Wednesday, March 25, 2009

Jake DeSantis: "I Quit"

AIG Exectutive Vice President of AIG's Financial Products unit has tendered his resignation to Edward Liddy, the company's CEO. Mr. DeSantis has been working for the princely sum of $1 per year, trying to help unwind the credit default swap mess that has put AIG in such dire financial straits. He could have accepted other employemnt opportunities but was promised a completely just reward for staying. So far his unit has manged the CDS portfolio down from $2.7 billion to $ 1.6 billion. I'd say that what he was paid was a pittance. Now, grandstanding, know-nothing politicians like Barney Frank and Andrew Cuomo have driven off a good man, who was trying (and succeeding) to do the right thing, all to score cheap political points and cover their own posteriors. Both of them are utterly contemptible thugs. They have been threatening to publish the names and addresses of retention payment (not bonus, as they have described it) recipients. Why do this, if not to encourage a lynch mob to harm them and their families?

From Mr. DeSantis:

"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 it all.
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