Jake DeSantis

From MarketsWiki
Jump to: navigation, search
FTSE Russell banner 2016.gif
Jake DeSantis
JakeDeSantis.jpg
Occupation Principal
Employer Nyala Capital LLC
Location New York
LinkedIn Profile

Jake DeSantis is a principal with Nyala Capital LLC in New York. He is also a physics teacher at Fairfield Ludlowe High School.

He was an executive vice president in troubled insurer AIG's financial products unit. He rendered his resignation letter on March 24, 2009 in The New York Times.[1]He had worked in the commodities area of AIG since 1998.

DeSantis' letter read, in part: "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 transaction 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.

After 12 months of hard work dismantling the company — during which A.I.G. reassured us many times we would be rewarded in March 2009 — we in the financial products unit have been betrayed by A.I.G. and are being unfairly persecuted by elected officials. In response to this, I will now leave the company and donate my entire post-tax retention payment to those suffering from the global economic downturn. My intent is to keep none of the money myself."

Background

Before joining AIG in 1998, DeSantis worked for six years as a director in the equity derivatives trading division of Union Bank of Switzerland.

Education

DeSantis attended the Massachusetts Institute of Technology for a S.M. in Materials Science from 1987 — 1992.

Resources

References

  1. Jake DeSantis: A Defense of AIG Bonuses. U.S. News & World Report.