BAILED OR FAILED: Episode 1

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Martin J. Sullivan, 53
Position: Former Head; AIG insurance.
Income: $10.9 MM
Family Status: Married
Location: New York, NY

How He Was Bailed:
Having averaged an estimated $11million per year as CEO, Sullivan was due $19 million in severance payments that the government bailout was to go towards. He has been with AIG for 37 years. Despite New York Attorney General Andrew Cuomo’s attempt to freeze over $600 million in bonus payments to AIG employees, he received – and has refused to refund – a $5MM performance bonus for 2008.

Click here for a full report.

VS.
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Marvel Collins Jr., 53
Position: Forklift Operator; Parma auto plant.
Family Status: Married
Income: $75,000
Location: Bedford, Ohio

How He Was Failed: In a sub-prime Adjustable Rate Mortgage that he didn’t understand, Mr. Collins mortgage payments suddenly increased from $829 a month to just over $1,300 and he lost his home his family have lived in for over 10 years.  Original cost of the property?  $109,000. Mr. Collins does have a $40 a day Ohio Lottery habit and despite a somewhat porcine build, considers becoming a part-time stripper in hopes of one day owning a home again. Any sort of subprime bailout would be too late for Mr. Collins.

Click here for a full report.

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