Exactly Ronnie. What is that up there? That's right, it's another golden parachute for another hapless financial executive in this country. Makes me sick reading the following from the SFGate:
"Lawmakers also condemned Sullivan for urging AIG's board on March 11 to ignore the mounting loss in the unit that sold credit default swaps when issuing bonuses to 70 executives. Sullivan said he was trying to retain the company's top talent.
"Trust me, I was focusing more on them than me," he said. At the same meeting, the board approved a $15 million golden parachute for Sullivan.
"AIG officials on Tuesday said the $440,000 trip to the resort in Southern California was a reward for the firm's top insurance salespeople and was scheduled a year ago. But even the firm's former executives questioned employees for proceeding with the trip in light of the federal bailout."
Call me crazy, but when you do your job so poorly that you are losing billions of dollars, how does that equate to a $15 million departure. AAAAAAAHHHHHHH. Pisses me off so much I cannot write any more without going into a cursing tirade. You can read the full article of the bullshit practices that took place here.
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