Thursday, March 26, 2009

An AIG resignation letter

A must-read from yesterday's New York Times - a letter from a manager in the AIG Financial Products division to AIG (government-installed, $1 per year) CEO Ed Liddy:
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.
...
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.

There's a lot more, and it's all good. Again, when we speak of scape-goating, when we speak of unintended consequences, when we speak of class warfare - that's what has been going on with the AIG bonuses, and it is an understatement to say that it reflects badly on the politicians involved (mostly Democrats, but certainly not all, as one of the most offensive comments came from Republican Senator Grassley.)

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