WALL of Shame – CEO’s from AIG – part 1

Big Insurer’s Spending Habits Disclosed

Brendan Smialowski for The New York Times

Robert B. Willumstad, left, and Martin Sullivan, were sworn in Tuesday before testifying before a House hearing on the credit crisis. Mr. Willumstad and Mr. Sullivan are former chief executives of American Insurance Group. The company recently received an $85 billion federal bailout.

function getSharePasskey() { return ‘ex=1381118400&en=301164beaa32fdfe&ei=5124’;} function getShareURL() { return encodeURIComponent(‘http://www.nytimes.com/2008/10/08/business/economy/08insure.html’); } function getShareHeadline() { return encodeURIComponent(‘Big Insurer’s Spending Habits Disclosed’); } function getShareDescription() { return encodeURIComponent(‘At a hearing on compensation and spending at A.I.G, one lawmaker criticized the “unbridled greed” of executives.’); } function getShareKeywords() { return encodeURIComponent(‘Subprime Mortgage Crisis,House of Representatives,Robert Willumstad,Martin J Sullivan’); } function getShareSection() { return encodeURIComponent(‘business’); } function getShareSectionDisplay() { return encodeURIComponent(‘ / ‘); } function getShareSubSection() { return encodeURIComponent(‘economy’); } function getShareByline() { return encodeURIComponent(‘By SHARON OTTERMAN’); } function getSharePubdate() { return encodeURIComponent(‘October 8, 2008’); }

Published: October 7, 2008

A day after questioning the compensation and spending at the bankrupt Lehman Brothers, lawmakers exploring the causes of the credit crisis were treated on Tuesday to examples of the spending habits at another troubled financial firm.

A week after the insurance giant, the American International Group, received an $85 billion federal bailout, its life insurance subsidiary, AIG General, held a weeklong retreat for its top sales agents at the exclusive St. Regis Resort in Monarch Beach, Calif. Expenses for the week, lawmakers were told, totaled $442,000, including $200,000 for hotel rooms, $150,000 for food and $23,000 in spa charges.

In addition, the former A.I.G. executive who led the London-based division whose implosion is largely blamed for the insurance giant’s downfall, Joseph J. Cassano, continues to receive $1 million a month from the company, on top of the $280 million he received in the last eight years.

Excerpt from


~ by behindthematrix on October 7, 2008.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: