An AIG Resignation

At this link you'll find an email from a former AIG executive to the company's chairman. It's a pretty good read.

This employee, who agreed to work for $1 a year with the promise of a retention bonus, along with most of his brethren who received retention bonuses from AIG, was not responsible for the problems which brought AIG down, and yet they're being vilified by idiots in Congress, New York and Connecticut for staying on with the company and trying to wind it down in a way that would be most beneficial to taxpayers.

Because of the populist madness on Capitol Hill AIG's ultimate settlement will be worse than it should have been for taxpayers. Talented executives who know the most about the business and how to wind it down are now leaving the company because of the betrayal they feel from the AIG chairman and the politicians who represent the taxpayers they were trying to help.

And it's unlikely that AIG will be able to replace this talent. Yesterday in Los Angeles there was a job fair which thousands of potential applicants attended. AIG was represented there and according to a TV report I saw, where most employers had dozens of people waiting in line, AIG had one. One person interviewed said he wouldn't even consider AIG as an employer because the company's reputation has been so badly tarnished.

The government has poured $170 billion dollars into AIG to try and stave off collapse. That money will end up being wasted because through the government's own actions in creating a mob atmosphere of hatred toward AIG executives, the talent won't be there to save the company. It will ultimately fail.

Thanks, Congress.

By the way, have you given back the campaign contributions AIG gave you yet?