2.31%C 7.40 5.37%QQQQ 27.81 2.83%
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American International Group Inc will give its former chief executive Martin Sullivan a $47 million exit package.
| AIG | 1.84 |  -0.17 |
Sullivan will receive a $15 million severance package along with a $4 million bonus. He also receives equity and cash awards worth around $28 million based on the company's closing stock price on Monday, according to a regulatory filing.
The former chief executive left the company after the AIG suffered heavy losses due to a corresponding decline in the subprime housing market. The company lost $5.29 billion in the fourth quarter of 2007. First quarter 2008 earnings were $7.81 billion.
Sullivan will be provided with an office and an assistant until the end of the year. He also signed a non-compete clause in effect for the same period.
Sullivan had held the role since March of 2005.
U.S. stocks were mixed on Thursday after retailers reported mostly disappointing sales while other big-name companies announced layoffs and Europ...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
The markets have spoken: risk aversion is still the name of the game and that was obvious since the beginning of the week.
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