Posted on 09/22/2008 7:14:51 AM PDT by grandpa jones
Robert Wilumstad, the former CEO of insurer AIG said no to a $22 million dollar severance package that he was entitled to under the terms of his employment contract. After being ousted as a condition of the Federal takeover, Willumstad’s decision to reject the deal is a bright spot in an otherwise cloudy situation.
(Excerpt) Read more at nukegingrich.wordpress.com ...
Wow! I gotta say I am shocked. It is about time someone had some commom sense.
Interesting. He’s only been around for three months, so I’m not sure how much responsibility he bears for the company’s condition, but this is certainly an honorable decision.
OTOH, Kerry Kiplinger, the crook who headed WaMu, took his $23/mil + benefits for life package without any shame.
Love the title. Think about it.
I would have posted a comment ripping his a** had he taken it, so to be fair, I must give kudos for this decision.
There are obviously other considerations than any sense of fair play. Wanna bet that he knew the feds or a lawsuit would take that money and then some?
A glimpse of drowning human decency in a sea of greed and stink.
According to Steve Forbes, this morning on WOR radio, the bankruptcy court would hardly be allowing those multi million dollar payouts to the execs.
Integrity. He will be mercilessly hounded by the RATS in Congress and the MSM for this act of arrogance!
$22 million severance for three months of work?
Wow.
Ummm, which was phony, Spitzer or the investigation?Seems that AIG tanked and not because of the investigation. Spitzer OTOH is toast.
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