Report: AIG CEO ready to quit over pay constraints

[Newsjock]

Source: Associated Press

After just three months as head of battered insurer American International Group, Robert Benmosche has threatened to leave his post as he struggles to deal with heavy government oversight and restrictions on what the bailed-out company wants to pay employees, according to a published report.

Citing unnamed people familiar with the matter, The Wall Street Journal reported online late Tuesday that Benmosche told AIG's board he was "done" with the job, although he reportedly is reconsidering his stance in the face of the board's dismay.

According to the people, the former MetLife CEO is frustrated with the constraints of leading a company majority-owned by the government, the paper said. The Journal said Benmosche has complained to AIG's board about the outcome of the Treasury Department's pay review which slashed pay for a number of AIG executives by 91 percent from 2008.

... Benmosche took over from Edward Liddy in August, making him AIG's third CEO in less than a year. Under a package approved by Feinberg over the summer, the AIG CEO will get compensation of about $10.5 million.

Read more: http://finance.yahoo.com/news/Report-AIG-CEO-ready-to-quit-apf-226992369.html?x=0&sec=topStories&pos=1&asset=&ccode=

[imdjh]

1. fuck him. give the job to an actual monkey

[clear eye]

2. Benmosche, don't let the door hit you in the back.

Does it seem like the co-conspiratorial AIG, that helped make selling horrible subprime mortgages profitable by misrating the CDS bundles and the reinsurance of the reinsurance of the reinsurance instruments, just might be unsustainable and should be broken up to save the Treasury $trillions? I mean we just might have other needs for money, possibly.

[avaistheone1]

3. Oh boo hoo! Benmosche is still over paid.

If he wants to see frustration - try living on minimum wage like many American families do.

[tomm2thumbs]

4. Door, hit, ass.

Buh-bye.

[indepat]

45. Good-bye, farewell, adieu

:D

[BlueMTexpat]

5. Don't let the door hit you on the way out, Benmosche!

Using taxpayer money to pay people who got us into the mess we are now in is NOT popular with those of us who actually pay taxes.
I think that we'd all manage to "get along" just fine on $10.5 million ... and it's one heck of a lot more than our President gets. He inherited not only your mess, but two wars AND an unprecedented national deficit to go with them.
You wuss!
******
These guys have gotten so spoiled. They literally do not live on the same planet as the rest of us do.

[Hubert Flottz]

22. How many people's unemployment checks could you write

out of a $10.5 million account? How many people could draw a paycheck if the government built a bridge or a school with $10.5 Million? How many potholes could be fixed with $10.5 Million? How many sick people could you help with that cash? How many bullets could we pay for? How much body armor? How many flag draped coffins? Hell, even the Holy Land could prolly use that dough.

I wish my tax dollars weren't stimulating bank accounts in offshore banks and were being used to put American people back to work and feed hungry American kids. Talkin' bout "FRIVOLOUS" spending!

Too big to fail but not too big to bail!

[BR_Parkway]

24. Yeah, POTUS gets what, $400K a year and daily death threats? These

freaking CEO's need to go peddle their asses out in the marketplace

[Lone_Star_Dem]

6. Yet another CEO whose strategic vision for the company was for it to make HIM lots of money

It's not as if going into this position in August he didn't know the company had failed and the US government now holds 80% of its shares. He just thought he could milk out more money before the government put a cap on how much money they were willing to dish out to these leeches.

I'll willingly go to work as AIGs CEO for $500,000 a year. I'll even work for a full year before I leave. Hey, I can't do any worse than the past four.

[quakerboy]

7. hmm...

No loss there. A waste though, untill we figure out its time to try an "outsider", someone not immersed in the business as usual of the industry.

[Sherman A1]

8. Gosh, I feel just terrible for him.....

one can only hope that if he does leave AIG, that he is able to find "suitable" employment quickly with a company that will allow him to drive it over a cliff to no one's benefit but his own.


And as always ...... "Have a Nice Day"


:sarcasm: (I would hope that I really don't need to add this, but just in case).

[hoya86]

11. haha

[krispos42]

9. And the problem is...?

Ten-point-five million dollars isn't enough for you, then good riddence, you elitist bastard. Go climb into your Mercedes S-class, drive to one of your mansions, and go sulk in the conservatory while sitting in a hand-made leather chair and sipping cognac that your manservant poured for you from a Swarovski decanter.

I'll be stuffing stainless-steel tubes into a machining center to turn them into faucet spouts all night.

[Amonester]

10. And you'll be forced by the IRS to pay a part of his "exce$$e$"

until the pig dies.

Isn't it rich?

I'd be willing to pay for his jail cell Janitor's paychecks, and gladly so.

Nothing more.

[cutlassmama]

12. So Benmosche is the third CEO in less than a year for AIG

which means the other two got off "scott free".

[Vidar]

13. Good. Too bad he won't see jail time.

[hughee99]

44. Jail time for what?

He's only been at AIG since August. For the 3 years before that, he was retired.

[RoadRage]

50. Knee Jerk Reactions seem to run rampant here..

Evidently to some, if you've ever worked for a corporation for any time at all and earned a six figure salary or higher, that is a punishable offense equal to jail time. :eyes:

[Toucano]

14. Excellent. I assume he's seen the unemployment numbers?

10.5 million dollars is hardly worth getting out of bed in the morning!

[pattmarty]

15. Send that motherfucker to work at McDonald's or Wal-mart............

.............That cocksucker can't live on 10 mil???????????




Edit to add: I am 100% confident that a person could be found on DU that has the education and credentials to more than adequately fill that job for 1/4 of that salary.

[Cass]

16. He can go jump in a lake.

If the company was run into the ground the government wouldn't have had to bail out AIG. And if executive compensation wasn't so far out of reality the government wouldn't have to set limits.

[Blue_Tires]

17. he should be forced to eat dollar bills until he chokes...

[BumRushDaShow]

18. I'm shocked I tell you!

:nopity:

[Hubert Flottz]

19. I guess Americans don't want to do that job...

You know what that means...

[CanonRay]

20. Boo Hoo

Let him fucking quit.

[PuraVidaDreamin]

21. Then freekin do it already

DO IT!

[adamuu]

23. Awww your job is so hard

and you get paid so little
booooo hooooooooooooooo

[lonestarnot]

25. Good, when one quits, one is not eligible for unemployment for a period.

:evilgrin:

[closeupready]

26. Fine with me.

n/t

[Haole Girl]

27. Aww, poor baby

:eyes:

[liberal N proud]

28. He will take his golden parachute and run

[lonestarnot]

29. JMJ!

[OhioChick]

30. Cry me a fucking river...

:nopity:

[mike_c]

31. find that poor man a window ledge...

...and let him put us out of his misery.

[Uncle Joe]

32. Fire the shallow, greedy bastard and the horse he rode in on.

Then preemptively fire the next three generations of his family just for the hell of it.

[Dulcinea]

33. Sounds like someone needs an ass-kicking.

I'll be the first to volunteer.

Dulcinea
Unemployed since February

[mbperrin]

34. Get the fuck out now, BM!

Benmosche does sound a lot like bowel movement, after all.

Taxpayers put $180 billion into a $2 billion company, and he's bitchin"?

OUT NOW!

[Amerigo Vespucci]

35. Report: AIG CEO ready to quit over pay limits

Source: MSNBC

NEW YORK - After just three months as head of embattled insurer American International Group, Robert Benmosche has threatened to leave his post as he struggles to deal with heavy government oversight and restrictions on what the bailed-out company can pay employees, according to a published report.

Citing unnamed people familiar with the matter, The Wall Street Journal reported online late Tuesday that Benmosche told AIG's board he was "done" with the job, although he reportedly is reconsidering his stance in the face of the board's dismay.

Shares of AIG fell 98 cents, or 2.6 percent, to $36.61 in premarket trading Wednesday.

According to the people cited by the Journal, the former MetLife CEO is frustrated with the constraints of leading a company majority-owned by the government. The newspaper said Benmosche has complained to AIG's board about the outcome of the Treasury Department's pay review which slashed pay for a number of AIG executives by 91 percent from 2008.

Read more: http://www.msnbc.msn.com/id/33854913/ns/business-us_business/

---

Nov. 11: AIG CEO Robert Benmosche is reportedly threatening to leave his post. CNBC's Mary Thompson has the details.

[targetpractice]

36. Cry me a river. n/t

[Deja Q]

37. Well, the working class isn't quitting over pay limits. Or even lack of jobs.

This crusty pig porker can bugger off. What a whinging wanker he is.

Oh, banks also depend on the working class -- otherwise they wouldn't have gotten into financial trouble to begin with. A symbiosis is not a one-way street.

[virgogal]

38. Poor guy---what a struggle it must be for him. (sarcasm off)

[KansDem]

39. Well, I understand McDonald's is hiring...

Need a job? McDonald's has an opening at Guantanamo

Out of work and willing to relocate? McDonald's is advertising for an assistant manager for its sole franchise in Cuba — serving up burgers and fries that sometimes feed detainees at the prison camps at Guantanamo Bay.

It didn't specify salary but said, "Candidates must have restaurant management experience, possess a valid United States passport and be willing to relocate to Cuba."

How 'bout it, Bobbie? You willing to work for a living?

[xultar]

40. Bye muthafucka!

[Amerigo Vespucci]

41. Report: AIG CEO ready to quit over pay limits

This thread has been combined with another thread.

Click here to read this message in its new location.

[DJ13]

42. "How can I afford that second mansion now?!"

[DebbieCDC]

43. Good - don't let the door hit you in the fucking ass on the way out

[JimWis]

46. Good. Glad to see him go.

[Mz Pip]

47. So what's he gonna do?

Get a teaching credential? Join the Peace Corp?

He probably doesn't need to work, at all, ever again so this is just some dumb assed grandstanding.

Good riddance.

[Snarkoleptic]

48. Same plutocrat who spent his first month 'on the job' hiding at his estate in croatia.

This guy has balls as big as a house and needs to get the fuck out of our insurance company.
http://www.businessinsider.com/new-aig-ceo-already-vacationing-in-croatia-2009-8

[Devil_Fish]

49. Talk is cheep. please go ahead and quit ass hole. NT