Smile when you say that
The AIG scandal sails on into a red sunset. Now the rats are beginning to jump ship. Too bad there’s already blood in the water and sharks are everywhere…
Daniel Carty reports for CBS News that AIG Executive Vice President Jake DeSantis wrote an E-mail/op-ed piece in which he announced to CEO Edward Liddy his resignation from the dubious company. DeSantis will forever be tied to the company’s scandalous Financial Products division. Here’s what DeSantis had to say in his theatrical New York Times piece. At least he didn’t also take shots at cash advance loans on his way out the door…
Amusingly, DeSantis would have us believe that elected officials are “persecuting” honest executives like himself. It amuses me, but in the most sardonic way possible. Sardonic as in Mr. Sardonicus…
Squeal for me
Liddy was forced to participate in a Congressional hearing in which he feigned abject horror at the $165 million in bonus money that went to executives of the – you guessed it – Financial Products division. This division, for which Jake DeSantis was the Executive VP, has been blamed for AIG’s near collapse. Do I smell scapegoating? I’m sure there is some. But as U.S. Senator Hiram Johnson once said about World War I, “Truth is the first casualty of war.” AIG has waged war against the America people, the taxpayers. I’m sure many hands within the organization are dirty. Edward Liddy and Jake DeSantis, however, are top level executives. The generals are responsible for battle plans.
And like loyal generals, the bigs at AIG are refusing to release the names of the bonus recipients. I can view this at least two ways. There’s the concern for their safety, as the public is outraged. However, as these executives sip Mai Tais in the Caymans, perhaps they need a little motivation to step forward and return the money that should have never been theirs – considering the current economic landscape.
And how big was the bonus Jake DeSantis received? CHECK IT OUT in the conclusion of this article!
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It seems hard to feel sorry for anyone who works at AIG, especially anyone who was in the Financial Products division, but the bonuses make a little more sense now. Granted, that doesn’t mean that I don’t feel angry about them, but that being said, I can understand this guy’s frustration. When you think about it, they couldn’t have pulled all of those credit swaps without someone noting the risk and some sort of higher board approval being needed.