If this were a chess game, AND Kelly is entitled to and does get the severance, then she should also call – CHECKMATE. Or she could work another 56 years and get the same compensation. Let me think about that and get back to you.
Let us not forget that our illustrious Secretary of the Treasury (Tim the Tax Cheat) was responsible for ensuring the AIG bonuses would be paid. Perhaps now Ms. Kelly will be replaced by an Obamatron who is blissfully unaware of how business works.
Funny that Kelly was an EVP for Worldcom during its collapse and then went on to AIG. Oh, and before Worldcom she was an exec with Sears during its downfall. I hope this will be enough money for her to retire because I don’t think any company should touch her if they want to survive.
No one is irreplaceable, no matter what the industry. Let Ms. Kelly put her resume out there and find a new job that is more in line with her pay requirements. Good Luck to her.
A severence payment package of $2.6 million? Who in the world drafted up that piece of toilet paper that the rest of America is left holding after she wipes her you know with it? There is not one person in the AIG senior management organization that cannot be replaced or shouldn’t be. I feel bad for the ones on the low end, the claims people who are struggling to get by on their probably way below average yearly salaries and who are the ones that do the actual work at the company. What a joke this whole thing has turned into. The government should have just let them fold up their tent and go home.
The one person who could run rings around any of these youngsters was Pat Foley, a giant of a man lost to the insurance industry a short time ago. There, was a man who lived and breathed AIG, and helped bring AIG to prominence by the 80’s and early 90’s.
This is really good news and she did us all a favor. Lets get rid of all the people at the top who feel they are irreplaceable (and there are many. Until then, its’ going to be more of the same ol’, same ol’! I happen to know someone who could step in and do her job at 30% of her salary and I’m sure there are others. Lets’ look at the bottom line for a change with some intelligence.
Congratulations to the Socialist Obama Administration. Soon AIG will have ZERO competent executives to run things. Then when the stock goes to 5 cents and problems mushroom – the federal pay czar can congratulate himself.
Oh yea – are you REALLY going to attract quality talent for the amount of pay you can make running an average corner pizzeria? $500k? Puhlease! I know Pizzeria owners that make more than that.
If anyone is in this business for charitable reasons, and if you have the same contractual “opportunities” to score some serious cash on the way out – more power to you. We should all be so lucky, or that skilled to have set up a similar arrangement wherever we are, whatever we do.
Anything short of appreciating the chance to be paid well just for leaving is just sour grapes – it’s not jingoistic flag waving.
Besides, women get paid a HECK of a lot less than men. Just ask any woman who works harder than the average guy, for less money than the average guy.
Were this to happen to my wife, I’d dance all night to her success. Right up to the point where she tells me she is leaving me for a younger guy named Sven, and taking all the cash with her.
How much exceptional legal talent does AIG need right now when the U.S., NYID, and NAIC are its biggest boosters and promoters at this time?
I’d bet lots of money that unless AIG commits a new fraud of global proportions (not really likely) there is very little legla risk floating around Water Street these days
this is one more small reason why the gov’t should’ve let AIG go under in September, 2008. Then she would’ve had zero severance, because bankrupt companies don’t have to honor severance packages for executives.
These pouting overpaid executives who contributed to the financial distress of their companies; further reflect their arrogance and admission of fault by exiting before their incompetentcy is discovered.
Any of these companies that took our money like AIG to keep it afloat should have any such severance payments taxed at 99%or 100%.
What a big crock of crap the tax payer is getting **** on again !
We do not need AIG or ANY of it’s people in our industry don’t let the door hit her on her high dollar rear end.
Now let’s hire some one to sell all the dang assets off and close the door.
That might just help take a little capacity out of the market and let us return to a harder market.
Wow a win win for both the insurance industry and the tax payer.
Kris: Please tell me you’re kidding. All these greate executives at AIG ran the company into the ground. The stock price under their watch collapsed from over $90 down to less than $1.50.
Even the so called “healthy” property-casualty divisions are, according to recent stories, about $12 Billion underreserved. Add that to the money they didn’t have.
Without the “socialist” government you rant against bailing them out to the tune of $85 billion and then promising another $85 billion if needed, AIG stock would be worth NOTHING. They would no longer exist!
And yet, you want to pay these idiots untold millions of dollars so they can do it all again.
Ms. Kelly is just too good to work for a measly $500,000 (only 10x what an AIG rank and file worker makes??)! How would she get by? Her greed is the essence of what has happened to corporate America. Let her move on, with her track record some other corporation will gladly pay her big salary requirements to bring them down!
Let’s be honest here. Kelley’s job was “EVP for legal, human resources, corporate affairs and corporate communications”. She had little or nothing to do with any stratgeic product/marketing/risk assesment decisions. She wasn’t responsible for AIG’s downfall. She had a high paid HR job which she could do for just about any company. No surprise she was able to construct some type of bonus for herself.
So when will the banks that approved all of the loans to the people that knew they couldn’t afford the loans they were getting going to be held responsible? AIG is not even really to blame for this financial crisis. So now goverment is taking over the insurance industry and the automobile industry and punishing them for their terrible business practices. Truth is these companies would have survived had the goverment done a better job with Freddic Mac and Fannie Mae. They are the real ones at fault here. When the economy shuts down and now we can blame the insurance companies for the goverment loans that were given to individuals whom themselves knew could not afford those loans. Not to mention… When are we going to start building in the US again. That would solve a whole lot.
Too funny…checkmate…..that was exactly my thought: What is this “pay restraint system” really going to cost the government, when the company merely pays them in severance rather than salary….the government totally loses because they 1. still pay and 2. lose the talent….
It costs alot of money to hire and bring on new talent…my guess is that the gov will be upside on this transaction, as is fannie/freddie on their hood loans….
Trust me: I have no sympathy for any executive who makes about 7x more than the average annual HOUSEHOLD income in the US, AFTER the czar-imposed pay cut. Kiss my ***, and welcome to the world of the recession. Perhaps you can squeak by, shamelessly using public funds to prop up your dismal, mismanaged sham of a company and your own personal fortune.
If she has no impact on strategic direction,what makes her worth the big bucks? Perhaps if these high paid execs lowered the greed factor and allowed for more equitable distributed wages to the regular working person, they wouldn’t have to put themselves at such risk to afford a home. I’m not saying that execs
shouldn’t make more just not soooooo much more.
OK nice try with the AIG apology. AIG has plenty to answer for.
1) How did you determine premiums?
2) How did you underwrite the loans?
3) How did you assess risk?
4) How did you determine reserves?
I too do not like AIG and them getting a free pass has me furious, and no apologies from them? Everyone at that company should be ashamed and embarassed at what was done.
Let’s remember the market typically works fine when capacity is withdrawn by failure. I know many insurers who would have been willing to buy pieces of AIG and most of the books of business would have easily found a home. The ones underpriced would have been properly priced and corrected by allowing AIG to go down like it should have.
After Hank Greenberg left due to the Attorney Hooker General of NY, the company took on more risk without any kind of controls. Sure, Hank took risk, but after 40 years of profits, he would have made it work. Barry Obama has never met a payroll NOR probably actually BEEN ON a payroll and with Little Timmy Geitner, NEITHER of them should be getting NEAR a business they have NO idea how to run.
Keep chucking decent employees and AIG will never pay back the loan.
No, the HR bimbo can go, but others will be necessary to fix the mess. EVERY person NEAR the financial divisions that took unmitigaged risks should be canned.
The hysteria over salaries for AIG employees, particularly those not involved in the investment group which caused their problem,ignores the reality that the government expects employees to take huge earnings reductions simply because Uncle Sam loaned the company money.Why stay there and take the hits if they can work elsewhere on a higher income they are elgible for? Calling them names and is plain wrong and stupid.Juat remember that AIG provided product and capacity when others fell short,and saved many an insured from difficult situations.
well, if we had let them fall, as they should have, then she would have gotten nothing. so what? you are an exec and as a top officer within the company, you supposed to be aware of what the company is doing. now, is her pay coming from the billions of dollars we gave to AIG? if so, i want a refund. if we are continuing to maintain control of this company and any other company with our taxpayer money – i want a dividend check that will make my tax dollars paid for next year.
This is an acronym for Arrogance,Incompetenc,and Greed. Kelly earned millions during the years the company was flying high. In the face of a major crash and burn, she was still arrogant enough to think that she shouldn’t be affected. How dare these pompous a-ses think they’re above factors that impact everyone else in the world just because they’re “executives”? I can only imaging how difficult it would have been for her to exist on a mere $500,000 base salary. Good riddance.
They still don’t get it….when the taxpayer owns the company, the rules change…they should have all been fired, like the rest of would have been had we been working for a large company. I know at CNA where I worked it would have been a short trip to the door.
what are you smoking? You must be one of the AIG apologists who think only YOU and your ILK can run a company into the ground and call it success….I say get rid of all of these “irreplaceable” folks and let’s get down to real business where the money goes to the owners and bonus compensation is paid AFTER everyone else is paid, meaning the dividend; and now that AIG belongs to the taxpayer, I want my share. How can someone who has a reputation and resume of failure even expect that they are worth anything?
well, under washington post this was mentioned due to the profit of the feds 45 million…
“The CEO of the Federal Reserve, Chairman Ben S. Bernanke, received a modest cost-of-living raise for 2010, despite the record earnings: He now makes $199,700, with no bonus at all. ”
wow! and he did not have a huge salary nor bonus and still did a wonderful job. why can’t we all be that useful!
If this were a chess game, AND Kelly is entitled to and does get the severance, then she should also call – CHECKMATE. Or she could work another 56 years and get the same compensation. Let me think about that and get back to you.
Let us not forget that our illustrious Secretary of the Treasury (Tim the Tax Cheat) was responsible for ensuring the AIG bonuses would be paid. Perhaps now Ms. Kelly will be replaced by an Obamatron who is blissfully unaware of how business works.
Funny that Kelly was an EVP for Worldcom during its collapse and then went on to AIG. Oh, and before Worldcom she was an exec with Sears during its downfall. I hope this will be enough money for her to retire because I don’t think any company should touch her if they want to survive.
I’m sure she helped AIG dig itself into the deep pile of doo-doo…
Fix the mess? Nah….it’s all about me, me, me…
No one is irreplaceable, no matter what the industry. Let Ms. Kelly put her resume out there and find a new job that is more in line with her pay requirements. Good Luck to her.
A severence payment package of $2.6 million? Who in the world drafted up that piece of toilet paper that the rest of America is left holding after she wipes her you know with it? There is not one person in the AIG senior management organization that cannot be replaced or shouldn’t be. I feel bad for the ones on the low end, the claims people who are struggling to get by on their probably way below average yearly salaries and who are the ones that do the actual work at the company. What a joke this whole thing has turned into. The government should have just let them fold up their tent and go home.
The one person who could run rings around any of these youngsters was Pat Foley, a giant of a man lost to the insurance industry a short time ago. There, was a man who lived and breathed AIG, and helped bring AIG to prominence by the 80’s and early 90’s.
I’ll take one of the job openings at the present salary cap…….even at 1/2 or a 1/3rd!
This is really good news and she did us all a favor. Lets get rid of all the people at the top who feel they are irreplaceable (and there are many. Until then, its’ going to be more of the same ol’, same ol’! I happen to know someone who could step in and do her job at 30% of her salary and I’m sure there are others. Lets’ look at the bottom line for a change with some intelligence.
AIG (the American taxpayer) should not give her one penny. She quit. I don’t care what her contract says. What planet are these people living on?????
Good riddance. Their ethics review will be easier now.
Congratulations to the Socialist Obama Administration. Soon AIG will have ZERO competent executives to run things. Then when the stock goes to 5 cents and problems mushroom – the federal pay czar can congratulate himself.
Oh yea – are you REALLY going to attract quality talent for the amount of pay you can make running an average corner pizzeria? $500k? Puhlease! I know Pizzeria owners that make more than that.
If anyone is in this business for charitable reasons, and if you have the same contractual “opportunities” to score some serious cash on the way out – more power to you. We should all be so lucky, or that skilled to have set up a similar arrangement wherever we are, whatever we do.
Anything short of appreciating the chance to be paid well just for leaving is just sour grapes – it’s not jingoistic flag waving.
Besides, women get paid a HECK of a lot less than men. Just ask any woman who works harder than the average guy, for less money than the average guy.
Were this to happen to my wife, I’d dance all night to her success. Right up to the point where she tells me she is leaving me for a younger guy named Sven, and taking all the cash with her.
How much exceptional legal talent does AIG need right now when the U.S., NYID, and NAIC are its biggest boosters and promoters at this time?
I’d bet lots of money that unless AIG commits a new fraud of global proportions (not really likely) there is very little legla risk floating around Water Street these days
this is one more small reason why the gov’t should’ve let AIG go under in September, 2008. Then she would’ve had zero severance, because bankrupt companies don’t have to honor severance packages for executives.
These pouting overpaid executives who contributed to the financial distress of their companies; further reflect their arrogance and admission of fault by exiting before their incompetentcy is discovered.
Any of these companies that took our money like AIG to keep it afloat should have any such severance payments taxed at 99%or 100%.
What a big crock of crap the tax payer is getting **** on again !
We do not need AIG or ANY of it’s people in our industry don’t let the door hit her on her high dollar rear end.
Now let’s hire some one to sell all the dang assets off and close the door.
That might just help take a little capacity out of the market and let us return to a harder market.
Wow a win win for both the insurance industry and the tax payer.
Kris: Please tell me you’re kidding. All these greate executives at AIG ran the company into the ground. The stock price under their watch collapsed from over $90 down to less than $1.50.
Even the so called “healthy” property-casualty divisions are, according to recent stories, about $12 Billion underreserved. Add that to the money they didn’t have.
Without the “socialist” government you rant against bailing them out to the tune of $85 billion and then promising another $85 billion if needed, AIG stock would be worth NOTHING. They would no longer exist!
And yet, you want to pay these idiots untold millions of dollars so they can do it all again.
Please, tell me your kidding.
Really? Pleade provide citation.
Ms. Kelly is just too good to work for a measly $500,000 (only 10x what an AIG rank and file worker makes??)! How would she get by? Her greed is the essence of what has happened to corporate America. Let her move on, with her track record some other corporation will gladly pay her big salary requirements to bring them down!
Let’s be honest here. Kelley’s job was “EVP for legal, human resources, corporate affairs and corporate communications”. She had little or nothing to do with any stratgeic product/marketing/risk assesment decisions. She wasn’t responsible for AIG’s downfall. She had a high paid HR job which she could do for just about any company. No surprise she was able to construct some type of bonus for herself.
How is AIG ever gonna repeat their recent success if they can’t retain those brilliant minds that helped them do it the first time around?
Good bye, Good luck and Good riddance.
So when will the banks that approved all of the loans to the people that knew they couldn’t afford the loans they were getting going to be held responsible? AIG is not even really to blame for this financial crisis. So now goverment is taking over the insurance industry and the automobile industry and punishing them for their terrible business practices. Truth is these companies would have survived had the goverment done a better job with Freddic Mac and Fannie Mae. They are the real ones at fault here. When the economy shuts down and now we can blame the insurance companies for the goverment loans that were given to individuals whom themselves knew could not afford those loans. Not to mention… When are we going to start building in the US again. That would solve a whole lot.
As is quite obvious to the posters here, any idiot can run a multi national insurance company. Simplicity itself. Why, even a congressman could do it.
Too funny…checkmate…..that was exactly my thought: What is this “pay restraint system” really going to cost the government, when the company merely pays them in severance rather than salary….the government totally loses because they 1. still pay and 2. lose the talent….
It costs alot of money to hire and bring on new talent…my guess is that the gov will be upside on this transaction, as is fannie/freddie on their hood loans….
March on Dems!
Trust me: I have no sympathy for any executive who makes about 7x more than the average annual HOUSEHOLD income in the US, AFTER the czar-imposed pay cut. Kiss my ***, and welcome to the world of the recession. Perhaps you can squeak by, shamelessly using public funds to prop up your dismal, mismanaged sham of a company and your own personal fortune.
If she has no impact on strategic direction,what makes her worth the big bucks? Perhaps if these high paid execs lowered the greed factor and allowed for more equitable distributed wages to the regular working person, they wouldn’t have to put themselves at such risk to afford a home. I’m not saying that execs
shouldn’t make more just not soooooo much more.
You’re the man…that’s all I can say.
OK nice try with the AIG apology. AIG has plenty to answer for.
1) How did you determine premiums?
2) How did you underwrite the loans?
3) How did you assess risk?
4) How did you determine reserves?
I too do not like AIG and them getting a free pass has me furious, and no apologies from them? Everyone at that company should be ashamed and embarassed at what was done.
Let’s remember the market typically works fine when capacity is withdrawn by failure. I know many insurers who would have been willing to buy pieces of AIG and most of the books of business would have easily found a home. The ones underpriced would have been properly priced and corrected by allowing AIG to go down like it should have.
After Hank Greenberg left due to the Attorney Hooker General of NY, the company took on more risk without any kind of controls. Sure, Hank took risk, but after 40 years of profits, he would have made it work. Barry Obama has never met a payroll NOR probably actually BEEN ON a payroll and with Little Timmy Geitner, NEITHER of them should be getting NEAR a business they have NO idea how to run.
Keep chucking decent employees and AIG will never pay back the loan.
No, the HR bimbo can go, but others will be necessary to fix the mess. EVERY person NEAR the financial divisions that took unmitigaged risks should be canned.
The hysteria over salaries for AIG employees, particularly those not involved in the investment group which caused their problem,ignores the reality that the government expects employees to take huge earnings reductions simply because Uncle Sam loaned the company money.Why stay there and take the hits if they can work elsewhere on a higher income they are elgible for? Calling them names and is plain wrong and stupid.Juat remember that AIG provided product and capacity when others fell short,and saved many an insured from difficult situations.
well, if we had let them fall, as they should have, then she would have gotten nothing. so what? you are an exec and as a top officer within the company, you supposed to be aware of what the company is doing. now, is her pay coming from the billions of dollars we gave to AIG? if so, i want a refund. if we are continuing to maintain control of this company and any other company with our taxpayer money – i want a dividend check that will make my tax dollars paid for next year.
This is an acronym for Arrogance,Incompetenc,and Greed. Kelly earned millions during the years the company was flying high. In the face of a major crash and burn, she was still arrogant enough to think that she shouldn’t be affected. How dare these pompous a-ses think they’re above factors that impact everyone else in the world just because they’re “executives”? I can only imaging how difficult it would have been for her to exist on a mere $500,000 base salary. Good riddance.
They still don’t get it….when the taxpayer owns the company, the rules change…they should have all been fired, like the rest of would have been had we been working for a large company. I know at CNA where I worked it would have been a short trip to the door.
What a bunch of childish nincompooops! Send them all a packin’ home to Mamma! And hope she sends them all to bed without their suppers!
what are you smoking? You must be one of the AIG apologists who think only YOU and your ILK can run a company into the ground and call it success….I say get rid of all of these “irreplaceable” folks and let’s get down to real business where the money goes to the owners and bonus compensation is paid AFTER everyone else is paid, meaning the dividend; and now that AIG belongs to the taxpayer, I want my share. How can someone who has a reputation and resume of failure even expect that they are worth anything?
No you don’t.
what do you expect? the american sheeple have no one to blame but themselves.
The american sheeple will BAAAH like sheep instead of declaring war on these corporate idiots.
If our forefathers were alive today, we would have had another revolutionary war by now.
go back to sleep sheeple, you all are too chicken to actually do anything about this.
if 800,000 is good enough for the president of the united states, then it’s more than good enough for some idiotic ceo.
save ameica, get rid of a ceo today
I hope that minimum wage job is working for you B. You appear to be qualified for it. Do you want fries with that burger? Practice it.
well, under washington post this was mentioned due to the profit of the feds 45 million…
“The CEO of the Federal Reserve, Chairman Ben S. Bernanke, received a modest cost-of-living raise for 2010, despite the record earnings: He now makes $199,700, with no bonus at all. ”
wow! and he did not have a huge salary nor bonus and still did a wonderful job. why can’t we all be that useful!