UPDATE: Cramer, “I already did ‘STFU”
After Jim Cramer urged CNBC viewers last Thursday to “hound” AIG employees “everywhere they are,” including making fun of them and pointing fingers at them, new AIG CEO Edward Liddy is demanding an apology from the Mad Money. As Liddy points out in the letter below, courtesy of The Wall Street Journal‘s Deal Journal blog, his employees have already suffered enough from the demise of the firm. And, we’d like to add, they’ve probably already been made fun of enough, what with all of those luxury retreat revelations.
Edward M. Liddy
Chairman and Chief Executive Officer
October 20, 2008
Mr. Jim Cramer
Dear Mr. Cramer,
I was deeply disappointed last Thursday when you urged your viewers to harass AIG employees, saying:
“We should hound them in the supermarket, we should hound them in the ball park, we should hound them everywhere they are. We should make fun of them and we should point fingers at them and we should tell them that you have no shame.”
Those comments are outrageous. I demand they be retracted and that you apologise to AIG’s employees. It is one thing to criticise the executive leadership of AIG – that’s fair commentary. But it is way out of bounds to incite people to confront and harass other AIG employees – hard-working, dedicated people who are running good businesses and are committed to our success. The employees of AIG did not cause this mess, but they are paying for it – in diminished 401K savings and in some job losses as we sell companies to repay the Federal loan. The irony is that AIG employees did not cause the problem, but they will solve it. For that they deserve our praise and our gratitude.
I await your prompt response.
Edward M. Liddy
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