The news today that yet another American finance giant, AIG, has been bailed out by their “capitalist” government, led me to wonder how much their “leaders” made out of their destruction.
Martin J. Sullivan, their former CEO (he was fired last June), took home nearly $40 million dollars in compensation in the last five years according to Forbes. He had only been in the job three years. The previous CEO, Maurice R. Greenberg, was asked to resign by the Board in 2005 due to “accounting irregularities”. Charges were brought against him by Eliot Spitzer, then attorney general of New York State, who later became Governor of New York but had to resign when his penchant for high-class hookers hit the press.
Greenberg, by the way, still has a job (currently chairman and CEO of C.V. Starr and Company, a diversified financial services firm) and Business Week said of him in 2002 “But few run their business better than Maurice R. Greenberg of American International Group Inc.”.
This is the reality of American-style capitalism. Fat rich white guys milking the system for their own profit. Then, when their greed leads to the failure of the company, and taxpayers’ money is used to bail the company (and the company’s investors) out of the shit, nobody does a damn thing about it. Will Sullivan or Greenberg face charges? I doubt it.
How long are we going to let it continue?