Wednesday, 25 March 2009

Why are AIG workers quitting?

For those who are angry at those earning "excessive" amounts at nationalised companies, I suggest reading the following resignation letter, from an AIG employee, published (here: in today's New York Times:

I am proud of everything I have done for the commodity and equity divisions
of A.I.G.-F.P. I was in no way involved in — or responsible for — the credit
default swap transactions that have hamstrung A.I.G. Nor were more than a
handful of the 400 current employees of A.I.G.-F.P. Most of those responsible
have left the company and have conspicuously escaped the public outrage.

I suggest reading the whole letter, which puts clearly the point of view of those who feel betrayed by the lack of defence the bosses of these firms are offering.

I must say that it is still easy for him to say, given that he can afford to "give up" $700k. But I still believe such views should be widely heard.

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