A.I.G. Resignation Letter Worth Reading

A.I.G. executive Jake DeSantis has captured headlines with his resignation letter published in The New York Times. It's worth reading in order to gain a different perspective on the AIG bonus issue.

Some key points Mr. DeSantis makes include:

• He and many others in the Financial Products group were not involved in the credit default swaps that caused A.I.G. so much trouble.
• He lost a "significant portion" of his life savings which had been in the form of deferred compensation invested in A.I.G.
• He was asked to stay on and help fix the problems for an annual salary of $1 with the promise of a large retention bonus.
• He intends to donate his after tax-bonus to charity after it's known what happens with Congress' proposed legislation to tax the bonus at 90%.

This link will take you to the letter at The New York Times website.

http://www.nytimes.com/2009/03/25/opinion/25desantis.html?_r=1&ref=opinion&pagewanted=print

Quick Vue: Here is a Bloomberg news item on Mr. DeSantis' resignation letter.