Makes me sick - NJFBOA - Home of New Jersey's Camaros and Firebirds

LS1Hawk · 10-08-2008, 08:42 AM

AIG execs' retreat after bailout angers lawmakers

WASHINGTON (AP) — Days after it got a federal bailout, American International Group Inc. spent $440,000 on a posh California retreat for its executives, complete with spa treatments, banquets and golf outings, according to lawmakers investigating the company's meltdown.

http://ap.google.com/article/ALeqM5i...9GCgQD93M2CP00

SteveR · 10-08-2008, 09:43 AM

Did we really think it would turn out any differently? The former CEO of Lehman walked away with a third of a billion dollars. They were talking about it in the senate hearing yesterday. Of course, nothing will be done about it.

The Fixer · 10-08-2008, 09:46 AM

What a bunch of f'n thieves. I wish the bailout didn't happen just because of idiotic companies like that. The Feds SHOULD make them pay that back, and then give back whatever $$ they scored in their bailout deal for their own moronic ideas about how to waste more $$.

F those greedy bastages.

Frosty · 10-08-2008, 10:32 AM

Funny, the ENRON guys went to jail...these guys aren't....no coincidence they're buddy buddy with a lot of high ranking Democrats. Ok ok. enough of the political stuff.

Yeah, it's sickening but in a way it's their business. The government LOANED AIG this $$. They weren't given anything. It's no different than if you take a personal loan from a bank and blow it on cocaine. I'm not condoning their actions, it's ridiculous but the $$ AIG received certainly isn't free $$.

NJSPEEDER · 10-08-2008, 10:42 AM

Correction, 3 guys from Enron went to jail. The rest of the board walked away with plea agreements, no jail time, and fat severance packages totaling nearly a billion bucks.

I would be more upset if I was a share holder.

Frosty · 10-08-2008, 10:46 AM

Right, some went to jail...where are the nitwits from this collapse?

SteveR · 10-08-2008, 10:56 AM

Quote:

Originally Posted by Frosty

Right, some went to jail...where are the nitwits from this collapse?

Hangin' with Kenneth Lay on a beach in Thailand

Frosty · 10-08-2008, 11:01 AM

hahaha

The Fixer · 10-08-2008, 11:28 AM

Quote:

Originally Posted by Frosty

Yeah, it's sickening but in a way it's their business. The government LOANED AIG this $$. They weren't given anything.

I understand that it's not free, but if you're going to mis-manage your $$ like that, you don't even deserve the funds that bailed your ass out of the hole you dug yourself into. That gross mis-management and wasteful spending is what got some of these banks in this mess in the first place.

bubba428 · 10-08-2008, 12:23 PM

Quote:

Originally Posted by NJSPEEDER

Correction, 3 guys from Enron went to jail. The rest of the board walked away with plea agreements, no jail time, and fat severance packages totaling nearly a billion bucks.

I would be more upset if I was a share holder.

or some body who HAD 21st car insurance then AIG baught them, and now has AIG who is going down and has yet to pay on a claim...yea they are suposed to pay my medical bills, now they wont respond to my calls. Everyone but the exectutives is getting boned.

BonzoHansen · 10-08-2008, 02:43 PM

Quote:

Originally Posted by SteveR

Hangin' with Kenneth Lay on a beach in Thailand

Ken Lay is dead IIRC. I remember smiling when I heard the news.

FWIW, it appears the AIG deal was a 'routine' broker junket, very common in the insurance and financial world. I never thought they were efficient uses of company money, but those big $$ producers need to have their ‘egos’ stroked or they threaten to take their business elsewhere.

AIG CEO: Retreat Criticized By Dems Wasn't For Its Employees
10/08 1:13 am (ON)
Story 0650 (AIG)

DOW JONES NEWSWIRES

American International Group Inc. (AIG) Chief Executive Edward M. Liddy said a subsidiary's event that was criticized during a House committee hearing Tuesday was for top independent agents, not employees.

In a letter to Treasury Secretary Henry M. Paulson, Liddy said the agents were top business producers for the company, and of the 100 attendees, only 10 were employees of the subsidiary.

"No AIG executives from headquarters attended," the letter said, also noting that the meeting was planned months before the federal government gave the insurance giant an $85 billion loan to help it survive a liquidity crisis.

During testimony by former AIG executives before the House Government Oversight Committee, some Democrats complained that less than a week after the federal bailout, AIG held a weeklong retreat at the pricey St. Regis Resort in Monarch Beach, Calif., where rooms can cost more than $1,000 a night. Invoices distributed by the House committee show AIG paid more than $440,000 to the resort, including nearly $7,000 for golf and $23,000 in spa charges.

In the letter to Paulson, Liddy also said AIG is re-evaluating all expenses and "is focused on doing what is necessary to address our capital structure, repay the Fed credit facility and emerge as a healthy global insurer."

He also noted the company's insurance businesses continue to operate normally

AIG's shares recently traded at $3.33, down 5.1%.

firehawk1120 · 10-08-2008, 02:53 PM

my wife works for AIG and I told her about the comment dumbass barack made last night and she said the CEO issues a letter explaining to the employees what the expense was for. I'll have it later tonight. LOL

SteveR · 10-08-2008, 03:21 PM

Quote:

Originally Posted by BonzoHansen

Ken Lay is dead IIRC. I remember smiling when I heard the news.

He's hangin' on a beach sippin cocktails right now. I think it was a huge coincidence that like the day before he was supposed to turn himself in, he dies. He took some of that money and bought an out.

Frosty · 10-08-2008, 04:01 PM

Speaking of more bailouts the oh so wise Nancy Pelosi is calling for a $150 billion dollar stimulus package. Bush was ridiculed for doing it but now Congress wants another one

Spend spend spend spend

enRo · 10-08-2008, 06:37 PM

Where the **** is MY stimulus package? I have places to go, spas to relax in, and golf tournaments consisting of New York City baseball players to attend to

LS1Hawk · 10-09-2008, 06:57 AM

Quote:

Originally Posted by Frosty

Yeah, it's sickening but in a way it's their business. The government LOANED AIG this $$. They weren't given anything. It's no different than if you take a personal loan from a bank and blow it on cocaine. I'm not condoning their actions, it's ridiculous but the $$ AIG received certainly isn't free $$.

It's not their business anymore. The government didn't just loan AIG money, they took ownership of them. The Federal Reserve now owns 80% of AIG. So effectively, the FED made a loan to itself to bailout their own insurance company.

firehawk1120 · 10-13-2008, 06:34 PM

just got some info. all future events have been cancelled due to the over blown facts about the retreat to support the top insurance producers for AIG. Unless it is deemed absolutely necessary they aren't going to be spending money on outside or inside events anymore.

LOL

NJ Torque · 10-13-2008, 06:43 PM

Throw those crooks in jail.

sweetbmxrider · 10-13-2008, 08:32 PM

how many of us are there? how many of them? i say we kick their ass and take our money back. but seriously this crap is bs