The Mindset of an AIG executive

dave_donhoffMarch 25, 2009

http://www.businessweek.com/careers/managementiq/archives/2009/03/the_mindset_of.html?chan=top+news_top+news+index+-+temp_news+%2B+analysis

The Mindset of an AIG executive

The Mindset of an AIG executive

Posted by: Diane Brady on March 25

<_snip>
A few things struck me in the "resignation letter" of Jake DeSantis, an executive vice president of the American International GroupÂs financial products unit. (People donÂt normally forward their letters of resignation to The New York Times)

First, of course, is his justified sense of outrage at having been abandoned by his boss, AIG chief Ed Liddy, before Congress and at having his bonus essentially taken away. "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."

But a few other sentences stand out in my mind as emblematic of the mindset that has created some of this mess.

"I was in no way involved in  or responsible for  the credit default swap transactions that have hamstrung A.I.G." The list of who to vilify grows ever smaller. Even colleagues in the financial products unit are determined to distance themselves from the credit default swaps. These were highly profitable products produced by highly compensated (and, I would guess, much celebrated) people when times were good. Now, it would appear that a handful of largely anonymousÂand now departedÂexecutives are responsible for AIGÂs downfall, not an institution that fostered and rewarded a culture of risk.

More at the link;

The Mindset of an AIG executive

http://www.businessweek.com/careers/managementiq/archives/2009/03/the_mindset_of.html?chan=top+news_top+news+index+-+temp_news+%2B+analysis

The Mindset of an AIG executive

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dreamgarden

The arrogance of these 'dirt dealers' is breathtaking. No wonder the taxpayers are getting angrier by the day....

AIG bonus outrage has employees living in fear
The Associated Press.
3/20/09

FAIRFIELD, Conn. (AP) Â The bonuses paid to AIG executives have turned pillars of a Connecticut community into pariahs and have workers fearing for their safety.

An executive who feared retribution and spoke Friday on condition of anonymity says AIG workers in ritzy Fairfield County are "very, very nervous" about security.

AIG's financial products division is in nearby Wilton. Corporate officials have told employees to avoid sporting the company logo and to travel in pairs at night.

Activists plan to visit the homes of AIG executives Saturday in an attempt to deliver letters highlighting the economic problems of ordinary Americans.

Security companies say the financial crisis is creating brisk business in everything from bomb-sniffing dogs to bodyguards.

    Bookmark   March 27, 2009 at 10:16AM
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shadow700

And by "dirtbags", do you mean the hard-working men and women that had nothing to do with the AIG downfall and were promised time and time again last fall that if they stayed on to help right the ship and, in many cases, took no pay, that they would be receive their contracted bonuses this March?

These same "dirtbags" who could have just as easily moved to a different company and forgone having complete strangers wish that "their blood and the blood of their children will run in the streets"?

Yes, voters are angry, but they should be focusing on the real villains in this mess and they all reside in a 60 sq mile swamp known as Washington, DC.

    Bookmark   March 27, 2009 at 12:27PM
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shadow700

Whoops ... guess I should have used "dirt dealers" instead of "dirtbags". But you get the idea.

    Bookmark   March 27, 2009 at 12:53PM
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dave_donhoff

Shadow,

Dreamgarden posted an article highlighting the lunacy of the so-called "activists" and referred it as no wonder taxpayers are getting angrier.

I agree with her... but I don't actually think most of the taxpayers are AWARE of the fraud; that these "activists" are hired and paid for the manufacturing of false drama.

There is a minority (some label them "elite") who see the world in a very different way, and *WANT* to create an illusion of "class warfare" because they believe they can leverage it against cyclical fears in order to gain power and exploit the masses.

There ARE still those who defend employee's rights and safety... and we ARE in the majority. We have to keep that in mind (and bludgeon it into our government servant's minds.)

Cheers,
Dave

    Bookmark   March 27, 2009 at 2:18PM
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susie53_gw

While I do not like all this bonus business their families should not be threatened the way they have been. This can get really bad. I feel like others that every penny should go back. I worry as to where our government is leading us.. I did not vote for Obama but I sure do wish him well. Also I do strongly believe that many in Congress knew about the bonuses long ago.. I say, NO MORE MONEY FOR AIG....

    Bookmark   March 27, 2009 at 2:28PM
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shadow700

OK ... I read that posting a little differently. But if that's the case, then, yes I agree who the "dirt dealers" are:

- ACORN (who organized the picketing of the executives houses)
- Service Employee International Union (who picketed AIG offices)

These actions serve no other purpose than to stoke the flames of "class warfare".

If the situation weren't so grave, one might see the irony of one federally supported organization (ACORN) wasting tax dollars to picket the members of another federally supported organization because they were "wasting" tax dollars.

    Bookmark   March 27, 2009 at 3:28PM
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kec01

How do you classify the members of the House of Representatives who accepted PAC money last month from some of the firms that have received bailout funds? How does that make you feel about your tax dollars? Who are the dirt dealers?

Here is a link that might be useful: Pac money

    Bookmark   March 27, 2009 at 7:47PM
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shadow700

I'm pretty sure that my "the real villains in this mess ... all reside in a 60 sq mile swamp known as Washington, DC" comment makes my feelings on that abundantly clear.

    Bookmark   March 27, 2009 at 9:24PM
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