They claim to have dropped bonuses, but they made “retention payments” to top level executives, including, “$3 million to retirement services chief Jay Wintrob.”
Who is Jay Wintrob?
Wintrob is CEO of AIG Retirement Services Inc., the division that sells annuities. He was chief operating officer of SunAmerica when AIG bought the firm for $19.7 billion in 1998. The business he now heads may sell for about $12 billion, according to Gary Ransom, analyst at Fox-Pitt Kelton Cochran Caronia Waller. Wintrob didn’t return a call seeking comment.
So, he lost about 7.7 billion for AIG, and they feel the need to pay him money to keep him.
We need to start sending these guys to jail.