I don’t know about you, but this definitely infuriates me. It seems after AIG got a government bailout, they took a
$400,000 plus “vacation and spa” retreat, for all those hard working executives trying to scam you out of your money.
ABC Reports:
Now that AIG has been nationalized, some folks are wondering just how their tax dollars are being spent. If you’re among them, we have some bad news for you from ABC. They are reporting that papers uncovered by congressional investigators show that “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.” Ouch.
ABC says that the documents show that the company, yes the company, paid more than $400,000 for a week long retreat at the resort. The bill included $200,000 for rooms, $150,000 for meals and $23,000 in spa charges.
Congressman Waxman also said that there was evidence that the former CEO changed the bonus schedule in order to insure that top executives would continue making multi-million dollar salaries, even as their company went broke.
“Mr. Sullivan and the other top executives should have had their bonuses slashed due to poor performance,” said Waxman. Sullivan received a $15 million golden parachute payment when he was let go in June, says ABC.
I’m sure a few of these guys will be visiting “Club Fed” soon.
Hate the Game not the Playa. This is America. If you want acountability, fairness and regulations there’s always Europe.
According to McCain, the 700 billion bailout isn’t the problem, it’s 40 billion of pork barrel spending.
Weird math…
The spendature of $400,000. by AIG is a shameful act. They
are a disgrace to Americans and the insurance industry who want to get our economy back on line. Is AIG standing as good Americans or just taking what they can get? If this
event was planned prior to the bailout it would seem that it should have been cancelled under the condition at hand.
It is my thought that AIG executives should pay back the
$400,000. Do they not realize that the middle class income
families would be paying taxes for this event for they to
relax while many of they can bearly feed their children
cheap food?
AIG has big ones. Some nerve, but they get away with it! Where is a cop when you need one? When seconds count, cops are minutes a-wwway!
For some time, I am trying to get to Kenneth’s at the Waldorf OR The Red Door on Fifth Avenue and can’t get out of the beautiful, historic country upstate, the stixs!
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 our focus our efforts to pay back the $85 billion loan from the Federal Reserve Bank of New York as quickly as possible.