"Betrayed" AIG Exec Offers Public Resignation

"Betrayed" AIG Exec Offers Public Resignation
CBS News
March 25, 2009
http://www.cbsnews.com/blogs/2009/03/25/business/econwatch/entry4891431.shtml

In a sometimes scathing, sometimes somber letter to AIG CEO Edward Liddy, an executive working in the company's scandal-plagued Financial Products division resigned his post, expressing frustration at being "betrayed" by those he tried to help.

In the letter, which ran as an op-ed piece in Tuesday's New York Times, executive vice president Jake DeSantis said he was leaving the company because "we in the financial products unit have been betrayed by A.I.G. and are being unfairly persecuted by elected officials."

Liddy appeared before Congress last week to answer for the $165 million in bonus money going to executives of the Financial Products division – the part of the company widely blamed for AIG's near collapse. Those payments, and their recipients, have been blasted by lawmakers and, notably, the attorneys general of New York and Connecticut, who have sought the release of their names.

DeSantis insists he was not involved in the credit default swaps that are at the root of AIG's problems, noting that most of those responsible "have left the company and have conspicuously escaped the public outrage."

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umm...did anyone call a WHAAAAAAAAaaambulance?

I don't know that he is... but if what he's saying is true, then it is unfair that people are labeling them as the people who caused this mess.

If it's true, he should just go on and reveal the identities of the ones who are responsible.

Or ritual public suicide then call me.

Most of these bonus people still there were begged to stay on to help the company and the country and given the promise of bonuses to do so. It they had left earlier they would have had better job prospects than they do now.

If I had nothing to do with the criminals in the CDS unit and knew nothing about what was going on in that unit, I would have wanted to leave asap because AIG on my resume would not be helpful later.

If I stayed I would be giving a press conference right now telling every politician who was expressing outrage over my payment to go to hell and to turn all there AIG campaign contributions and Goldman Sachs contributions over to charity.