After bailout, AIG sent executives to the spa

United States
October 8, 2008 4:39am CST
::sigh:: of course..why the hell did we expect them to do anything else... "WASHINGTON - 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." http://www.msnbc.msn.com/id/27075884/ the article goes on to say that upon investigations AIG execs willfully hid how bad they were conducting "business". which again..isnt surprising..INCREDIBLY disappointing, considering how big of a company AIG is, and how long they've been around..something like 40 years!! so..now that the 700 Billion dollar bail-out is a go...i expect to start hearing about a huge profit and increase in "special visitors" to all the lush and high-brow spa's/resorts of the country..how about you?
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10 responses
@SomeCowgirl (32255)
• United States
8 Oct 08
You know I really have nothing to say about this. I am not into politics at all, however, I did think about this after reading what you wrote. 40 years ago they started the company, and well, maybe the company had a change of CEO as the old CEO retired, and the newer, possibly son or daughter, did not know how to handle the company.
1 person likes this
• United States
8 Oct 08
i just get more and more disappointed and disgusted with every news story that airs on the whole financial state. i was going to say i hope they get what they deserve, but then again...have they TECHNICALLY done anything illegal by doing that? probably not...oh well. thanks for responding!
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@SomeCowgirl (32255)
• United States
8 Oct 08
No they probably haven't done anything illegal, immoral maybe but not illegal.
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@Arkie69 (2156)
• United States
8 Oct 08
Cinder, As always we the people will get what THEY deserve. Isn't that the way it always happens?
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@Arkie69 (2156)
• United States
9 Oct 08
Ok I have a little question for you. What was this trillion + dollar bail out supposed to do? They say they are worried credit is going to dry up where us little fishes down here on the bottom can't borrow money. They choose to put the money in to the economy at the top and hope it will trickle down to the people they say they are trying to help. I'll put it this way. If I intended to give you some money to try and help you out of a tough spot I would give it directly to you. I would not give it to someone else that will probably steel half of it before they give it to you. This tells me our government didn't have any plans to help the working man with this money. They are only concerned with helping the people that can help them stay in office. I think this move proves this beyond any doubt. The last thing we need is more credit. Most of us can't pay our bills now. I wouldn't take a loan if someone tried to give me one. There is no way I would be able to pay it back. What we the little people need is hard cash in our pockets to pay our bills and keep food on the table. Most of the working people no longer have enough credit left to ever get any of these bail out loans anyway. Unless they keep the credit requirements down where they were when they caused this problem the working man is out in the cold. If they do it will just add more fuel to the fire.
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• United States
10 Oct 08
"What was this trillion + dollar bail out supposed to do?" damn good question...SOMEHOW it was supposed to "boost" things in order to prevent an economic meltdown. (and give some kind of 90 million dollar break to RUM IMPORTERS among other things (what?!) but that meltdown seems to be happening anyways..course THEY say to give it some time to work...yeah yeah. meanwhile...AIG execs or "top earners" (and wtf IS a top earner IF what they have been doing is skimming the till and fixing the books?!) are going on ANOTHER "retreat"!!! like Amy and Seth said tonight...OMG! and a resounding WTF?!
• United States
10 Oct 08
i posted that and then kept thinking about it..i know that the bail-out means that the gov is taking on or buying the bad debts...and thats the entirety of what i understand..so i guess "magic somehow" is indeed fitting.
@Arkie69 (2156)
• United States
8 Oct 08
I have one thing to say about this. The only way AIG, Fanny Mae and Freddy Mac could have gotten away what what they did some people in our government had to approve it and agree to keep it quiet. There had to be some kind of agreement between our government and these people. It is looking more and more like this crashed was planned. Just like 9/11 and a lot of other things the Government and the big money people that control the government are the ones that will gain from it. The way this real estate thing is playing out tells me the government and big money plan on ending up owning a huge chunk of the United States. We are going to wind up with a Socialist government under the thumb of a Dictator.
1 person likes this
• United States
9 Oct 08
i had to do it lol..i looked up the exact definition of socialism; An economic system in which the production and distribution of goods are controlled substantially by the government rather than by private enterprise, and in which cooperation rather than competition guides economic activity. yup..that sounds about right doesnt it? woopee the USA is on its way towards communism..arent we proud?! (note the heavy sarcasm lol)
@oldboy46 (2132)
• Australia
19 Nov 08
As far as I am concerned those involved should be sacked and prosecuted for failing in their duty of care. It was taxpayers money which actually is paying for this luxury which is not a necsssity to conduct the business. They could have conducted their business discussions at their business address and if for some reason that was not entirely suitable then hire a conference room - locally - for a nominal fee for a couple of hours. All over the world companies are being bailed out by governments using taxpayers money but for executives (or any employee) to be allowed to misuse that money is totally unacceptable. Currently one business owner here in Australia is under investigation for financial mismanagement. The federal government had to step in with funds to keep the business afloat for the next coouple of months while the receiver looks for a buyer. The receiver was appointed when the company went into liquidation last month when it could not pay the bills. There is a strong chance the owner will be prosecuted and that should apply regardless of which country the person is in if they waste taxpayers or shareholders funds. Hopefully your government will look at this situation when making a decision about future bailouts of all companies who request taxpayers funds.
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• United States
20 Nov 08
now i could be wrong, but i dont think so...as far as i know there arent even the slightest whispers about any kind of criminal/civil charges against a single person in this fiasco! which in itself is infuriating. "duty of care"...i like the sound of that..however im not sure the US has anything like that when it comes to business.
@schulzie (4064)
• United States
10 Oct 08
It just never ceases to amaze me how big companies work. This is just amazing that they could go ahead and have this retreat. Hello! They should be economizing and saving, not spending on luxuries.
@Arkie69 (2156)
• United States
10 Oct 08
This has been the story of our government and the big money people that are running our government for years. They believe in only one thing and that is to get all they get as quick as they can get it. They could not care less who gets hurt or what it does to this nation. This must stop and the people are the only ones that can stop it. The people need a law on the books that would give them the power to vote any member of government out of office in 1 month. By any member of government I me all the way from the lowest member of city government all the way up to and including the President of the United States. It doesn't matter if we have to go to the pols every week these jerks have got to learn who is running this country. A general vote with every vote counted would do the job. This would stop big money from putting their pawns in Washington. Let the sitting members of Government appoint replacement members when the people toss some joker out on his ear then if we don't like their choice then toss their choice out too. This would force our government to operate in the best interest of the people not big money like they do now. The people must take control of government.
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@ronaldinu (12439)
• Malta
8 Oct 08
This report makes me furious. AiG's downfall is having serious repercussions in USA economy and many people seem that can end up suffering and do not have a secure pension.
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@Arkie69 (2156)
• United States
9 Oct 08
Yes and our dirt stupid government turns around and give this bunch of crooks a bunch more of our money. They told yesterday on the news the government has given AIG several billion more of our dollars. I'm not only mad at the government and big business but I am also mad at the people that set on their hands and let this bunch of jerks get away with this. I have sounded like a broken record for the past 5 years telling people our economy was getting ready to crash and no one would listen. You just cannot do what so many people have done without the economy crashing. I know if I could see this coming so could a bunch of people that are convinced they are a lot smarter than I am. The American people are going to wind u[p without a secure anything. A pension will be the least of our worries. We could very easily be getting up in the morning wondering what we will eat today or if we will eat at all. Very few people in this country understand just how serious this things can get if we don't pull exactly the right strings at exactly the right time.
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• United States
14 Oct 08
I am sick of hearing how this government time and again bows to big business. These so called executives should be flogged not pampered. How about instead of bailing out big business the government divides up some of that bailout money between the hard working men and women of this country.
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• United States
13 Oct 08
Did Americans have to pay for that too? Anyway, I was thinking that there's no way the next President won't have to raise taxes on everyone, not just the rich. Otherwise how are we going to be able to afford the bailout?
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@twoey68 (13651)
• United States
10 Oct 08
It doesn't surprise me...I'm surprised that they called it a "bailout" and not a "bonus" package. As for them getting things straightened out...I wouldn't hold my breath. [b]~~IN SEARCH OF PEACE WITHIN~~ **AGAINST THE STORMS, I WILL STAND STRONG** [/b]
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@Thoroughrob (11748)
• United States
8 Oct 08
I seen that! What were they thinking? I think they will get in alot of trouble.
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