From The New York Times: The following is a letter sent on Tuesday by Jake
DeSantis, an executive vice president of the American International Group’s
financial products unit, to Edward M. Liddy, the chief executive of
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.
To read the whole letter, click here.
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