Wednesday, March 25, 2009

Dear A.I.G., I Quit!

The resignation letter from Jake DeSantis, a VP of AIG's finanical products unit, to Edward Liddy, AIG CEO.
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.

I take this action after 11 years of dedicated, honorable service to A.I.G. I can no longer effectively perform my duties in this dysfunctional environment, nor am I being paid to do so. 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. Having now been let down by both, I can no longer justify spending 10, 12, 14 hours a day away from my family for the benefit of those who have let me down.
Read the whole thing.

1 comment:

thinking said...

I understand the reaction against the concept of these bonuses in general, but I do agree that the whole thing was blown out of proportion.

I think the media also fueled the controversy so that they could generate a few story lines.

It is rather sad that there were bus tours to take people to the homes of certain AIG employees.

I also agree that the govt cannot just abrogate these contracts...nor should they attempt to pass some targeted tax on these people, which would most likely be unconstitutional anyway. But I really don't expect that tax proposal to get signed into law.

My only complaint with the author of this letter is that he does come across as kind of whiny...and as he acknowledges, there are so many more people who are hurting far more out there.

So I would have liked to have read more of a tone of humility.