In today's New York Times, an employee of AIG has written a commentary that is in effect his so called two weeks notice. The employee, Jake Desantis, may have spun this scandal on its heels and turned it again into a direction no one expected.
DeSantis explains that most of the current staff of its troubled Financial Products unit were not there when the unit practiced terribly irresponsible policy in marketing and writing the credit default swaps that have caused so much trouble. In fact, most of the units' current employees were brought into the division in order to try and clean up the mess as best they could. This largely makes sense. It's very unlikely that AIG would have kept around the very folks that caused its collapse. Most of the people now in the division are likely brought in from elsewhere. DeSantis, like Liddy, has spent nearly the last year working at AIG for one dollar. In fact, he largely took on the role because AIG promised him the very bonus that is now the subject of so much scrutiny and controversy.
DeSantis has spent about twelve years at AIG and most of those were spent in their profitable equity trading division. He explains that he took on his role at the FP division even though there was steadier work elsewhere. He says he feels betrayed and let down by management which didn't stand up for he and his colleagues as they were demonized for the deeds of others. DeSantis says he will donate his bonus to charity.
What this means is that Congress has spent the better part of two weeks demonizing folks even though they ultimately had absolutely nothing to do with the financial meltdown. It means that folks like, Andrew Cuomo and Richard Blumenthal, AG's for New York and Connecticut, both held as heros trying to get bonuses back, are in fact, thugs that have been harrassing and intimidating private citizens threatening them into returning money they rightfully deserved. It means that everyone that demonized these bonuses and everyone that received them did so without having most of the critical facts. It means that Congress has lead everyone on a wild game of finger pointing when in fact, all that was needed was a calm understanding of all the facts. It appears that most of the folks currently in the FP division are fine folks that were given the duty of trying to clean up a mess and for this they were promised bonuses. Now, it seems contrived populism has put those bonuses at jeopardy.
Please check out my new books, "Prosecutors Gone Wild: The Inside Story of the Trial of Chuck Panici, John Gliottoni, and Louise Marshall" and also, "The Definitive Dossier of PTSD in Whistleblowers"