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March 24, 2009

Today’s Hot Layoff Topics

Tags: Oracle | IBM | Microsoft | Cisco | AIG | Apple | H1B

March 15, 2009

Bailed-out AIG Pays Out Hundreds of Millions in Bonuses

Bailed-out insurance giant AIG will no doubt be a heated topic of discussion today, with The Wall Street Journal and other news organizations reporting that the failed and essentially insolvent company is vowing to pay out $450 million in bonuses to its “top performers” — you know, the folks in the financial products unit, many of whom contributed to bringing the company to ruin and helped tank the entire economy in the process.

Update (03-15-2009): “There are a lot of terrible things that have happened in the last 18 months, but what’s happened at AIG is the most outrageous,” Lawrence Summers, chairman of the White House National Economic Council, said this morning on ABC’s “This Week With George Stephanopoulos. “What that company did, the way it was not regulated, the way no one was watching, what’s proved necessary, it is outrageous.” (ABC,  “Widespread Backlash Over AIG Bonuses“)

Update (03-16-2009): AIG revealed on Sunday details of $105 billion of government funds that it paid to U.S. and international banks including Goldman Sachs, Deutsche Bank and Societe Generale. (Source: MarketWatch)

Update 2 (03-16-2009): Obama Orders Treasury Chief to Try to Block A.I.G. Bonuses (Source: NYTimes)

Update 3 (03-16-2009): NY AG Seeking Info On Who Received Bonuses At AIG (Source: CNNMoney)

Update 4 (03-16-2009): AIG details $105 billion in payouts (Source: MarketWatch)

AIG Facts:

  • The company (AIG) takes $170 billion in taxpayer money to keep itself afloat.
  • Just this month, the company (AIG) reported a loss of $61.7 billion for the fourth quarter of last year — the largest corporate loss in history.
  • AIG’s board of directors page (the company’s “top performers”)

Source: Washington Independent, AP

January 5, 2009

The biggest CEO firings of 2008

The biggest names to be shown the door as a result of the economic crisis:

  • Martin Sullivan of American International Group (let go in June)
  • Kerry Killinger at Washington Mutual (September)
  • Richard Fuld of Lehman Brothers (leaving next month)

“Their distinguished company includes James Cayne of the now-deceased Bear Stearns and Richard Syron and Daniel Mudd, the former CEOs of the mortgage buyers Freddie Mac and Fannie Mae.”,  according to Forbes and MSNBC

“There are two kinds of CEO firings,” says Noel Tichy, a professor at the Ross School of Business at the University of Michigan. “There are the crooks and there are the incompetents.” This year the biggest departing names all fell into a gray area in between.”

Source: Forbes, MSNBC

November 25, 2008

AIG chief slashes salary to $1

Filed under: AIG,US — DF @ 12:02 pm
Tags: , , ,

According to CNN: “AIG Chief Executive Edward Liddy agreed to slash his annual salary to $1 as part of a series of voluntary pay restrictions by top executives tied to a massive $150 billion government bailout.”

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