Ed Liddy, former chief executive officer of American International Group (AIG) had to face lot of hardships before he rose to great heights. Ed Liddy's father died when he was just 12 years old. According to aBusinessWeek report, he had a poverty-stricken childhood.
Liddy graduated from Catholic University of America in 1968 and received a master's degree in business administration from George Washington University in 1972. He worked with Ford Motor before joining G D Searle & Co in 1981.
The 63-year old Liddy earned about $130 million during his eight-year tenure at Allstate. In the wake of the financial crisis, Ed Liddy came to rescue the ailing AIG, worked for a salary of $1. But the act turned disastrous when the company handed out employee bonuses totally $165 million after it had accepted $170 billion in government bailout funds.
This forced him to quit AIG.