DEAR Mr. Liddy (President AIG),

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........


signed:

Joe Desantis, Banker

Where's the rest of it?

it was too long!


you can view the entire Letter to the Editor at the New York Times or it can be found at American Thinker and a host of real news providers.......

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 —

Sorry - don't feel sorry for him. My husband worked horrendous hours last year on a special project, hush-hush, all that crapp. They were 'reassured' many times over that they would be rewarded in March 2009 also - Guess what - Those that worked 60-70 hour weeks for months and months and months got nothing but gray hair, poor health, and heartburn.


My intent is to keep none of the money myself.

Seeing is believing. If he gives it all away - I say Great For Him - but in doing so - he is taking money out of our pockets because we paid that bonus. But even though it is his 'intent', that doesn't mean that it will actually happen.

::stepping off soap box, going back to my own little corner::



Nope - don't feel sorry for him on that one at all.

None of us received bonuses this year because of what others in other companies did to the economy. We took it in stride. HOWEVER, if that bonus was the ONLY pay I was going to receive for 12 months work - I would have been furious. If a contract was in place - there would have been a lawsuit.

Umm, LOP, we did not "give" him that money. That money, as well as all other TARP funds, are a loan which is required to be paid back to the government, at a pre-tax rate of approximately 7.2%. It is not free money, and AIG had a contractual obligation with these employees to pay the bonuses. Many of the derivitave traders at AIG, as well as other companies, work for very small salaries, often having a minimal draw every month, with the knowledge that their end of year bonus will be paid if they meet certain thresholds in their contract.

Sorry that your husband got the shaft by his company, but the government is wrong in what it is doing -or attempting to do - with the AIG bonuses.

Happy, why do you say he's a banker?

don't you know, everyone who received TARP funds, from automakers to insurance execs, are now bankers. It must be true, it is in the news!

he has spent the last eleven years trading in the Investment Products division - he is as much of a banker as you, probably more so..............

So, you just made that part up? It's not in the letter as printed in the New York Times. (As printed, it wasn't even signed "Joe")

how do you sign a letter to the editor?

and since when is an investment banker not a banker?

Quick, focus on the unimportant details!

nice dodge. why are you lying about the letter's contents?

here is a link to the article

http://www.nytimes.com/2009/03/25/opinion/25desantis.html?pagewanted=1&_r=1&ref=opinion

ain't no dodge, the letter is from Mr. DeSantis, an investment banker - it was printed in that horrible conservative rag the NY Times - I inserted his name and added banker, also added who Mr. Liddy is at the beginning of the letter for those that don't keep up on such matters..... maybe I got his first name wrong, is that important? I did it from memory because I didn't copy and paste the whole letter, it was too long....

Is there something I changed in the body of the letter? Don't see your point at all Barbarian, so why are you at my gate?

btw...your gate squeaks

honey ham on rye, please

he is using the classical left trick - misdirection

'misdirection' Hork!
You lied, lack the integrity to admit it, and claim that being called on it is 'misdirection'.

::Files Happy under 'Can Dish it Out But Can't Take it'::

::just trying to be helpful::

Hrothgar - I think your beef is with Pale (or Paint, currently), who was pretending to be Happy amidst all of the tomfoolery yesterday.

Not sure why anyone would do such a thing, jsut syanig...

Wow, you caught him good. I must question whether this letter was really printed in the NY Times and whether the section copied here is an exact match to it. Otherwise, Geiger is correct and Happy lacks integrity.

If only there was some way to verify the validity of Happy's post. Anyone have any suggestions?

a poll?

first and foremost, I would suppose that Barbie lacks the integrity in posting for accusing me of this thread, which is clearly not started by me.

::files under Barbie got hoodwinked on BOL::

Second, good Straw, you can follow the link above that I posted that has the entire article, clearly exonerating the one that Barbie thought was me. (I know, you posted tongue in cheek, but many don't get it...)

Why is he gifting it to charity rather than attempting to return it to the government directly? I'm sure someone at Treasury would be willing to accept it as partial repayment of TARP money from AIG.

Oh, wait, does he itemize his taxes?

Saying you are giving it to charity always makes you seem so much less "dirty".

Sorry, I don't have much sympathy for this guy or anyone else at AIG. As a member of that corporate culture, he was neck deep for 11 years and only now finds the environment unworkable for HIM. How was that environment when he was pulling in the big bucks year after year? Pretty good, I'm guessing. No ethical or moral issues tugging at his sleeve? I bet his house is stupid big and his car is stupid expensive. His wife probably has stupid big fake ta-tas and his kids go to private school. I just can't find any sympathy for this kind of character.

Bitter much? Bwahahaaaaaaaaaaaa, same old MJ.