Thursday, September 25, 2008
"Sincerely, Martin J. Sullivan"
In the last year AIG stock traded for as high as $70 a share. It's trading as of right now at $2.99 -- about the price for a gallon of milk.
Last week the stock was trading at a low of $1.25 a share, or about the price (sale price, I should say) of a can of Progresso Rich & Hearty Chicken Pot Pie soup.
So, in advance of this collapse, what were its investors told? I pulled the below from the AIG annual report, which you can read here. We'll just let these words speak for themselves, with no further comment.
One more thing: Forbes listed Sullivan's CEO compensation at $11 million. And when he left the firm earlier this summer, he was reportedly paid out a $47 million severance package. No doubt about it: One could buy quite a lot of Progresso Rich & Hearty Chicken Pot Pie soup (and deflated AIG stock) with that sort of coin.
Heckuva job, Marty.