Force majeure is an interesting argument. It probably doesn't apply in this case, though, because AIG became more able, not less, to honor the bonus contracts when they were effectively nationalized.
You're a complete moron, as are many of the other responders to your original post. Perhaps you'd like to familiarize yourself with even a fact or two. Here's a link to DeSantis's letter of resignation: http://www.nytimes.com/2009/03/25/opinion/25desantis.html In the letter, he mentions he agreed to take a salary of $1 per year. He also agreed by contract to a RETENTION bonus, for which he was to help the company wind down, give up any other opportunities he might have, put up with this sorry ass government, and sorry ass people like you and other morons in this thread. Some of you appear to have no respect at all for the law. I find the "gallows" you posted representative of what I read here, and other places. If this were the old West, you guys would all be part of a hanging party, for a guy who did nothing other than make an agreement in law. Why are you not angry at the politicians? You know, those idiots who gave the bailout money to begin with? Why could they not have gone bankrupt? In which case, contracts would have been null and void. Or if you were going to give bailout money why not make a few conditions? I'm wondering why your indignation is not directed at parties who are responsible for this sorry mess? OldTrader
The short answer is I am well aware of the letter, that's what I originally posted about. I also made clear that we are overridden with paper pushers, financial three card monte men, and egomaniacs that think they are due millions just for rolling in on the New Haven line from their mansions in CT. DeSantis sounds like all three of those rolled into one. I can be pissed at him AND the rest of the idiots that are to blame at the same time. Can you? Which one is disSantis? Or is this the new CDS desk at AIG?
I'm sorry if I am having trouble crying for a millionaire who has had a very bad year. I am sure he did work his a-- off in a very stressful environment. Over the years, he has gotten his share. Even DeSantis states in his letter: "Some might argue that members of my profession have been overpaid, and I wouldnât disagree." Were I in his shoes, I wouldn't be happy either. On the other hand, I also wouldn't be the least bit surprised that a company showing a 99 billion dollar loss for FY 2008 might have trouble coughing up a million dollar bonus. BTW, I am not one of the "morons" who does not believe in the rule of law. His bonus was paid out, and thus far, no one has done anything besides ask that it be returned. Oh, yes, I'm also neither lazy nor uneducated. Yet unfortunately I would still have to cough up over 10 years worth of earnings to foot the bill just for DeSantis, not to mention all the other bonuses that were paid out. YEAR AFTER YEAR. Can anyone argue that these public firms haven't been driven to extinction by the greed of management, leveraging the future of their companies and the financial system in general, in order to justify lining their own pockets? That is what really sickens me about this whole thing. I have reread DeSantis' letter, and he makes many valid and reasonable points. He feels betrayed. He has every right to feel that way. Then again, so do the rest of us lazy, uneducated, ignorant U.S. citizens. DeSantis wasn't the only one sold a bill of goods. We've all had this "too big to fail" crap shoved down our throats and the only thing we can do is swallow it and hope we don't have to eat more. But now I'm ranting. I can't blame DeSantis for making as much $$ as someone was willing to pay him. Most of us would likely do the same. Don't hate the player right?
It's a mighty thin line twixt the master and the player. Pic has nothing to do with it, but its too cool to pass up Blow that CDS out yer azz, sonny.