AIG Reduces CEO's Annual Salary To $1

American International Group Inc Chief Executive Edward Liddy will receive $1 in salary this year and next, and there will be no 2008 bonuses for the company's seven most senior executives, the troubled insurance conglomerate said on Tuesday.

Fifty more AIG executives will be locked out of pay raises in 2009, AIG said in a statement.

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Comments

[munki]

No perks... as taxpayers paid in advance for next.... years!
Bring a new regime!

[PhilipTaylor]

$1 is great but it is only one CEO! What about the other thousands of CEOs who are taking AMERICA!

We need a Simple FORMULA that calculates the Maximum Salary an Executive can receive. It must be based on a three year and five year record of performance in building PROFITS, JOBS, and Economic Output!

So a manufacturing company producing REAL Economic Output, Employing thousands or even a million people, and generating profits will receive more Income than

A Banker producing no REAL OUTPUT, with a similar number of JOBS, and similar PROFIT!

We need REAL WEALTH BUILDING not "FAKE" Fees added to some "TRICK" Mortgages!

The Final Step in Calculating the Executives Maximum pay is it must be less than the Package the President of the USA receives of $400,000 + two homes (not including the security).

So no Executive should receive more than MAX of $2 Million per year!

I think we all can get along on $2 Million per year! Of course, the yacht might have to be smaller and the paintings might have to be $10,000 instead of $100 million, and the servants might have to be downsized, and maybe downsize the house to 12 bedrooms.

[munki]

Per accountability and bonuses paid... OVERPAID...
You are right!
No perks! pay health insurance premiums like all other employees!