AIG Resignation Letter from Jack DeSantis of Financial Products…but not the dude in the Che T-shirt

 

 

 

It is an interesting read and it’s nice to hear from the other side…from someone who received a bonus and is giving it back (via charitable organizations of his choosing and not until he figures out how much he’ll have to give and what the tax consequences are-smart man…that’s probably how he’s helped save enough for his family and is receiving a $743,006.40 bonus)…and from someone who seems to be extremely disheartened with the acts of the past year but also wanting to make sure that the blameless are vindicated and not left to answer for those who are truly responsible.  I have to say that I still don’t really feel like the bonuses should have been paid out.  A bonus is a bonus.  I understand that some people have bonuses built in and for many on Wall Street, that’s their bread and butter but I’ve never really understood that…a bonus is SOMETHING EXTRA.  If you want more money to be guaranteed, then ask or a higher salary.  I’m more than happy to hear the other side.  Everyone had their bonuses slashed this year.  I know very few people who actually GOT a bonus.  Most people we’re just happy to have jobs around the end of the year.

That said, as the letter makes clear, AIG should have let the employees know and negotiated with them-made other arrangements.  I understand that AIG employees are suffering and that some have endured substantial personal losses…if they were counting on stocks and deferred compensation.  But the idea that these people had other offers and didn’t take them…that seems a little strange.   Who are these more stable employers and WHY wouldn’t you have taken the gig???  That part I really don’t get.  AIG, as bolstered as it’s been by the government, is a sinking ship.  Certainly if another company is in position to hire new people, they are doing better!  How can you opt to stay with a company that needs emergency loans to stay afloat?  THAT I don’t get.    

 

Aig Bailout: AIG Financial Products Employee’s Public Resignation Letter.

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