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Author Topic: AIG Executives Blow $440,000 After Getting Bailout  (Read 3111 times)

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Offline Willow

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AIG Executives Blow $440,000 After Getting Bailout
« on: October 07, 2008, 05:48:13 PM »
If you'd just gotten a government bailout, you might be tempted to hold a retreat at a nice California hotel -- and that's exactly what American International Group (AIG: 3.51, -0.36, -9.30%) executives did.

The committee on Oversight and Government Reform held a hearing on Tuesday at 10:00 a.m. Eastern time. to address and examine downfall of AIG, the world’s largest insurance company. The committee planned to discuss the financial excesses and regulatory mistakes that led to AIG’s government bailout.

One of the items discussed was AIG’s expenditure of $440,000 for a corporate retreat at the St. Regis Monarch Beach resort in Los Angeles, Calif. These funds were spent on Sept. 22, a week after the Federal Reserve extended an $85 billion emergency loan to AIG to keep it from going bankrupt due to insurance liabilities.



http://www.foxbusiness.com/story/markets/industries/finance/aig-executives-blow--getting-bailout/

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Offline NHSparky

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Re: AIG Executives Blow $440,000 After Getting Bailout
« Reply #1 on: October 07, 2008, 05:52:08 PM »
I wonder if I could punch out a few execs in the gym there.

BTW--Dana Point is NOT Los Angeles.  Not even the same county.  Jeez.
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Offline Willow

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Re: AIG Executives Blow $440,000 After Getting Bailout
« Reply #2 on: October 07, 2008, 06:25:42 PM »
where did you read Dana Point? I missed it.
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Offline Hawkgirl

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Re: AIG Executives Blow $440,000 After Getting Bailout
« Reply #3 on: October 07, 2008, 06:28:19 PM »
 And here they were thinking it was going to boost the economy... :doh:
 :whatever: Crooks...the whole lot of 'em
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Offline Chris_

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Re: AIG Executives Blow $440,000 After Getting Bailout
« Reply #4 on: October 07, 2008, 06:32:42 PM »
To bad we can't yank that money right back away from them. :censored:
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Offline Zeus

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Re: AIG Executives Blow $440,000 After Getting Bailout
« Reply #5 on: October 07, 2008, 06:34:31 PM »
Quote from: Willow on October 07, 2008, 06:25:42 PM
where did you read Dana Point? I missed it.

St. Regis Monarch Beach resort http://www.stregismb.com/
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Offline DumbAss Tanker

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Re: AIG Executives Blow $440,000 After Getting Bailout
« Reply #6 on: October 07, 2008, 06:34:35 PM »
Quote from: Hawkgirl on October 07, 2008, 06:28:19 PM
And here they were thinking it was going to boost the economy... :doh:
 :whatever: Crooks...the whole lot of 'em

Sounds like it was a great boost for the economy where the hotel is!   :-)  There is actually some macroeconomic truth to that barb, in that money isn't destroyed when it's spent and ultimately cirulates to generate multiples of its own value in the end, but still they have to be total dumbshits to think this was a good idea.
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Offline Hawkgirl

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Re: AIG Executives Blow $440,000 After Getting Bailout
« Reply #7 on: October 07, 2008, 06:41:54 PM »
Quote from: DumbAss Tanker on October 07, 2008, 06:34:35 PM
Sounds like it was a great boost for the economy where the hotel is! 

Yeah, on the taxpayer's dime...cocktails, golf, spa treatments....Can we throw all of them in jail...and I mean the congress critters who okay'd this.
AIG is only one of the beneficiaries....God know how many millions if not billions will be spent on this sort of thing by the other ethical companies. :whatever:

This may actually anger me more than bussing convicts and homeless to the election booth.

Corruption..we're surrounded by it...the biggest crooks are in Congress.
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Offline Willow

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Re: AIG Executives Blow $440,000 After Getting Bailout
« Reply #8 on: October 07, 2008, 06:44:27 PM »
Quote from: Hawkgirl on October 07, 2008, 06:41:54 PM
Yeah, on the taxpayer's dime...cocktails, golf, spa treatments....Can we throw all of them in jail...and I mean the congress critters who okay'd this.
AIG is only one of the beneficiaries....God know how many millions if not billions will be spent on this sort of thing by the other ethical companies. :whatever:

This may actually anger me more than bussing convicts and homeless to the election booth.

Corruption..we're surrounded by it...the biggest crooks are in Congress.





we really really need to clean their clocks don't we?
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Offline DixieBelle

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Re: AIG Executives Blow $440,000 After Getting Bailout
« Reply #9 on: October 07, 2008, 06:48:13 PM »
the line forms behind me. Well me and Sarah. :-)
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Offline SaintLouieWoman

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Re: AIG Executives Blow $440,000 After Getting Bailout
« Reply #10 on: October 07, 2008, 10:03:59 PM »
Quote from: Willow on October 07, 2008, 06:44:27 PM




we really really need to clean their clocks don't we?

I think all the bums should be thrown out.
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Offline RobJohnson

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Re: AIG Executives Blow $440,000 After Getting Bailout
« Reply #11 on: October 08, 2008, 01:41:59 AM »
I am sure it was planned prior to the bailout.

It's not like you can just call up a hotel with only a weeks notice and say "we want to throw a $400,000 party". Takes months of planning.

« Last Edit: October 08, 2008, 01:43:45 AM by RobJohnson »
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Offline JohnnyReb

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Re: AIG Executives Blow $440,000 After Getting Bailout
« Reply #12 on: October 08, 2008, 06:48:03 AM »
Quote from: RobJohnson on October 08, 2008, 01:41:59 AM
I am sure it was planned prior to the bailout.

It's not like you can just call up a hotel with only a weeks notice and say "we want to throw a $400,000 party". Takes months of planning.



True. But I bet it doesn't take that long to cancel it.
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Offline Toastedturningtidelegs

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Re: AIG Executives Blow $440,000 After Getting Bailout
« Reply #13 on: October 08, 2008, 07:57:46 AM »
Quote from: RobJohnson on October 08, 2008, 01:41:59 AM
I am sure it was planned prior to the bailout.

It's not like you can just call up a hotel with only a weeks notice and say "we want to throw a $400,000 party". Takes months of planning.


If they were in enough trouble to get the bailout....they should not have financed the junket to begin with!
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Offline Chris_

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Re: AIG Executives Blow $440,000 After Getting Bailout
« Reply #14 on: October 08, 2008, 09:13:17 AM »
Quote from: RobJohnson on October 08, 2008, 01:41:59 AM
I am sure it was planned prior to the bailout.

It's not like you can just call up a hotel with only a weeks notice and say "we want to throw a $400,000 party". Takes months of planning.



You can cancel with some fees.  Once things started to go south -- weeks ago -- this event should have been canceled.

How people can be so stupid is beyond me.
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Offline Hawkgirl

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Re: AIG Executives Blow $440,000 After Getting Bailout
« Reply #15 on: October 08, 2008, 11:39:22 AM »
Quote from: RobJohnson on October 08, 2008, 01:41:59 AM
I am sure it was planned prior to the bailout.

It's not like you can just call up a hotel with only a weeks notice and say "we want to throw a $400,000 party". Takes months of planning.



And that's why their company nearly burned to the ground...spending investor money like it grows on trees.   Good thing the gubmint threw them a lifesaver :whatever: :whatever:  However would they have justified that party?
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Offline Thor

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Re: AIG Executives Blow $440,000 After Getting Bailout
« Reply #16 on: October 08, 2008, 10:35:18 PM »
We, the TAXPAYERS, should demand that those executives that participated in that "junket" reimburse the .gov
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Offline Zeus

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Re: AIG Executives Blow $440,000 After Getting Bailout
« Reply #17 on: October 08, 2008, 10:47:49 PM »
I sense a wee bit of envy in this thread.   :bawl:
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Offline Wretched Excess

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Re: AIG Executives Blow $440,000 After Getting Bailout
« Reply #18 on: October 08, 2008, 11:38:41 PM »

there is another one next week, apparently. :whatever:  I would expect this one to get canceled.

Quote
AIG execs planned SECOND resort trip after bailout

Even as the White House on Wednesday branding it "despicable" for bailed-out AIG to spend $443,000 on a swank company junket, honchos were preparing another lavish retreat.

About 50 American International Group managers are set to attend next week's retreat at the luxurious Ritz-Carlton spa resort in California's Half Moon Bay.

The insurance giant said the meeting is to educate 150 independent agents who sell AIG coverage to high-end clients.

"They are top business producers, and they are vital to the company," AIG spokesman Joe Norton said. "If a company is not selling, it's not profitable."

The cost of the planned retreat was unknown. Rooms at the Ritz run from $300 to $1,200 a night - extra for a dip in the "Roman-style" mineral baths.

More
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Offline RobJohnson

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Re: AIG Executives Blow $440,000 After Getting Bailout
« Reply #19 on: October 09, 2008, 12:13:08 AM »
Quote from: Wretched Excess on October 08, 2008, 11:38:41 PM
there is another one next week, apparently. :whatever:  I would expect this one to get canceled.


Holy shit.

They have big billion dollar balls.
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Offline RobJohnson

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Re: AIG Executives Blow $440,000 After Getting Bailout
« Reply #20 on: October 09, 2008, 12:15:35 AM »
Quote from: freedumb2003 on October 08, 2008, 09:13:17 AM
You can cancel with some fees.  Once things started to go south -- weeks ago -- this event should have been canceled.

How people can be so stupid is beyond me.


Maybe they were just going to stiff the hotel with one last party to include in the Chapter 11?

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