It’s absolutely insulting that AIG spent $443,343 on a retreat just days after the Feds bailed out the company with a $85 billion infusion that sucked 80% of the firm away into the Federal abyss.
It’s my personal opinion that C-level executives are overpaid by the conventions of mere mortals but the reality is that their salaries and benefits are the result of what the market will and can bear. Goldman Sachs CEO earned $74M last year, Lehman Brothers chief Richard Fuld defended his $71.9M payday (it wasn’t as much as before the bankruptcy though!), and ex-CEO of Bear Stearns James Cayne earned $49.31M over the last two years. It’s an ungodly sum of money, especially for companies that are either dead or on life support, but that’s how the game is played. You take the heat with one hand and the cash with the other.
What AIG did? Spending nearly half a million on a retreat at the St. Regis Report in Monarch Beach? That’s like someone spitting in your face. If I had any business with AIG, I’d seriously reconsider it.
Rock Out With Your Bailout [The Smoking Gun]