Props to AIG’s Robert Willumstad, for acknowledging his performance wasn’t worth his pay.

American International Group’s ex-CEO Robert Willumstad has rejected a $22-million severance package from his former employer.

Willumstad e-mailed his successor, Edward Liddy, that he would decline the package since he had been unable to execute a restructuring plan before the government had to step in to avert AIG’s collapse.

No nets, no harnesses, no golden parachutes, please.

Willumstad only was at the helm of AIG for about three months, so effectively, shareholders should dump the post-game Haterade on the shoulders of Martin Sullivan as much as on Willumstad, if not more. But we’ll give credit to Willumstad where credit’s due. Wiping out 97% of shareholder value – not worth $22 million dollars. Good call, Bob!