To the People

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Monday, March 30, 2009

Taibbi Calls "1) Bullshit; 2) bullshit; 3) bullshit, plus of course; 4) bullshit" And "5) Boo-Fucking-Hoo"

Matt Taibbi posts a thorough and highly entertaining flogging of former AIG exec Jake DeSantis and his resignation letter -slash- NY Times op-ed.

The whole thing is well worth reading, but these paragraphs are my favorites: responses to DeSantis's claim that he "was in no way involved in — or responsible for — the credit default swap transactions that have hamstrung A.I.G."
Are we supposed to believe that Jake DeSantis knew nothing about Joe Cassano's CDS deals? If your boss and the top guys in your firm were all making a killing selling anything at all -- whether it was rubber kayaks, generic Levitra or credit default swaps -- you really wouldn't bother to find out what that thing they were selling was? You'd really just mind your own business, sit at your cubicle and put your faith in the guys up top to fill you in if there was something you needed to know?
[...] Let's just say, Jake, that you're telling the truth, that you don't know anything about this toxic portfolio. If that's the case, then why the fuck does anyone need to retain you at an exorbitant salary to help unwind that very portfolio? If these transactions aren't and never were your expertise, then where the hell is your value here?
After reading the publicity stunt of a resignation letter, I never felt bad for DeSantis. But I also did not even realize that AIG-FP had only 377 employees.

I work for a large corporation, and I understand that such corporations have different branches that can operate like separate companies under the same name. It's hard to believe, however, that an executive VP of a 377-head branch "never received any pay resulting from the credit default swaps that are now losing so much money."

I am glad to see that, for whatever reason DeSantis is really returning his bonus, he is giving it directly to charity. At least the money will likely make it to some of those who actually need it. If he gave it back to the government, well, nobody really knows where the fuck the money would end up.

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