[...”Like you, I was asked to work for an annual
salary of $1, and I agreed out of a sense of duty
to the company and to the public officials who have
come to its aid.”...]
According to the Deal Book blog (dealbook.blogs.nytimes.com), the contracts were written such that the AIG execs would’ve gotten their bonuses irregardless of performance.
So why even bother setting a $1 salary with a guaranteed million dollar bonus? Why not just give them a million dollar salary?
Oh boo hoo. AIG could have hired a consultant for less than $100K to do this guy’s job. Instead, he took a $1/yr. salary so that he could make $740,000. For how much work?!
He tried to hold AIG over a barrel for a big payoff (of OUR money) and he got caught. Cry me a river. He should have taken an up-front consulting fee if he wanted a lump-sum payment. Instead, he wanted a “bonus” for doing his job. If it’s a fee-for-service, it should have been negotiated as such.
This guy is a moron.