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Reload this Page NY Attourney General Makes AIG Freeze Ex-CEO Payments
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Old 10-22-2008, 10:21 PM   #1
93crawler
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NY Attourney General Makes AIG Freeze Ex-CEO Payments
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I think this should happen to every company that the taxpayers bail out. Thoughts?

Quote:
NEW YORK (Reuters) - Troubled insurer American International Group Inc will freeze payments to a former CEO and employees of the unit that was the main source of its financial problems, according to a letter on Wednesday from the New York attorney general. "This is to confirm that AIG has agreed to freeze any payments pursuant to the employment package of its former Chief Executive Officer Martin Sullivan in light of the attorney general's ongoing review," according to the letter from Andrew Cuomo to CEO Edward Liddy, which was reviewed by Reuters. The company will also freeze any distribution of funds from a $600 million deferred compensation and bonus pool for its AIG Financial Products subsidiary, which underwrote credit default swaps that triggered more than $25 billion in write-downs. The former head of that unit, Joseph Cassano, had a share totaling about $69 million of those funds, according to the letter. AIG nearly collapsed after troubles at the unit led to a severe cash crunch. AIG spokesman Nicholas Ashooh said he was not able to comment on Cuomo's letter. Sullivan and Cassano, who is based in London, could not be immediately reached for comment. AIG has been loaned in excess of $120 billion in recent weeks as it sought emergency cash to keep it out of bankruptcy. Cuomo, on Wednesday, said AIG needed to freeze payments to former executives to rebuild taxpayers' trust. "The American taxpayer is now supporting AIG, making the preservation of these taxpayer funds a vital obligation and a priority responsibility of your company," said the letter to Liddy. Liddy was appointed AIG CEO late last month as part of the federal bailout. Top U.S. lawmakers earlier in the month asked AIG to provide details of its spending of the federal loan. Around the same time, AIG said it would recover some executive payments and other compensation made to both Sullivan and Cassano.
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Old 10-22-2008, 11:17 PM   #2
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Re: NY Attourney General Makes AIG Freeze Ex-CEO Payments
No thoughts needed, I agree.

I also think that Congress should have seen this coming a long time ago, and really should have stepped up and taken action instead of taking money. (again, this is both parties that seriously failed).
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Old 10-23-2008, 05:27 AM   #3
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Re: NY Attourney General Makes AIG Freeze Ex-CEO Payments
This should have been done along time ago,I say make all the CEO pay back
at least half of what they got.
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Old 10-23-2008, 10:10 AM   #4
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Re: NY Attourney General Makes AIG Freeze Ex-CEO Payments
I'd challenge it based on due process if I were his lawyer.
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Old 10-23-2008, 05:07 PM   #5
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Re: NY Attourney General Makes AIG Freeze Ex-CEO Payments
I'm liking this idea, although I have to agree with thecowboy that, if pushed, this wouldn't fly very far if brought to court. However, I think the CEO's will not say much about this process; with the current mood of the citizenry, the end cost may not be worth the short term gain.

Beware the angry villagers with pitchforks and torches!

Great post, 93!
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Old 10-25-2008, 10:56 AM   #6
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Re: NY Attourney General Makes AIG Freeze Ex-CEO Payments
Quote:
CEO Edward Liddy,

is this the Liddy that was in the GW Bush scandal?
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Old 10-26-2008, 08:58 AM   #7
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Re: NY Attourney General Makes AIG Freeze Ex-CEO Payments
Quote:
Originally Posted by fmb
I'm liking this idea, although I have to agree with thecowboy that, if pushed, this wouldn't fly very far if brought to court. However, I think the CEO's will not say much about this process; with the current mood of the citizenry, the end cost may not be worth the short term gain.

Beware the angry villagers with pitchforks and torches!

Great post, 93!

I doubt the CEO's give a flying fuck about the mood of the citizenry, current, past or future. If they ever considered more than short-term gain, we'd never be in this mess. I'm sure their lawyers are already working overtime on this.
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Old 10-26-2008, 12:54 PM   #8
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Re: NY Attourney General Makes AIG Freeze Ex-CEO Payments
Quote:
Originally Posted by thecowboy
I'd challenge it based on due process if I were his lawyer.

Bingo. Judges tend to frown on idiot politicians attempting to break contract law.
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Old 10-26-2008, 03:19 PM   #9
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Re: NY Attourney General Makes AIG Freeze Ex-CEO Payments
Quote:
Originally Posted by ravenshrike
Bingo. Judges tend to frown on idiot politicians attempting to break contract law.

So you're arguing on behalf of the CEO's? Absolutely fucking amazing.
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Old 10-26-2008, 05:23 PM   #10
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Re: NY Attourney General Makes AIG Freeze Ex-CEO Payments
Quote:
Originally Posted by 93crawler
So you're arguing on behalf of the CEO's? Absolutely fucking amazing.



Yes I am. He has a contract and is entitled to the compensation that he bargained for. It is state action (Attorney General), thus the constitutional protections apply. His case could either be covered by due process (whereby he is being deprived of property without a chance to defend his right), or by the takings clause, assuming money is considered "property" in the 5th amendment doctrine (not sure about that). The fact that he's a CEO makes no difference whatsoever. Where in the constitution does it say that CEO's should be treated differently than janitors?
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Old 10-26-2008, 05:41 PM   #11
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Re: NY Attourney General Makes AIG Freeze Ex-CEO Payments
Quote:
Originally Posted by 93crawler
So you're arguing on behalf of the CEO's? Absolutely fucking amazing.

No Dumbshits McGee, I'm arguing in favor of contract law. What was done was not illegal, therefore his contract is not void. Was it despicable? Certainly, although to be honest, even with a completely honest person at the helm of every firm that's been trashed things still would have collapsed although not quite as badly because of the nature of .gov interference.
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Old 10-26-2008, 05:58 PM   #12
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Re: NY Attourney General Makes AIG Freeze Ex-CEO Payments
Quote:
Originally Posted by ravenshrike
No Dumbshits McGee, I'm arguing in favor of contract law. What was done was not illegal, therefore his contract is not void. Was it despicable? Certainly, although to be honest, even with a completely honest person at the helm of every firm that's been trashed things still would have collapsed although not quite as badly because of the nature of .gov interference.



You're not going to be able to argue a breach of contract cause of action because the NY AG is not a party to the contract.
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Old 10-26-2008, 06:56 PM   #13
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Re: NY Attourney General Makes AIG Freeze Ex-CEO Payments
Quote:
Originally Posted by thecowboy
You're not going to be able to argue a breach of contract cause of action because the NY AG is not a party to the contract.

As long as the contract was not illegal the NY AG has absolutely no legal authority to block the contract. Therefore when the Ex-CEO goes to court over the issue, the judge is going to force the NY AG to rescind the order or be tossed in jail in contempt of court.
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