As the protesting over the AIG bonuses continue, more execs are leaving the troubled company and I don’t blame them. From Hot Air:
Several more employees are leaving the controversial financial products unit that brought American International Group Inc to its knees last year, according to a person with knowledge of developments there.
The resignations are in addition to the “handful” of senior AIG Financial Products executives who have already given notice, said the person, who could not quantify the total number of departures.
To date, AIG said the situation at the financial products unit remains “manageable,” despite the departures. But if too many employees quit, Chief Executive Edward Liddy has warned it could be disastrous for AIG and, ultimately, for U.S. taxpayers who are the insurer’s majority owners. Employees there were promised retention payments more than a year ago, on condition they stayed long enough to wind down their areas of business, effectively working themselves out of a job.
But now some have changed their minds, fed up after 10 days of ridicule and scorn from lawmakers who broadly derided the bonuses, demonstrators picketing outside AIG offices and a threat by New York Attorney General Andrew Cuomo to publicly name anyone who did not return the bonuses.
The employees still working are not the ones who caused the large losses and “are being unfairly persecuted by elected officials,” wrote Jake DeSantis, an executive vice-president for the Wilton, Connecticut-based financial products unit, in a resignation letter printed by the New York Times on Wednesday.
This is the problem with the mob mentality and an over eager congress and administration that wishes to hide their real problems. They don’t pay attention to the facts, or worse, the consequences of their actions.
Kiss your billions dumped into AIG good bye.
