A NYTimes OP-ED piece from Jack DeSantis, an executive vice president at AIG, turning in his resignation and donating everything he stands to receive as a bonus from the company.
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 — we in the financial products unit have been betrayed by A.I.G. and are being unfairly persecuted by elected officials. 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. My intent is to keep none of the money myself.
I take this action after 11 years of dedicated, honorable service to A.I.G. I can no longer effectively perform my duties in this dysfunctional environment, nor am I being paid to do so. Like you, I was asked to work for an annual salary of $1, and I agreed out of a sense of duty to the company and to the public officials who have come to its aid. Having now been let down by both, I can no longer justify spending 10, 12, 14 hours a day away from my family for the benefit of those who have let me down.
http://www.nytimes.com/2009/03/25/opinion/25desantis.html?_r=1&scp=1&sq=%22dear%20AIG%22&st=cse (via Rob)
While nobody on ‘main street’ wants to hear it – including myself – these bonuses were promised far back, and are compensation for work done just like the rest of us. And while $165 million dollars is a HUGE number for anyone to see, the graphic below put it slightly more in perspective as to what AIG has actually received.
I know I jumped quick when I saw the bonus headlines, the sensationalism got me this time.
Ready to heap the blame back on AIG and off the recipients of the bonuses? Think Congress might need to reconsider their 90% taxation rate?
After only being signed up to receive his newsletters a few months, I am impressed at the amount of work that goes into the communication efforts of my congressman and his staff.
I’m sure he doesn’t sit down personally and write out each newsletter but each one definitely feels like he has a hand in it.
This month is a very lengthy read but worth it if you have the time. With the promises of cutting pork barrel spending it is both interesting and saddening to see the list of where the new proposed stimulus package money will be spent.
A basketball court in Ohio? Replacement of older cars for federal bureaucrats? Museums? Skate parks? Amtrack? $1 Billion for freaking Amtrak?!
I created a page to see it all if you’re interested. Both sides of the aisle should be upset at much of the following list.
Special Bulletin: February 2, 2009 – Can Stimulus Stimulate without Stimulation?
Thought some of you might be interested to see a copy of the email I received from my Congressman Kenny Marchant this afternoon. No commentary on my part.
There is much to be Thankful for
“It is the duty of all nations to acknowledge the providence of Almighty God, to obey His will, to be grateful for His benefits, and humbly implore His protection and favor.”
-George Washington, 1789
“Give thanks in all circumstances”
-1 Thessalonians 5:18
Thanksgiving is a time for family and friends to come together and give thanks to God for His divine providence. Through our triumphs and tragedies, victories and defeats, and highs and lows, the love God has for us remains unchanged. As we near the end of 2008, I am thankful for the mental, physical, and spiritual health of myself and my family. I am thankful for having the opportunity to represent you as a public servant in Washington, D.C. I am thankful for the many prayers and well wishes I have received from you that confirm my calling into public service many years ago. And, even as we confront the new challenges (both foreign and domestic) that lay ahead with a new President, I remain thankful for the opportunities that will present themselves in the coming year to confront those challenges.
I am honored to represent the 24th District of Texas, and appreciate your interest in my e-newsletter. Please contact my District or DC office with any further questions you may have or visit my website at www.marchant.house.gov.
Sincerely,
Kenny Marchant
Member of Congress