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Unwinding thousands of intertwined, complex deals in a market where your counterparties know what you are trying to do, without losing even bigger amounts of money, takes specific knowledge of the transactions, and knowledge of the systems, the vast majority of which were developed in-house....

As it was, we managed to wind down nearly 40% of the whole portfolio - another news item being ignored - derisking almost a trillion dollars worth of risk that the American taxpayer doesn't have to pay for.  We hope to finish the job. We're professionals like that.

It's amusing to hear people say we should be fired, or that the job isn't all that hard, or there's 50 people willing to do any of our jobs. To all of those folks, here's a clue: This is not a going concern, we have been working ourselves out of a job for the last 6 months, we will not have jobs when we are done, and any replacement will be doing it slower than we can, and is very likely to screw it up much worse than it already is. Oh, and a replacement might not get paid at all, if the government changes its mind again. The only reason I stayed was because I was told that I was a valued member of the team and I was promised a payment. Nobody ever actually tried to renegotiate the terms. It was never a secret, the ERP was disclosed many times. Anybody telling you otherwise is lying. Anybody - Geithner, Cuomo, Blumenthal, Dodd, all of them and also those guys in Congress - they all had that information back in October. Cummings has been railing at Liddy about it since at least October....

I am, ultimately, just a support guy, albeit a highly compensated, highly qualified and highly professional one. I am certainly not looking for sympathy, I already knew I was losing my job and I was preparing for my time. I had made my peace with the events which had led up to the unwind. Certainly one should not expect sympathy from the likes of Andrew Cuomo. I just hope I can roll out of the way before he reverses the bus to back over me again.

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