Wednesday, March 25, 2009

Jake DeSantis telling it like it is

Brian from Mpls wrote a post on the AIG Bonus payments and He and I would appear to be on the same page. http://brianinmpls.blogspot.com/2009/03/pay-them-now-or-pay-more-later.html He has the same general beliefs on this issue as I do. We believe this is a prudent use of this money and it is necessary. I saw that post and commented on it, but did not intend to write a post of my own about it. Until today.
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Today, I read a resignation letter written by Jake De Santis, directed to the CEO of the company, Mr. Edward Liddy, and it perfectly nails it. http://www.nytimes.com/2009/03/25/opinion/25desantis.html?_r=1
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Those Bonuses should probably not have been called "bonuses" that is the first trigger that gets the underwear of the masses all botched up in their asses. If they would have just called it: "Deferred compensation" I think they would be much better off now, but hindsight is 20/20, and Language is very powerful.
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They probably should have also included a clause in the contracts that this "deferred compensation" is not payable to anyone who resigned prior to the date of the payout.
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Having said that: the way congress, the majority of the media and the general masses are jumping all over this, its like a feeding frenzy. It reminds me of McCarthyism and in fact, the AG of NYC mentioned a "black list" which is absolutely freaking unbelievable. (he used a different word though He just called it "releasing the names" which was smart on his part)
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Mr. DeSantis sent his letter to the NY TIMES and people commented out their asses about it. They were either in support of him or they ridiculed him. Those that mocked him seemed to be mostly angry because of the AMOUNT he got paid. Its not a witch hunt, it's a RICH hunt. below are some of those comments:
Here is a comment made by Heather in Albany, Ca:

If the company is essentially bankrupt because of the actions of a select few (which in itself is hard to believe), it only makes sense that everyone in the company suffers-- the company rises and falls together. A 700,000+ bonus? What world does he live in? (Not my world, that's for sure). He admits that he has overpaid for years and that he won't feel the devastating impacts of this financial recession. Yet, still, he wants our sympathy? Like an indulgent child.... get over yourself.
— Heather, Albany, CA
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Notice how her anger is focused on the fact that SHE doesn't make 700k in a year. Heather, maybe you should "get over yourself"
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Here is a quote from a guy named Cleo.
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OK, Jake, I'm going to say it again: NOBODY deserves to be paid $700,000 for a year's work. It's an obscenely huge amount of money that can have no relationship to the work actually done. Even if you had worked 24-7 it would be too much. The only reason you and your ilk have been able to lay claim to that much loot has been that you all were smart enough to rig the game in your favor and elect your henchmen to political office while hoodwinking a gullible public into believing they too would profit by the game. The game is over now, and the reasoning supporting excessive compensation has been exposed as a lie. You guys weren't the best and the brightest, you were failures, cheats; you are not a rare commodity, you are a in fact a dime a dozen; and you can easily be replaced by people who will do an honest days work for honest pay. So slink off to whatever chateau you acquired with your ill-gotten gains, lock the gates and sulk. We are happy to get rid of you.
— Cleo, San Francisco, CA
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Good thing we have "Cleo from San Francisco, CA on the case. He knows what the value of work is and evidently what the market will pay has nothing to do with supply and demand and skill or talent. PEOPLE can "easily be replaced" per Cleo -- if we ever need a complete moron then voila we have our replacement and his name is "CLEO"
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Here is a comment from AB in Boston:
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Mr. De Santis,You forgot to mention a little detail: AIG didn't pay your $700,000 bonus. We taxpayers did. You may feel relieved and honorable in donating that money to charity, but that's my money you're giving away, and that is one more transaction of yours (and your company's) that I did not approve. In fact, I'd rather have my money going to save the US economy than to some other cause of your choosing.If your company is sinking, even if out of no fault of your own, you should be sinking too. Life's unfair--just ask those who have lost their jobs or their homes thanks to your colleagues.
— AB, Boston, MA
-AB has so much bitterness and he gets his arguments mixed up. It is a valid question if our government was right or wrong in making the decision to bail AIG out financially. I can argue that either way, but the fact is The government DID bail them out and part of that bailout would have to include compensating the people that have the skill and ability to fix it. He is in effect arguing that we should pay a doctor to operate on a patient but not allow him the use of a scalpel or other tools that the doctor needs to do the operation. just a ridiculous argument
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I did not comment in the NY TIMES article but I will comment here now:
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Bravo Mr. DeSantis, BRAVO. and good luck to you and your family
Bill from Gainesville

7 comments:

Compulsively Yours...for now said...

i know you probably feel as if your soul has been sucked dry due to my absence...MR. BILL it will be okay, i am back now.

Bill From Gainesville said...

CYFN -- Missed you ! hope you had fun on your road trip

Brian in Mpls said...

It absolutly makes my blood boil how stupid people can be.

Compulsively Yours...for now said...

yes, yes i did. i have pictures to prove it-well, if you think licking and humping hotels walls are cool, then yeah i have pics to prove it was way cool. i will be posting them soon.

Bill From Gainesville said...

Brian, I agree and its also a scary thing in addition to being something to be shocked at.
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CYFN --- Looking forward to the pictures

NTF said...

Preach brother! When the economy is heading in the toilet blame the productive folks that have always made the world go around. How dare someone have the audacity to stive for riches when so many are hurting. Go Obama, now which way to the bread line?

Bill From Gainesville said...

NTF -- this government is going to set us back YEARS and when we come out the other side its going to be a different landscape