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.
[...] 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."
UPDATE FOR THE GALATICALLY STOOPID It seems there's some discussion that DeSantis was "one of the good guys", brought in to fix the problem.
That's simply not the case, by his own admission. DeSantis has been employed by AIG for eleven years and worked his way up to his current position as EVP in the Financial Products division. Furthermore, former AIG chairman and CEO Hank Greenberg, in 2005, warned on his way out the door (thanks to Eliot Spitzer, who really was ahead of the curve on this) with regards to the mortgage debacle and AIG's exposure issues.
At which point, Cassano, DeSantis' boss, DOUBLED THE EXPOSURE!
Furthermore, the truly quasarly idiotic have downplayed the losses at the FP, comparing them somehow favorably to the losses at the insurance unit.
Utter rubbish. Although the life insurance division earned $6.9 billion, the financial services division lost $40.4 billion, according to the annual report I have looked at.
The other two business units, asset management and general insurance COMBINED lost $1.1 billion dollars.