My fave part of article?
“The public will perceive this very poorly,” said Frank Glassner, chief executive officer of pay consulting firm Veritas LLC.
Maybe this is an overall understatement for our times.
American International Group Inc., the insurer criticized by Congress for handing out retention bonuses after its U.S. bailout, said the awards will cost the company $249 million in the last two quarters of this year.
The earmark includes $93 million for the division with AIG’s Financial Products, the unit that sold derivatives blamed for the firm’s near-collapse last year, the company said today in a regulatory filing. AIG said the entire retention program will cost $1.09 billion, including $824 million already incurred through June 30 and $19 million for 2010 and 2011 combined.
Friday, August 7, 2009
Thursday, August 6, 2009
Sick for Profits
More at: Sick for Profit
Some added data from Forbes magazine:
If you total the compensation of the top five executives at UnitedHealthcare for the years from 2006 to 2008, it is almost $1 billion dollars with over $700 million going to CEO Stephen Hemsley
And if that isn't enough to piss you off, at the end of 2006, it was announced that William McGuire would step down as CEO of UnitedHealth Group due to his involvement in the employee stock options scandal. McGuire's exit compensation from UnitedHealth was around $1.1 billion.
Monday, August 3, 2009
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