There was an announcement today that PZ has added President to his list of titles.
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To poster : @12zi0gJZ-2irf. There are investigations happening. We have failed several internal audits of control issues that management has been aware of for quite a while but practises willful ignorance of. Would not be surprised if a whistleblower lawsuit isn't filed in the near future.
And yes, there was a RIF in December and will be small scale ones throughout the year across the company. So those who remain should expect their workload to increase.
Below is what Peter was making. does anyone know if he is O.K. Poor guy.
Peter Zaffino - salary.com
As Executive Vice President-Chief Executive Officer, General Insurance and Global Chief Operating Officer, AIG at AMERICAN INTERNATIONAL GROUP, Peter Zaffino made $12,620,459 in total compensation. Of this total $1,250,000 was received as a salary, $5,246,867 was received as a bonus, $1,593,742 was received in stock options, $4,461,383 was awarded as stock and $68,467 came from other types of compensation.
If I were to hypothetically discover a fire in the kitchen at my AIG office, I wouldn't even bother reaching for the extinguisher. That's my opinion of the company, the spineless middle management team and out of touch executive team.
So we have 2 Presidents now but one is reporting to another? And what is the role of a President by the way? How much does PZ earn now? It looks like they are coming up with innovative ideas(roles/titles) to loot the company.
Why is a documentary not done on this story since 2008. it would be a great show. what are we waiting for it to sink like Enron and then the TV programs will come out after the fact. I don't think the public knows the extent of what's been going on. it sure would be an interesting expose. The lackluster results. The cronyism. The revolving-door Senior Management. Their exorbitant salaries. The no raises for 10 years For everyone else. Where is 60 minutes where is CNBC where is 20/20?
it is criminal what has happened here
Don’t forget the $110M BD received from the sale of his insurance business to AIG that is called Blackboard, and has never amounted to anything.
And so it goes at AIG. BD to ride off into the sunset soon with roughly $75,000,000 in compensation since joining AIG.
What did AIG get for hiring this visionary you ask? One, maybe two positive quarters, stagnant stock price, hundreds of jobs sent to other countries, thousands of rifs, an army of new executives and one giant sinking ship.
Well done BD, enjoy Bermuda
here is the way this works people...for most of us you are hired to do a job for a company and you work for that company to do the best that you can do hoping that you get a promo for your efforts and hoping that your company will take care of you in the end.
execs are different. they are not tied to a company other than by the title that they currently hold. execs follow friends not companies. it really doesn't matter what happens to aig or any of you because you are not in the circle of trust and these execs will leave aig before the inevitable fire sale.
once the coffers are close to empty at aig, you will start to see some current execs go to other companies, then you will start to see other aig execs follow. you scratch my back and i'll scratch yours. this is why we have seen so many aig execs from the former regime replaced by BD and PZ's friends. there is no benefit in keeping current employees even if they are great performers. they have no loyalty to you. it is the circle of life in the executive world.
unfortunately, aig was uniquely ripe for the taking after the financial crisis so multiple regimes have taken advantage of this once fine company. I would say we are nearing the end of aig as we know it. it is now being sold off by piecemeal. I give it a few more years max. don't worry, pz and friends will be just fine at their new company in a few years.
to answer your question, we hire more executives because that always works
The amount of extortion that we have seen at this company since 2008 is truly amazing. I can't even remember how many CEOs have swooped in and grabbed their money along with all of their friends and then exited after just a few years with millions and millions of dollars. And the company has literally nothing to show for it except a shrinking business model, outdated technology and another failed strategy to become great again. AIG 200 is a joke Peter!
PZ will hang around for a little while and then will leave just like all of the rest.He has no original ideas and we continue to bleed talent and policies to more competitive and innovative companies that invest in their people.
RIP AIG, all these rifs and the stock is still stuck in the low 50s. What do we do now brilliant leaders?
meet the new boss. same as the old boss.