Against Complacency: Some Thoughts About AIG

03/16/09  Print This Post Print This Post    1 Comment   Popular   Written by Julie Schwietert
  • Stumble It

On the night of November 4, 2008 I made a decision: I wasn’t going to feel hopeless about the future of my country anymore.

Photo: humblecitizen

On the one hand, nothing had changed. But because we finally had a leader who seemed to see what was wrong, call it out, and start doing something about it—someone who actually gave a damn—I felt the right (the civic duty, too) to be empowered and engaged.

So today’s news that AIG has decided to divert some of its bailout bucks–American taxpayers’ money—for executive bonuses didn’t just leave me wringing my hands or shaking my head. Instead, I decided to take some action.

First, I did a bit of research: AIG’s CEO, Edward Liddy, had agreed to a dramatic cut in his own salary back in late November, 2008 (There might not have been much money left at the company after the preceding CEO took his $47 million severance package earlier that year, laughing all the way to the bank).

At the same time, New York State Attorney General Andrew Cuomo pressured Liddy to agree to a deal in which AIG would freeze salaries and bonuses for the seven highest ranking execs beneath Liddy. Furthermore, Liddy indicated that the 50 highest-ranked executives at the company would not receive salary increases through 2009 and that none of the bail-out money would be earmarked for bonuses and cash awards for executives… who, by the way, haven’t exactly been running the company efficiently or effectively.

It seems that Liddy’s gentlemen’s agreement with Cuomo wasn’t received well by petulant executives. Not even two weeks later, Bloomberg was reporting that the company was offering “retention” fees to angry executives who were threatening to quit.

In some cases, the retention fees were 200% of the executives’ current salaries.

Clearly, there’s a pattern of flagrant mismanagement and some serious hubris in the upper ranks at AIG.

Photo: jakerome

Once I’d mapped out just some of AIG’s tomfoolery, I decided to contact AIG to express my outrage at their misuse of bailout money. And if you’re angry as hell about AIG, you don’t have to take it, either. Here’s what you can do:

1. Contact AIG via e-mail to express your opinion.

2. Call AIG and express your opinion: 1-877-638-4244 from the US; 1-908-679-3150 from elsewhere in the world.

3. Add the White House’s blog to your reader. or subscribe via RSS. President Obama has taken a strong stance against AIG’s shenanigans, and you can stay up to date with his actions by reading blog updates.

4. E-mail or call President Obama to let him know that you support his pursuit of legal measures to prevent AIG from using taxpayer dollars to line executives’ pockets.


  • Stumble It

About the Author

Matador ID: collazo

Julie Schwietert is the managing editor of Matador Network. She contributed a chapter to the recently published book, The Voluntary Traveler, and is currently working on five features for Fodor's Puerto Rico, 6th Edition.

1 Comment... join the discussion!

  • Alan replied on March 18, 2009

    I find it rather idiotic that they keep going on and on about trying to retain this so called "talent." They're the reason AIG is in this position to begin with.

    (Report comment)

    ↵ Reply

Leave a Comment

Get Matador in your inbox and around the web.

Sign up for our FREE weekly newsletter.


View full list of RSS feeds

Jump To Category:





Popular Stories on Matador

Pies, Puddings, And Pints: A Foodie Guide To London

London for foodies.... 

How To Travel to Cuba Legally As An American

The first thing to know about legal travel to Cuba is t... 

"Effective Charity": Begging for Problems?

... 

Graffiti Mundo: Street Art for the People in Buenos Aires

While the art scene worldwide is getting more elitist a... 

Gracefully Becoming A Golden Oldie

The advantage of youth is obvious. Rosie Horne shows us... 

MatadorChange adds list to MatadorNetwork's Twitter account

Follow the folks we think are changemakers. ... 

5 Mega-Hard Sport Climbs From Around the World

Ranging from classic challenges to recent first ascents... 

Travel Blogging Tips: Adding Social Media Buttons

Using social buttons to share your content is essential... 

Notes on Missing the World Cup

David Beckham has probably missed his last chance to pl... 

Someday Syndrome & the System of I-Can’ts

Or why I left my five year old standing in a raging riv... 



Focus


Blogroll


Editor Blogs