A lot of feigned outrage over the AIG bonuses have led to the worst of extremes, ranging from mob protests to the unprecedented use of punitive taxation by Congress (which is also a Constitutional breach).
However, there are two sides to every story, and a moving resignation letter from one of the targeted executives says it all.
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.
To those in Washington who displayed such phony and hypocritcal outrage that sparked an unnecessary witch hunt: Shame on all of you.
It’s bad enough that those targeted had to perform a thankless job to fix a problem with assurances of contractual compensation THAT WAS APPROVED BY BOTH THE OBAMA ADMINISTRATION AND CONGRESS are being shafted, forced to give up their rightful earnings, played as pawns in a game of class envy, and subjected threats of violence and death.
Today it’s AIG; tomorrow it could be a private, non-financial firm that didn’t need or didn’t ask for goverment aid.
It never was about rescuing institutions that were considered “too big to fail”; it’s about nationalization and government-led extortion.
