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post #1 of 38 (permalink) Old 03-28-2009, 10:57 AM Thread Starter
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Dear AIG - I Quit

This letter was posted in the NY Times this week. It is a resignation letter by an employee of AIG. Long but an interesting read..

Quote:
DEAR Mr. Liddy,

It is with deep regret that I submit my notice of resignation from A.I.G. Financial Products. I hope you take the time to read this entire letter. Before describing the details of my decision, I want to offer some context:

I am proud of everything I have done for the commodity and equity divisions of A.I.G.-F.P. I was in no way involved in — or responsible for — the credit default swap transactions that have hamstrung A.I.G. Nor were more than a handful of the 400 current employees of A.I.G.-F.P. Most of those responsible have left the company and have conspicuously escaped the public outrage.

After 12 months of hard work dismantling the company — during which A.I.G. reassured us many times we would be rewarded in March 2009 — we in the financial products unit have been betrayed by A.I.G. and are being unfairly persecuted by elected officials. 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.

I take this action after 11 years of dedicated, honorable service to A.I.G. 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.

You and I have never met or spoken to each other, so I’d like to tell you about myself. I was raised by schoolteachers working multiple jobs in a world of closing steel mills. My hard work earned me acceptance to M.I.T., and the institute’s generous financial aid enabled me to attend. I had fulfilled my American dream.

I started at this company in 1998 as an equity trader, became the head of equity and commodity trading and, a couple of years before A.I.G.’s meltdown last September, was named the head of business development for commodities. Over this period the equity and commodity units were consistently profitable — in most years generating net profits of well over $100 million. Most recently, during the dismantling of A.I.G.-F.P., I was an integral player in the pending sale of its well-regarded commodity index business to UBS. As you know, business unit sales like this are crucial to A.I.G.’s effort to repay the American taxpayer.

The profitability of the businesses with which I was associated clearly supported my compensation. I never received any pay resulting from the credit default swaps that are now losing so much money. I did, however, like many others here, lose a significant portion of my life savings in the form of deferred compensation invested in the capital of A.I.G.-F.P. because of those losses. In this way I have personally suffered from this controversial activity — directly as well as indirectly with the rest of the taxpayers.

I have the utmost respect for the civic duty that you are now performing at A.I.G. You are as blameless for these credit default swap losses as I am. You answered your country’s call and you are taking a tremendous beating for it.

But you also are aware that most of the employees of your financial products unit had nothing to do with the large losses. And I am disappointed and frustrated over your lack of support for us. I and many others in the unit feel betrayed that you failed to stand up for us in the face of untrue and unfair accusations from certain members of Congress last Wednesday and from the press over our retention payments, and that you didn’t defend us against the baseless and reckless comments made by the attorneys general of New York and Connecticut.

My guess is that in October, when you learned of these retention contracts, you realized that the employees of the financial products unit needed some incentive to stay and that the contracts, being both ethical and useful, should be left to stand. That’s probably why A.I.G. management assured us on three occasions during that month that the company would “live up to its commitment” to honor the contract guarantees.

Readers' Comments
"Hint: If your company accepts tens of billions of dollars from taxpayers, consider your bonus renegotiated."
Rolf, New York
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That may be why you decided to accelerate by three months more than a quarter of the amounts due under the contracts. That action signified to us your support, and was hardly something that one would do if he truly found the contracts “distasteful.”

That may also be why you authorized the balance of the payments on March 13.

At no time during the past six months that you have been leading A.I.G. did you ask us to revise, renegotiate or break these contracts — until several hours before your appearance last week before Congress.

I think your initial decision to honor the contracts was both ethical and financially astute, but it seems to have been politically unwise. It’s now apparent that you either misunderstood the agreements that you had made — tacit or otherwise — with the Federal Reserve, the Treasury, various members of Congress and Attorney General Andrew Cuomo of New York, or were not strong enough to withstand the shifting political winds.

You’ve now asked the current employees of A.I.G.-F.P. to repay these earnings. As you can imagine, there has been a tremendous amount of serious thought and heated discussion about how we should respond to this breach of trust.

As most of us have done nothing wrong, guilt is not a motivation to surrender our earnings. We have worked 12 long months under these contracts and now deserve to be paid as promised. None of us should be cheated of our payments any more than a plumber should be cheated after he has fixed the pipes but a careless electrician causes a fire that burns down the house.

Many of the employees have, in the past six months, turned down job offers from more stable employers, based on A.I.G.’s assurances that the contracts would be honored. They are now angry about having been misled by A.I.G.’s promises and are not inclined to return the money as a favor to you.

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.

So what am I to do? There’s no easy answer. I know that because of hard work I have benefited more than most during the economic boom and have saved enough that my family is unlikely to suffer devastating losses during the current bust. Some might argue that members of my profession have been overpaid, and I wouldn’t disagree.

That is why I have decided to donate 100 percent of the effective after-tax proceeds of my retention payment directly to organizations that are helping people who are suffering from the global downturn. This is not a tax-deduction gimmick; I simply believe that I at least deserve to dictate how my earnings are spent, and do not want to see them disappear back into the obscurity of A.I.G.’s or the federal government’s budget. Our earnings have caused such a distraction for so many from the more pressing issues our country faces, and I would like to see my share of it benefit those truly in need.

On March 16 I received a payment from A.I.G. amounting to $742,006.40, after taxes. In light of the uncertainty over the ultimate taxation and legal status of this payment, the actual amount I donate may be less — in fact, it may end up being far less if the recent House bill raising the tax on the retention payments to 90 percent stands. Once all the money is donated, you will immediately receive a list of all recipients.

This choice is right for me. I wish others at A.I.G.-F.P. luck finding peace with their difficult decision, and only hope their judgment is not clouded by fear.

Mr. Liddy, I wish you success in your commitment to return the money extended by the American government, and luck with the continued unwinding of the company’s diverse businesses — especially those remaining credit default swaps. I’ll continue over the short term to help make sure no balls are dropped, but after what’s happened this past week I can’t remain much longer — there is too much bad blood. 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.”

Sincerely,

Jake DeSantis




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post #2 of 38 (permalink) Old 03-28-2009, 11:12 AM
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cry me a fucking river
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post #3 of 38 (permalink) Old 03-28-2009, 11:17 AM
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"On March 16 I received a payment from A.I.G. amounting to $742,006.40, after taxes."

Boo Hoo.

Some interesting info: http://www.dailykos.com/story/2009/3/26/84023/1032

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post #4 of 38 (permalink) Old 03-28-2009, 11:31 AM
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Quote:
Originally Posted by Arch View Post
"On March 16 I received a payment from A.I.G. amounting to $742,006.40, after taxes."

Boo Hoo.

Some interesting info: http://www.dailykos.com/story/2009/3/26/84023/1032


Rahm Emmanual had a background in dance, speech and politics (nothing financial) and went on to make 16 million in 2 years as an investment banker.

That Kos website will rot your brain.


Fortunately, that 90% tax bill is now dead. It was just grandstanding.
The Senate has moved on to more important things, like the BCS system.

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post #5 of 38 (permalink) Old 03-28-2009, 11:39 AM
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Did Rahm work for AIG?

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post #6 of 38 (permalink) Old 03-28-2009, 11:44 AM
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Did Rahm work for AIG?
Even better -Fannie Mae, after he made his fortune anyway. Got a couple hundred thousand out of them during their own accounting scandals.

But the point was, the Kos kid (and you) thinks that DeSantis background is proof positive he was in the CDS division with Cassano. I say that is a stupid and weak argument, as illustrated by Rahm's background having absolutely nothing to do with where he ended up in the investment banking sector.

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post #7 of 38 (permalink) Old 03-28-2009, 11:49 AM
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Even better -Fannie Mae, after he made his fortune anyway. Got a couple hundred thousand out of them during their own accounting scandals.

But the point was, the Kos kid (and you) thinks that DeSantis background is proof positive he was in the CDS division with Cassano. I say that is a stupid and weak argument, as illustrated by Rahm's background having absolutely nothing to do with where he ended up in the investment banking sector.
'and me'? Referencing a web page doesn't mean I believe everything on the page. I merely found the part about UBS securities interesting. You are creating your own arguments again, it seems.

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post #8 of 38 (permalink) Old 03-28-2009, 11:52 AM
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I hate trying to argue with Rob because he sounds so damn smaht.
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post #9 of 38 (permalink) Old 03-28-2009, 11:55 AM
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'and me'? Referencing a web page doesn't mean I believe everything on the page. I merely found the part about UBS securities interesting. You are creating your own arguments again, it seems.
If you didn't think it was proof of something, why bother posting something that is irrelevant? (anything tending having a tendency to show the existence of any fact that is of consequence would be relevant, and if you're claiming you didn't post it as evidence of some fact, it is by definition irrelevant)




t.

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post #10 of 38 (permalink) Old 03-28-2009, 11:58 AM
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I hate trying to argue with Rob because he sounds so damn smaht.

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post #11 of 38 (permalink) Old 03-28-2009, 12:03 PM
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If you didn't think it was proof of something, why bother posting something that is irrelevant? (anything tending having a tendency to show the existence of any fact that is of consequence would be relevant, and if you're claiming you didn't post it as evidence of some fact, it is by definition irrelevant)
t.
Are you now claiming he did not work for UBS Securities? Again, the rest is your own speculation trying to second guess (wrongly) of what my reply was about. I happen to have a personal bone to pick with UBS Securities.

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post #12 of 38 (permalink) Old 03-28-2009, 12:05 PM
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Are you now claiming he did not work for UBS Securities? Again, the rest is your own speculation trying to second guess (wrongly) of what my reply was about. I happen to have a personal bone to pick with UBS Securities.
And your personal beef has what to do with DeSantis and his resignation?

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post #13 of 38 (permalink) Old 03-28-2009, 12:05 PM
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And your personal beef has what to do with DeSantis and his resignation?
See my first reply... specifically the "Boo Hoo" part.

On a personal level, my beef w/ that company involved a 140,000 ISO grant that was prior to a 3000:1 forward stock split that they proceeded to invalidate (them being subject to the split) through various interesting accounting practices, omissions and financial threats. You do the math on that one. So, if one of their former employees has to 'suffer' with only 750K after taxes as a bonus... Boo Hoo...

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post #14 of 38 (permalink) Old 03-28-2009, 12:12 PM
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See my first reply... specifically the "Boo Hoo" part.
Gotcha.
Just like if Peter Lewis, Soros, Brin, or Buffet suffered some professional setback, I'd probably say "boo hoo" as well, just because I don't like them.

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post #15 of 38 (permalink) Old 03-28-2009, 12:36 PM
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I hate trying to argue with Rob because he sounds so damn smaht.
Yeah, but I just picture him siting there, typing away like mad on his laptop, wearing only a pair of his woman's panties while she massages his earlobes. (He's kinky, too.)

Works every time.

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post #16 of 38 (permalink) Old 03-28-2009, 12:37 PM
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He's pissed because his employer told him what he wanted to hear to keep him around and he fell for it? Makes me wonder how he got into MIT if he's that gullible.


"The company I worked for failed, but fuck them I typed all my memo's correctly I deserve a bonus and if it has to be supported by tax dollars so be it."?

What a fucking jerk off.

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post #17 of 38 (permalink) Old 03-28-2009, 12:48 PM
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He's pissed because his employer told him what he wanted to hear to keep him around and he fell for it? Makes me wonder how he got into MIT if he's that gullible.


"The company I worked for failed, but fuck them I typed all my memo's correctly I deserve a bonus and if it has to be supported by tax dollars so be it."?

What a fucking jerk off.

If my employer writes me a legal binding contract, and doesn't hold up its end of the deal, im just supposed to take the shaft??

i dont seem to understand why people think that its these guys fault. the company offered them this plan before any govt money came in, and Im quite sure that the govt knew about alot of things before giving the company the cash.

and im glad to hear that the 95% tax on these bonuses has died. once that happens to these people, who is to say that govt doesnt decide one day to tax someone else because they dont like decisions made somewhere along the line.
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post #18 of 38 (permalink) Old 03-28-2009, 12:48 PM
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I recall reading an article in the Trib last year about a family which was having a hard time living on the husband's base salary of 200k. The whole story was about how they had to rent because they couldn't afford the right house, in the right town, blah, blah, bullshit. Now, I know that 200k isn't (or wasn't) all that much, but it's more than Nan and I make combined, and we work our asses off. We're also, somehow, quite comfortable, although I need to take her on a very nice vacation. She has the patience of a saint.

I was so pissed when I read that. I still don't know exactly what the point was; at the very least, they (the Trib) were waaay out of touch with the common reality that most people experience.

Boo-Fucking-Hoo, indeed.

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post #19 of 38 (permalink) Old 03-28-2009, 12:57 PM
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If my employer writes me a legal binding contract, and doesn't hold up its end of the deal, im just supposed to take the shaft??

i dont seem to understand why people think that its these guys fault. the company offered them this plan before any govt money came in, and Im quite sure that the govt knew about alot of things before giving the company the cash.

and im glad to hear that the 95% tax on these bonuses has died. once that happens to these people, who is to say that govt doesnt decide one day to tax someone else because they dont like decisions made somewhere along the line.


I'll agree about the tax's but not about the bonuses.

When a company declares bankruptcy contracts become null and void. Yes, I understand that AIG has not filed bankruptcy but had the government not been shoveling money into that pit they would have. Taking bailout money SHOULD indeed nullify those contracts.

The business failed. They would be in bankruptcy right now if we weren't spoon feeding them. Maybe the government knew about those contracts...they probably did. But that is another issue all together.

Boo fucking hoo is right.

Yes, Rob, there are other issues with much higher dollar figures associated with them. I have enough hate to go around.

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post #20 of 38 (permalink) Old 03-28-2009, 01:51 PM
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When I try and wrap my arms around this mess of an economy that we are now ALL part of, I get depressed and sad - I understand what got us here but still wrestle with anything that has been done to get us (our US Economy) back on it's feet again - I am by no means intelligent in the ways of understanding politics or Gov't and Finance and tend to fall into the category of a "Typical Dumb American" but just shudder to think of what is still in store for us - Yes, I have been impacted by the downturn in a sense that what I do for a living has slowed a bit - Sales are still there as networks will always need to be secure but this has turned typical sales that were one day never even thought to be scrutinized in a way that a purchase under a $100K was nothing - Now, I am seeing companies battle to save an extra $1000.00 on a $150K sale - I know I am fortunate to have a job, (2) motorcycles, a car and a pad in DT with a view and even type this on a computer with many components but it just SICKENS me when I see stuff like the above letter - So you went from making a HIGH 6 digi income to a lower 6 digi income - STFU and come see what real americans have to struggle with - My savings in now the worth i have in my condo and a wee bit in the bank

Fuck you to the upper echelon of this country who sit in their 10K sf home and drive $100K autos and squabble over the fact that they have had to sacrifice - The whole world has had to do the same - What makes you soooo special?

Maybe I am hopped up on pan pills due to my back again but this kind of thing just pisses me off

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post #21 of 38 (permalink) Old 03-28-2009, 02:04 PM
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" I understand what got us here but still wrestle with anything that has been done to get us (our US Economy) back on it's feet again..." -- by Bug

A couple of weeks ago I bought a new pair of front loaders for the laundry room and I'm about to go out in a wee bit and get a new dishwasher.. then, onto a new fridge.. If anyone has any hopes for the economy, it's to keep things moving (goods, services, and money) and changing hands. That's really the only things we can do as consumers.

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post #22 of 38 (permalink) Old 03-28-2009, 02:12 PM
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Originally Posted by Arch View Post
A couple of weeks ago I bought a new pair of front loaders for the laundry room and I'm about to go out in a wee bit and get a new dishwasher.. then, onto a new fridge.. If anyone has any hopes for the economy, it's to keep things moving (goods, services, and money) and changing hands. That's really the only things we can do as consumers.
I agree but for me personally, it is tough to continue to spend the way I normally due in "hopes" that people will continue to buy what I sell - My business works off "Margin" - The list price of a Software or Appliance is X - I buy from the Mfg or Distributer at Y - I have a certain percentage I must keep in order to not lose money on a deal - Say I make $10K profit for my company on a deal and the customer takes 90 days to pay, that $10K with the cost of money these days shrinks dramatically - We have actually lost profit margin and if the company loses, so do I - I cannot justify spending with the hopes this will not happen - Sure I have my daily spends that will always be there but for me to buy what I want when I want is not the most sensible thing to do right now

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post #23 of 38 (permalink) Old 03-28-2009, 02:22 PM
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He's pissed because his employer told him what he wanted to hear to keep him around and he fell for it? Makes me wonder how he got into MIT if he's that gullible.


"The company I worked for failed, but fuck them I typed all my memo's correctly I deserve a bonus and if it has to be supported by tax dollars so be it."?

What a fucking jerk off.

How is he a jerk off? He did his job well and didnt fuck up, company made promises, he had a contract with them and filled his end of the bargain.

Here we go again, Rich against poor bullshit. So he made 750K big deal, i think if anyone on here had the opporitunity to make 750k they would do it in a heart beat, if you say otherwise your either lying or really fuckin stupid. Where does this shit end, most of us here will never see that kind of money, but most of those guys either worked their asses off in school and got a good education or really networked good and got hooked up with the right people or were really lucky. So why chastise them, i dont get it. Its this fuckin uneducated redneck Blue collar mentality that they make too much money for what they do, i see these lib jag offs on TV crying about how these execs make too much money, but no one bitches about Brad pitt making 20 Million, i dont get it!

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post #24 of 38 (permalink) Old 03-28-2009, 04:07 PM
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I think the chastise isn't because someone made that kind of money, the chastising is the "oh poor me" song they are singing after having made that kind of money.

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post #25 of 38 (permalink) Old 03-28-2009, 04:13 PM Thread Starter
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How is he a jerk off? He did his job well and didnt fuck up, company made promises, he had a contract with them and filled his end of the bargain.

Here we go again, Rich against poor bullshit. So he made 750K big deal, i think if anyone on here had the opporitunity to make 750k they would do it in a heart beat, if you say otherwise your either lying or really fuckin stupid. Where does this shit end, most of us here will never see that kind of money, but most of those guys either worked their asses off in school and got a good education or really networked good and got hooked up with the right people or were really lucky. So why chastise them, i dont get it. Its this fuckin uneducated redneck Blue collar mentality that they make too much money for what they do, i see these lib jag offs on TV crying about how these execs make too much money, but no one bitches about Brad pitt making 20 Million, i dont get it!
+1. Point is not the amount of his potential bonus, I'm sure he produced in excess of 7X in revenue for AIG. Screwing over producers like this and letting them leave leads to additonal lost revenue for AIG and the future and pisses the government's money away.




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post #26 of 38 (permalink) Old 03-28-2009, 04:14 PM
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That whole contract thing escapes some people.
Now you know who will try to screw you over and break promises and agreements because they're envious and petty. (key character traits of a "jerk-off" if you ask me)

I don't care how much money you make or how little you make. If your employer screws you over, and doesn't hold up his end of the bargain because its politically expedient to do so, thats fucked up.

What it all comes down to is envy.
Say the letter was exactly the same except take 3 decimal places off the bonus. $742. He busted his ass with the expectation he would get this bonus, because it was in the contract. I don't think anyone here would say what happened to the dude was fair, just or right. Everyone would recognize he got screwed.

The only thing different is that this guy is rich. Wealth envy and class hatred. It took decades to overcome this widespread mentality when it comes to race, when whites would respond with "boo-hoo" because it was a black getting screwed, or vice-versa. but when it comes to money, its still alive and well. Hate someone because they have a different skin color, religion or sexual preference, or hate them because they have more than you. Either way, its wrong.

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post #27 of 38 (permalink) Old 03-28-2009, 04:16 PM Thread Starter
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That whole contract thing escapes some people.
Now you know who will try to screw you over and break promises and agreements because they're envious and petty. (key character traits of a "jerk-off" if you ask me)

I don't care how much money you make or how little you make. If your employer screws you over, and doesn't hold up his end of the bargain because its politically expedient to do so, thats fucked up.

What it all comes down to is envy.
Say the letter was exactly the same except take 3 decimal places off the bonus. $742. He busted his ass with the expectation he would get this bonus, because it was in the contract. I don't think anyone here would say what happened to the dude was fair, just or right. Everyone would recognize he got screwed.

The only thing different is that this guy is rich. Wealth envy and class hatred. It took decades to overcome this widespread mentality when it comes to race, when whites would respond with "boo-hoo" because it was a black getting screwed, or vice-versa. but when it comes to money, its still alive and well. Hate someone because they have a different skin color, religion or sexual preference, or hate them because they have more than you. Either way, its wrong.
Not to mention how this guy and all their employees took it in the ass with 401k and promised deferred comp..




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post #28 of 38 (permalink) Old 03-28-2009, 04:37 PM
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Not to mention how this guy and all their employees took it in the ass with 401k and promised deferred comp..
Welcome to any other failing(ed) company. Welcome to business.

They should have let them all go SPLAT right on the floor. Every single one of them.

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post #29 of 38 (permalink) Old 03-28-2009, 04:44 PM Thread Starter
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Welcome to any other failing(ed) company. Welcome to business.

They should have let them all go SPLAT right on the floor. Every single one of them.
The government should have but did not instead stringing these guys along. Not really protecting their investment now, are they?




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post #30 of 38 (permalink) Old 03-28-2009, 04:59 PM
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The government should have but did not instead stringing these guys along. Not really protecting their investment now, are they?
BK them

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