March 25th, 2009
10:08 AM ET

Dear A.I.G., I Quit!

[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2009/CRIME/03/21/aig.bonuses/art.aig1.gi.jpg]

Jake DeSantis
For The New York Times

It is with deep regret that I submit my notice of resignation from A.I.G. Financial Products. I hope you take the time to read this entire letter. Before describing the details of my decision, I want to offer some context:

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. In response to this, I will now leave the company and donate my entire post-tax retention payment to those suffering from the global economic downturn. My intent is to keep none of the money myself.


Filed under: 360° Radar • AIG
soundoff (4 Responses)
  1. Homer

    Dear Mr. Santis
    I am sorry that you have so much bitterness about the lack of support
    that you have received. I too have harboured such bitterness over a loss of jobs in my career. Of course my career was not as illustrious
    as yours and no one really cared about my losses or what I was to do
    to survive.
    If you really feel so sure that you are not guilty of any fault then perhaps you should reconsider your resignation and stay on to help
    AIG redeem itself. Yes, you executives have been well over paid in the
    past and I am sure that you will also be over paid in the future, I don't really care how hard you work and how many hours you spend on the
    job. I too have worked long hard hours.
    So. Mr. Santis, suck it up and get on with it.

    March 25, 2009 at 11:49 am |
  2. Terry, TX

    Mr. DeSantis deserved his money as promised in the legal contract....
    Barney Frank, Chris Dodd, Geithner, Rahm Emmanuel and President Obama..... were wrong to authorize these contracts in the first Job Pork Stimulus without talking to those who had contracts....they were wrong to cram a 1200 page Pork Bill without representatives not reading it. My apologies to Mr. DeSantis.

    The whole sham of grilling Mr. Liddy was heinous and orchestrated…. and could endanger peoples lives. Obama was not outraged….I think it was just ploy …to now try to grab more power for the Treasury….

    March 25, 2009 at 11:40 am |
  3. Michael "C" Lorton, VA

    Now there is a person with "true grit." There is "good" in all "evil." My hat off to you Mr. Jake de Santis.

    March 25, 2009 at 11:36 am |
  4. Michael C. McHugh

    I wish you'd all quit.

    March 25, 2009 at 11:15 am |