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Because the job market for persons with resumes of failure is so tight.
It’s like the football coach carousel. They lose somewhere, move on (to spend more time with their families, no doubt), and other teams pick them up and give them raises. Twenty years of this, and they get inducted into the Hall of Fame.
Kenneth Feinberg approved a deferred stock grant valued at $3.26 million and an annual long-term incentive award of as much as $1 million, according to a letter today to AIG released by the Treasury Department. The employee, who wasn’t identified in the letter, gets a $450,000 cash salary. The recipient is one of AIG’s top 25 managers and isn’t Chief Executive Officer Robert Benmosche, a Treasury official said.
