THIS IS A GOOD START

I missed this news until a couple of days ago and although I have nothing special against AIG executives, I do think this sets a very good precedent. Let's hope this spreads to the other major firms that helped create the Big Shitpile.

AIG to claw back executive payments, reform ways
Fri Oct 17, 2008 7:07am EDT

By Joseph A. Giannone

NEW YORK (Reuters) - American International Group, the insurance giant that drew fire for executive "golden parachutes" and an ill-timed junket even as it receives a massive taxpayer bailout, has agreed to mend its ways.

AIG promised to recover executive payments and other compensation, cancel perks and institute reforms one day after New York Attorney General Andrew Cuomo threatened legal action over its controversial spending.


Cuomo had objected to "extravagant" payments to executives who ran the company into near-collapse, including a $5 million cash bonus and $15 million "golden parachute" to Sullivan earlier this year, as well as a $34 million bonus for Cassano, whose unit generated the bulk of AIG's losses.

Moreover, AIG will not make payments to departing Chief Financial Officer Steven Bensinger pending the outcome of the state's ongoing probe. Cuomo said Bensinger's severance would have been in the $10 million range.