Thursday, April 2, 2009

What Those Executives Deserve

Here is a letter to the editor of the New York Times that responds to AIG executive Jake DeSantis's letter of resignation published ten or so days ago. The Times didn't pick it up. But you can read it here:

Regarding Jake DeSantis’s letter of resignation:

Mr DeSantis is confused.

He says he agreed to work for a salary of $1. But really, he agreed to work for $1M deferred compensation.

He “doesn’t disagree” that members of his profession have been overpaid, yet he insists that he’s “earned” most recent paycheck, not to mention the considerable wealth he's accumulated as an employee of AIG.

He says he was never paid for CDO trading, but discloses that he had substantial amounts of money invested in AGI-F.P. Clearly, he expected to and perhaps for a time did profit from that disastrous enterprise.

Personally, I think that Mr DeSantis and his cohorts (not simply in the banking “industry” but throughout corporate America) should learn to think of themselves as public servants. As such, they should all work for minimum wage with no benefits and expectation of any additional compensation, at least until a full and sustainable recovery has been secured.

If they are as good as they say they are, it shouldn’t take more than two or three years.

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