The Bankwatch

Tracking the consumer evolution of financial services

Dear A.I.G., I Quit! | Jake DeSantis

It is very interesting and illuminating to read this resignation letter from Mr DeSantis of AIG.  He received $742K on march 16th and must either repay to keep and lose 90% to tax.  He intends to keep and donate residual to charity.

Question de jour:  Should Mr DeSantis, who was earning $1 per annum salary, be held responsible for the world economic crisis?  Is he more accountable than Joe Plumber in Florida who signed up for a sub-prime mortgage knowing full well he could not afford the interest reset.

These are difficult and emotional times.  Delivering bailouts without terms and conditions attached bordered on criminal and here is the outcome – a modern day lynching.

Dear A.I.G., I Quit! | Jake DeSantis

As most of us have done nothing wrong, guilt is not a motivation to surrender our earnings. We have worked 12 long months under these contracts and now deserve to be paid as promised. None of us should be cheated of our payments any more than a plumber should be cheated after he has fixed the pipes but a careless electrician causes a fire that burns down the house.

Written by Colin Henderson

March 29, 2009 at 23:31

Posted in Uncategorized

Tagged with , ,

%d bloggers like this: