Aig Executive Calls It Quits

03.25.09 | FL News Team

Dear AIG, I'm done. That is the short version of a lengthy letter of resignation sent Tuesday by Jake DeSantis to Edward Liddy, the CEO of AIG. DeSantis is an executive vice president of American International Group's financial products unit.

His letter, printed in the op-ed section of the "New York Times" describes the reason he is quitting, pointing out he and many current employees of the company were never a part of the credit default swap transactions that caused the corporate failure. In fact, he says, "most of those responsible have left the company and have conspicuously escaped the public outrage."

DeSantis notes he worked hard for the firm for eleven years. He says he feels "betrayed by AIG" and says he and others are being unfairly persecuted by elected officials. Being asked to work up to 14 hours a day and take only one-dollar-per-year in salary definitely rubs him the wrong way and he plans to donate his 742-thousand dollar bonus check to "those suffering from the global economic downturn" keeping none of the "loot" for himself. 

In his letter of resignation Mr. DeSantis also praises Liddy noting he was asked to take a thankless job by the government but then calls him out for his lack of support for the financial services unit of the company which, he says, produced over 100-million dollars each year in profits. He also slams Liddy for his failure to stand up for AIG employees "in the face of untrue and unfair accusations from certain members of Congress."

DeSantis points out many employees had turned down offers from other, more stable employers based on the promise of bonus payments that were a part of their deals with the company only to be informed hours before Liddy's appearance before Congress last week that he wanted the money back. He says employees are angry about being misled and aren't inclined to return the money as a favor to the company.

He says "fear" is the only work motivator among current AIG employees. He says he will stay at his desk awhile to "be sure no balls are dropped" but won't stay much longer. He says "There is too much bad blood."