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Dear A.I.G., I Quit!
The New York Times ^ | March 24, 2009 | Op-Ed Contributor

Posted on 03/25/2009 11:12:59 AM PDT by OrangeDaisy

The following is a letter sent on Tuesday by Jake DeSantis, an executive vice president of the American International Group’s financial products unit, to Edward M. Liddy, the chief executive of A.I.G.

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 ...


TOPICS: Business/Economy; Government; News/Current Events; US: New York
KEYWORDS: aig; aigbonus; aigbonuses; bonus; desantis; edwardliddy; mobjustice; tax
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You can read the entire letter here: The New York Times .
1 posted on 03/25/2009 11:12:59 AM PDT by OrangeDaisy
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To: OrangeDaisy

Who is John Galt?


2 posted on 03/25/2009 11:19:26 AM PDT by Jo Nuvark (Those who bless Israel will be blessed, those who curse Israel will be cursed. Gen 12:3)
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To: OrangeDaisy

Read: I am quitting because I am not getting my taxpayer funded bonus...

Tired of the socialist whining from people who believe that our tax dollars should go to execs of failed companies.

Even more tired of the socialists who try to liberalize/rationalize why tax dollars are funding bonuses for failed execs


3 posted on 03/25/2009 11:20:09 AM PDT by UCFRoadWarrior (The Biggest Threat To American Soverignty Is Rampant Economic Anti-Americanism)
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To: OrangeDaisy
I had a suspicion that the brouhaha over the AIG bonuses, was another case of the Dems trying to have it both ways.

Until I saw this letter, I had no evidence, since the MSM isn't about to say anything good about the people who work at AIG.

It's clear that the people who were supposed to get the bonuses, were not the people who collapsed the company.

Just another case of the Dems and the MSM trying to rouse the rabble against Capitalism. Unfortunately, they've done a pretty good job.

4 posted on 03/25/2009 11:20:40 AM PDT by ChicagahAl (Don't blame me. I voted for Sarah.)
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To: UCFRoadWarrior

You didn’t read the letter, obviously.

Class warfare is so becoming these days!


5 posted on 03/25/2009 11:21:47 AM PDT by MortMan (Power without responsibility-the prerogative of the harlot throughout the ages. - Rudyard Kipling)
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To: UCFRoadWarrior
liberalize/rationalize why tax dollars are funding bonuses for failed execs

Exec pay is a company matter. The problem here is "tax dollars are funding.."

6 posted on 03/25/2009 11:22:06 AM PDT by D-fendr (Deus non alligatur sacramentis sed nos alligamur.)
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To: OrangeDaisy
This is not a tax-deduction gimmick; I simply believe that I at least deserve to dictate how my earnings are spent, and do not want to see them disappear back into the obscurity of A.I.G.’s or the federal government’s budget.

I like that! He doesn't want to see the money go down another black hole!

7 posted on 03/25/2009 11:23:02 AM PDT by SuziQ
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To: OrangeDaisy

[...”Like you, I was asked to work for an annual
salary of $1, and I agreed out of a sense of duty
to the company and to the public officials who have
come to its aid.”...]


8 posted on 03/25/2009 11:23:46 AM PDT by Jo Nuvark (Those who bless Israel will be blessed, those who curse Israel will be cursed. Gen 12:3)
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To: OrangeDaisy

I’m sure this man will be NewYork Slimed by the end of the week....just wait


9 posted on 03/25/2009 11:24:06 AM PDT by MadelineZapeezda (Have you girded your loins today??????)
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To: UCFRoadWarrior

Shut up and read the letter. This isn’t about corporate welfare.


10 posted on 03/25/2009 11:24:21 AM PDT by CodeToad (Anyone wanting the government to take over medical care should stand in line at the post office)
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To: OrangeDaisy

Great letter. Puts the blame on the new CEO for not standing up for them. They should get the guy from Strassbourg who took on the PM this morning — ‘You have spent all we have.’

Such a pig-pile in Congress; disgusting.


11 posted on 03/25/2009 11:24:42 AM PDT by bboop (obama, little o, not a Real God)
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To: ChicagahAl
It's clear that the people who were supposed to get the bonuses, were not the people who collapsed the company.

Just another case of the Dems and the MSM trying to rouse the rabble against Capitalism. Unfortunately, they've done a pretty good job.

I'm glad this man was willing to risk the ire of the MSM and the Democrats to give folks an insight into what was happening behind the scenes.

12 posted on 03/25/2009 11:24:46 AM PDT by SuziQ
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To: OrangeDaisy
Somebody call the...

13 posted on 03/25/2009 11:25:48 AM PDT by Mr. Know It All
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To: UCFRoadWarrior

[...”Like you, I was asked to work for an annual
salary of $1, and I agreed out of a sense of duty
to the company and to the public officials who have
come to its aid.”...]


14 posted on 03/25/2009 11:26:19 AM PDT by Jo Nuvark (Those who bless Israel will be blessed, those who curse Israel will be cursed. Gen 12:3)
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To: Mr. Know It All

[...”Like you, I was asked to work for an annual
salary of $1, and I agreed out of a sense of duty
to the company and to the public officials who have
come to its aid.”...]


15 posted on 03/25/2009 11:27:28 AM PDT by Jo Nuvark (Those who bless Israel will be blessed, those who curse Israel will be cursed. Gen 12:3)
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To: Jo Nuvark

$


16 posted on 03/25/2009 11:27:45 AM PDT by Wyatt's Torch (I can explain it to you. I can't understand it for you.)
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To: OrangeDaisy
Another thread on this article
17 posted on 03/25/2009 11:29:27 AM PDT by mysterio
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To: Wyatt's Torch

$oon!


18 posted on 03/25/2009 11:30:38 AM PDT by Jo Nuvark (Those who bless Israel will be blessed, those who curse Israel will be cursed. Gen 12:3)
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To: MortMan

So, an executive from a failed company should get a taxpayer funded bonus?

That is socialism...


19 posted on 03/25/2009 11:30:47 AM PDT by UCFRoadWarrior (The Biggest Threat To American Soverignty Is Rampant Economic Anti-Americanism)
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To: UCFRoadWarrior
They are not BONUSES, they are compensation, and these men have been screwed.

Good for this guy, for having the nerve to stand up to the BS. The media and the idiots in Congress have used these men in such a way that we should all be worried.

If the country is willing to allow these tax payers to be railroaded, who is next?

When it comes to personal freedom, no one gets pissed off until they are targeted.

20 posted on 03/25/2009 11:31:05 AM PDT by teenyelliott (Soylent green should be made outta liberals...)
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