AIG Executive Bonus Debacle

Apparently Jake DeSantis did his job working 10-14-hour days and taking an annual salary of $1 at AIG ["Jake DeSantis: Dear AIG, I Quit!" usnews.com].

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Apparently Jake DeSantis did his job working 10-14-hour days and taking an annual salary of $1 at AIG ["Jake DeSantis: Dear AIG, I Quit!" usnews.com]. Under contract he would make a bonus based on profitability of his division. He knew the risks involved under contract, performed his job duties under contract, and should be paid based on his contract. He did his job. I would not give up my hard earned money. He sacrificed his life and family life. By the way Jake I am starting a new business. My team consists of honesty, credibility, and integrity. I want you on my team.

Comment by Paul M. of IL

I believe that all AIG should be free to offer whatever bonuses it desires without interference from the U.S. government, and our alleged representatives. I feel just as strongly that they should receive no monetary assistance from the U.S. taxpayers whatsoever. If they fail? So be it. I bet Mr. DeSantis wouldn't get a bonus then either. I do believe he has a point in that there appears to be insufficient accountability held against those in his company that did cause their problems and subsequently absconded.

Comment by Blaise of CT

DeSantis is exactly right. Do you punish a plumber who fixed the pipes when a careless electrician burned the house down ... even if both work for the same builder? It's a scary mob mentality out there on these bonuses. Mr. DeSantis's letter [to the New York Times] shows that it isn't quite as simple as the press, politicians, or John Q Public is making it out to be. And the attorneys general? Please. They're running for governor in their respective states and are demagoguing this. Well done, Mr. DeSantis.

Comment by Michael McKinney of MD

Why do we compare an MIT graduate to people who barely made it out of high school? Look, the guy worked hard. He chose a difficult profession. Most people don't understand finance, derivatives, etc. Like it or not, there's a big difference between that field and punching a cash register for a living. Sorry, but those are the facts. And how many people would agree to work for $1 now for a bonus a year later no matter how large? Most of us couldn't or wouldn't. Most of us want our money now. We're just not risk-takers. People in this profession are.

Comment by G. Garza of TX

It is inconceivable that a man as intelligent as Jake DeSantis did not understand that others in AIG Financial Products were playing fast and loose with the credit default swap transactions, spelling eventual disaster. And yet he chose to stay. Now he is shocked—shocked at his guilt by association. Give me a break.

Comment by Steve R. of GA

Mr. DeSantis gave me a different perspective on this issue and much to think about. This bonus situation was not as black and white as we were led to believe. I wish him well.

Comment by Suzanne Horn of CA

People criticize what they don't understand. Will we ever know the full truth? So many make the assumption they know it all. The whole media and congressional reaction to these payments reminds me of an angry mob looking to go out lynching a witch in Protestant Salem or a dictator in Iraq. Will the American public or its leaders ever grow up? Hats off to a man dedicated to giving it to those who really need it, I look forward to seeing his list.

Comment by Eric of GA


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