Results 1 to 11 of 11

Thread: AIG exec resigns via the New York Times

  1. #1
    Elite Member Moongirl's Avatar
    Join Date
    Oct 2005
    Location
    Cal-i-for-nigh-ay!
    Posts
    7,579

    Default AIG exec resigns via the New York Times

    MSNBC.com


    AIG exec turns in resignation ... in NY Times
    Says hell give post-tax bonus to charity, says new CEO not supportive

    The Associated Press
    updated 10:22 a.m. PT, Wed., March. 25, 2009

    CHARLOTTE, North Carolina - An American International Group Inc. executive who received a retention bonus worth more than $742,000 after taxes has resigned publicly in an Op-Ed column in The New York Times.

    Jake DeSantis, an executive vice president at AIG's Financial Products division, said Wednesday he is leaving the company and will donate his entire bonus to charity. The letter, addressed to AIG's CEO, Edward Liddy, criticized Liddy for, among other things, agreeing to the payments but then calling the bonuses "distasteful" as he testified before disapproving members of Congress.

    "We in the financial products unit have been betrayed by AIG and are being unfairly persecuted by elected officials," wrote DeSantis, who was head of business development for commodities. "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."

    He added: "I take this action after 11 years of dedicated, honorable service to AIG. I can no longer effectively perform my duties in this dysfunctional environment, nor am I being paid to do so."

    New York-based AIG has been heavily criticized by government offficials and the public after it awarded $165 million in bonuses earlier this month. The retention bonuses, payments designed to keep valued employees from quitting, were paid out whether the employee had a great year or a terrible one.

    The bonuses were given to employees of the financial products division, a global unit that issued derivatives called credit default swaps that helped sink AIG as a whole last year.

    "Ed deeply appreciates the frustration expressed in this letter and believes that the recent vilification and harassment of AIG employees is grossly unfair and unwarranted," wrote AIG spokesman Mark Herr in a statement e-mailed to The Associated Press.

    Attempts to reach DeSantis were unsuccessful.

    Two days after AIG received its first injection from the government in mid-September, AIG named Liddy, former chairman of Allstate Corp., as chairman and chief executive succeeding Robert Willumstad, who stepped down after three months on the job.

    Liddy told Congress last week that the retention payments ranging from $1,000 to nearly $6.5 million were not his idea and called them "distasteful" Liddy himself is not getting a bonus and is only drawing $1 a year in salary. The bonuses were promised in contracts with employees that AIG signed early last year, long before then-Treasury Secretary Henry Paulson asked Liddy to take over the company.

    "I have the utmost respect for the civic duty that you are now performing at AIG," DeSantis wrote in the letter. "You are as blameless for these credit default swap losses as I am." AIG had invested heavily in credit default swaps, extremely risky insurance contracts for bonds and other investments.

    Even so, DeSantis said he is disappointed and frustrated over what he called Liddy's lack of support.

    "I and many others in the unit feel betrayed that you failed to stand up for us in the face of untrue and unfair accusations from certain members of Congress last Wednesday and from the press over our payments," DeSantis wrote in the letter, which was sent Tuesday to Liddy.

    DeSantis noted that Liddy had decided to accelerate by three months the payout of more than a quarter of the bonus money. "That action signified to us your support, and was hardly something that one would do if he truly found the contracts "distasteful," he said.

    Liddy told Congress last week that some of the employees were willing to give the money back, and on Monday, New York Attorney General Andrew Cuomo said 15 of the top 20 bonus recipients agreed to return their money. In total, about $50 million of the $165 million will be returned, Cuomo's office said Monday.

    AIG has expressed concern that the company may not be able to attract and retain talented employees if they believe their compensation is subject to adjustment by the government.


    An AIG spokesman said Monday that a "handful" of senior-level executives have resigned from the financial products division, and that there will likely be more resignations to come.

    AIG came close to collapsing last September because it had gotten heavily into the business of insuring mortgage-backed securities, the risky investments that are at the root of the hundreds of billions of dollars in losses suffered by banks and other financial institutions around the world.

    Since September, the government has given AIG $182.5 billion, maintaining that without help, AIG would fail, further disrupingt already stricken markets and cause more damage to the economy. In return for the aid, the government took a nearly 80 percent stake in AIG.


    Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
    URL: AIG exec turns in resignation ... in NY Times - U.S. business- msnbc.com



    MSN Privacy . Legal
    2009 MSNBC.com

  2. #2
    Elite Member Grimmlok's Avatar
    Join Date
    Oct 2005
    Location
    In WhoreLand fucking your MOM
    Posts
    55,372

    Default

    good. BYE. Enjoy the unemployment line.

    You didn't function properly WHILE employed. If you had, along with everybody else, your company wouldn't be fucking bankrupt.
    I am from the American CIA and I have a radio in my head. I am going to kill you.

  3. #3
    Elite Member MontanaMama's Avatar
    Join Date
    Jan 2008
    Location
    Evading P6 & P7
    Posts
    13,466

    Default

    Now there's a guy who's in touch with reality. $742,000.00 AFTER taxes and he's whining that his new boss not dancing in the streets on his behalf? Fuck that fucky douche. So he's going to donate the money to charity, so he got taxpayer money and he wants a tax deduction? This is giving me a headache.

  4. #4
    Elite Member greysfang's Avatar
    Join Date
    Jul 2006
    Location
    Burning Down Your Windmill
    Posts
    51,531

    Default

    Melodramatic much?
    FUCK YOU AND GIVE ME MY GODDAMN VENTI TWO PUMP LIGHT WHIP MOCHA YOU COCKSUCKING WHORE BEFORE I PUNCH YOU IN THE MOUTH. I just get unpleasant in my car. - Deej

    http://www.gossiprocks.com/forum/signaturepics/sigpic4098_9.gif Healthy is merely the slowest possible rate at which one can die.

  5. #5
    Elite Member Grimmlok's Avatar
    Join Date
    Oct 2005
    Location
    In WhoreLand fucking your MOM
    Posts
    55,372

    Default

    dead yet?
    I am from the American CIA and I have a radio in my head. I am going to kill you.

  6. #6
    Elite Member Beeyotch's Avatar
    Join Date
    Apr 2006
    Posts
    27,741

    Default

    Where the fuck does he get the nerve to call himself blameless for the company losses? He's the VP of this division:

    The bonuses were given to employees of the financial products division, a global unit that issued derivatives called credit default swaps that helped sink AIG as a whole last year.
    Spin your bullshit somewhere else, you greedy loser fuck.

  7. #7
    Elite Member celeb_2006's Avatar
    Join Date
    Jul 2006
    Posts
    13,468

    Default

    And why was it necessary for this stupid f**k to pat himself on the back by taking out a page in the newspaper, which in itself costs money?

    Now these are the kinds of guys that, if they got their asses beat from someone who recognized him on the street, I would not shed one f**king tear.

  8. #8
    Elite Member Penny Lane's Avatar
    Join Date
    Nov 2005
    Location
    Over the hills and far away
    Posts
    21,646

    Default

    It's like a "goodbye cruel board" post for sissy, rich assfucks.

  9. #9
    Gold Member Pippin69's Avatar
    Join Date
    Jan 2007
    Location
    LalaLand
    Posts
    1,221

    Default

    Don't let the door hit you....

    How delusional of him to grandstand and think anyone would see him as anything but a greedy, fat fuck, failure.
    "Just because I walked into a turd supermarket doesn't mean I have to buy anything." - John Oliver

  10. #10
    Elite Member msdeb's Avatar
    Join Date
    Feb 2006
    Location
    in a van down by the river
    Posts
    39,431

    Default

    and he didnt give the money back ?
    Basic rule of Gossip Rocks: Don't be a dick.Tati
    Lighten Up Francis WCG

  11. #11
    Elite Member Grimmlok's Avatar
    Join Date
    Oct 2005
    Location
    In WhoreLand fucking your MOM
    Posts
    55,372

    Default

    no, he donated it to charity to get the tax write off *snort*
    I am from the American CIA and I have a radio in my head. I am going to kill you.

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Bono's rambling New York Times column
    By mrs.v in forum Latest Gossip
    Replies: 5
    Last Post: January 13th, 2009, 06:26 PM
  2. Jennifer Aniston's New York Times interview
    By mrs.v in forum Latest Gossip
    Replies: 10
    Last Post: November 23rd, 2008, 04:27 PM
  3. Bono has the write stuff for the New York Times
    By Fluffy in forum Latest Gossip
    Replies: 1
    Last Post: October 25th, 2008, 04:33 PM
  4. Perez Hilton is featured in the New York Times
    By nycgirl in forum Gossip Archive
    Replies: 26
    Last Post: July 30th, 2007, 10:24 AM
  5. New York Times soliciting murder?!
    By Delphinium in forum U.S. Politics and Issues
    Replies: 12
    Last Post: July 2nd, 2006, 12:29 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •