After Bailout, AIG Execs Head to California Resort

After Bailout, AIG Execs Head to California Resort

abcnews.go.com

Rescued by Taxpayers, $440,000 for Retreat Including "Pedicures, Manicures"

Less than a week after the federal government committed $85 billion to bail out AIG, executives of the giant AIG insurance company headed for a week-long retreat at a luxury resort and spa, the St. Regis Resort in Monarch Beach, California, Congressional investigators revealed today.

"Rooms at this resort can cost over $1,000 a night," Congressman Henry Waxman (D-CA) said this morning as his committee continued its investigation of Wall Street and its CEOs.

AIG documents obtained by Waxman's investigators show the company paid more than $440,000 for the retreat, including nearly $200,000 for rooms, $150,000 for meals and $23,000 in spa charges.

(visit the link for the full news article)


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This is where everyone's 401Ks are going to end up. Paying for these guys to look pretty.

I have no doubt they should cancel any health club memberships they have because they are likely to be next in line...for the punching bag.

Just imagine if A.I.G. had collapsed and defaulted on all of its insurance claims. All those investors would have been responsible for their own messes and those portfolios would have decreased in value...we've already demonstrated that can't be allowed to happen.

abcnews.go.com
(visit the link for the full news article)

damn... you know, what else is there left to say? these stories are like repeated kicks to the groin... thank you sir, may i have another!

It's getting to the point where we'll hear how they really do roll around on the floor naked on money and burn piles of 20s on their beach camp fires. I think I've reached a point now where I can't be surprised or appalled any more.

I think this is a prime example as to how AIG went bankrupt....

Wow...I mean my god what can anyone say. I mean its not like this is a year after the bailout or even six months this is only ONE WEEK after the bailout. It just goes to show you that these guys run this country. They truly could give two Shiites less. Disgusting and I hope they choke on one of their gourmet chicken bones. I hope someone lays them out like the did Fuld.

They are legends in their own minds. Pretty soon they will just be dinosaurs with ties chiseled out of the shale and limestone.

Just another sucker-punch to the groin that is the taxpayer.

More people to add to my list of 'People to kick in the nuts when I see them'.

Shrub said the 700 bill that changed to lol 850 billion after congress balked was going to help everything. 'We just picked a high number'.

Who's taking the hit now? The stocks. Down 2 trillion. Kiss your 401 ba bye if it's not in Halliburton.

I guess this is their reward for themselves. After all, they had to come up against the horror of near collapse. GASP! My God, what if they even had to resort to working for a living like the rest of us? Must have been traumatic for them, poor things.

Hey, since I'm partially paying for this, I want a room too.

Was anyone really surprised by this though? Maybe I should open up a high-end resort somewhere hoping to catch the rest of the bailout guys taking a break. Get some of my money back, ya know?

What's new here?

A few years ago the CEO of CitiGroup left in disgrace. He also left with millions and millions in pension/bonus. All this while my father watched many, many people he had worked with for years get fired.

If you do a # job, you should get # in return when you are forced to leave. Especially if you are dropping employees left and right to cover cost.

Those people all make me sick.

Nuff said.

I am having flashbacks to a certain bill hicks joke involving "Bend Over,Take It,You Know You Like It..."..."Ok,here,is this good...(bent over backwards so far your own head ends up your ass along with whatever else "they" can get in there)"...:-/...

..................................................................................................................

"If we waiting for the time to fight, these is thems
Tellin' us to relax while they ease it in, we gettin greased again
The truth I write is so cold, it'd freeze my pen
I'm Boots Riley it's a pleasure to meet you
Never let they punk ass ever defeat you"

Someone needs to tell these fools the party is over...

"Average Americans are suffering economically," said Henry Waxman, chairman of the House oversight committee. "They are losing their jobs, their homes and their health insurance. Yet less than one week after the taxpayers rescued AIG, company executives could be found wining and dining at one of the most exclusive resorts in the nation."

An AIG spokesman said the event was to entertain independent insurance salesmen of AIG American General - one of the company's main US operations which offers life, health and accident policies.

"It was a recognition event for independent agents of AIG American General who distribute insurance policies," said the spokesman. "It was planned months ago."

And he has the gall to not even have any redeeming hindsight...

"Looking back at my time as CEO, I don't believe AIG could have done anything differently," said Willumstad. "The market seizure was an unprecedented global catastrophe."

Source

Memo to AIG...the party is canceled. This is excess without control and must stop. Does anyone else feel like they got taken in all this and that the final redistribution of wealth to the already wealthy is just about complete? Do they have no concept of reality?

Edit: added link

[edit on 7-10-2008 by DancedWithWolves]

OMG this makes me SICK. I bust my butt at my job, waiting to get enough time in for health insurance. Until then, I just get to come home and cry in the bath tub until my pain goes away. When I overspend or spend recklessly, I have to do something called suffer, or tighten my belt.

I want my week at the spa, too, especially if my hard earned dollars are going to pay for NONSENSE like this!! My pedicure consists of soaking my feet, if I have the energy left over to do so. My manicure consists of clean hands and short nails.

I think I have to go vomit now.

My father was an insurance agent and sales manager for Prudential and John Hancock for many years. Most life insurance companies have annual sales conferences for their top agents and managers. Company executives attend them, but that does not make them an "executive" retreat. This is sensationalism nothing more.

This "executive" retreat was such a sales conference. As such they are planned one to two years in advance. They have contracts with the resorts. Which means if they cancelled the conference so close to the event, there probably would have been fees and penalties. Had they done that, I'm sure the spin would have been it was a conference to reward the little guys and they got screwed by the heartless executives -- and the company wasted money because of the cancellation penalties.

I'm sure at least some will still scream about it, but it is not what has been presented by the MSM.

Had to share.....

AIG Hid Financial Risks from Auditors

“You have cost my constituents and the taxpayers of this country $85 billion and run into the ground one of the most respected insurance companies in the history of our country,” said Rep. Carolyn Maloney, D-N.Y. “You were just gambling billions, possibly trillions of dollars.”

Lawmakers also upbraided Sullivan, who ran the firm from 2005 until June of this year, for urging AIG’s board of directors to waive pay guidelines to win a $5 million bonus for 2007 — even as the company lost $5 billion in the 4th quarter of that year. Sullivan countered that he was mainly concerned with helping other senior executives.

Sullivan also came under fire for reassuring shareholders about the health of the company last December, just days after its auditor, Pricewaterhouse Cooper, warned of him that AIG was displaying “material weakness” in its huge exposure to potential losses from insuring mortgage-related securities.

Blah.....Just blah....if they have all been doing all these things including the "sales conferences" to six-star resorts for a week NO WONDER and WHY ARE WE RESCUING them?

Americans are beng held hostage by credit and have been robbed.

Well we know where they are, they are all in the one place.
Lets go?

reply to post by DancedWithWolves


This is beyond sickening! Someone should get a hold of Michael Moore to dig into the spending habits of these execs and expose them.