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  1. #1 Dear A.I.G., I Quit! - for those of you who have bought into the bogus bonus brouhaha 
    CU's Tallest Midget! PoliCon's Avatar
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    Dear A.I.G., I Quit!

    Published: March 24, 2009

    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.

    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.

    You and I have never met or spoken to each other, so I’d like to tell you about myself. I was raised by schoolteachers working multiple jobs in a world of closing steel mills. My hard work earned me acceptance to M.I.T., and the institute’s generous financial aid enabled me to attend. I had fulfilled my American dream.

    I started at this company in 1998 as an equity trader, became the head of equity and commodity trading and, a couple of years before A.I.G.’s meltdown last September, was named the head of business development for commodities. Over this period the equity and commodity units were consistently profitable — in most years generating net profits of well over $100 million. Most recently, during the dismantling of A.I.G.-F.P., I was an integral player in the pending sale of its well-regarded commodity index business to UBS. As you know, business unit sales like this are crucial to A.I.G.’s effort to repay the American taxpayer.

    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. In this way I have personally suffered from this controversial activity — directly as well as indirectly with the rest of the taxpayers.

    I have the utmost respect for the civic duty that you are now performing at A.I.G. You are as blameless for these credit default swap losses as I am. You answered your country’s call and you are taking a tremendous beating for it.

    But you also are aware that most of the employees of your financial products unit had nothing to do with the large losses. And I am disappointed and frustrated over your lack of support for us. I and many others in the unit feel betrayed that you failed to stand up for us in the face of untrue and unfair accusations from certain members of Congress last Wednesday and from the press over our retention payments, and that you didn’t defend us against the baseless and reckless comments made by the attorneys general of New York and Connecticut.


    CONTINUED
    Stand up for what is right, even if you have to stand alone.
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  2. #2  
    LTC Member Odysseus's Avatar
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    I guess we know who's going to be getting the "Joe the Plumber" treatment from the media this week.
    --Odysseus
    Sic Hacer Pace, Para Bellum.

    Before you can do things for people, you must be the kind of man who can get things done. But to get things done, you must love the doing, not the people!
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  3. #3  
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    I read this article.........it is a measured and extremely well thought out response. The article shows just how far the media and elected officials have fallen when reasoned and thoughtful thinking and common sense are jettisoned for power and political reasons.
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  4. #4  
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    It says "continued" - where's the rest? It starts off very well.
    "Today, [the American voter] chooses his rulers as he buys bootleg whiskey, never knowing precisely what he is getting, only certain that it is not what it pretends to be." - H.L. Mencken
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  5. #5  
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    Quote Originally Posted by linda22003 View Post
    It says "continued" - where's the rest? It starts off very well.
    NY Times
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  6. #6  
    CU's Tallest Midget! PoliCon's Avatar
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    Quote Originally Posted by linda22003 View Post
    It says "continued" - where's the rest? It starts off very well.
    click on the underlined bit linda. DUH. :p
    Stand up for what is right, even if you have to stand alone.
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  7. #7 Dear A.I.G., I Quit. 
    Senior Member marinejcksn's Avatar
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    Jake DeSantis, an executive vice president of the American International Group’s financial products unit (who had NOTHING to do with the Credit-Default Swaps that led to the collapse of AIG) wrote the following letter 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.

    read the rest here

    Well done Sir. Well done.
    "Don't vote. It only encourages the bastards." -PJ O'Roarke
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  8. #8  
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    Stand up for what is right, even if you have to stand alone.
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  9. #9  
    HR Corporate Scum patriot45's Avatar
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    Boy oh boy, you should read some of the wealth envy comments! Sheesh, its like the whole DUmp making them!

    2009 12:24 pm
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    OK, Jake, I'm going to say it again: NOBODY deserves to be paid $700,000 for a year's work. It's an obscenely huge amount of money that can have no relationship to the work actually done.

    A 700,000+ bonus? What world does he live in? (Not my world, that's for sure).

    Hint: If your company accepts tens of billions of dollars from taxpayers, consider your bonus renegotiated.


    You still don't get it. You worked as a senior level executive at a company that lost $60,000,000,000 and yet because you claim no responsibilty for that loss you think your still entiteled to a million plus bonus

    : “Grow your own dope. Plant a liberal.”
    ” Obummercare, 20 percent of the time it works everytime.
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  10. #10  
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    Quote Originally Posted by patriot45 View Post
    Boy oh boy, you should read some of the wealth envy comments! Sheesh, its like the whole DUmp making them!
    Notice that these kinds of people never complain about how much Al Gore makes or how much their favorite sports star makes . . . . It's only when people work with money - ie in an actual business - that these people complain . . . .
    Stand up for what is right, even if you have to stand alone.
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