One more CEO tarnished with the financial meltdown is losing more of his compensation. Robert Willumstad, who served for three months as head of American International Group, will forego stock awards he was granted when he joined AIG in June.
This is the second time Williamstad's pay has been cut. He waived a $22.5 million severance payment before.
AIG was a key player in the meltdown and has so far recieved $152 billion in federal bailout money. Its insurance plays involving derivatives penetrated so far into the financial industry that the company, created by legendary but ousted CEO Hank Greenberg, was deemed to important to fail.
More pay cuts to come?