B.O., The Bam-ster's class hatred brings down a good man
Dionysus
ENTITLED: Dear A.I.G., I Quit!
DEAR Mr. Liddy,
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.
I take this action after 11 years of dedicated, honorable service to A.I.G.
I can no longer effectively perform my duties in this dysfunctional
environment, nor am I being paid to do so. Like you, I was asked to work for
an annual salary of $1, and I agreed out of a sense of duty to the company
and to the public officials who have come to its aid. Having now been let
down by both, I can no longer justify spending 10, 12, 14 hours a day away
from my family for the benefit of those who have let me down.
You and I have never met or spoken to each other, so I'd like to tell you
about myself. I was raised by schoolteachers working multiple jobs in a
world of closing steel mills. My hard work earned me acceptance to M.I.T.,
and the institute's generous financial aid enabled me to attend. I had
fulfilled my American dream.
I started at this company in 1998 as an equity trader, became the head of
equity and commodity trading and, a couple of years before A.I.G.'s meltdown
last September, was named the head of business development for commodities.
Over this period the equity and commodity units were consistently
profitable - in most years generating net profits of well over $100 million.
Most recently, during the dismantling of A.I.G.-F.P., I was an integral
player in the pending sale of its well-regarded commodity index business to
UBS. As you know, business unit sales like this are crucial to A.I.G.'s
effort to repay the American taxpayer.
The profitability of the businesses with which I was associated clearly
supported my compensation. I never received any pay resulting from the
credit default swaps that are now losing so much money. I did, however, like
many others here, lose a significant portion of my life savings in the form
of deferred compensation invested in the capital of A.I.G.-F.P. because of
those losses. In this way I have personally suffered from this controversial
activity - directly as well as indirectly with the rest of the taxpayers.
I have the utmost respect for the civic duty that you are now performing at
A.I.G. You are as blameless for these credit default swap losses as I am.
You answered your country's call and you are taking a tremendous beating for
it.
But you also are aware that most of the employees of your financial products
unit had nothing to do with the large losses. And I am disappointed and
frustrated over your lack of support for us. I and many others in the unit
feel betrayed that you failed to stand up for us in the face of untrue and
unfair accusations from certain members of Congress last Wednesday and from
the press over our retention payments, and that you didn't defend us against
the baseless and reckless comments made by the attorneys general of New York
and Connecticut.
My guess is that in October, when you learned of these retention contracts,
you realized that the employees of the financial products unit needed some
incentive to stay and that the contracts, being both ethical and useful,
should be left to stand. That's probably why A.I.G. management assured us on
three occasions during that month that the company would "live up to its
commitment" to honor the contract guarantees.
That may be why you decided to accelerate by three months more than a
quarter of the amounts due under the contracts. That action signified to us
your support, and was hardly something that one would do if he truly found
the contracts "distasteful."
That may also be why you authorized the balance of the payments on March 13.
At no time during the past six months that you have been leading A.I.G. did
you ask us to revise, renegotiate or break these contracts - until several
hours before your appearance last week before Congress.
I think your initial decision to honor the contracts was both ethical and
financially astute, but it seems to have been politically unwise. It's now
apparent that you either misunderstood the agreements that you had made -
tacit or otherwise - with the Federal Reserve, the Treasury, various members
of Congress and Attorney General Andrew Cuomo of New York, or were not
strong enough to withstand the shifting political winds.
You've now asked the current employees of A.I.G.-F.P. to repay these
earnings. As you can imagine, there has been a tremendous amount of serious
thought and heated discussion about how we should respond to this breach of
trust.
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. None of us should be cheated of our
payments any more than a plumber should be cheated after he has fixed the
pipes but a careless electrician causes a fire that burns down the house.
Many of the employees have, in the past six months, turned down job offers
from more stable employers, based on A.I.G.'s assurances that the contracts
would be honored. They are now angry about having been misled by A.I.G.'s
promises and are not inclined to return the money as a favor to you.
The only real motivation that anyone at A.I.G.-F.P. now has is fear. Mr.
Cuomo has threatened to "name and shame," and his counterpart in
Connecticut, Richard Blumenthal, has made similar threats - even though
attorneys general are supposed to stand for due process, to conduct trials
in courts and not the press.
So what am I to do? There's no easy answer. I know that because of hard work
I have benefited more than most during the economic boom and have saved
enough that my family is unlikely to suffer devastating losses during the
current bust. Some might argue that members of my profession have been
overpaid, and I wouldn't disagree.
That is why I have decided to donate 100 percent of the effective after-tax
proceeds of my retention payment directly to organizations that are helping
people who are suffering from the global downturn. This is not a
tax-deduction gimmick; I simply believe that I at least deserve to dictate
how my earnings are spent, and do not want to see them disappear back into
the obscurity of A.I.G.'s or the federal government's budget. Our earnings
have caused such a distraction for so many from the more pressing issues our
country faces, and I would like to see my share of it benefit those truly in
need.
On March 16 I received a payment from A.I.G. amounting to $742,006.40, after
taxes. In light of the uncertainty over the ultimate taxation and legal
status of this payment, the actual amount I donate may be less - in fact, it
may end up being far less if the recent House bill raising the tax on the
retention payments to 90 percent stands. Once all the money is donated, you
will immediately receive a list of all recipients.
This choice is right for me. I wish others at A.I.G.-F.P. luck finding peace
with their difficult decision, and only hope their judgment is not clouded
by fear.
Mr. Liddy, I wish you success in your commitment to return the money
extended by the American government, and luck with the continued unwinding
of the company's diverse businesses - especially those remaining credit
default swaps. I'll continue over the short term to help make sure no balls
are dropped, but after what's happened this past week I can't remain much
longer - there is too much bad blood. I'm not sure how you will greet my
resignation, but at least Attorney General Blumenthal should be relieved
that I'll leave under my own power and will not need to be "shoved out the
door."
Sincerely,
Jake DeSantis
**************
A good man unfairly castigated by the bro-zos and ho-zos sucking up B.O.,
The Bam-ster's class hatred.
"Irresponsible power is inconsistent with liberty, and must corrupt those
who exercise it." --John Calhoun (1782-1850)
Dionysus
Major Debacle
My disgust for him is propounded by his sympathy mongering.
Dionysus
"Major Debacle" <Major_Debacle@the_pentagon.mil> wrote in message
news:Ttuyl.16702$as4....@nlpi069.nbdc.sbc.com...
> Merely a rat deserting a sinking ship, nothing more.
>
> My disgust for him is propounded by his sympathy mongering.
You are merely a puny and pitiful little bro-zo luxuriating in your hatred
of your betters.
Dionysus
solon fox
Thanks for posting this Dennis.
The hate-mongers understand so little.
I could go into a long rant... but, what's the point? I hope that
many, many wake up and feel their shame for what they have done.
Shame on all those who ignorantly spread the rhetoric of class
warfare, shame on Congress, shame on Obama, shame on the real
perpetrators of the CDS debacle.
-solon fox
lorad
You betcha, sorong fox..
Starting with the necon blood-sucking crook management at AIG
..being ashamed of their crook ways.
solon fox
>
> - Show quoted text -
It isn't clever when you can't spell.
Let's see 68% of campaign contributions by AIG employees went to
Democrats. The top 10 recipients of AIG campaign contributions from
1989 to 2008 were
Dodd, Chris (D-Conn) $281,038
Bush, George W (R-Texas) $200,560
Schumer, Charles E (D-NY) $111,875
Obama, Barack (D-Ill) $110,332
McCain, John (R-Ariz) $99,249
Baucus, Max (D-Mont) $90,000
Kerry, John (D-Mass) $85,000
Johnson, Nancy L (R-Conn) $75,400
Sununu, John E (R-NH) $69,049
Clinton, Hillary (D-NY) $61,515
Ref. http://www.opensecrets.org/orgs/recips.php?id=D000000123&type=P&state=&sort=A&cycle=A
In addition, it seems that Senator Dodd's wife benefited amply from
close ties to AIG.
"Jackie Clegg Dodd served as an "outside" director of IPC Holdings,
Ltd., a Bermuda-based company controlled by AIG... Clegg was
compensated for her duties to the company, which was managed by a
subsidiary of AIG. In 2003, according to a proxy statement, Clegg
received $12,000 per year and an additional $1,000 for each Directors'
and committee meeting she attended.' --
http://www.realclearpolitics.com/articles/2009/03/dodds_wife_a_former_director_o.html
-solon fox
suds macheath
----How much did McCain and Romney get again?
Teleprompter1
<bam>
u got um!
solon fox
As you can clearly read above, McCain received $99,249 in campaign
contributions from AIG. He was fifth in the top ten list I posted.
Romney is somewhere way down the list with $20,850 - something you
could also check for your self at the reference I posted of
http://www.opensecrets.org/orgs/recips.php?id=D000000123&type=P&state=&sort=A&cycle=A
Remember, it's the reference you deleted.
-solon fox
solon fox
>
> > In addition, it seems that Senator Dodd's wife benefited amply from
> > close ties to AIG.
>
> > "Jackie Clegg Dodd served as an "outside" director of IPC Holdings,
> > Ltd., a Bermuda-based company controlled by AIG... Clegg was
> > compensated for her duties to the company, which was managed by a
> > subsidiary of AIG. In 2003, according to a proxy statement, Clegg
> > received $12,000 per year and an additional $1,000 for each Directors'
> > and committee meeting she attended.' --
>
> > -solon fox
>
> <bam>
> u got um!
Like fish in a barrel.
Still, they are unphased by facts as they find them inconvenient to
their sophistic ideas.
-solon fox
Dionysus
"solon fox" <solo...@gmail.com> wrote in message
news:9a0eb437-501d-42c8...@s19g2000vbp.googlegroups.com...
-solon fox
***********
Yep, there's more than enough shame to go around...reminiscent of the
Dreyfus Affair
Dionysus
Dionysus
Ref.
http://www.opensecrets.org/orgs/recips.php?id=D000000123&type=P&state=&sort=A&cycle=A
-solon fox
*************
Bet they hate it when you hit them up side the head with irrefutable facts.
Almost not fair, isn't it!
Dionysus
Wikking
Hmm, so you ARE a Neocon, while Obama is Robin Hood.
--
}(:
Wikking
I like President Robin Hood.
--
}(:
solon fox
> Dionysus wrote:
>
> > "solon fox" <solon...@gmail.com> wrote in message
Obama would be King John.
Major Debacle
> "Major Debacle" <Major_Debacle@the_pentagon.mil> wrote in message
> news:Ttuyl.16702$as4....@nlpi069.nbdc.sbc.com...
>> Merely a rat deserting a sinking ship, nothing more.
>>
>> My disgust for him is propounded by his sympathy mongering.
> *****
> You are merely a puny and pitiful little bro-zo luxuriating in your hatred
> of your betters.
I decide who my betters are and this whiny puke is definitely not among
them.
Dionysus
> Dionysus wrote:
>> "Major Debacle" <Major_Debacle@the_pentagon.mil> wrote in message
>> news:Ttuyl.16702$as4....@nlpi069.nbdc.sbc.com...
>>> Merely a rat deserting a sinking ship, nothing more.
>>>
>>> My disgust for him is propounded by his sympathy mongering.
>> *****
>> You are merely a puny and pitiful little bro-zo luxuriating in your
>> hatred
>> of your betters.
>
>
>
> I decide who my betters are and this whiny puke is definitely not among
> them.
Nope, when short bus riders such as you need to make a decision, it's made
for you.
Dionysus
Dionysus
***********
Ooh, that's good. And Geithner as the Sheriff of Rottingham (Thank you, Mel
Brooks).
Dionysus
Major Debacle
> "Major Debacle" <Major_Debacle@the_pentagon.mil> wrote in message
> news:FSByl.10659$%54....@nlpi070.nbdc.sbc.com...
>> Dionysus wrote:
>>> "Major Debacle" <Major_Debacle@the_pentagon.mil> wrote in message
>>> news:Ttuyl.16702$as4....@nlpi069.nbdc.sbc.com...
>>>> Merely a rat deserting a sinking ship, nothing more.
>>>>
>>>> My disgust for him is propounded by his sympathy mongering.
>>> *****
>>> You are merely a puny and pitiful little bro-zo luxuriating in your
>>> hatred
>>> of your betters.
>>
>>
>> I decide who my betters are and this whiny puke is definitely not among
>> them.
> ***********
> Nope, when short bus riders such as you need to make a decision, it's made
> for you.
>
> Dionysus
Your clown-like arrogance anuses me.
Dionysus
Heh, heh, heh, soooo easy.
suds macheath
---Thanks for admitting that Repubs got contributions also....kinda
ruins the "Dems are on the take" theory.....
suds macheath
---Yet, Repubs also benefited from AIG largess, didn't they?
suds macheath
----Like the fact that Repubs got their share of AIG bucks?
suds macheath
---King John took from the rich and gave to the poor? Which version of
Robin Hood is this?
solon fox
>
> > Remember, it's the reference you deleted.
>
> ---Thanks for admitting that Repubs got contributions also....kinda
> ruins the "Dems are on the take" theory.....
Hey, I'm a straight shooter. I'm not blinded by party affiliations.
I'll even call out the good when merited.... just can't think of any
at the moment. ;-)
My objective is to be truthful and admit my own failings when I am
mistaken.
Based on campaign contributions, it is inaccurate to characterize AIG
as neoconservative as was alleged by somebody. :-/
-solon fox
suds macheath
---So, that'd make you a hypocrite ?
solon fox
>
> > Remember, it's the reference you deleted.
>
> > -solon fox
>
> ---So, that'd make you a hypocrite ?
You appear to have lost your train of thought. I think maybe you got
off on the last stop?
solon fox
Was I supposed to be defending Republicans? I guess I missed that part
(I think you missed the bus though).
Major Debacle
Being a clown comes easy to you?
I believe it.
suds macheath
----Not really. Highlighting AIG contributions to Dems to insinuate that
is the reason for the bonuses would be hypocrisy if Repubs received them
also.....
suds macheath
----No, you were insinuating that the bonuses were tied to campaign
contributions.....
solon fox
Yes, it would; but, that wasn't what I did was it? I showed the
contributions to both the Democrats and the Republicans from the very
beginning to demonstrate that it is inaccurate to claim AIG is
neoconservative. Some of those contributions may well have been to
neoconservatives (some were to Republicans), but most of the donations
were to Democrats, thereby proving that AIG is not neoconservative,
neither are they liberal (just slightly more supportive of liberals).
Not too much different from the country as a whole and not
neoconservative. If you wish to claim that they are neoconservative,
then I suggest you present some facts to support that.
-solon fox ;-)
solon fox
Don't be ridiculous. Where do you get that from? I didn't insinuate
anything. I merely presented facts to controvert the spurious labeling
of AIG as a bunch of neocons - they are not.
Judge me by what I write, not by what others may think, nor by what
you may wrongfully assume about who or what I may support. After all,
you can know what I support by simply adhering to what I have written.
You are free to ask me if you are curious.
-solon fox
suds macheath
---Sure. Inside a context that Dems cleared the bonuses because of
campaign contributions. Or, do you deny they (campaign contributions)
had any part at all?
suds macheath
----So, you'll deny that campaign contributions had a role in AIG bonus
legislation?