And well-deserved, too. He’s an example of someone who probably deserved his bonus, if anyone deserves a seven figure bonus. The whole thing is bogus.
An American hero!
Godspeed to him.
A great letter. It seems that a lot of honorable people (not to mention the US Constitution) are being sacrificed to appease the fury of the mob, euphemistically known as the “public will.” It’s good to know that at least one of them will not proceed peaceably to the slaughter.
Great letter.
I’ll be interested to hear if it changes any opinions around here.
Absolutely great letter.
Thanks for posting this.
Great letter.
He’s an Executive Vice President and never met or talked to the CEO?
Substitute “AIG Financial Products Division” with “GM” and this could have been written by any laid off hourly auto worker. The guy may have a point that he did not directly cause any problems but if the company goes down, it goes down with all hands and that is just as true for investment bankers as it is for line workers. At least the auto workers, once the gun was to their head, stepped up and agreed to change their contract to try and keep the company afloat. These AIG guys were not willing to do that.
I don’t mind that some folks get paid millions of dollars a year but it does piss me off royally when they act like babies. If I’m going to feel sorry for innocent people, its going to be folks who lost a $40K job, not someone who voluntarily quits a $700K job.
Laid off hourly GM Workers do not have Attorney’s General lining up lynch mobs to take them out.
This is not an accurate comparison.
I don’t mind that some folks get paid millions of dollars a year but it does piss me off royally when they act like babies. If I’m going to feel sorry for innocent people, its going to be folks who lost a $40K job, not someone who voluntarily quits a $700K job.
This guy isn’t acting like a baby, nor is he asking for or expecting anyone to feel sorry for him. What he is saying is that commitments were made to him and others in similar positions. These commitments led him to make career and life decisions. These commitments were then not lived up to. He did all that was asked of him, and expected others to do what was asked of them (live up to their commitments). Instead, Liddy rolled over under political pressure and reneged on those commitments.
Since you did read the letter, you’ll note that he, too, worked for $1 last year.
You obviously did not watch the auto bail out hearings last fall.
Obviously not the sames ones you did. I didn’t notice any hourly GM workers being pilloried by Senators and Congressmen.
This guy isn’t acting like a baby, nor is he asking for or expecting anyone to feel sorry for him. What he is saying is that commitments were made to him and others in similar positions. These commitments led him to make career and life decisions. These commitments were then not lived up to. He did all that was asked of him, and expected others to do what was asked of them (live up to their commitments). Instead, Liddy rolled over under political pressure and reneged on those commitments.
Again, that is exactly what happened to the hourly workers at GM.
But, the AIG guy did get his bonus. There has not been one penny removed from any of the contractual bonuses by AIG. They did not even try to renegotiate them. I agree that the 90% tax is uncalled for but taht is congress not AIG trying to do that. As far as this guy is concerned right now today, he got every penny the company promised him. All he is really beefed about is that he is not getting any love from the executive suite or the public and he feels offended that he is somehow being painted as being a bad guy just because he works in the Financial products division. But, he got $700K for that so he should be good and he should stop whining.
Obviously not the sames ones you did. I didn’t notice any hourly GM workers being pilloried by Senators and Congressmen.
Reread the questioning and comments by Cocharn and Shelby among others.
An American hero!
Godspeed to him.
He’s the executive vice president of the American International Group’s financial products unit He takes his $700K. Writes a letter and says it wasn’t my fault. And everyone jumps on the bandwagon. I’m looking forward to seeing all the letters he wrote to his boss regarding the A.I.G. Financial Products that weren’t worth a damn or were being managed poorly…Or as executive VP didn’t he see that?
"AIGFP’s trading in credit derivatives led to enormous losses.These losses at AIGFP division essentially bankrupted the entire AIG operation, and forced the United States government to bail out the insurer. "
But, he got $700K for that so he should be good and he should stop whining.
If he actually got the $700k, we wouldn’t be having this entire discussion. The fact that there are boobs in the government that want to take away virtually the entire amount is the issue.
maybe he and Joe the Plumber can go on a speaking tour together! he probably dresses better than Joe, but I can see Joe delivering a “Git er done!” with more gusto!
“I don’t mind that some folks get paid millions of dollars a year but it does piss me off royally when they act like babies. If I’m going to feel sorry for innocent people, its going to be folks who lost a $40K job, not someone who voluntarily quits a $700K job.”
When you write a letter of resignation from a job, it’s common courtesy to provide your reasons. Doing so isn’t “acting like a baby.”
When you are under public attack, you have every right to defend yourself publicly. Doing so isn’t “acting like a baby.”
You may not feel any sympathy. That’s your prerogative. He wasn’t asking for anybody’s sympathy; on the contrary, he indicated that he and his family will fare just fine. The losers will be the rest of us, as our economy is deprived of the services of some of its best and brightest.
This is a great reminder that just because you hear something on TV repeated over and over and over again, that doesn’t make it necessarily true. If it’s true that this guy (and most others who received the bonuses) had absolutely nothing to do with causing AIG’s mess, why should we, as a whole, be outrged that they are receiving contractually negotiated bonuses?
You may not feel any sympathy. That’s your prerogative. He wasn’t asking for anybody’s sympathy; on the contrary, he indicated that he and his family will fare just fine. The losers will be the rest of us, as our economy is deprived of the services of some of its best and brightest.
If he is not looking or sympathy, why did he put his resignation letter in this morning’s New York Times? I read this letter this morning and my first thought was that if this is the “best in the brightest” on Wall Street we are in deep shit. This letter was written by a petualant spoiled brat.
If, on the other hand, he was just having a bad day and hit “send” when he shouldn’t have and he really is one of the “best and the brightest” maybe he’ll now take his MIT degree and do something useful with it 
“If he is not looking or sympathy, why did he put his resignation letter in this morning’s New York Times?”
Did you even read my post? As I already stated: “When you are under public attack, you have every right to defend yourself publicly. Doing so isn’t ‘acting like a baby.’”
Hell, even if he were one of the bad guys, he’d still have every right to speak up publicly when confronted with such very public charges.