I have been waiting for this day, when one of the demonized executives at a bank or insurance company would tell Congress to “take this job and shove it.” The person singing this song today is Jake DeSantis, an executive vice president of the American International Group’s financial products unit, in a letter published in the New York Times:
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….
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….
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.”
On February 15, 2009, in the face of the despicable Barney Frank ripping into bank executives, I suggested that the Bank Execs Should Tell Barney Frank To Take This Job And Shove It:
Bank executives are easy targets given the current economic climate. But don’t think Frank and others like him will stop with the executives. You want government health insurance or other government handouts? Be prepared for regulations which govern how you live, what you earn, what you spend, and eventually, what you say.
The bank executives are setting a bad example by staying put. They have alternatives. They would do this country a great favor by telling Frank: Take This Job And Shove It.
Frank wants to help the banking sector. Great. Do it. But don’t use it as an excuse to dictate how much people earn while your buddy Chris Dodd gets sweetheart mortgage deals, and you just passed a “stimulus” package which steals hundreds of billions from future generations. Absolute power corrupts absolutely, and right now Barney Frank thinks he has absolute power.
The government — with Messrs. Frank and Dodd in the lead — caused the banking crisis by forcing banks to make bad loans for social engineering purposes, then forced the banks to take federal money, and now use the acceptance of federal money as a means for further social engineering.
Taking federal money to help your company solve problems caused by the federal government does not make you an indentured servant. Leave. Now….
You go banking guys and gals. Please.
Some may call this “Going Galt” or, in my verbiage, a Revolt of the Kulaks. Regardless, I hope we see more of this, until Barney Frank and Chris Dodd are run out of office on a rail, and have done to them what they are doing to others.
In honor of this day, and by popular demand, the song of the same name:
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