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Dear Mr. Liddy: I quit

Marketplace Staff Mar 25, 2009
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Dear Mr. Liddy: I quit

Marketplace Staff Mar 25, 2009
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TEXT OF STORY

Bob Moon: Today’s New York Times carries a bitter letter of resignation from one of those AIG executives who’d been taking heat for taking big bonuses.

Jake DeSantis is a VP of the company’s financial products unit, and he complains that he and most of his division were in no way responsible for the transactions that brought the company down. In fact, he points out he’s spent long hours away from his family, agreed to an annual salary of $1, and has worked hard to dismantle the company, which he says is crucial to repaying the American taxpayer.

He also argues that neither he nor his colleagues should be cheated out of agreed-to payments — in his words — “any more than a plumber should be cheated after he has fixed the pipes, but a careless electrician causes a fire that burns down the house.”

Still, he says he plans to give any bonus money he receives to organizations helping those suffering from the economic downturn.

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