Comments on: From an AIG Executive, the Other Side of the Story http://washingtonindependent.com/35568/from-an-aig-executive-the-other-side-of-the-story National News in Context Fri, 27 Nov 2009 15:25:34 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Eric http://washingtonindependent.com/35568/from-an-aig-executive-the-other-side-of-the-story/comment-page-1#comment-35353 Eric Thu, 26 Mar 2009 09:41:02 +0000 http://washingtonindependent.com/?p=35568#comment-35353 One of my favorite responses to this guy so far - funny and spot on, and includes a Smurf reference.<br><br><a href="http://tr.im/hOHa" rel="nofollow">http://tr.im/hOHa</a> One of my favorite responses to this guy so far – funny and spot on, and includes a Smurf reference.

http://tr.im/hOHa

]]> By: Eric http://washingtonindependent.com/35568/from-an-aig-executive-the-other-side-of-the-story/comment-page-1#comment-23503 Eric Thu, 26 Mar 2009 02:41:02 +0000 http://washingtonindependent.com/?p=35568#comment-23503 One of my favorite responses to this guy so far - funny and spot on, and includes a Smurf reference.<br><br><a href="http://tr.im/hOHa" rel="nofollow">http://tr.im/hOHa</a> One of my favorite responses to this guy so far – funny and spot on, and includes a Smurf reference.

http://tr.im/hOHa

]]> By: fledermaus http://washingtonindependent.com/35568/from-an-aig-executive-the-other-side-of-the-story/comment-page-1#comment-23415 fledermaus Wed, 25 Mar 2009 14:59:40 +0000 http://washingtonindependent.com/?p=35568#comment-23415 In every recession there are plenty of long time workers who lose their jobs because of the poor decisions of other people in the company even though they did their jobs well. They don't get a 7 figure retention bonus or a year's notice and that they will be laid off so they can save up. The entitlement mentality is appalling - if he thinks the claim that "I didn't do anything wrong, why should I have a pay cut/layoff?" is going to win him sympathy in the wider world he's got a lot to learn. In every recession there are plenty of long time workers who lose their jobs because of the poor decisions of other people in the company even though they did their jobs well. They don't get a 7 figure retention bonus or a year's notice and that they will be laid off so they can save up. The entitlement mentality is appalling – if he thinks the claim that “I didn't do anything wrong, why should I have a pay cut/layoff?” is going to win him sympathy in the wider world he's got a lot to learn.

]]> By: Rob http://washingtonindependent.com/35568/from-an-aig-executive-the-other-side-of-the-story/comment-page-1#comment-23401 Rob Wed, 25 Mar 2009 13:51:43 +0000 http://washingtonindependent.com/?p=35568#comment-23401 Dear Mr. DeSantis,<br><br>As a taxpayer, and a defacto part owner of your failed employer, I would like to take this opportunity to gladly accept your resignation. <br><br>You, and those like you, apparently are oblivious to the fact that your employer is crumbling, and is presently only propped up by the U.S. Government. Had the Government permitted AIG to become insolvent, you would have certainly been facing a substantial likelihood of having the bonus contract nullified by a bankruptcy judge. And, you likely would have been looking elsewhere for employment anyway while the failing company reorganized.<br><br>In other words, you only had the opportunity to continue in your present position because of the American taxpayers--the same ones that you so roundly criticize in your resignation letter. <br><br>While you claim to have some sympathy for those in need, you clearly don't understand them. If you did, you would grasp why your receipt of a nearly $750,000 "bonus" from what has essentially become a ward of the federal government is so offensive to taxpayers in a country where the median family income is approximately $48,000. If "guilt" is an insufficient motivator to return the grossly unwarranted bonus, perhaps you should give shame a try.<br><br>Like you, I was raised by a schoolteacher and a blue collar worker. Like you, I worked hard and got through schools on scholarships. Like you, I have put in more than my share of 10/12/14 hour (and more) work days. Unlike you, I would never dream of taking an almost $750,000 bonus from taxpayer dollars, when that money could be used to help the unemployed, the homeless, or the hungry. Finally, unlike you, I would never be so pretentious to claim to be betrayed or victimized by the legitimate public outrage over this situation.<br><br>Please clean out your desk. Security will take your key, and will show you to the door. <br><br>Sincerely,<br><br>The Management. Dear Mr. DeSantis,

As a taxpayer, and a defacto part owner of your failed employer, I would like to take this opportunity to gladly accept your resignation.

You, and those like you, apparently are oblivious to the fact that your employer is crumbling, and is presently only propped up by the U.S. Government. Had the Government permitted AIG to become insolvent, you would have certainly been facing a substantial likelihood of having the bonus contract nullified by a bankruptcy judge. And, you likely would have been looking elsewhere for employment anyway while the failing company reorganized.

In other words, you only had the opportunity to continue in your present position because of the American taxpayers–the same ones that you so roundly criticize in your resignation letter.

While you claim to have some sympathy for those in need, you clearly don't understand them. If you did, you would grasp why your receipt of a nearly $750,000 “bonus” from what has essentially become a ward of the federal government is so offensive to taxpayers in a country where the median family income is approximately $48,000. If “guilt” is an insufficient motivator to return the grossly unwarranted bonus, perhaps you should give shame a try.

Like you, I was raised by a schoolteacher and a blue collar worker. Like you, I worked hard and got through schools on scholarships. Like you, I have put in more than my share of 10/12/14 hour (and more) work days. Unlike you, I would never dream of taking an almost $750,000 bonus from taxpayer dollars, when that money could be used to help the unemployed, the homeless, or the hungry. Finally, unlike you, I would never be so pretentious to claim to be betrayed or victimized by the legitimate public outrage over this situation.

Please clean out your desk. Security will take your key, and will show you to the door.

Sincerely,

The Management.

]]> By: Dan http://washingtonindependent.com/35568/from-an-aig-executive-the-other-side-of-the-story/comment-page-1#comment-23394 Dan Wed, 25 Mar 2009 13:15:53 +0000 http://washingtonindependent.com/?p=35568#comment-23394 The self glorification that drips from the column is absolutely nauseating: "I am proud of everything I have done", "After 12 months of hard work", "after 11 years of dedicated, honorable service", etc. And he INTENDS to donate it. Get back to me when you actually do so, fellah.<br><br>What a piece of work. The self glorification that drips from the column is absolutely nauseating: “I am proud of everything I have done”, “After 12 months of hard work”, “after 11 years of dedicated, honorable service”, etc. And he INTENDS to donate it. Get back to me when you actually do so, fellah.

What a piece of work.

]]> By: Rajan http://washingtonindependent.com/35568/from-an-aig-executive-the-other-side-of-the-story/comment-page-1#comment-23389 Rajan Wed, 25 Mar 2009 12:27:22 +0000 http://washingtonindependent.com/?p=35568#comment-23389 I am afraid that DeSantis is protesting too much. When you work for an organization, you cannot claim immunity for yourself against the faults of one division or another even if you were not associated with those divisions and you were not directly responsible for any mishaps that happened. You stood together or fell together, especially if you were occupying some senior -level executive position in the organizational hierarchy. Executives who were responsible for the CDS debacle and left the organization in the lurch were deserving of as much condemnation as the senior officers on a ship on fire jumping into the first lifeboat lowered from the deck. Let us remember in this context that thousands of innocent employees Enron who had nothing to do with the shenanigans orchestrated by Ken Lay, Jeff Skilling and their co-conspirators lost their jobs and all their savings for no fault of theirs. I am afraid that DeSantis is protesting too much. When you work for an organization, you cannot claim immunity for yourself against the faults of one division or another even if you were not associated with those divisions and you were not directly responsible for any mishaps that happened. You stood together or fell together, especially if you were occupying some senior -level executive position in the organizational hierarchy. Executives who were responsible for the CDS debacle and left the organization in the lurch were deserving of as much condemnation as the senior officers on a ship on fire jumping into the first lifeboat lowered from the deck. Let us remember in this context that thousands of innocent employees Enron who had nothing to do with the shenanigans orchestrated by Ken Lay, Jeff Skilling and their co-conspirators lost their jobs and all their savings for no fault of theirs.

]]> By: muffler http://washingtonindependent.com/35568/from-an-aig-executive-the-other-side-of-the-story/comment-page-1#comment-23388 muffler Wed, 25 Mar 2009 12:01:18 +0000 http://washingtonindependent.com/?p=35568#comment-23388 The end of year bonuses are usually defined by management through a pool. The size of the pool is based on the firms complete earnings and profitability. If one side of the firm fails the ENTIRE firm suffers. That is what a team is about. Maybe if everyone at AIG were under the assumption of all for one and one for all then the CDS team would have been better watched. Sorry Mr. DeSantis, but your COMPANY screwed up and maybe you should help fix it for the rest of America and not just yourself. BTW I've been on Wall Street for 24 years and when the traders screwed up the support staff took the reductions in bonus, but we kept working for the team. So I've been taking the business losses for years in my bonuses while you guys got rewarded for screwing up. Grow Up! The end of year bonuses are usually defined by management through a pool. The size of the pool is based on the firms complete earnings and profitability. If one side of the firm fails the ENTIRE firm suffers. That is what a team is about. Maybe if everyone at AIG were under the assumption of all for one and one for all then the CDS team would have been better watched. Sorry Mr. DeSantis, but your COMPANY screwed up and maybe you should help fix it for the rest of America and not just yourself. BTW I've been on Wall Street for 24 years and when the traders screwed up the support staff took the reductions in bonus, but we kept working for the team. So I've been taking the business losses for years in my bonuses while you guys got rewarded for screwing up. Grow Up!

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