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Box 193, Ramona Blvd.
San Jacinto, Calif.
November 9, 1942

Mr. Hal Adelquist
Disney Studio

Dear Sir:

I tried to see you last Friday to tell you that I have decided to leave the studio and try farming at my San Jacinto estate (five acres of Russian thistles). I had not planned to leave so suddenly, in fact, I might have stuck around indefinitely had not gasoline rationing forced me to move while it is still possible to do so. My reasons for leaving are several, the chief one being that I spent too many years in too dark a room. Walt could make money growing mushrooms in 2-D 1.

Seriously speaking, I have become tired of working for wages and have decided to make one reckless effort to survive on my own. I hope that my farm and chickens will support me while I build up an income from free-lance cartooning. I feel that with more time to develop my long-neglected knack for drawing human figures I may be able to break into the comic magazine field. Probably I won’t have enough on the ball to click in that racket, but if I don’t give it a try I will never know.

Certain of the boys have the mistaken idea that the little job of drawing that I did on a duck one-shot last summer gave me comic-strip delusions and accounts chiefly for my itchy feet; such however is not the case. I was working nights to develop a comic-strip technique long before I even heard of the Whitman Publishing Co. I have no promises of work from the Whitman people in the future, and I doubt very much that they would offer me any lest the studio feel that they had in some degree lured me from the fold.

I hope that Walt wont be inconvenienced by my leaving. He probably knows that I haven’t earned my wages the past year and that actually I am doing him a favor by taking a powder. I wish to say here that he is the best boss that I ever had. It has taken a lot of courage to leave his employment.

So suppose that we consider my services terminated as of Friday, November 6th. I will leave my badge with the gateman when I pick up my check the latter part of the week. I haven’t yet checked with the mailman here to see if the above is my correct address. I shall let you know if it is or isn’t with in the next few days. I have some bonds or parts of bonds to be sent me from the studio.

I suppose the circumstances of my leaving precludes the possibility of my wheedling a letter of recommendation from the studio. Well, thanks anyway.

Yours truly
Carl Barks

Following is the full text of the Message from the Commander in Chief, a letter from Fidel Castro, that was posted on the Web site of Cuba’s Communist Party newspaper Granma on Tuesday, February 19, 2008. This is a version of the official Cuban translation.

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Dear compatriots:

Last Friday, Feb. 15, I promised you that in my next reflection I would deal with an issue of interest to many compatriots. So this reflection comes in the form of a message.

The time has come to nominate and elect the State Council, its president, its vice presidents and its secretary.

For many years I occupied the honorable position of president. On Feb. 15, 1976, the Socialist Constitution was approved with the free, direct and secret vote of over 95 percent of eligible voters. The first National Assembly was established on Dec. 2 that same year, and it elected the State Council and its presidency. Before that, I had been a prime minister for almost 18 years. I always had the necessary prerogatives to carry forward the revolutionary work with the support of the overwhelming majority of the people.

There were those overseas who, aware of my critical health condition, thought that my provisional resignation, on July 31, 2006, from the position of President of the State Council, which I left to First Vice President Raul Castro Ruz, was permanent. Raul, who is also minister of the Armed Forces because of his personal merits, and the other comrades of the Party and State leadership were unwilling to consider me out of public life despite my precarious health.

It was an uncomfortable situation for me vis-a-vis an adversary which had done everything possible to get rid of me (referring to the United States), and I felt reluctant to comply.

Later, I was able to recover the full command of my mind and could do much reading and meditation, required by my retreat. I had enough physical strength to write for many hours, which I shared with rehabilitation and recovery programs. Basic common sense indicated to me that such activity was within my reach. On the other hand, when referring to my health I was extremely careful to avoid raising expectations since I felt that an adverse ending would bring traumatic news to our people in the midst of the battle. Thus, my first duty was to prepare our people both politically and psychologically for my absence after so many years of struggle. I kept saying that my recovery “was not without risks.”

My wishes have always been to discharge my duties to my last breath. That’s what I can offer.

To my dearest compatriots, who have recently honored me so much by electing me a member of the Parliament where so many agreements should be adopted of utmost importance to the destiny of our Revolution, I am saying that I will neither aspire to nor accept — I repeat, I will neither aspire to nor accept — the positions of President of the State Council and Commander in Chief.

In short letters addressed to Randy Alonso, Director of the Round Table program on National Television — letters which at my request were made public — I discreetly introduced elements of this message I am writing today, when not even the addressee of such letters was aware of my intention. I trusted Randy because I knew him well from his days as a journalism student. In those days I met almost on a nearly weekly basis with the main representatives of the university students from the provinces at the library of the large house in Kohly where they lived. Today, the entire country is an immense university.

Here are selected paragraphs from the letter sent to Randy on Dec. 17, 2007:

“I strongly believe that the answers to the current problems facing Cuban society, which has on average a 12th grade education, almost 1 million university graduates, and real opportunities for its citizens to study without facing discrimination, require more variables for each concrete problem than those contained in a chess game. We cannot ignore a single detail; this is not an easy path to take, if the intelligence of a human being in a revolutionary society is to prevail over instinct.

“My elemental duty is not to cling to positions, much less to stand in the way of younger persons, but rather to contribute experience and ideas whose modest value comes from the exceptional era in which I lived.

“Like (Brazilian architect Oscar) Niemeyer (who turned 100 on Dec. 15), I believe that one has to be consistent right up to the end.”

Letter from Jan. 8, 2008:

“… I am a firm supporter of a unified vote (a principle that preserves ignored merits), which allowed us to avoid the tendency to copy what came to us from countries of the former socialist bloc, including the portrait of the one candidate, as singular as his solidarity toward Cuba. I deeply respect that first attempt at building socialism, thanks to which we were able to continue along the path we had chosen.”

I reiterated in that letter that “… I never forget that all the world’s glory fits in a kernel of corn.”

Therefore, it would be a betrayal of my conscience to accept a responsibility requiring more mobility and dedication than I am physically able to offer. This I say devoid of all drama.

Fortunately, our process can still count on cadres from the old guard and others who were very young in the early days of the Revolution. Some were very young, almost children, when they joined the fight on the mountains and later they filled the country with glory with their heroism and their internationalist missions. They have the authority and the experience to guarantee the replacement. There is also the intermediate generation which learned with us the basics of the complex and almost unattainable art of organizing and leading a revolution.

The path will always be difficult and require everyone’s intelligent effort. I distrust the seemingly easy path of apologetics or its antithesis of self-flagellation. We should always be prepared for the worst possibilities. We cannot forget the principle of being as prudent in success as steady in adversity. The adversary to be defeated is extremely strong, but we have been able to keep it at bay for half a century.

This is not my farewell to you. My only wish is to fight as a soldier in the battle of ideas. I shall continue to write under the title, “Reflections of Comrade Fidel.” It will be another weapon you can count on. Perhaps my voice will be heard. I shall be careful.

Thank you.

Fidel Castro Ruz

Feb. 18, 2008

5:30 p.m.

March 24, 2009

DEAR Mr. Liddy,

It is with deep regret that I submit my notice of resignation from A.I.G. Financial Products. I hope you take the time to read this entire letter. Before describing the details of my decision, I want to offer some context:

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 transactions 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.

I take this action after 11 years of dedicated, honorable service to A.I.G. I can no longer effectively perform my duties in this dysfunctional environment, nor am I being paid to do so. Like you, I was asked to work for an annual salary of $1, and I agreed out of a sense of duty to the company and to the public officials who have come to its aid. Having now been let down by both, I can no longer justify spending 10, 12, 14 hours a day away from my family for the benefit of those who have let me down.

You and I have never met or spoken to each other, so I’d like to tell you about myself. I was raised by schoolteachers working multiple jobs in a world of closing steel mills. My hard work earned me acceptance to M.I.T., and the institute’s generous financial aid enabled me to attend. I had fulfilled my American dream.

I started at this company in 1998 as an equity trader, became the head of equity and commodity trading and, a couple of years before A.I.G.’s meltdown last September, was named the head of business development for commodities. Over this period the equity and commodity units were consistently profitable — in most years generating net profits of well over $100 million. Most recently, during the dismantling of A.I.G.-F.P., I was an integral player in the pending sale of its well-regarded commodity index business to UBS. As you know, business unit sales like this are crucial to A.I.G.’s effort to repay the American taxpayer.

The profitability of the businesses with which I was associated clearly supported my compensation. I never received any pay resulting from the credit default swaps that are now losing so much money. I did, however, like many others here, lose a significant portion of my life savings in the form of deferred compensation invested in the capital of A.I.G.-F.P. because of those losses. In this way I have personally suffered from this controversial activity — directly as well as indirectly with the rest of the taxpayers.

I have the utmost respect for the civic duty that you are now performing at A.I.G. You are as blameless for these credit default swap losses as I am. You answered your country’s call and you are taking a tremendous beating for it.

But you also are aware that most of the employees of your financial products unit had nothing to do with the large losses. And I am disappointed and frustrated over your lack of support for us. I and many others in the unit feel betrayed that you failed to stand up for us in the face of untrue and unfair accusations from certain members of Congress last Wednesday and from the press over our retention payments, and that you didn’t defend us against the baseless and reckless comments made by the attorneys general of New York and Connecticut.

My guess is that in October, when you learned of these retention contracts, you realized that the employees of the financial products unit needed some incentive to stay and that the contracts, being both ethical and useful, should be left to stand. That’s probably why A.I.G. management assured us on three occasions during that month that the company would “live up to its commitment” to honor the contract guarantees.

That may be why you decided to accelerate by three months more than a quarter of the amounts due under the contracts. That action signified to us your support, and was hardly something that one would do if he truly found the contracts “distasteful.”

That may also be why you authorized the balance of the payments on March 13.

At no time during the past six months that you have been leading A.I.G. did you ask us to revise, renegotiate or break these contracts — until several hours before your appearance last week before Congress.

I think your initial decision to honor the contracts was both ethical and financially astute, but it seems to have been politically unwise. It’s now apparent that you either misunderstood the agreements that you had made — tacit or otherwise — with the Federal Reserve, the Treasury, various members of Congress and Attorney General Andrew Cuomo of New York, or were not strong enough to withstand the shifting political winds.

You’ve now asked the current employees of A.I.G.-F.P. to repay these earnings. As you can imagine, there has been a tremendous amount of serious thought and heated discussion about how we should respond to this breach of trust.

As most of us have done nothing wrong, guilt is not a motivation to surrender our earnings. We have worked 12 long months under these contracts and now deserve to be paid as promised. None of us should be cheated of our payments any more than a plumber should be cheated after he has fixed the pipes but a careless electrician causes a fire that burns down the house.

Many of the employees have, in the past six months, turned down job offers from more stable employers, based on A.I.G.’s assurances that the contracts would be honored. They are now angry about having been misled by A.I.G.’s promises and are not inclined to return the money as a favor to you.

The only real motivation that anyone at A.I.G.-F.P. now has is fear. Mr. Cuomo has threatened to “name and shame,” and his counterpart in Connecticut, Richard Blumenthal, has made similar threats — even though attorneys general are supposed to stand for due process, to conduct trials in courts and not the press.

So what am I to do? There’s no easy answer. I know that because of hard work I have benefited more than most during the economic boom and have saved enough that my family is unlikely to suffer devastating losses during the current bust. Some might argue that members of my profession have been overpaid, and I wouldn’t disagree.

That is why I have decided to donate 100 percent of the effective after-tax proceeds of my retention payment directly to organizations that are helping people who are suffering from the global downturn. This is not a tax-deduction gimmick; I simply believe that I at least deserve to dictate how my earnings are spent, and do not want to see them disappear back into the obscurity of A.I.G.’s or the federal government’s budget. Our earnings have caused such a distraction for so many from the more pressing issues our country faces, and I would like to see my share of it benefit those truly in need.

On March 16 I received a payment from A.I.G. amounting to $742,006.40, after taxes. In light of the uncertainty over the ultimate taxation and legal status of this payment, the actual amount I donate may be less — in fact, it may end up being far less if the recent House bill raising the tax on the retention payments to 90 percent stands. Once all the money is donated, you will immediately receive a list of all recipients.

This choice is right for me. I wish others at A.I.G.-F.P. luck finding peace with their difficult decision, and only hope their judgment is not clouded by fear.

Mr. Liddy, I wish you success in your commitment to return the money extended by the American government, and luck with the continued unwinding of the company’s diverse businesses — especially those remaining credit default swaps. I’ll continue over the short term to help make sure no balls are dropped, but after what’s happened this past week I can’t remain much longer — there is too much bad blood. I’m not sure how you will greet my resignation, but at least Attorney General Blumenthal should be relieved that I’ll leave under my own power and will not need to be “shoved out the door.”

Sincerely,

Jake DeSantis

May 18, 2007

Board of Executive Directors
The World Bank Group
1818 H Street, NW

Dear Members of the Board:

Regardless of the emotions that most of us are probably feeling right now, I believe we must move forward in a spirit of forgiveness, both for the sake of each of us as individuals and for the sake of Bank Group’s mission to serve the world’s poor. I assure you that it is in this spirit that I will proceed over the next six weeks. To that end after speaking with the Dean and Co-Dean, let me suggest the following transition plans which I hope you will find reassuring.

I have looked at the May-June Board schedule as well as international commitments and requests for meetings with the Office of the President. While the Board schedule is very busy, I am confident that the sessions can be handled well by the Managing Director (MD) with the relevant portfolio. If the Board so desires, I am happy to assist on the few pending strategic issues, such as the 2008 budget where I was deeply involved in decision making and might be helpful, but otherwise I would plan to leave the day-to-day work of Board meeting to the MDs.

Similarly, I believe they can manage most requests for outside meetings. There may be exceptions where relations with the Bank could be strengthened by my agreeing to meet with someone with whom I have had previous interactions, but will take the advice of the relevant vice president in doing so. As you might imagine, I have been flooded with phone calls from the exceptional people I have met over the past two years who have offered their support, many of whom want to see me before my departure. I intend to accommodate those requests but obviously, should policy matters arise, I would defer to the appropriate MD or vice president. I may make a farewell trip to Africa at the request of a number of leaders, but would consult with you prior to making any plans.

I do not plan to continue routine briefings on policy issues and would expect that the appropriate MD will make any required policy decisions in consultation with their senior management colleagues and the Board. I believe all country manager and director personnel have been completed for the Spring, so I have no expectation of being involved in these or any other personnel actions.

While there is administrative paper work and archiving to carry out, the most important assignment I feel I have ahead is to take the time to meet individually with staff who have been so loyal and effective in fulfilling the Bank’s mission. I owe them my personal thanks and appreciation.

If there are issues which arise which are not envisioned in this letter, I would consult the Board through the Dean and Co-Dean to seek guidance.

After reaching a difficult consensus yesterday, it is vitally important that we work together to restore calm and confidence and encourage the staff to focus on their important work. Please let me know if I can be of further help in fulfilling these goals or clarifying my thoughts on my transitions plans.

Sincerely,
Paul Wolfowitz

January 7, 2009

Dear Board Members,

It is with deep regret, and tremendous burden that I am carrying on my conscience, that I would like to bring the following facts to your notice:

1. The balance sheet carries of September 30, 2008

a. Inflated (non-existent) cash and bank balances of Rs 5,040 crore (as against Rs 5,361 crore reflected in the books)

b. An accrued interest of Rs 376 crore which is non-existent

c. An understated liability of Rs 1,230 crore on account of funds arranged by me.

d. An overstated debtors position of Rs 490 crore (as against Rs 2,651 reflected in the books)

2. For the September quarter (Q2) we reported a revenue of Rs 2,700 crore and an operating margin of Rs 649 crore (24 per cent of revenues) as against the actual revenues of Rs 2,112 crore and an actual operating margin of Rs 61 crore (3 per cent of reve nues). This has resulted in artificial cash and bank balances going up by Rs 588 crore in Q2 alone.

The gap in the balance sheet has arisen purely on account of inflated profits over a period of last several years (limited only to Satyam standalone, books of subsidiaries reflecting true performance). What started as a marginal gap between actual opera ting profit and the one reflected in the books of accounts continued to grow over the years. It has attained unmanageable proportions as the size of company operations grew significantly (annualised revenue run rate of Rs 11,276 crore in the September q uarter, 2008 and official reserves of Rs 8,392 crore).

The differential in the real profits and the one reflected in the books was further accentuated by the fact that the company had to carry additional resources and assets to justify higher level of operations – thereby significantly increasing the costs.

Every attempt made to eliminate the gap failed. As the promoters held a small percentage of equity, the concern was that poor performance would result in take-over, thereby exposing the gap. It was like riding a tiger, not knowing how to get off withou t being eaten.

The aborted Maytas acquisition deal was the last attempt to fill the fictitious assets with real ones. Maytas’ investors were convinced that this is a good divestment opportunity and strategic fit. Once Satyam’s problem was solved, it was hoped that Ma ytas’ payments can be delayed. But that was not to be. What followed in the last several days is common knowledge.

I would like the Board to know:

1. That neither myself, nor the Managing Director (including our spouses) sold any shares in the last eight years – excepting for a small proportion declared and sold for philanthropic purposes.

2. That in the last two years a net amount of Rs 1,230 crore was arranged to Satyam (not reflected in the books of Satyam) to keep the operations going by resorting to pledging all the promoter shares and raising funds from known sources by giving all ki nds of assurances (statement enclosed, only to the members of the board), Significant dividend payments, acquisitions, capital expenditure to provide for growth did not help matters. Every attempt was made to keep the wheel moving and to ensure prompt pa yment of salaries to the associates. The last straw was the selling of most of the pledged share by the lenders on account of margin triggers.

3. That neither me, nor the Managing Director took even one rupee/dollar from the company and have not benefited in financial terms on account of the inflated results.

4. None of the board members, past or present, had any knowledge of the situation in which the company is placed. Even business leaders and senior executives in the company, such as, Ram Mynampati, Subu D, T.R. Anand, Keshab Panda, Virender Agarwal, A.S. Murthy, Hari T, S V Krishnan, Vijay Prasad, Manish Mehta, Murli V, Sriram Papani, Kiran Kavale, Joe Lagioia, Ravindra Penumetsa, Jayaraman and Prabhakar Gupta are unaware of the real situation as against the books of accounts.

None of my or Managing Director’s immediate or extended family members has any idea about these issues. Having put these facts before you, I leave it to the wisdom of the board to take the matters forward.

However, I am also taking the liberty to recommend the following steps:

1. A task force has been formed in the last few days to address the situation arising out of the failed Maytas acquisition attempt. This consists of some of the most accomplished leaders of Satyam: Subu D, T.R. Anand, Keshab Pandaand Virender Agarwal, r epresenting business functions, and A.S. Murthy, Hari T and Murali V representing support functions. I suggest that Ram Mynampati be made the Chairman of this task force to immediately address some of the operational matters on hand. Ram can also act a s an interim CEO reporting to the board.

2. Merrill Lynch can be entrusted with the task of quickly exploring some merger opportunities.

3. You may have a ‘restatement of accounts’ prepared by the auditors in light of the facts that I have placed before you. I have promoted and have been associated with Satyam for well over twenty years now. I have seen it grow from few people to 53,000 people, with 185 Fortune 500 companies as customers and operations in 66 countries. Satyam has established an excellent leadership and competency base at all levels. I sincerely apologise to all Satyamites and stakeholders, who have made Satyam a specia l organisation, for the current situation.

I am confident they will stand by the company in this hour of crisis. In light of the above, I fervently appeal to the board to hold together to take some important steps. Mr. T.R. Prasad is well placed to mobilise support form the government at this crucial time. With the hope that members of the task force and the financial advisor, Merrill Lynch (now Bank of America) will stand by the company at this crucial hour, I am marking copies of this statement to them as well.

Under the circumstances, I am tendering my resignation as the chairman of Satyam and shall continue in this position only till such time the current board is expanded. My continuance is just to ensure enhancement of the board over the next several days or as early as possible. I am now prepared to subject myself to the laws of the land and face consequences thereof.

(B. Ramalinga Raju)

Copies marked to:
1. Chairman SEBI
2. Stock Exchanges

Here’s a copy of Richard Nixon’s Resignation Letter to his Secretary of State, August 9, 1974:

Also, check out Nixon’s resignation speech video.

Original here.