Sept. 17 (Bloomberg) -- peak , named paramount manager policeman in June amid list losses from the housing slump, may get a $7 million egress package after a Federal Reserve takeover forces him out. Willumstad, 63, is entitled to support a $4 million banknotes bonus, 1 million shares, six months' severance earnings and person protection and other benefits usefulness about $40,000, said , a older doctor at New York-based executive honour firm & Associates. ''To most people, that would seem to be a lot of money, given he was only there a few months,'' Schmidt said in an interview. ''I'm persuaded when they negotiated this condense they never reflection he'd only be there three months.'' Willumstad, the earlier Citigroup Inc. president who Heraldry sinister the bank in 2005 to invite a CEO position, will be replaced by late Allstate Corp. administer in a U.S. takeover that includes an $85 billion allowance to the insurer.
AIG have dropped 94 percent since Willumstad was appointed June 15 as a change girlfriend caused by credit-rating downgrades almost led to AIG's collapse. The compensation reckoning for Willumstad is based on his liquidate narrow dated July 16, the company's number one severance rules, and AIG's up to date divide up price, Schmidt said. AIG options that were valued at $12 million when the get was written are indubitably worthless, he said. AIG tumbled 46 percent to $2.03 at 12:06 p.m. in New York Stock Exchange composite trading.
Willumstad's predecessor, , was supreme for three years until being ousted after two extreme every thirteen weeks gain losses. Maurice ''Hank'' Greenberg reigned at AIG for almost four decades until he was affected to sleep in 2005 amongst regulatory probes. AIG spokesman didn't as soon as resurface calls for comment.
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