Dear A.I.G., I Quit!

Please stay on topic and quit the sniping and bickering with one another. It needs to stop NOW!

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I just read the Rolling Stone article "The Big Takeover" on AIG and this whole mess...

www.rollingstone.com...

We're screwed... and no one even offered to kiss us first either.

[edit on 25-3-2009 by grover]

reply to post by grover


No surprise here.

Let's review:

1. AIG Gets bailed out.
   
2. In the bail out legislation the LIBS include verbiage to allow bonuses to be paid to AIG execs.
   
3. Jake DeSantis is hired by the LIBS to work for FREE to help manage the future of AIG.
   
4. When AIG bonuses do get paid the LIBS call Jake DeSantis up on the hill to reticule him while the world watches and LIBS constituents cheer.
   
5. LIBS admit they had included a clause to allow the payment of bonuses in their legislation but now question new taxes at +90% to stop bonuses from being paid in the future (really?).
   
6. AIG VP Jake DeSantis announces he will quit.
   
7. LIBS work themselves into a lather, increase the volume of their name calling and blame everyone who is in any way unlike them for this issue.
   

Good job. Can't wait to see what the future holds .




[edit on 2009/25/3 by Marmota monax]

I read this part... & it got me to deep thought...

DEAR Mr. Liddy,

It is with deep regret that I submit my notice of resignation from A.I.G. Financial Products. 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. [...]

I had the understanding that Mortgage Backed Securities
were the financial items that are causing the industry-wide failure of the
banking-finance system.

but, Viola'... the recent $30Billion in bailout $$ is because of something else??

what will be the next revelation to bankrupt the taxpayers & the American government...?
first it was only Sub-Prime Loans, then it comes out the crisis is about all types of mortgages in general...


now, in a sly way, the manipulators & propagandists are trying to bundle up all these 'Swaps' in the same category as mortgage paper & MBSs...
and have us believe the capitalization/bailouts of the elites gentlemanly
'bets' between themselves are definitely required to be paid-by-the-taxpayer...
or our whole banking system/
our whole credit card system/
our whole student-loan system
all markets will collapse from under our feet.


The Lie is out-there-for all-to-see...
but can you see it?

____________________________________

Oh, about the small number of the 400 who actually contrived the bad CDS
Financial Products and were already paid and have left the Firm...

Are these the people who were paid retention bonuses in the first bailout last year??

Retention Bonuses for a group that created & issued, non-secure & non-asset backed betting paper, far in excess of AIG to insure payment if the accounts became Due & Payable to the counter-party...

Just another practice of no-Accountability... or determining the appropriateness of just whom receives 'bonus' money...
whih would ultimately be paid by we the taxpayers at the insistance of the Fed/Treasury

[

[edit on 25-3-2009 by St Udio]

reply to post by mrwupy


sorry wupy...my bad. Interesting though the previous post about the tax bracket drop, its not like the guy needed any more money if he was that high up, a lot of new millionaires came out of AIG. That being said, a lot of the top guys (he seems like he was at least a mid-higher level exec) were already doing exceedingly well way before the bonuses and my first thoughts are to say he is no exception. He might even just be trying to dodge the blowback they are all getting out there at the top. Not to sound judgmental at all but wouldn't a guy that was trying to escape responsibility for his fair share of the mess that AIG caused say the same thing in anything publicly released? Especially anything publicly released, to further this, something intended to seem like an internal and private piece that was actually intended all along to be viewed by the public? Again, not accusing him or judging him, just saying...

Like a bomber in a dive with 3 engines on fire, Jake is determined to go out in a blaze of glory.

The New York Times has obviously obliged.

PS - 12 months ago this letter would have been addressed to former President Bush with accusations of betrayal, but if he had done that to the current incumbent the NYT would never have published it.

to cry or not to cry...
I will close my tent and think it over once again...

I agree with a few on the first page. There are many people who are sacrificing now and he should be glad that we the taxpayer bailed out most of the firms in one way or another so he has another job to go to now that he has resigned. A lot of banks would of been in a world of hurt if it wasnt for the taxpayer and many of them wouldnt be even hiring to give a guy like this a job. Cry me a river and I hope you enjoy your new job at Bank of America......

It is unfortunate to what had strung AIG into the hugest debt that the nation has seen... and I believe they should have led to Bankruptcy.

The bonuses is a cover up from the get go. Payouts for large corporations during this economic time is wrong, but it shouldn't be the hot topic of the debate. The debate lies on the dumb ass government giving people money to spend in the first place without provisions and without enough time to allow congress to flip through hundreds if not thousands of pages of the bill.

Ok.

Why aren't you guys looking at the federal reserve...who lowered interest rates to make this all possible?

Why do you ignore the billions that went out of the country through AIG..with government full well knowing about it.

Or how about the trillions that is missing from the federal reserve?

Why isn't the media covering it?

Do you think it's all AIG?

Do you think anyone with a million dollars is evil?

Do you think every single employee there perpetrated this?

DO YOU EVEN CARE WHAT IS REALLY HAPPENING TO OUR COUNTRY?

I'm not a freaking millionaire..no where close..in fact i make just enough to make ends meet.

IF you want to be angry...look at your Federal Government and the Federal Reserve...which is the BIGGEST PRIVATE BANK in our country.

Both are responsible for this entire mess.

Personally I think we should track down Phil Gramm and make him eat all of those credit default swaps and see who whines then.

greed is absolutely fascinating sometimes...

what i find ironic is that in this climate of unemployment, this guy has the ability to voluntarily leave his job

Originally posted by David9176
Ok.

Why aren't you guys looking at the federal reserve...who lowered interest rates to make this all possible?

Why do you ignore the billions that went out of the country through AIG..with government full well knowing about it.

Or how about the trillions that is missing from the federal reserve?

Why isn't the media covering it?

Do you think it's all AIG?

Do you think anyone with a million dollars is evil?

Do you think every single employee there perpetrated this?

DO YOU EVEN CARE WHAT IS REALLY HAPPENING TO OUR COUNTRY?

I'm not a freaking millionaire..no where close..in fact i make just enough to make ends meet.

IF you want to be angry...look at your Federal Government and the Federal Reserve...which is the BIGGEST PRIVATE BANK in our country.

Both are responsible for this entire mess.

Your spot on with all of this. 100% agree. AIG is bad, yes. Feferal Reserve though is the origin of the crisis and it seems AIG is the scape goat for those not informed or concerned enough to look into the matter tenaciously. As my avatar says, Apathy Kills, and right now it's killing us average joes/janes.

Originally posted by David9176
Ok.

Why aren't you guys looking at the federal reserve...who lowered interest rates to make this all possible?

Why do you ignore the billions that went out of the country through AIG..with government full well knowing about it.

Or how about the trillions that is missing from the federal reserve?

Why isn't the media covering it?

Do you think it's all AIG?

Do you think anyone with a million dollars is evil?

Do you think every single employee there perpetrated this?

DO YOU EVEN CARE WHAT IS REALLY HAPPENING TO OUR COUNTRY?

I'm not a freaking millionaire..no where close..in fact i make just enough to make ends meet.

IF you want to be angry...look at your Federal Government and the Federal Reserve...which is the BIGGEST PRIVATE BANK in our country.

Both are responsible for this entire mess.

Ummm Yeah I realize the government didnt "stop" AIG like everybody wants them to but why should they? The government shouldnt step into a free market and just like now that AIG failed the government shouldnt be bailing them out now either and especially bailing out bonuses for a failed company. Has nothing to do with hating everyone with a million dollars and everything to do with those peoples inconsideration to be happy they still have a job because they were bailed out by the taxpayer. 8 million others didnt get that luxury of a bailout. I know not everyone in AIG was part of this but they all are reaping the benefits of the bailout from the taxpayer via the job they still hold to this day. So once again this is about a mentality of greed and Im for non intervention in both the good times and the bad times but the fact is we did it and people shouldnt be getting rich on the taxpayer dime like this.

How about we take everything these snobby, evil pricks have stolen from the honest, hard working people of this country and catapult them into the middle of the ocean.

That should solve a good bit of our problems. Not much, but it would be a damn good start!

if so many people are making 1$ salary then where the hell does all the money go? it seems to "disappear"

reply to post by mybigunit

The government shouldnt step into a free market and just like now that AIG failed the government shouldnt be bailing them out now either and especially bailing out bonuses for a failed company

I know man. This is the point i'm trying to make. I'm sorry, i should have made it more clear.

AIG should have failed...government needs to stay out. We aren't letting the inevitable happen and we are going to make it worse.

So once again this is about a mentality of greed and Im for non intervention in both the good times and the bad times but the fact is we did it and people shouldnt be getting rich on the taxpayer dime like this.

The entire world is based on greed. As long as there is a currency..there will always be greed. The poor are greedy...the middle class is greedy..and the rich are greedy.

I don't see people up in arms when they get federal grants...and worrying about others paying for it.

It was a contract...our government knew about it and then showed fake anger over the whole thing because they signed a bill they did not read.

It's the government's fault. We can sit here all day and blame every single person..including those in Fannie May & Freddie Mac...with whom NO ONE is talking about...how about people staying in there homes they couldn't afford...or how about the people who personally made the loans?

These are all problems that wouldn't have happened if not for the Federal Reserve by lowering interest rates and the intervention by our Federal Government.

If you want to kill the snake you have to take it's head...

Originally posted by David9176


The entire world is based on greed. As long as there is a currency..there will always be greed. The poor are greedy...the middle class is greedy..and the rich are greedy.

I don't see people up in arms when they get federal grants...and worrying about others paying for it.

It was a contract...our government knew about it and then showed fake anger over the whole thing because they signed a bill they did not read.

It's the government's fault. We can sit here all day and blame every single person..including those in Fannie May & Freddie Mac...with whom NO ONE is talking about...how about people staying in there homes they couldn't afford...or how about the people who personally made the loans?

These are all problems that wouldn't have happened if not for the Federal Reserve by lowering interest rates and the intervention by our Federal Government.

If you want to kill the snake you have to take it's head...

See I dont necessarily disagree its the governments fault for allowing this madness to happen but dont agree either.... I know RP blames the government for allowing the leveraging, keeping the interest rates low, and printing all sorts of money which is not good but what ever happened to self responsibility? The fact is not everyone went wild out there. Many places didnt bite the poisoned apple the wicked witch err I mean government gave them. The ones that didnt are doing quite fine right now. The ones that did most of them failed which is now where I think the government is at fault. They should of let the people fail who took the bait. So now places like AIG and Citi etc took the bait the first time then they took the bait the second time by accepting the bailout money which is being relocated from the people who didnt take the bait to the people who did and continue to. When you take government money you get the politics attached to it and everyone knows this.

Listen I agree government wants to get bigger thats what government does and history shows this. But what used to make America great is we took our lumps and got up and did it again. Anymore we beg and plead for the government to bail us out and we accept their worthless money just like these banks did and then complain about the power usurpation that happens because of it. I agree government is evil but at some point there needs to be some self responsibility and as long as your on the government teet you're gonna have to play by their rules so I say to the banks and others next time this happens dont let the government help and dont drink the government kool aid. Its sad that people like me who didnt drink the kool aid has to bail out the people who did and continue to....

[edit on 25-3-2009 by mybigunit]

reply to post by grover


Read that Rolling Stones article.

Did you notice that the guy who they blamed for AIG's losses worked in the same AIG department as the guy who wrote the letter that this thread is about?

The Big Takeover

This is a company that built a giant fortune across more than a century by betting on safety-conscious policyholders — people who wear seat belts and build houses on high ground — and then blew it all in a year or two by turning their entire balance sheet over to a guy who acted like making huge bets with other people's money would make his ...

That guy — the Patient Zero of the global economic meltdown — was one Joseph Cassano, the head of a tiny, 400-person unit within the company called AIG Financial Products, or AIGFP.

And the guy who wrote the letter this thread is about.

Dear A.I.G., I Quit!

The following is a letter sent on Tuesday by Jake DeSantis, an executive vice president of the American International Group’s financial products unit,

Doesn't look like his whole department ever deserved a bonus to begin with!

[edit on 3/25/2009 by Keyhole]

Originally posted by aLiiEn
Yes for the last year, they got $1.
That's because for the last 11 years, they earned millions in bonuses, knowing full well what Joe Cassano was doing.
And knowing full well what the end result would be, and who it would detrimentally affect.
But no, they didn't think to try and expose it.
They didn't think to leave the company then, while the cash was flowing.
They just lapped up the millions they were paid while it lasted.
Oh what a poor man spending 14 hours a day away from his family, for only $1.
They are happy at home in there million dollar mansion.
While millions of family's live on the streets.

Bravo. I totally agree.