Diary

AIG Executive Resigns, Says Why

There’s an old Vermont proverb: “When you’re getting the shaft, it’s best to leave and say why.”

That’s basically what’s been done by a (now former) executive at AIG:

I can no longer effectively perform my duties in this dysfunctional environment, nor am I being paid to do so. Like you, I was asked to work for an annual salary of $1, and I agreed out of a sense of duty to the company and to the public officials who have come to its aid. Having now been let down by both, I can no longer justify spending 10, 12, 14 hours a day away from my family for the benefit of those who have let me down…

The only real motivation that anyone at A.I.G.-F.P. now has is fear. Mr. Cuomo has threatened to “name and shame,” and his counterpart in Connecticut, Richard Blumenthal, has made similar threats — even though attorneys general are supposed to stand for due process, to conduct trials in courts and not the press…

I’m not sure how you will greet my resignation, but at least Attorney General Blumenthal should be relieved that I’ll leave under my own power and will not need to be “shoved out the door.”

To this, Mark Steyn trenchantly adds:

I wonder if Senator Grassley (Republican, of course) is pleased that AIG honchos are now doing as instructed and falling on their swords. As I said a few days ago, if you own even modest assets (a small house, a savings account) and you think that in a battle between the political class and the business class it’s in your interest for the latter to lose, you’re a fool who entirely deserves the vaporization of his wealth on which Barney Frank & Co have embarked.

….

We have a president who shows no instinct for economic issues; a Treasury Department that, in a supposed crisis, is just one designated fall guy rattling around an all but empty building for whose senior positions no one has even been nominated; and thug legislators-for-life who bear far more direct responsibility for this mess posing as champions of da liddle guy in order to extend their already disastrous “oversight” ever deeper into the private sector. Things are going to get a lot worse.

It looks like the moronic “clawback” provision that was mobbed through the House has been allowed to vanish in the Senate – which is a start.

But this matter is surfacing all sorts of appalling worries.

Will we soon face national income caps? And has the Congress forgotten about that old document known as “The Constitution?”

One also has to wonder about the continuing misconduct (and bad behavior) of state attorneys-general. A few years back, someone told me that he regards the moniker “AG” as now really standing for “Aspiring Governor.” That was the end-goal of the reign of terror of Mr. Spitzer; and indeed, Mr. Cuomo and Mr. Blumenthal are leading candidates for the governor’s office in their respective states.

The economic damage is indeed about a lot more than AIG or Wall Street. These sorts of lawless shenanigans are destroying value and wealth all over the place. Ponder that….