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 ...
I will observe that I saw comments identical to yours at DU.
There is a huge difference between conservatism and populism but sadly the latter often tries to pass for the latter.
Socialism was signed in lock, stock and barrel by the previous president. Given that he sold us down the river and we're now in the rapids I would suggest that the conservative position is to maintain the rule of law and contracts for without those we have certainly lost our paddle.
For those that think that the government has the right to tear up contracts...well, there is the waterfall just down the creek from the rapids and they've just thrown the paddles away.
Oh boo hoo. AIG could have hired a consultant for less than $100K to do this guy’s job. Instead, he took a $1/yr. salary so that he could make $740,000. For how much work?!
He tried to hold AIG over a barrel for a big payoff (of OUR money) and he got caught. Cry me a river. He should have taken an up-front consulting fee if he wanted a lump-sum payment. Instead, he wanted a “bonus” for doing his job. If it’s a fee-for-service, it should have been negotiated as such.
This guy is a moron.
Evidence that "Atlas Shrugged" has become America's Reality: "Dear AIG, I Quit" http://bit.ly/Kll9Y
Lots or RTs and responses.
“Read: I am quitting because I am not getting my taxpayer funded bonus...”
He should work 14 hour days for no pay?
“Tired of the socialist whining from people who believe that our tax dollars should go to execs of failed companies.”
Well, I’m tired of communists whining and shaking their collective fists at PRIVATE companies honoring CONTRACTS.
You, and your ilk, have no business WHATSOEVER getting involved in this. These contracts were drawn before the bailout, i.e., none of your GD business, comrade!
How about pissing and moaning about how your commie buddies thrust this SOCIALIST “bail out” on the American people DID NOT WANT IT in the first place! That’s worth at least a protest, or two, no? Isn’t this a bigger issue than the $165 million? But go after people making a living, that’s the ticket, Mr. Stalin, get those greedy kepitelists.
Tired of 1st Class Suckers like you who buy into this farce, as well. Your dear Kenyan and his goat herd knew about these bonuses.
Those companies should have been allowed to fall.
You have revealed your true colors.
Another fine example of the “Conservative” who argues the same principles as the hard-left.
You disgust me. And everyone else who can’t think past their ENVY.
Go join up with your pinko pals on the left. They hate the private sector just like you.
Failed company is right. Only now YOUR BUDDIES created a zombie, the walking dead of companies, unnatural and immoral. Boy, you sure missed your opportunity to gripe about socialism, did you not?
I FRICKIN’ HATE LEFTISTS!
Hmmmmm..... Was this dude forced to give his bonus back? No
Good for you. But if your company is bankrupt, whether it’s your fault or not, it would be better to leave that company ... especially if your company is taking taxpayer dollars to pay your salary. Not only is it wise for you in the long run, it’s the only honorable thing to do.
The fact that you have earned your salary is not at issue. You have.
The fact that your employer did not stand up for you is not at issue. They didn’t.
But staying on at a banrupt company and receiving your salary from taxpayer money is dishonorable, not because you are dishonarable, but because you are working for a dishonorable company who is fleecing the American taxpayer. That’s why you should quit.
Hopefully your colleagues follow suit.
Howver, the real issue here is not your salary, your hard work or your integrity ___ the real issue is there never should have been taxpayer bailouts in the first place and there should be NO MORE BAILOUTS in the future.
You my friend confirm my belief that this country and the people who now are in control of it are .. Complete Jack-Asses!
GO TO KOZ.
On your way there .. “BITE ME”!
I hope that someone here on FreeRepublic can find Mr Desantis’s email address.
I for one would like to send him my best wishes, and Thank him .. Like we did with Mr Hannan. (sp?)
(The parlamint speaker)
I was sitting in my car, waiting for my wife to finish her shopping, <—(I wasn’t holding my breath) and listening to Glen Beck when he read the letter from Mr Desantis.
When my wife arrived from her “Never Ending” Shopping experience .. I WAS CRYING!
God help me.
As a vietnam vet .. I didn’t know that I could cry anymore.
If ANY of you have a direct line to Glen .. Would you PLEASE ask him to make that reading of the letter that he did,available online?
God Bless Mr Beck!
Shoot the above link to your Mom.
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