As if you haven’t heard enough AIG news, Edward Liddy, the CEO of AIG, was sent a 1,500 word resignation letter by soon-to-be-former employee Jake DeSantis, who, like Liddy, accepted a $1 annual salary in return for large bonus payments. DeSantis, of AIG’s Financial Products division, penned a powerful, and quite eloquent, letter claiming Liddy’s [...]
Thousands of volunteers have been working for days, filling sand bags and erecting makeshift levees in an attempt to stem the flood waters of the Red River, which lies on the border between Minnesota and North Dakota. The continuing snowfall has not helped matters – the area accumulated three more inches of snow last night [...]
It seems it was too much weight on the conscience of those AIG executives who received undeserved bonuses. Or maybe it was the call from New York Attorney General Andrew Cuomo to each of the 20 executives who received the highest rewards that did it. Either way, 15 of the 20 have paid back their entire bonus. Cuomo stated that approximately $50 million of the $165 million has been returned so far and he expects even more AIG employees will hand over their loot.
I was lucky enough to attend day one of the 8th annual Business Continuity and Corporate Security conference here in New York City. The two-day event brought together risk professionals and corporate executives from around the U.S. to engage in a series of informational seminars. Alexander Tabb, of the TABB Group, opened the conference with [...]