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Wednesday, March 25, 2009

Quiting AIG

Short and sweet, the public outcry against all of AIG will cost them people, talented people that had nothing to do with the credit default swap transactions that plagued the company.

As is the case of the resignation of Jake DeSantis, Executive VPm AIG Financial Products... portions of his letter below, from the link above.

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.


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 the entire letter and understand that because of Obama, Congress and the public, lumping all AIG executives that received bonuses in together, whether they were responsible or not for the mess AIG is in, a loyal, dedicated worker has now left the company at a time when they needed honest, dedicated people.

A pity.