AIG's Top Lawyer Leaves, Gets a $3.8 Million Severance
Well well well, that's one way to bypass the Pay Czar's government-imposed pay limits.
American International Group Inc. general counsel Anastasia Kelly, who resigned after a dispute over government-imposed pay limits, will collect about $3.8 million in severance, said people familiar with the matter.
AIG concluded that Kelly, 60, was owed the money after the New York-based insurer hired a law firm to review her conduct, according to the two people, who declined to be identified because the company hasn’t disclosed the severance decision. Kelly resigned for “good reason” after her salary was cut, AIG said yesterday in a statement. Suzanne Folsom, the insurer’s chief compliance officer, also left, AIG said.
Kelly told at least four other executives last month how to protect their pay and hired outside attorneys for advice, the people said. The five leaders wrote in Dec. 1 letters to AIG that they were prepared to resign if their pay was cut by Kenneth Feinberg, the Obama administration’s special master for executive compensation. AIG, once the world’s biggest insurer, received a taxpayer-funded bailout valued at $182.3 billion, placing the company under Feinberg’s jurisdiction.
If LandAmerica's former top lawyer Michelle Gluck didn't already have a job, I'd point her to this. It's perfect for you, girl, just perfect.