Hank Greenberg, the old AIG CEO who just can’t get enough of publicly chastising AIG’s current management, says he ran bonuses differently back in the day.
AP: “When I was there, nobody had a contract with the company, including me,” Greenberg said in a nationally broadcast interview Friday. “If you didn’t do the job, you didn’t deserve to be there. We had a bonus plan based on performance.”
Of course everyone at the time thought their bonus plans were based on performance. The problem was not that, it was that “performance” typically consisted of excessive risk that would ultimately be the undoing for so many of these firms.