Send Feedback

<br />

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.
<br />

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.

Are you outraged? Tell us what you think in the comments!

ALSO, join the forum on BlackPlanet and tell us about how you or someone you know has been FAILED!

Tags: AIG, Financial Crisis
Recommend to friends!
  • BlackPlanet
  • Twitter
  • Facebook
  • email

News One Links

 
  • http://www.blackplanet.com/Jsmalls/ Jsmalls

    That’s f**ked up!!!!

  • http://www.blackplanet.com/hipswang/ hipswang

    Yes I’m outraged – this is is always how it goes – the wealthiest americans look out for each other – the rest of us are f**ked. Funny how in the time of Devil Bush’s presidency, the most companies went under and filed bankruptcy but he long ago passed a law making it harder for citizens to file. At my company the same thing has happened, all of the executives got their massive bonuses and raises and now there is a hiring freeze, some layoffs, and they project that none of us will get increases in the near future. That’s always the way and I really hate that contracts and law in general are not forced into speaking in clear english.

  • http://newsone.blackplanet.com/nation/bailed-or-failed-episode-2/ Bailed or Failed: Episode 2 | NewsOne

    [...] See more episodes of BAILED OR FAILED!!! TAGS: bailed or failed, disability, financial crisis, merrill lynch, subprime mortage crisis, Texas Share and Enjoy: [...]

blog comments powered by Disqus
?>