March 25, 2009

And it comes down to this

Read this. 

This is the resignation letter sent by Mr. Jack DeSantis, an executive VP at AIG, to Edward Liddy in the wake of Liddy's testimony.  Read it all and not simply because it is a fantastic example of very polite bitchslapping.  Read it because it details just how utterly everyone is lying about the AIG bonus situation. 

This is one of my favorite bits: 

You’ve now asked the current employees of A.I.G.-F.P. to repay these earnings. As you can imagine, there has been a tremendous amount of serious thought and heated discussion about how we should respond to this breach of trust.

As most of us have done nothing wrong, guilt is not a motivation to surrender our earnings. We have worked 12 long months under these contracts and now deserve to be paid as promised. None of us should be cheated of our payments any more than a plumber should be cheated after he has fixed the pipes but a careless electrician causes a fire that burns down the house.

I commented in another context that I was more than a bit confused as to why bonuses were being given considering the financial performance of AIG.  It is now apparent that these are retention payments and were the carrot to get people to stay through this utter mess.  People with skill were needed to stay and this was the incentive to get them to do so.  I see nothing improper about that.  The employees were being asked to take a huge risk and this was the reward.  Fair enough.  Now these same employees are being fucked over utterly becuase of the shifting political winds. 

Look, I understand the rage and the fury and the argument that we own AIG, we get to set the pay is valid.  But these were completely legal contracts that were not renegotiated and which it appears were going to be honored, hell, were honored, until the shrieking began.  That's horrifying to me.  Contract law is contract law and the notition of post-contractual revision due to external pressure is appalling.  A strong argument can be made that these contracts should have been rescinded and/or renegotiated.  But they *weren't*.  That means they are valid and "omg but but but it's UNFAIR" is not proper justification of retraction now.  If that is the case, then not a single fucking contract is worth the paper it's printed on.  Not a one. 

Then there's this:

The only real motivation that anyone at A.I.G.-F.P. now has is fear. Mr. Cuomo has threatened to “name and shame,” and his counterpart in Connecticut, Richard Blumenthal, has made similar threats — even though attorneys general are supposed to stand for due process, to conduct trials in courts and not the press.

Jesus.  Fuck.  Really, that's the only response to that.  I'm not sure I have the words for how terrifying it is that public officials feel perfectly free to set a howling mob on private citizens.  What is the point?  What purpose will be served other than the obvious political theater? 

Ace mentioned having Obama Fatigue.  I'm sick of it all.  I am standing open mouthed watching the destruction of all I hold dear, namely the concept that we are a nation of laws not men, and it is difficult to maintain any type of rational response in light of all that is going on. 

It comes down to this, tomorrow it can be anyone.  Anyone at all.  The ravening hordes are at the gates and I am running out of shells.

Annnnnd that got a bit more emotastic than anticipated, my apologies.  Girls and guns later in recompense.   


Posted by: alexthechick at 08:51 AM | Comments (6) | Add Comment
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