Dear A.I.G., I Quit

New York Times ^ | March 25, 2009 | Jake DeSantis

[Tom D.]

DEAR Mr. Liddy,

It is with deep regret that I submit my notice of resignation from A.I.G. Financial Products. I hope you take the time to read this entire letter. Before describing the details of my decision, I want to offer some context:

I am proud of everything I have done for the commodity and equity divisions of A.I.G.-F.P. I was in no way involved in — or responsible for — the credit default swap transactions that have hamstrung A.I.G. Nor were more than a handful of the 400 current employees of A.I.G.-F.P. Most of those responsible have left the company and have conspicuously escaped the public outrage.

After 12 months of hard work dismantling the company — during which A.I.G. reassured us many times we would be rewarded in March 2009 — we in the financial products unit have been betrayed by A.I.G. and are being unfairly persecuted by elected officials. In response to this, I will now leave the company and donate my entire post-tax retention payment to those suffering from the global economic downturn. My intent is to keep none of the money myself.

[Tom D.]

It is rare to see such scorn heaped upon all things Democratic on the editorial page of the New York Times.

[Kozak]

I’ve seen estimates that in high tax states like New York the total tax, adding state and local cuts, on the “bonus” can exceed 100%....

[livius]

Quite a letter. I'm surprised the Times published it. I do think Liddy should have defended them better, but I guess I know why he didn't:

The only real motivation that anyone at A.I.G.-F.P. now has is fear. Mr. Cuomo has threatened to “name and shame,” and his counterpart in Connecticut, Richard Blumenthal, has made similar threats — even though attorneys general are supposed to stand for due process, to conduct trials in courts and not the press.

[caver]

This letter tells a lot. Mr. Liddy screwed his employees. He let Barney Frank and others defame these people. Liddy is a tool of Obama’s.

[Alberta's Child]

What a damning letter . . . and published in the NY Times, no less!

In the immortal words of one Freeper who posted this gem for the ages shortly after the 2008 presidential election . . .

Atlas Barfed

[tips up]

Good to see AIG employees speaking up about this.

[Reagan69]

Where are all the REAL journalists?

They just jump on the wagon ... this is horrible.

[SE Mom]

This letter needs to be read far and wide.

[ReleaseTheHounds]

I’m not surprised the NY Times published this... this is a huge issue for the Times’ local market and the response of the financial community should be voiced.

What’s somewhat surprising is that the NY Times apparently made zero effort in researching this important nearby story and getting the take from individuals like Mr. DeSantis. Instead, the NYT just goes with the mob and its most odious segment, the rabble in Congress.

[FReepaholic]

Just as I thought. I was wondering why the DBM hadn’t interviewed anybody that received the “bonuses”. Now I know.

[browardchad]

Unfortunately, it isn't just "all things Democratic."

85 Republican Congressmen voted for this illegal, unconstitutional populist feeding-frenzy of a bill, taxing retention bonuses at 90%.

The 85 include Eric Cantor, by the way -- the Republican House Whip, I believe.

Congress is out of control, and these Republicans are riding the wave to our destruction.

[mosaicwolf]

There are those few among us that have strength of character, honor, the courage of their commitments, and those that do not. It is fairly easy to see that no one on Capitol Hill meets these essential requirements as an American envisioned by our Founding Fathers. How sad indeed. However, I personally will not let the un-American cowards distract me from the oath I took as a career US Military Officer to defend the Constitution against all enemy's foreign and domestic. I have fought for these principles and our great country in the past and will continue to do so until my last breath.

De Oppresso Liber

[Protect the Bill of Rights]

I did not realize many of those who received the bonuses gave up their salaries. Wonder why no one mentioned this in the media???(rhetorical question only)

[TheShaz]

WOW

Cant think of a better word to say at this moment.

Suprised the NY TIMES posted that.

The bashers of all this used the word “BONUS” to make it sond liek they were getting extra money when it’s not the case....this is thier working salary for doing their job.

I agree with the above poster......THIS NEEDS TO BE SPREAD AROUND ASAP

[Roamin53]

When the politicians drive all the talent out of these businesses they can then seize them for lack of talent. And everyone can then receive menial pay and get taxed at 90%. Truly sounds like the American (Kenyan) Dream.

[penelopesire]

Thanks for the ping. A must read.

[kanawa]

Digg it

[McGavin999]

And now we have the rest of the story. This man worked for $1 on the promise that he would be compensated after the sale of his profitale division and the dems-AND A LOT OF YOU-screamed bloody murder.

[EBH]

Ping!

[Nahanni]

I did not.

I saw this for what it is. A cynical attempt by the legislative branch to cover their sorry asses. They get more perks then anyone. And most businessmen and women will actually read a document before signing it, unlike the legislative branch.