An executive from American International Group's (AIG) financial products division resigned today in a letter published in the New York Times editorial page, citing his displeasure with the way his government-appointed boss and Congress have handled the uproar over AIG's bonuses. Jake DeSantis, an executive vice president at AIG's Financial Products division, said Wednesday he's leaving the company and will donate his entire bonus to charity. DeSantis said he was in no way affiliated with writing the credit default swaps that led to AIG's downfall, and criticized AIG's CEO, Edward Liddy for not informing Congress of the distinction between those like he and those who did. While DeSantis called the bonuses “distasteful,” he said many at AIG, like himself, had nothing to do with the financial products that doomed the massive insurer. He said Liddy should have told Congress that there was a distinction. The letter, addressed to Liddy, said “you are aware that most of the employees of your financial products unit had nothing to do with the large losses. And I am disappointed and frustrated over your lack of support for us. I and many others in the unit feel betrayed that you failed to stand up for us in the face of untrue and unfair accusations from certain members of Congress last Wednesday and from the press over our retention payments, and that you didn't defend us against the baseless and reckless comments made by the attorneys general of New York and Connecticut.” New York-based AIG has been criticized for awarding $165 million in bonuses to employees of the financial products division, a global unit at the root of AIG's downfall. Since September, AIG has received a $182.5 billion federal bailout.
