But! Despite only receiving an annual base salary of $1 for 2008 and 2009, and no bonus for either year, Edward Liddy will be "eligible for a special bonus for extraordinary performance payable in 2010." And, you know what? Giving up that money was definitely worth it. Not because his company is a black hole of insolvency, and not because it was the "right" thing to do and not because he spent most people's annual take-home (x3) on manicures and pedicures, but because it meant he got to get this figurative hair ruffle/knock on the chin/great job, Champ/whatever you want to call it:
We have received Mr. Liddy's response to our letter of last week outlining the action AIG will now take regarding executive compensation. AIG has taken a positive step by eliminating bonuses and salary increases for its top executives. Taxpayers have been slammed with a one-two punch seeing their investments dwindle while simultaneously having to fund the Wall Street bailout with billions of their tax dollars. It is only fair that top executives, who benefit the most when firms do well, should also bear the burden of the difficult economic consequences their firms now face. This gesture by AIG is appropriate and I encourage other firms to wake up to the new reality on Wall Street and follow AIG's step quickly. The taxpayers of this country deserve nothing less.
He's also been granted permission to attend Andy's birthday party-cum-fundraiser this year, which is huge.
STATEMENT FROM ATTORNEY GENERAL ANDREW CUOMO CONCERNING AIG'S DECISION TO ELIMINATE BONUSES FOR TOP EXECUTIVES [Office of the Attorney General]