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.The pleasure came from seeing that rare sight: an executive with a conscience, and a very healthy and proper one at that, full of the pride he has earned. The sadness, of course, comes from his grotesque betrayal -- by his CEO, the Congress, and worst of all, far too great a percentage of the American people.
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.
Jack Santis, you are a true hero. And may the Taggarts of the world burn on Earth for failing to come to your defense when it mattered.