March 25, 2009

Jake DeSantis IS part of the problem with AIG.

The New York Times has printed a letter of resignation, attributed to Jake DeSantis,an executive vice president with AIG. He is one of the executives who recieved a bonus.

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.
He goes on to say that he's donating the money to "those suffering from the global economic downturn." And he gives a little biography of himself, depicting himself as a family man and a decent guy, and reiterating that he and his division had nothing to do with the company's collapse.

I'm sure that will warm the heart of the woman in Long Island who's being evicted because her landlord lost the building to foreclosure. The woman had paid all her rent on time, but not only loses her home, but all the deposits she paid on it. She's a decent, warm and fuzzy family type who did everything she was supposed to, too.

Here's the thing, Mr. DeSantis: AIG is failing. Your division is part of a company that is facing the most dire emergency imaginable: its imminent demise. It's the Titanic, and it is going to take all hands with it if it sinks. You're all going down, not just the guy on the bridge who was supposed to avoid the iceberg. The wait staff doesn't get a coffee break from helping with the evacuation just because they were doing their jobs when the ship started taking on water.
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.
And so do all of AIG's customers, you gutless whining jerk. I see. You're a victim. Well shit, Jake, welcome to the club. We're having a picnic out in Sacramento, bring a can of beans with you. No, really, bring the beans: everyone's unemployed and money's tight. Maybe you can swap sob stories with those folks who had to walk away from their mortgages: mortgages that went up while their jobs disappeared. I'm sure they will be heartbroken that you didn't get your bonus while AIG was failing to cover their losses.

Jake, only a complete jackass expects to be rewarded when the business around him is in a shambles. Sure, you met all your obligations. Whoopedy do. But the rest of us whose hard-earned tax money is being used to give you money on top of your base salary didn't sign on to make sure you got your frills.

Yes, you do deserve to get paid. And once AIG is back on its feet, and taxpayers have their money back, AIG is obligated to pay you your extra money - out of its own pocket, not out of mine.

So, here's a big 'FUCK YOU' to Jake DeSantis. And I really mean that in all sincerity.

1 comment:

  1. I wasn't especially moved by his essay, either. He made money hand over fist for a dozen years, more than 99% of any American worker, and won't be out on the street soon, or out of work long. Meanwhile, all those other Americans are paying to keep his former company from taking the whole world down with it.

    It's not like he was working for the good of the greater cause, or anything. He was working for Jack DeSantis. So he did what's best for Jack DeSantis. Whoopie screw. End of story.