This open letter of resignation by an AIG vice-president gives a window into the terrible state of morale at the insurance giant. (Via the Corner.) Who is going to want to work there, when one is being publicly vilified, US Senators are calling for your suicide, and Congress is trying to remove any financial incentive to stay? Without qualified personnel, AIG won’t survive for long.
The peculiar thing is that the United States just bought AIG. With an 80% government stake, it’s close to a wholly owned subsidiary. So it appears that the government’s policy towards AIG is to buy it, then destroy it. One might question the wisdom of this policy.
There’s been a lot of talk of individuals going John Galt. It seems like the government is going Francisco d’Anconia.
UPDATE: More people bail out of AIG.