Resignation letter from Jake DeSantis, an executive vice president of the American International Group’s financial products unit;
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.
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 $1, and I agreed out of a sense of duty to the company and to the public officials who have come to its aid. Having now been let down by both, I can no longer justify spending 10, 12, 14 hours a day away from my family for the benefit of those who have let me down.
h/t eljay
I’m told some of you are getting a NYT registration page – you can read the whole thing here.
not stirred enough – with regard to ‘getting something for FREE costs you zero’..I don’t get how his blog name of FREE ‘panders to the ‘big zero’. You state that it means that one gets something for free. Gets what? What does FREE get for nothing?
What are you talking about ‘exploiting the need for self-expression’? He was comparing ‘zero’ to Obama.
not stirred. What is your definition of victim? He expressed he was in charge of an operation that made 100 million. When it turned to crap through no fault of his, he stayed on for 1$ a year and the bonus. He kept doing what he did before. The WH knew of the bonuses, signed off on the bonuses then reneged on the bonuses. You paid off your mortgage and the bank says no keep paying are you a victim? He made money in good years. He did it for a dollar and a sense of responsibility.
Would O be a victim if the people said whoa whoa whoa I take my vote back? I’d love to see the reaction. HE deserves it.
ET,
I’ve always like your posts because they are well thought out and well written. Mine are off the cuff and kinesthetic. My feeling is that although DeSantis may speak the truth he’s pissed at his sacrifice and having to return his bonus.
In his position he’s used to writing persuasive letters that move his agenda forward and this one is no different.
There is no doubt Obama sold his soul to many devils to become POTUS. The favours are now being called and it isn’t pretty.
No ET I was calling obambi a zero.
cancel all government union contracts now.
“he’s pissed at his sacrifice and having to return his bonus.”
Yeah, that DeSantis is such a cry-baby. Why on earth would anyone get upset when the House of Representatives votes to violate the Constitution with the Senate and the White House cheering them on? And who but the biggest wuss on the planet would get upset when the Attorneys General of both NY and CT publicly announce their intent to “name and shame” him in another violation of the Constitution. DeSantis really should man up.
I smell the revolution getting closer.
Maybe time we read (or re-read) Atlas Shrugged.
Ayn Rand is looking disturbingly prescient these days.
not stirred enough
++++++++++++++
I wonder when Dodd will return his money.
Don’t forget. Dodd was asked by the WH/timmy to add this AIG money to the bill. Blame the WH, not DeSanti
FREE – yes, I knew what you meant; it was quite clear from your post that you were calling Obama a zero. It was not stirred enough who was trying to, somehow, insult you, and getting himself and us, into a muddle.
Yes, kathryn – Congress, Cuomo and Obama were clearly advocating violating the Constitution. Obama doesn’t seem to care about it, or about the Rule of Law.
With regard to his Press Conference last night, which was uninformative and dull – and during which he snubbed News Sites that had criticized him, including the Washington Post (Charles Krauthammer), NYTimes..etc.. I get the sense that Obama doesn’t like the work of being president. He loves the narcissistic adulation and the perks, but he is, I think, a profoundly lazy person and doesn’t like the work.
The work – which involves reading Bills, line by line; the work – which involves analyzing and working through cause and effect of decisions. The work – which involves being certain that one’s actions are consistent with one’s words. So far, Obama is failing in these areas.
More and more, breaking his campaign promises, whether it be about putting bills up for public view before he signs them (never mind that he does’nt read them); no earmarks; no signing statements without consulting congress.
And, he doesn’t like accepting responsiblity; he’ll slough off both the work and the responsibility to others.
Mao Stlong say, Geolge my buddy. Clisis goody.
…-
“‘I’m having a very good crisis,’ says Soros as hedge fund managers make billions off recession
A hedge fund manager who predicted the global credit crunch has said the financial crisis has been ‘stimulating’ and the culmination of his life’s work.” (daily mailUK)
An elderly man suffered a massive heart attack.
The family drove wildly to get him to the emergency room.
After what seemed like a very long wait,
the ER Doctor appeared,
wearing his scrubs and a long face.
Sadly, he said,
“I’m afraid he is brain-dead, but his heart is still beating.”
“Oh, Dear God,” cried his wife,
her hands clasped against her cheeks with shock!
“We’ve never had a Democrat in the family before!”
“Listen carefully to this speech by Daniel Hannan. He is a Conservative Member of Parliament for South East England.
Hannan takes on GB’s Obama, Prime Minister Gordon Brown, for Brown’s attempts to stimulate England out of a recession by deficit spending.
Once, just once, wouldn’t it be amazing to hear a Republican speak this honestly and forcefully to the Democrats who run our country?”
americanthinker.com/blog/2009/03/if_republicans_had_any_guts.html
“SCREW THE TARP ACCEPTING BANKS
This is the list of every bank that has taken $100 million or more TARP funds. There are 8,000 banks that have not taken TARP funds. Let’s reward these banks with our deposits. They did not make systematic risk bets. They were prudent in their lending. They should be rewarded for these actions. The list of banks below should be punished for their actions.
If you have money in one of these banks, consider a withdrawal to put in a non-TARP bank.”
urlm.in/bzbi
“Stimulus, bailout will lead to more fraud: FBI
WASHINGTON (Reuters) – The FBI is bracing for a wave of fraud and corruption cases stemming from the government’s multitrillion-dollar effort to get the economy moving again, the agency’s chief told Congress on Wednesday.
The expected surge in economic crimes will place further strain on an agency already stretched thin as it investigates mortgage fraud, terrorism and corrupt politicians, FBI Director Robert Mueller said.
“Our expectation is that economic crimes will continue to skyrocket,””
http://news.yahoo.com/s/nm/us_financial_fraud_fbi
Old white guy said: “cancel all government union contracts now.”
Dude. First throw your opponents under the bus, THEN your friends.
Public sector unions will be broken -later-, as a bit of red meat to throw the starving electorate. In good time the ACORN buses will be pulling up in front of rich union bosses houses, but first they need to work their way through the bankers.
Obama’s already got his bonus money sewed up. He signed a book deal five days before taking office.
Hope, change and another autobiography.
ET,
I am not trying to justify congress…however, if you take the mobs money you are beholden to the moods of the Don.
I don’t like th efact that the government owns AIG….I don’t think it should be “easy” or “normal” or “convenient” for any of the parties involved. This is something that politicians, businesspeople and taxpayers should never want to happen again. The more heartburn it causes for everyone the better.
stephen – the US Congress is not a mafia Don. It must operate within the Rule of Law and the Constitution. It cannot operate by the whims of various politicians.
ET – unfortunately for America, obama and the hard left view the US Constitution as an impediment to imposing their own social order and marxist redistribution of wealth. In their minds, the powdered-wig dudes weren’t “hip” to the current problems, and thus it becomes necessary to treat the Constitution as a “living” document, hence obliterating its purpose and true power.
mhb
With bonuses being taxed back at 90%, and all bonuses subject to this, will athletes have to pay back their signing bonuses. How about union bonuses. The anger at bankers and AIG executives will soon be turned against union bosses, or hollywood stars or tv stars. Imagine ACORN protestors storm the Oprah set. How long before the carbqs in cities in the USA.
How long before the lynch mob scenes and KKK raids reappear, only this time against the rich.
And how many so called rich people start moving their money out of the USA, or perhaps their skills and businesses out to other places, like Canada.
ET,
Yes it does. But not all things come under the strict rue of the constitution.
The REALITY, as opposed to the theory of the situation is that the situation is political. You and I may not like that but it is the situation on the ground.
My point, again, is that ultimately this kerfuflle is a good thing because it makes everyone aware that government being involved in large businesses is a bad thing, bd for the politicians because they have to answer for people they dont control an bad for businesses because they are subject to forces that are alien to their mission, make money.
I am glad you see the US congress as a rational body…I dont….thats why they have courts and a constitution to correct the excesses over time. But I would never assume that just becasue a legislature is supposed to operate within the rule of law doesnt mean it will.
Legislatures have limited time, and discussing bonus plans of the companies they own is probably the last thing they should be involved in, whihc begs the question of why they even want to be involved. I think the legislators and the business side of the equation got a lesson as to why they try to not mix.
As for the Mafia Don…..the analigy holds in that the legislature has significant leeway and powers and he House of reps in particular is subject to the winds of the elctorate….so capricious and powerful…one should always be wary of taking money from organizations like that without rock solid rules and protection…..