Willumstad Came to AIG From Citigroup...Nice!

The insurer's newly appointed CEO served as president and chief operating officer of Citigroup Inc. prior to becoming AIG's chairman in November 2006.

Under the terms of Mr. Willumstad’s employment contract with A.I.G., he could receive nearly $8.7 million in severance pay if his removal is determined to be “without cause,” according to an analysis by James F. Reda and Associates. Mr. Willumstad also stands to receive roughly $4.1 million in retirement benefits. Mr. Willumstad was named chief executive in June 2008--New York Times

In September, a week after American International Group received an $85 billion bailout from the federal government — ostensibly to rescue the insurance company from financial ruin — 70 of its top performers enjoyed a lavish, weeklong retreat at the Tuscan-inspired St. Regis Resort in Monarch Beach, Calif. The trip, which cost more than $400,000, featured banquets, golf outings and spa treatments. Less than 24 hours after the news of the junket broke, the Federal Reserve announced it had agreed to give AIG an additional loan of up to $37.8 billion.

Joe Cassano "earned" $280 million in cash (more than AIG chief executives) and for every dollar his financial products unit made, Cassano and other top executives made 30 cents.

Joe Cassano was fired on February 29, 2008 after the unit lost $11 billion, but he was allowed to keep $34 million in bonuses and was kept on as an AIG consultant at a salary of $1 million per month.

When AIG chief executives Michael Sullivan and Robert Willumstad were asked why they had kept Cassano on board as a "consultant" they sited the need to "retain the 20-year knowledge of the transactions."

"It is hard for us, without being flippant, to even see a scenario within any kind of realm that would see us losing one dollar in any of these transactions."--Joe Cassano, August 2007