Jake DeSantis Calls It QuitsMarch 25th, 2009 - 11:00 pm ICT by GD
The economic blues were seen taking a toll on yet another international franchise, this time the American International Group (better known as the AIG). Jake DeSantis, the Executive Vice President of the American International Group’s financial products unit sent a mail to Edward M. Liddy, the chief executive of the Group, notifying him of his resignation.
Here are some of the excerpts taken from the resignation letter presented by Jake DeSantis to the CEO of the AIG. The resignation letter started like this, “It is with deep regret that I submit my notice of resignation from A.I.G. Financial Products. I hope you take the time to read this entire letter. Before describing the details of my decision, I want to offer some context.”
The next part of the letter that followed was about Jake being proud of everything that he did for the AIG’s financial products unit. The letter said that he was in no way responsible or involved in “the credit default swap transactions that have hamstrung the AIG.” And neither were the 400 employees that worked in the company’s financial products unit were to be blamed. He added that most of the people who were responsible and involved in the fiasco have already left the company and have “conspicuously escaped the public outrage.”
In the letter, Jake also said that he had utmost respect for the civic duty that the CEO was performing on behalf of the AIG, and that the CEO was as blameless for the current situation as Jake himself is. The letter said, “You answered your country’s call and you are taking a tremendous beating for it.”
The letter ended with Jake saying that this action was the right choice for him and that he wished luck and success for Mr. Liddy in his “commitment to return extended by the American government.”
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