Bailout Execs $440,000 Spa Retreat
So here's what AIG execs are doing with those billions of tax-payer bailout dollars...
From MSNBC...
Aren't you in a hurry to help bailout more of these failing banks now?
From MSNBC...
Less than a week after the federal government had to bail out American International Group Inc., the company sent executives on a $440,000 retreat to a posh California resort, lawmakers investigating the company's meltdown said Tuesday.
The tab included $23,380 worth of spa treatments for AIG employees at the coastal St. Regis resort south of Los Angeles even as the company tapped into an $85 billion loan from the government it needed to stave off bankruptcy.
The retreat didn't include anyone from the financial products division that nearly drove AIG under, but lawmakers were still enraged over thousands of dollars spent on catered banquets, golf outings and visits to the resort's spa and salon for executives of AIG's main U.S. life insurance subsidiary.
"Average Americans are suffering economically. They're losing their jobs, their homes and their health insurance," House Oversight Committee Chairman Henry Waxman, D-Calif., scolded the company during a lengthy opening statement. "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."
Aren't you in a hurry to help bailout more of these failing banks now?
Labels: Current_Events, Debt, Economy, Finance, Government, News, Politics
posted by FriendlyFred at
8:51 AM
5 Comments:
Earlier today, AIG announced an important policy change - one that we wanted to be sure you knew about.
A short time ago, our Chairman and CEO Ed Liddy said that he has ordered the immediate cancellation of all outside meetings, conferences, and recognition events across AIG, except those that are required by law or that are deemed absolutely critical to sustain our ongoing business needs.
Given AIG's commitment to our customers, business partners, regulators, and American taxpayers, coupled with the new and very different challenges our company now faces, we take these responsibilities extremely seriously. Their trust is critical to our success. We recognize the need to be sensitive about all company expenditures.
As we move forward, we will continue to focus our efforts to pay back the $85 billion loan from the Federal Reserve Bank of New York as quickly as possible.
hehe - too little too late. AIG Blog Relations?
How funny is this..
Waste some more money, you bozos.
This makes me sick... $23,380 is more money than some people make in a year!
Rome burns while the music plays...
AIG Blog Relations:
I wouldn't want to be in your shoes. Gr33tings, if you're a bot. =)
However, to continue along, almost every American who hears about this is infuriated and people in Government ranging from President Bush to the Chairman of the Senate Finance Committee is more than angry considering the American taxpayers hold a 79 percent stake in AIG. Sen. Max Baucus has called for people at AIG to be fired.
According to FOX News: "This is precisely the kind of report that Congress will not tolerate regarding companies claiming to be in trouble and the government agencies charged to oversee them," Baucus said in a written statement."
"If AIG was throwing money around for tee times and hot stone massages while begging for Federal Reserve dollars, it's a scandal and an outrage and heads will roll," Baucus said. "I want to know who we can fire and how we can get this misspent money back and I want both of those things to happen pronto."
Hopefully, you won't lose your bloggin' job :(
According to FOX News: "In a letter to Federal Reserve Chairman Ben Bernanke, Sen. Max Baucus, D-Mont, demanded more details of the retreat and called for information on Fed oversight of AIG's activities, now that American taxpayers hold a 79 percent stake in the company.
"This kind of behavior is an insult to taxpayers, whose dollars are used to protect and preserve private companies," he said. "Provisions must be in place to end frivolous expenses, limit executive compensation and protect taxpayers from unnecessary risks."
And I agree with every word he said. In addition though, according to AP, AIG is also "already under investigation by the House Oversight Committee after a hearing this week that disclosed AIG execs hid the full range of its risky financial products from auditors as losses mounted." Sounds like Enron stuff to me.
But I did mention Bushy, so lets move on.
You guys have ticked off the head honcho, the Texas Cheese, President George Bush, as well as, Dana Perino. ;)
According to Associated Press: "President George W. Bush's chief spokeswoman expressed outrage Wednesday at reports that AIG executives spent hundreds of thousands of dollars on a spa retreat after the US government rescued the firm."
"I understand why the American people would be outraged. I am. It's pretty despicable," Dana Perino told reporters.
loloscary!
A total F*cking outrage to be sure.. unbelievable..
As we all watch this country burn during the presidential debates and all the media coverage of the economic heart attack we're enduring, these people throw a party for bailout they got?
funny I had my status on myspace set yesterday then saw this on gfy.. myspace.com/adamblack
peace
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