Posted on 03/25/2009 4:03:51 AM PDT by 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.
(Excerpt) Read more at nytimes.com ...
You obviously never read the article you've been so adamant about commenting on, so I'll provide a few outtakes...
The profitability of the businesses with which I was associated clearly supported my compensation. I never received any pay resulting from the credit default swaps that are now losing so much money. I did, however, like many others here, lose a significant portion of my life savings in the form of deferred compensation invested in the capital of A.I.G.-F.P. because of those losses.
But you also are aware that most of the employees of your financial products unit had nothing to do with the large losses.
As most of us have done nothing wrong, guilt is not a motivation to surrender our earnings. We have worked 12 long months under these contracts and now deserve to be paid as promised.
Apparently you want to throw the baby out with the bathwater, seeing crooks in everyone whether truly guilty or not. But it fits with your apparent disgust over someone being compensated by a failing company when YOU weren't. I suggest you'd be happier on a board such as KOS or the DU. You seem to be of the same mind frame...
I said goodbye once. You apparently don't understand that word as you again responded. This time it's final.
Goodbye!
First, I note DeSantis, an exec VP, was violating the minimum wage laws, by working for $1. He's also implicated Libby in the same scheme. He must have been confused though, because he was expecting to get a rather large wad of cash for his work. That's the cash he calls retention payments, which are BONUSES. I think Libby is too. I don't believe for a sec this whining clown was working for a dollar, or confused. He's just full of it.
He's been there for 11 years prior, working in equity and commodity trades. The exec VP material says he had no knowledge of the inherent problems with the credit default swap business of his own division, in which he claims he had significant investments. That's remarkable and sufficient cause for me to think either he's an friggin' idiot, or lying.
From DeSantis: "Some might argue that members of my profession have been overpaid, and I wouldn’t disagree."
I wouldn't argue that, except in this cases of this guy, or Libby. Poor misunderstood unloved persecuted bastards. I hope they don't start hittin' the bottle, or worse 'cause of this.
I read the letter, I merely restate my larger point-AIG knew they were in trouble when they agree to these bonuses...if a company is in serious trouble, they have no business giving out bonuses. Bye.
I was not paid for the last month I worked there...
I was not paid for the last month I worked there...
Thanks for the particular... Some folks don't understand that with these guy's a contract is not a contract. As you said, "...as any lawyer can tell you." Let's see, 2003, DeSantis might have been his boss. LOL!
Great post ...maybe he was hitting the bottle hence his self pitying waa waa letter.
Great minds...well you know the rest thanks!
That is a falsehood. The bonuses were promised prior to the infusion of government money. The bonuses were originally supposed to be paid from the profits made by selling off profitable segments of the newly dismantled company.
The falsehood is just another example of demagoguing on this issue.
No question...the government mess up big time...no money should have been given to AIG without tough conditions like the autos and a viability plan as well. We would never had to worry about bonuses if Paulson had done the right thing initially.
WOW. Great read. Maybe the hordes should have informed themslves of the facts before they loaded up their pitchforks and lit the torches.
Hardly a falsehood as Liddy made the final decision to pay these bonuses...promised by another crook I suppose...so? I still say no bonuses, jets, stadium naming privileges for bailed out companies...pay the money back.
Only in the New York edition? Not in any other edition?
Bankruptcy protection without bankruptcy declaration - you have an interesting view of the world.
What makes you think I would not have preferred to see AIG in some sort of bankruptcy? Supposedly, this would have destroyed the economy...I am not an expert thus I don’t know about this.
I applaud Jake’s actions. What a mess our politicians have made of this country.
I applaud Jake’s actions. What a mess our politicians have made of this country.
Funny...that's what I feel like now. I send thousands of $$ to the State, and the Feds....and THEY are TRILLIONS of $$$ in the hole.
You appear to think that they deserve to break these contracts as if they went bankrupt, even though they did not go bankrupt.
If such contracts can be abrogated with impunity, under threat of violence and color of law, then no contract is safe.
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