AIG's bonus babies fight back!
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Cooler, brain-dead heads are backing off from Capitol Hill's knee-jerk reaction to the public outrage over AIG bonuses.
Leading the coddling of the bonus babies are two Democrats, the New York Times points out in "Legislators to Propose Milder Bonus Bill."
The media overkill on the issue may or may not have a long-term impact on the regulation of bonuses. But AIG's troops have formed an Armani-clad army of gangbankers, and they're applauding one of their own who has refused to return his lucre.
"Some at AIG Buck Efforts to Give Back Bonus Pay," the Wall Street Journal reports this morning. As usual these days in its strong coverage of the meltdown, the WSJ points out a wonderful absurdity in a serious situation:
Joining in the ovation was Gerry Pasciucco, attendees said. Mr. Pasciucco heads the division that had $40 billion in losses last year that nearly sank AIG and triggered the government rescue. About five employees of the unit quit Wednesday, said a person familiar with the matter. Mr. Pasciucco, who was recruited last autumn from Morgan Stanley to manage the AIG unit, declined to comment.
How did DeSantis become such a hero to his mates? The Times had given him some of its sacred op-ed space to mount a defense of his bonus — a defense that carried the extremely misleading headline "Dear A.I.G., I Quit!".
The piece is an e-mail he supposedly sent to AIG CEO Edward Liddy. In it, DeSantis wrote:
In response to this, I will now leave the company and donate my entire post-tax retention payment to those suffering from the global economic downturn. My intent is to keep none of the money myself.
Let's withhold judgment on his heroic stand until we see whether he sticks to his plan to become a veritable Mother Teresa.
Here's a suggestion to DeSantis for helping those who are suffering: Take a bunch of your fellow AIG'ers to a spa for a golf tourney and a well-deserved respite from the public hounding.
1 comment(s)
DeSantis and every other bonus boy from AIGFP knew exactly where their money was coming from. Retention pay? Nobody wants them! They're as toxic as the products they were selling.
And while his sense of entitlement is embarrassing, our pitchforks are pointed at the wrong bunch. Congress 2008 pissed itself because Henry and Ben (and Goldman Sachs) said the sky was falling. Watch and learn, kids. This is money laundering 101. You can't do it. I can't do it. But yes, they can.
Posted On: Monday, Mar. 30 2009 @ 12:57PM