Dear A.I.G., I Quit
nytimes.com
Dear A.I.G., I Quit
1–10 of 77 posts
Re: Dear A.I.G., I Quit
#2About time something like this comes out. A humbling perspective.
Re: Dear A.I.G., I Quit
#3About time something like this comes out. A humbling perspective.
I find myself unable to identify with -- or muster any empathy whatsoever -- for an individual who received $742,006.40 (post-tax) and can readily afford to donate it to charity without concern for his family's well-being despite the current economic climate.
Re: Dear A.I.G., I Quit
#4About time something like this comes out. A humbling perspective.
I find myself unable to identify with -- or muster any empathy whatsoever -- for an individual who received $742,006.40 (post-tax) and can readily afford to donate it to charity without concern for his family's well-being despite the current economic climate.
Would it be different if he was a startup founder whose company got acquired by big finance? Just asking...
Re: Dear A.I.G., I Quit
#51. Buh bye.... don't let the door hit on your way out.
2. With the current job losses, I am sure there will be plenty of well qualified people that can replace him for a lower pay.
You got paid $740k for what? Does this guy realizes that his profession is a lot less valuable right now, and that he shouldn't/can't expect the same amount of money (taxpayer money), even during the bust.
"I know that because of hard work I have benefited more than most during the economic boom and have saved enough that my family is unlikely to suffer devastating losses during the current bust. Some might argue that members of myprofession have been overpaid, and I wouldn’t disagree. "
Re: Dear A.I.G., I Quit
#6Sorry Jake, but I don't feel sorry for you.
Well, maybe a little, if your claims about being tarred unfairly with the CDS debacle are true.
But stop whining. All over the USA, people who work hard, who get great reviews from bosses, customers and peers, who were promised bonuses and profit sharing, are seeing instead slashed pay and benefits. That is, if they are lucky, and not getting RIFed.
Your company is in the crapper, and being propped up by taxpayers both explicitly by government bailout, and implicitly by the Fed.
If you worked anywhere besides the financial industry at a company in AIG's shape, you wouldn't be getting a bonus, not because of politics, but because there wouldn't be any money to pay one.
Spare me the false charity as well. People in your line of work compensated themselves as if they were founders and early investors in F500 companies, while holding positions that would barely command six figure salaries in other industries. I'm sure most readers here on HN would like to be in the position to write a 750k check to charity in the face of a depression.
That $100 million a year in equity and commodity trading? How much of that was on the back of the tech and housing bubble, and exploding oil prices? Sans the games the guys down the hall were playing with CDS and CDOs, would your returns even have been so high?
Re: Dear A.I.G., I Quit
#7About time something like this comes out. A humbling perspective.
I find myself unable to identify with -- or muster any empathy whatsoever -- for an individual who received $742,006.40 (post-tax) and can readily afford to donate it to charity without concern for his family's well-being despite the current economic climate.
Why? Has he done anything immoral or inhumane? Or do you simply resent the successful?
Re: Dear A.I.G., I Quit
#8I really respect his decision to donate all the bonus payment to charity. I really think that the a lot of employees at AIG are ethical, and did not have much to do with the collapse.
I was very surprised to learn that some of the senior management is only taking a salary of one dollar. Bonuses are probably warranted in this case.
I am not quite sure why Mr. Libby thought he could definitely honor those bonuses though, especially since AIG had said it wouldn't pay performance bonuses to senior executives in 2008. He promised the employees three times in October that their bonuses would be honored. The bailout of AIG was starting to turn into a witch hunt by then.
Re: Dear A.I.G., I Quit
#9About time something like this comes out. A humbling perspective.
I find myself unable to identify with -- or muster any empathy whatsoever -- for an individual who received $742,006.40 (post-tax) and can readily afford to donate it to charity without concern for his family's well-being despite the current economic climate.
Really. How about a person who was promised payment for services served and than subsequently demonized and threatened with slander and public humiliation for claiming his just due?
Re: Dear A.I.G., I Quit
#10Says the rain drop, "Flood!? I'm not responsible for any flood! I'm just one tiny drop! Its all of that other water that made the flood."