What did he do wrong?

This is an excellent article regarding AIG, Edward Liddy and Jake DeSantis. Jake Desantis is the AIG executive who resigned with a blistering Letter of Resignation to Liddy. The letter provides a clear and and detailed account of what transpired at AIG. This article by Nathaniel puts it all into perspective.
Rees


from America's Right
Thursday, March 26, 2009
By Nathaniel Givens

STOP THE WAR ON SUCCESS!

As a married man, I hear the phrase "I told you so," a lot more than I get to use it. Therefore, when I do get to use it, I relish the opportunity.


So, to anyone who thought that the mob frenzy wouldn't drive talent out of AIG -- I told you so. To anyone who thought innocent people wouldn't bear the cost of this insanity -- I told you so. To anyone who thought that legislating out of anger wouldn't come back to bite us in the butt both culturally and financially -- yeah, I told you so.


I'm referring to a letter of resignation from AIG executive Jake DeSantis to AIG CEO Edward Liddy published in full in yesterday's New York Times. DeSantis works in the infamous Financial Products division, but he has never sold nor in any way profited from any business related to credit default swaps. He was raised by middle-class parents--school teachers--and attended MIT on a scholarship before starting as an equity trader at AIG in 1998. After 11 years, he had risen through the ranks to the head of business development for commodities, a unit that consistently made AIG profits in the neighborhood of $100 million.


In the past 12 months, DeSantis has played an integral role in selling AIG business units. These sales earn money for AIG which, in turn, is used to keep the company afloat (so that American tax dollars used to bail the company out won't be entirely wasted) and eventually to even pay taxpayers back. He agreed to have his salary cut to $1 based on repeated promises from Mr. Liddy that his bonus--about $700,000 after taxes--would remain intact..
Click to read the rest of the excellent article