Jake DeSantis Resigns from A.I.G
Key Point to Resignation Letter by Jake DeSantis
Jake DeSantis sent a letter of resignation to Edward M. Liddy, CEO of the AIG (American International Group) on Tuesday, March 24, 2009.The key points noted in DeSantis' resignation letter are as follows:
- Desantis states that he is proud of his accomplishments at AIG in the commodity and equity divisions
- He was not involved in any type of fraud regarding credit default swaps
- He feels betrayed by AIG after the company promised to reward the employees involved in dismantling the company
- Elected officials are unjustly persecuting the financial products unit.
- DeSantis plans to donate his entire post-tax bonus on those suffering from the economic crisis.
- He states that business profits justify his monetary compensation.
- He lost a large portion of his life savings from AIG's credit default swap losses.
- He states that Liddy is suffering from the default swap losses as much as anyone.
- DeSantis says that he is disappointed that Liddy is not supporting the financial products unit against false accusations from Congress and others in the legal profession.
- He states that Liddy never asked to renegotiate the bonus compensation but paid all balances by March 13.
- DeSantis believes Liddy's decision to pay the bonuses was ethical and financially positive, but turned out to be politically negative.
- He says that Libby must have misunderstood his agreements with the Federal Reserve, the Treasury, with Congress, and Attorney General Andrew Cuomo of New York.
- DeSantis states that it is a "breach of trust" to ask the employees to return their compensations since none of them have done anything wrong.
- He states that members of the A.I.G.-FP are being threatened by Mr. Cuomo and Richard Blumenthal to "name and shame".
- He doesn't deny the fact that he and others in his profession have been overpaid which is why he is donating the entire amount, after taxes, to those suffering in the economic downturn.
- He believes that he should be the one to decide how his compensation is spent and not have it disappear into the budget of A.I.G. or the federal government.
- DeSantis believes that the country has more important issues to deal with than the monetary compensation that he and his colleagues received.
- He states that quitting his job with A.I.G. is the right decision for him and wishes Mr. Liddy luck with the problem of the credit default swaps.
- DeSantis also said that Attorney General Blumenthal should be happy that he is resigning on his own and doesn't have to be "shoved out the door".
New York Times
Published by Karen Curley
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1 Comments
Post a CommentMr DeSantis was working for $1 per year - which is NEVER mentioned in any "news" reports. AIG contracted with him and others to STAY and help work through the "unwinding" of the company in order to provide a return of the money invested by the U.S. taxpayer. By haruanging him and others, we are "cutting off the hand" that will work to return the money to the Treasury!