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AIG execs' retreat after bailout angers lawmakers
My Way ^
| Oct. 7, 2008
| ANDREW TAYLOR
Posted on 10/08/2008 7:12:17 AM PDT by COUNTrecount
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To: COUNTrecount
had they been senators on vacation after enacting a huge tax hike, there’d be no problem.
21
posted on
10/08/2008 7:26:02 AM PDT
by
camle
(keep an open mind and someone will fill it full of something for you)
To: camle; mombyprofession
Exactly.
And if we conducted an audit of Congress and both presidential campaigns, I bet we’d find more receipts just like this one.
22
posted on
10/08/2008 7:28:15 AM PDT
by
FreedomHammer
(Just ring? ... let freedom ROAR!)
To: Frantzie
These execs are idiots but this is the Democrats trying to distract you.
And they did a good job of it by getting this "financial crisis" out there to begin with right at the time that we were making some strong headway in terms of beating Nine Percent Nancy senseless over the Energy Debate. And now magically, the price of gas is going down all over the country.
To: Kerretarded
Guys, this was their last supper.
24
posted on
10/08/2008 7:29:37 AM PDT
by
freekitty
(Give me back my conservative vote.)
To: freekitty
Guys, this was their last supper.
What's your point? (must preface by saying that I am a little edgy today)
To: Kerretarded
Well, we do have a situation somewhat analagous to the peasants of France, right before they stormed the Bastille. The peasant taxpayers are expected to pay the freight for incompetent corporate slugs. Like the French peasants were supposed to pay for a useless aristocracy.
26
posted on
10/08/2008 7:34:21 AM PDT
by
popdonnelly
(Does Obama know ANYONE who likes America, capitalism, or white people?)
To: kittymyrib
Hate to spoil your rant, but Congressmen do not get golden parachuets from taxpayer provided funds when they are voted out of office. They get retirement benefits similar to anyone else in government service, based on time served. Period. You get what you pay for and what you pay for in Congressmen isn’t all that great, so when you get what you get well, that is what you paid for.
To: COUNTrecount
AIG bought a posh waterfront resort near me in the 90’s and put in tens of millions to upgrade it as a corporate haven. Then, they owned their OWN spa and resort, and it was probably not the only one. They sold it a few years back, (2005?). Someone should investigate to see if they own any more of these corporate retreats outright as part of their “holdings”.
28
posted on
10/08/2008 7:37:51 AM PDT
by
Melinda
To: FreedomHammer
And if we conducted an audit of Congress You won't find much because they pay GSA travel rates for flights, hotels and meals. The corruption does not appear on government expense reports. The excess is all on private accounts used by lobbyists to wooo congresscritters to get their support.
To: Melinda
30
posted on
10/08/2008 7:40:32 AM PDT
by
COUNTrecount
(de Tocqueville ...“in a democracy, the people get the government they deserve. ...)
To: COUNTrecount
This is what I understand has happened. First from my experience in the 'Hospitality Industry', you don't do such conferences on a moment's notice, nor can you cancel such without considerable cost. From what I see, there was already a deposit paid of $400k+ for this conference of 8? days length that occurred just days AFTER the Government buy-in. I have heard that the majority of attendees were sales people from a 'profitable' division of AIG. This would make it different to me in that these are the income producers, not the upper executives living off of the 'fat of the land'.
My guess is that the contract stated that there would be a 100% forfeiture of deposit if canceled in less than 15 days before the scheduled event except for 'Acts of God'. The Resort would have already bought the supplies and locked-down the rooms for this event, hence the forfeiture clause. Consequently, whoever was ramrodding this event probably was faced with 'rock and hard place' decision. Leave $400k on the table for nothing, disrupt all travel plans of attendees and loose a chance to acquaint all with the 'new realities' in person OR do it anyway and take the heat.
The real idiocy was the extra charges for golf, liquor and Spa charges. In the light of events, management should have told all to pay for their own and if they were entertaining business guests, put it on their expense accounts. HOWEVER, speaking again from some experience, some of these charges may have been specified in the contract and thus non-discretionary (not atypical in a Resort setting).
I too was grabbed by the headline but upon reflection I think I might have made the same decision. I would have just hoped that I could have explained my actions before the media firestorm. Given the election year, the financial crisis and the proclivities of the media, it looks much like an absolute no-win scenario.
31
posted on
10/08/2008 7:43:43 AM PDT
by
SES1066
(Cycling to conserve, Conservative to save, Saving to Retire, will Retire to Cycle.)
To: COUNTrecount
Good Lord! There’s no end to this crap.
32
posted on
10/08/2008 7:47:18 AM PDT
by
Types_with_Fist
(I'm on FReep so often that when I read an article at another site I scroll down for the comments.)
To: dfwgator
... the company sent executives on a $440,000 retreat ...?Just my take on this after previously posting. It is an UNUSUAL MEETING that does not have SOME Executives attending, so just that statement alone does NOT say that it was ONLY EXECUTIVES ATTENDING. Just a thought on this matter.
33
posted on
10/08/2008 7:47:38 AM PDT
by
SES1066
(Cycling to conserve, Conservative to save, Saving to Retire, will Retire to Cycle.)
To: SES1066
They should have cancelled the event and either donated it to charity or lost the entire amount.There is NO rationale for this kind of expenditure at this economically devasting time.Where were/are their PR people?
34
posted on
10/08/2008 7:50:50 AM PDT
by
COUNTrecount
(de Tocqueville ...“in a democracy, the people get the government they deserve. ...)
To: kittymyrib
What really angers me is that the venial congressmen acting shocked by this waste of taxpayer money [...]Do you really mean venial (i.e., capable of being forgiven; not heinous; excusable; pardonable: a venial fault or transgression,) or did you perhaps want to say venal (i.e., open to bribery; mercenary: a venal police officer)?
Regards,
To: COUNTrecount
To think a giant insurance company would venture into risky luxury resort ownership that would be the first to tank in a slowing economy is at best, perplexing, and at worst, a high cost failure for us taxpayers. Did we just pay to keep this ski resort open for the upcoming season for the upcoming huge declining number of skiers?
36
posted on
10/08/2008 7:55:27 AM PDT
by
Melinda
To: COUNTrecount
These companies cannot possibly be hurting when they can spend million and even billions on bonuses and this sort of BS. The “bailout” was nothing more than a taxpayer “handout”.
37
posted on
10/08/2008 7:59:03 AM PDT
by
CodeToad
To: AndyJackson
I agree that Congresscritters do not have an explicit 'golden parachute' but how many of them return home to live just on their pensions? If they do not leave office for illness or age, they frequently find work in the 'lobbying' industry either in DC or in their own states. Also with so many of them being legal beagles, they can get good stuff from being company directors and good money bringing in clients as law firm directors. Finally, lots of them find work being prominent in education and charitable organizations.
Consequently, my belief is that we do have a burgeoning 'Ruling Class' similar to the Mandarin class of China that consists of the people who are rulers, were rulers or are being groomed to become rulers. Look at the current candidates and see how many 'Ivy League' grads are running for state and national offices. Sarah Palin is NOTEABLE for her absence of 'credentials' in this area.
38
posted on
10/08/2008 8:11:02 AM PDT
by
SES1066
(Cycling to conserve, Conservative to save, Saving to Retire, will Retire to Cycle.)
To: COUNTrecount
Exactly who are the incompetent jerks here?
The preening politicians and bureaucrats who are busy giving away hundreds of billions of taxpayer money to Glutinous Pigs on Wall Street?
Or the Glutinous Pigs who have been living large while driving their company into the drink, and who now have their loot safely tucked away while government idiots try to put Humpty Dumpty together again?
39
posted on
10/08/2008 8:17:44 AM PDT
by
Iron Munro
(Suppose you were an idiot, and suppose you were a member of Congress; but I repeat myself)
To: SES1066
I too was grabbed by the headline but upon reflection I think I might have made the same decision. I would have just hoped that I could have explained my actions before the media firestorm. Given the election year, the financial crisis and the proclivities of the media, it looks much like an absolute no-win scenario.
If we were just days away from a complete financial meltdown:
Government response reaches dramatic new level: U.S. will take 80% stake in nation's largest insurer to prevent global financial chaos.
NEW YORK (CNNMoney.com) -- In an unprecedented move, the Federal Reserve Board is lending as much as $85 billion to rescue crumbling insurer American International Group, officials announced Tuesday evening.
The Fed authorized the Federal Reserve Bank of New York to lend AIG (AIG, Fortune 500) the funds. In return, the federal government will receive a 79.9% stake in the company.
NO PART of AIG should have been able to SPEND $400k! And since the Government, i.e. US PEON CITIZENS, now own 80% of AIG, the Government must have allowed their new employees a little R&R to recover from all of the stress from such a traumatic experience.
To hell with that! Pitchforks and Torches!
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