Tuesday, March 17, 2009

Who controls AIG?

Like many citizens of the U.S. I am disgusted by AIG. I suppose I shouldn't be surprised by corporate greed by now, but I am. The amount of money is obscene.

So, who controls this company?

According to the AIG website the BOD (board of directors) consists of the following people. Italics signified committee chairmanship.

Stephen F. Bollenbach, Hilton Hotels
Regulatory and Legal Committee
Compensation and Management Resources Committee
Audit Committee

Dennis D. Dammerman, GE Capital Services
Finance Committee
C
ompensation and Management Resources Committee

Martin S. Feldstein, National Bureau of Economic Research
Regulatory and Legal committee
Finance Committee

Edward M. Liddy, CEO AIG

George L. Miles, Jr., WQED Multimedia
Public policy and social responsiblity committee

Corporate governance committee
Audit Committee

Suzanne Nora Johnson, The Goldman Sachs Group, Inc.
Finance Committee
C
ompensation and Management Resources Committee

Morris W. Offit, CEO OFFITBANK
Public policy and social responsiblity committee
Finance Committee
Audit Committee

James F. Orr III, The Rockefeller Foundation
Corporate governance committee
Compensation and Management Resources Committee

Virginia M. Rometty, IBM
Corporate governance committee
Compensation and Management Resources Committee

Michael H. Sutton, Former Chief Accountant of the United States Securities and
Exchange Commission

Regulatory and legal committee
Audit Committee

Edmund S. W. Tse, Senior Vice Chairman AIG

I don't know about you, but I don't think any of these individuals deserve our support. Sure Liddy is CEO, but the board maintains control of the company. You can draw your own conclusions about the committee structure at this company, but here's just a few things I question.

1) Should members of the audit committee also be members of the Compensation or Regulatory committees?

2) Do
Bollenbach, Miles, Orr, and Rometty, board members who are on committees that I would think need to besubject to regulation, have influence in other companies that are also experiencing financial hardship?

3) What companies are either supported or controled by AIG itself or board members who govern AIG?

4) Are Liddy and Tse acting without the consent of the board? If so, how are they able to do so. If they have board consent, what can be done to regulate the board of directors as well as the CEO and Senior Vice Chairman?

5) What products and services can I boycott to ensure my support is not given to AIG or any of the corporation's subsidiaries or supporters?

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