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