AIG's Automotive Connections: "Red" Poling's Son Receives Biggest Bonus
By Michelle Krebs March 23, 2009Turns out Doug Poling, the son of former Ford Motor Co. Chairman Harold "Red" Poling topped the list for biggest bonuses paid to executives of American International Group Inc., an honor that earned him a personal visit by protesters over the weekend.
News reports say 48-year-old Poling, an executive vice president in charge of energy and infrastructure investments, received -- and says he will return -- the $6.4-million payment he received in bonus.
On Saturday a busload of about 40 protesters, claiming they represented working- and middle-class families, paid a visit to the luxury Fairfield, Connecticut, homes of AIG executives, including Poling. Met by security guards at the homes, the protesters dropped off letters asking the AIG execs to not only give up their bonuses but to support higher taxes on families earning more than $500,000 a year.
AIG paid at least $165 million in executive bonuses after receiving billions in government bailout funds.
Meantime, auto industry execs have cut their pay -- in some cases to $1 a year for CEOs -- in order to obtain government help.
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