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AIG executive resigns on newspaper

AIG executive resigns on newspaper
AFP
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First Published: Thu, Mar 26 2009. 11 28 AM IST
Updated: Thu, Mar 26 2009. 11 28 AM IST
New York: A top executive with the insurance giant AIG resigned Wednesday via an opinion article in the New York Times, bitterly complaining of being “betrayed” by company management and “unfairly persecuted” by politicians.
Jake DeSantis, an executive vice president with the American International Group’s financial products unit, addressed his open letter to AIG CEO Edward Liddy.
“We in the financial products unit have been betrayed by AIG and are being unfairly persecuted by elected officials,” DeSantis said. “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.”
DeSantis, who said he was proud of his 11 years of work at AIG, said: “I was in no way involved in - or responsible for - the credit default swap transactions that have hamstrung AIG.”
Nor were most of the remaining employees in the division, he said.
“Most of those responsible have left the company and have conspicuously escaped the public outrage,” he wrote.
After recieving more than $170 billion in federal bailout money, AIG handed out $165 million in bonuses to top executives, unleashing a firestorm of criticism among the US public and on Capitol Hill.
DeSantis said that Liddy is “aware that most of the employees of (the) 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 ... and from the press over our retention payments,” DeSantis wrote.
DeSantis wrote he is donating his $742,000 dollar-plus retention bonus “directly to organizations that are helping people who are suffering from the global downturn.”
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First Published: Thu, Mar 26 2009. 11 28 AM IST
More Topics: Finance | AIG | US | Insurance | Bailout |