Robert Willumstad refuses to accept severance package

[RB TexLa]

1 hour, 47 minutes ago

(Reuters) - American International Group Inc's (AIG.N) former Chief Executive Robert Willumstad has rejected a $22 million severance payment, the Wall Street Journal reported, citing a person familiar with the decision.

Willumstad e-mailed his successor, Edward Liddy, of his decision to forego the severance since he was not able to execute the restructuring plan he had developed, the paper said.

The newspaper also reported major shareholders concerned about the government takeover were planning to meet on Monday to discuss alternatives to the federal bailout, citing a person familiar with the matter.

AIG and Robert Willumstad could not be immediately reached for comment.




http://news.yahoo.com/s/nm/20080922/bs_nm/financial_aig_willumstad_dc_1

[babylonsister]

1. Wow, someone with a conscience, on Wall Street? nt

[dmr]

9. That, or he's playing it safe, considering the political climate

I'm usually the first one to give people benefit of the doubt, but I've gotten to be rather cynical over the past 8 years, figuring people like this man don't make decisions like this one unless it benefits him in some way. It makes him look trustworthy - that is to his benefit.

The old me, would've loved to believe his voice of conscience got the better of him. Either way, it's a good decision. Hope others follow his example.

[Festivito]

12. Or, don't review what I already cashed in.

See how nice we rich people are. Don't take our toys away. Continue to play with us.

[The Backlash Cometh]

11. We'll probably find out next week that it was a term in the plea bargaining agreement.

[barbtries]

2. could it be

this man has a conscience? how refreshing. they should all follow suit, and of course they will not.

[Dorian Gray]

3. Interesting

Good for him

[billyoc]

4. Defense Exhibit 'A' at his fraud trial.

Smart move.

[SheWhoMustBeObeyed]

8. fer shure. maybe he dreamed of being lynched by a homeless mob who were living at the airport

from whence he was trying to flee to a friendly island.

[Cessna Invesco Palin]

14. Yeah, blame the guy who's only been the CEO for three months.

That's the ticket.

[jbnow]

5. That move should be common, rejecting all or most

of a severance package as the chief of a business that did so poorly and lost so much for others.

But they don't. Good for him.
Also bush should say he hurt the country in so many ways and he and Cheney refuse all benefits and that they will give up their personal fortunes

[gblady]

6. Hopefully,

he'll set the tone for others...
a gal can dream, can't she?

[stray cat]

7. We all hold our jobs and raises on merit - business should as well. Good for him

[dysfunctional press]

10. that was his severance payment...what was his salary + bonus besides that?

is it a noble gesture, or just chump change?

[guitar man]

13. that begs the question

how much has he already made off with? If he's already taken a big enough chunk for himself, he could just be doing this to make himself look like a stand up guy. Or maybe he is actually a stand up guy, hard to tell these days...