Million package after wiping out 97% of AIGs value.
Claeren.
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That's a little far fetched don't ya think?
The guy was CEO for 3 months, was brought in after the previous guy was on board for a loss 7.8 billion in the first quarter of this year due to investments and contracts tied to bad loans. But his take home in 2007 was only 13.9 million, pooor pooor old school guy.
But the 97% of AIG's value was taken down by someone in 3 months? Hardly.
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AIG shareholders had pushed in recent weeks for Sullivan's ouster after it posted back-to-back quarters of record losses, stemming from more than $20 billion in write-downs on the market value of assets linked to subprime mortgages.
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If old school means losing $20 billion then I'm not a fan of old school