Wednesday, March 25, 2009

Don't Let The Door Hit You On The Way Out

In the NYT op-ed section this morning I saw this letter from Jake DeSantis to Edward M. Liddy, current chief exec of AIG. I'll give you just the first couple of paragraphs:

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.

If I were Mr. Liddy, or any other reasonable person my response would be something like this:


If you read the article below you know that AIG-FP was the division of the company that has punched a hole in the space-time continuum making it impossible for the rest of the universe to calmly go on with our lives.

And it may be true that this guy had nothing to do with it, but guess what! When a company fails, nothing is safe.

AIG might be "too big to fail" but that doesn't mean you get to keep going the way it's always been. When the government starts pumping money ass over elbow onto the balance sheet, you don't get to whine about your moral superiority and unworthiness of hostile treatment by the media!

Maybe it's this cold that just won't go away, or maybe I woke up on the bitchy side of the bed, but come the fuck on, people.


Joy said...

Seriously. How can he stand himself?

Joan said...

sounds to me like Mr. J.D. wants to make everyone believe he wasn't part of the problem and he is being the good guy by returning whatever is left after taxes.
Why not return it before the tax?

Da Old Man said...

Whether he was involved or not, wasn't he paid all along for his "hard work?" And probably quite well, I'm sure.

Kate said...

You are correct, Man. The average yearly salary for people at AIG was 350K.