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AIG executive resigns publicly, donates entire bonus to charity

2009-03-25 17:31:45 (GMT) (Caymanmama.com - Business Top Stories News)

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The lobby of AIG

Jake DeSantis, an executive vice president at AIG’s Financial Products division, announced his very public resignation and that he would donate his bonus worth over $742,000 after taxes to charity

Los Angeles, California (CaymanMama.com) — Jake DeSantis, an executive vice president at AIG’s Financial Products division, announced Wednesday in an Op-Ed column in The New York Times that he would donate his bonus worth over $742,000 after taxes to charity.

He also issued a very public resignation.

DeSantis, addressed his formal resignation lettter to AIG’s CEO, Edward Liddy, and criticized his chief executive for a laundry list of wrong doings, mainly for agreeing to hefty bonuses but then touting them as “distasteful” during his testimony in front of members of Congress.

New York-based AIG has fallen under mass scrutiny and been the center of outrage for paying out $165 million in bonuses to employees of the financial products division, a global unit which soon became the very source of AIG’s downfall.

Since September 2008, AIG has collected $182.5 billion federal bailout money.



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