Wednesday, Mar 25, 2009
Resignation letter sent by an executive vice president of AIG FP
New York Times: Dear A.I.G., I Quit
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...
11 Comments
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1. mountain goat said...
Nice find 51ck-6-51x
2. flashman said...
A little bit disingenuous to claim that he worked for a dollar out of a sense of duty. He worked for the promise of a million dollars (pre tax). This guy is basically an administrator. It is a boring job but not particularly skilled. I don't see why he should get a million for grinding through the books for a year. If he was a trader, skillfully reducing their exposure, that would be different.
3. 51ck-6-51x said...
Flashman - are you sure?
"I started at this company in 1998 as an equity trader, became the head of equity and commodity trading and, a couple of years before A.I.G.’s meltdown last September, was named the head of business development for commodities."
Does not sound like administration to me.
- yeah he did not work just for the $1 salary and his sense of duty i don't think the letter is perfect, and he did go on to say:
"As most of us have done nothing wrong, guilt is not a motivation to surrender our earnings. We have worked 12 long months under these contracts and now deserve to be paid as promised."
4. paul said...
Whenever something is 'leaked', its always worth asking why. In fact, every journalist should do this even though many don't.
I question the motivation for this leak. This chap has been working next to the people who were responsible for the CDS debacle and now he claims immunity with an appeal to our moral senses that he 'had nothing to do with it'.
No, I'm far more convinced by Rolling Stone magazine's summary of what went wrong at A.I.G.F.P..
Best quote: "AIG is what happens when short, bald managers of otherwise boring financial bureaucracies start seeing Brad Pitt in the mirror."
5. flashman said...
51ck-6-51x : Yes I am sure. All trading activity was stopped and everyone was diverted to tidying up. The people the government send in to oversee these things cannot possibly have a complete understanding of the complex instruments involved and need the old staff to help them clean up. The Americans probably learned a lesson from clearing out the Iraqi army too soon. He is an extremely qualified bloke but paying him a million dollars for a clean up job is a bit much. He should have been on a salary of about $350,000. It is completely wrong to get someone to work for a promised sum and then renege. I guess his paymasters couldn't quite get their heads around the concept of a simple salary
6. flashman said...
Paul: Yes I read that. It's probably the best piece written on the credit crisis
7. Ted The Red said...
Flashman- The words skilful and trader do not belong together. Lucky is better description of the monkeys who
happen to make money.
8. 51ck-6-51x said...
flashman - heh, now that's more like it!
9. ketha said...
part of this is a belated horror at the state of pay in modern corporations... who the hell are these people and what kind of monster thinks he's worth so much more than anyone else? It's the human ego allowed to reach Nero like pathology on a massive scale...
10. britishblue said...
It will be interesting to see if this 'poor' character gets a nice cushy job at Goldman Sachs in the next couple of months. He probably already has one lined up as part of the strategy to leak this letter in a blatent attempt to humanise AIG staff and deflect blame elsewhere.
11. Davidsmithseatingmysavings said...
"If he was a trader, skillfully reducing their exposure, that would be different."
Yes of course trader's are skillful. I've never seen an example of a trader that's a sociopathic boorish thug that reduces the intelligence level of a blog to below that of a daily mail comments board.