AIG Exec Who Received Six-Figure Bonus Quits, Gives Bonus to Charity
March 25, 2009 - 12:14 PMAn American International Group Inc. executive who received a bonus worth more than $742,000 after taxes has resigned publicly - in an Op-Ed column in The New York Times.
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. The letter, addressed to AIG's CEO, Edward Liddy, criticized Liddy for, among other things, agreeing to the payments but then calling the bonuses "distateful" as he testified before disapproving members of Congress.
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.
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