Over the last week the news cycle has been enjoying a Five Minutes of Hate over the bonuses being given out to a number of individuals in the AIG Financial Product division, with some going to so far as to say that at a minimum they should all get jail time, and since that’s not possible they should see all their earnings taxed away. Given the, “our problems are all the result of Wall Street greed” narrative which many have applied to our current financial crisis, and that as fallen human beings we are all prone to envy, this can hardly be surprising.
For those wanting to know about the reality behind the fracas, this editorial in yesterday’s New York Times is illuminating. It is an open resignation letter from Jake DeSantis, an executive vice president of the American International Group’s financial products unit (and a recipient of one of the infamous bonuses), to AIG’s CEO.
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