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AIG General Counsel Who Protested Meager $500K To Have Her Bluff Called, Get Sacked

Tyler Durden's picture





 

It appears the only thing worse in this world than a measly $500,000 salary is getting no salary at all. And that's exactly what is about to happen to AIG General Counsel, Anastasia Kelly, who before joining the bankrupt firm, was a GC at such reputable organizations as MCI/WorldCon (sic) and Fannie Mae. To paraphrase the objections against a very prominent Treasury Secretary recently, the question is not whether or not she will leave the job, the question is how she got it in the first place. Kelly, who recently was protesting the $500k salary cap imposed by Pay Despot Ken Feinberg, yet was in Benmosche's black book, will likely be out of the organization, presumably involuntarily, by year end. We are confident that with the economy rocking she will be able to find a job that pays her much more in line with her true skills... which based on her track record hopefully involves more than leading three sequential companies straight into bankruptcy.

More from Bloomberg:

Kelly, 60, said in a Dec. 1 letter she was prepared to
leave AIG by yearend because of impending compensation
restrictions, and the insurer hasn’t sought to keep her, said
the people, who declined to be identified because an
announcement hasn’t been made. Michael Leahy, a lawyer who works
at AIG’s New York headquarters, is among candidates being
considered to succeed Kelly, said one of the people.

Kelly joined AIG in 2006 to help the insurer recover from
regulatory probes that led to the retirement of former Chief
Executive Officer Maurice “Hank” Greenberg. Kelly, former
general counsel at MCI/WorldCom and Fannie Mae, didn’t endear
herself to AIG’s current CEO, Robert Benmosche, who took over in
August, the people said.

The five executives who said they may resign are Kelly;
Rodney Martin, who heads a non-U.S. life unit; William Dooley, a
senior vice president in charge of the financial-products
division; Nicholas Walsh, head of the non-U.S. property casualty
operations, and John Doyle, who is in charge of the U.S.
property casualty unit, the people said.

This is the most surprising part: how is this woman in the firm to begin with:

Kelly was among managers in a September 2008 e-mail listing
people who should be dismissed over AIG’s near-collapse,
according to Fortune magazine.
The so-called “kill list” was
written by then-controller David Herzog, now chief financial
officer. He urged former CEO Robert Willumstad to “clean the
slate” for his government-appointed successor, Edward Liddy,
the magazine reported.

When you have little to lose you may as well make a stand against getting paid like a simple peasant. Even if at the end of the day your bluff gets called. Like in this case.

And in case you feel bad for Kelly's severance package- don't:

The executives’ severance awards may equal as much as two
years of salary and bonuses, AIG said in a June regulatory
filing. Leahy and Mark Herr, a spokesman for AIG, declined to
comment. Kelly didn’t immediately return a phone call and e-mail
seeking comment.

Nothing changes - the taxpayer-funded existence of those that who destroyed this country continues.

 


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Tue, 12/08/2009 - 20:00 | Link to Comment Hephasteus
Hephasteus's picture

You better pay UP!! YOU BETTA RECOGNIZE the SKILLZ!!!!!

Oh crap they found out my skillz.

Tue, 12/08/2009 - 20:02 | Link to Comment Rainman
Rainman's picture

Uh Oh. The lawyers know where all the really stinky decomposed bodies are buried. And she has a large graveyard to pick through with FNM and AIG.

I see a book signing in her future. Sigh. Disgust.

Tue, 12/08/2009 - 20:02 | Link to Comment deadhead
deadhead's picture

Probably would make a great prosecuting attorney at the SEC.

Tue, 12/08/2009 - 20:38 | Link to Comment tip e. canoe
tip e. canoe's picture

comment of the day dh

Tue, 12/08/2009 - 21:24 | Link to Comment reading
reading's picture

Well, if nothing else, her black widow track record might drive the SEC right into the abyss -- that'd be the greatest achievement yet!

Tue, 12/08/2009 - 20:08 | Link to Comment Kurtieboy
Kurtieboy's picture

This is a perfect example of what is wrong with the system and why it is doomed to fail.

Tue, 12/08/2009 - 20:12 | Link to Comment Shameful
Shameful's picture

Is she retarded?!?!  I know the legal profession looks like a war zone right now, and a lot of guys would be more then willing to step in at 500k.  A lot of GCs make in the 100-150 range so that pay is even high by their standards and I'm damn sure work expectations are lower then at a big firm.

Tue, 12/08/2009 - 20:37 | Link to Comment Mad Max
Mad Max's picture

In all seriousness $500k, while very high GC pay at most companies, is probably low for an organization as large and troubled as AIG.  And work expectations may be just as high if not higher than for a senior partner at most big firms.

Tue, 12/08/2009 - 20:51 | Link to Comment Shameful
Shameful's picture

Granted, but the profession is in for massive bloodletting, now is not the time to leave a high paying GC spot.  And it's not like having her name associated with a list of epic failures will have the firms beating down the door to make her a partner. 

I will politely disagree about the work and billable hours though, especially now, when there is work they are expected to work like fiends.  It's possible she might be able to find a higher paying job it to me seems like one hell of a risk in a profession full of hungry, nutty, overachieving, and debt soaked people.

Tue, 12/08/2009 - 23:12 | Link to Comment Mad Max
Mad Max's picture

At age 60 I am guessing this is more of a "take this job and shove it" than someone really looking for a higher paycheck somewhere else.  I generally agree with your points but AIG is so troubled right now I don't think I would want to be its GC for a measly $500k a year (which is far more than I make now).

As for hiring her, I wouldn't think about it, but I've seen so many BAD hiring decisions by biglaw firms that I wouldn't be surprised if she shows up at an Amlaw 100 smiling.

As for biglaw generally, the meltdown is starting and likely to get more intense later in 2010.  Law firms are a huge lagging indicator on the downslope.

Wed, 12/09/2009 - 07:38 | Link to Comment Ned Zeppelin
Ned Zeppelin's picture

As an attorney familiar with the operations of the big boys, the rise of law as a profession has been strictly a "bubble" phenomenon, and is overdue for a correction.  Easy credit led to a transactions bulge, and litigation inevitably arose as things went sour here and there, but the only growth area for now will be bankruptcy.

Tue, 12/08/2009 - 21:34 | Link to Comment reading
reading's picture

Seems to me a $50 an hour lackey from some two bit firm in poughkeepsie could have done a better job at ensuring the interests of AIG than this quack.  Let's get real people, it is seriously time to call a spade a spade -- she clearly sucked at her job and does NOT deserve to be treated like an invaluable asset that cannot be allowed to leave. 

Tue, 12/08/2009 - 20:20 | Link to Comment Astute Investor
Astute Investor's picture

Killed the czar and his ministers

Anastasia screamed in rage...

Tue, 12/08/2009 - 20:20 | Link to Comment ghostfaceinvestah
ghostfaceinvestah's picture

Wow, I have worked at some failed institutions in my past, but WorldCon, Fannie, AND AIG?  is she sure she never worked at Enron?

Good riddance.

Tue, 12/08/2009 - 23:50 | Link to Comment Anonymous
Tue, 12/08/2009 - 20:24 | Link to Comment assumptionblindness
assumptionblindness's picture

I am sure that Citigroup could use someone of her "experience."

Tue, 12/08/2009 - 20:32 | Link to Comment Anonymous
Wed, 12/09/2009 - 01:45 | Link to Comment Anonymous
Tue, 12/08/2009 - 20:35 | Link to Comment Mad Max
Mad Max's picture

Hey, $500k in NYC is like $250k in Des Moines.  And we all know how rough it would be to live on that. :)

Tue, 12/08/2009 - 20:45 | Link to Comment Anonymous
Tue, 12/08/2009 - 20:41 | Link to Comment Anonymous
Tue, 12/08/2009 - 20:44 | Link to Comment Unscarred
Unscarred's picture

We are confident that with the economy rocking she will be able to find a job that pays her much more in line with her true skills... which based on her track record hopefully involves more than leading three sequential companies straight into bankruptcy.

I totally disagree with prevailing sentiment on this one.  Kelly is definitely the victim here, not the perpetrator.  The hand writing was on the wall long before 2006.  And her prior employment?  Chalk it up to "wrong place, wrong time."  If anything, they brought her in because they knew full well what was coming, and they needed a seasoned veteran to navigate the governmental waters.

Oh, by the way, can I get a 10-spot from ya, Kelly?

Tue, 12/08/2009 - 20:49 | Link to Comment jzang77
jzang77's picture

HAHAHA what a joke what a brilliant piece of satirical, sarcastic writing. Ahhh comedy, sad but true.  I LOVE THIS SITE!! 

Tue, 12/08/2009 - 21:05 | Link to Comment sysin3
sysin3's picture

Don't let the screen door hit you in the ass on the way out, bitch.

Tue, 12/08/2009 - 21:12 | Link to Comment Anonymous
Tue, 12/08/2009 - 22:11 | Link to Comment ghostfaceinvestah
ghostfaceinvestah's picture

Good point.

TD, PLEASE tell us where she ends up next.

Tue, 12/08/2009 - 22:16 | Link to Comment Anonymous
Tue, 12/08/2009 - 22:29 | Link to Comment Bubby BankenStein
Bubby BankenStein's picture

Astounding how this dross gets scraped from one shit pot to the next.  God damn severance pay?  Kick their shitty asses out the fucking door.

Tue, 12/08/2009 - 22:54 | Link to Comment Anonymous
Tue, 12/08/2009 - 23:08 | Link to Comment Anonymous
Tue, 12/08/2009 - 23:19 | Link to Comment Anonymous
Tue, 12/08/2009 - 23:44 | Link to Comment Anonymous
Wed, 12/09/2009 - 00:00 | Link to Comment Sqworl
Sqworl's picture

Im sure she will end up as a Director at the SEC...Revolving door, but first she must make a money pitstop at FINRA collect her million dollar pay day, then go onto the SEC for retirement...

Wed, 12/09/2009 - 02:18 | Link to Comment Anonymous
Wed, 12/09/2009 - 03:22 | Link to Comment Rick64
Rick64's picture

Maybe AIG is about to turn things around and she wanted to keep her record intact.

Wed, 12/09/2009 - 08:13 | Link to Comment Astute Investor
Astute Investor's picture

Maybe she's a logical replacement for Turbo Timmy?

Wed, 12/09/2009 - 08:42 | Link to Comment 57-71
57-71's picture

I don't know this person, however I see alot of people in my work life. After an intent look at her picture, my instinct tells me this woman has a problem with alcohol. Certainly her performance record would bear out an issue of some kind.

Wed, 12/09/2009 - 08:59 | Link to Comment Anonymous
Wed, 12/09/2009 - 09:57 | Link to Comment loki
loki's picture

story about Feinberg lifing salary cap after this bitch whined about it..

 

http://www.businessweek.com/bwdaily/dnflash/content/dec2009/db2009128_90...

This was on the breaking news on Bloomberg last night, then vanished...

Can you fucking believe this??

Wed, 12/09/2009 - 11:11 | Link to Comment Anonymous
Wed, 12/09/2009 - 11:36 | Link to Comment Anonymous
Wed, 12/09/2009 - 11:38 | Link to Comment Anonymous
Thu, 11/11/2010 - 20:52 | Link to Comment Susancai
Susancai's picture

She is very excellent with many skills. Wish her more successes! job |advertising|discount mattresses

Wed, 12/22/2010 - 15:06 | Link to Comment billdavid
billdavid's picture

Still wonder what is wrong with the system and why do things not work out? Guys this is a perfect example of what the "system" is in these times. ecommerce web site design

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