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DOES AIG HAVE THE GOVERNMENT "A LIL BIT PREGNANT"? PDF Print E-mail

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Kelly receiving $3MM severance
According to Yahoo! News and the Wall Street Journal, AIG's general counsel, Anastatia Kelly, is expected to receive approximately $3 million in severance pay upon her departure from the insurer.  In December Kelly announced she was leaving AIG because of pay cuts imposed by Kenneth Feinberg, President Obama's federal pay tsar.  Feinberg capped 2009 annual cash salaries for most AIG executives at $500,000 - a significant reduction for Kelly, who previously had served as the top lawyer at Fannie Mae, Sears, and MCI/Worldcom.  She also drew scrutiny for advising other AIG executives chafing under the pay cuts; at least four other senior AIG executives are expected to join Kelly in departing.  According to the New York Times, "her departure comes at a time when the company needs experienced counsel to complete its restructuring, sheperd it through a myriad of legal proceedings and prepare prosectuses for initial public offerings of its subsidiaries."   

 

Lil Bit Pregnant? 

Admittedly, the government has less negotiating leverage with AIG (an all TARP recipients for that matter) today than it did in September 2008 before the financial crisis hit.  At that juncture, financial services companies like AIG, Lehman, etc. came to the Bush administration begging for financial assistance hat in hand, on bended knee.  Without TARP funds, AIG would be going through bankruptcy proceedings and Kelly would have to stand in line with other AIG creditors for severance or any other kind of pay.  That said, today she is no more worse off than she would have been had the government not bailed out AIG.  In response to the potential "brain drain" at AIG, the Journal reported that Feinberg relented a bit, saying he may lift the $500,000 salary cap.  For the full WSJ article go here ( http://clicky.me/AIGSeverance ). Below President Bush speaks on the AIG situation:

  

 

Comments  

 
0 # Leana Lauffer 2014-09-22 21:48
U.S. taxpayers struggle a lot during recession and they become irritated when they found out that large bonuses were paid to professionals whose companies received large government bailouts. The three big firms such as GM, AIG and Ally Financial are on dispute and some lawmakers are interrogating how it happens. If you do not get a pay raise this year, you can pay for extra things with an installment loan.
 

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