AIG Executives Blow $440,000 After Getting Bailout

[WillowTree]

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.



AIG Executives Blow $440,000 After Getting Bailout - FOXBusiness.com

 

[CrimsonWhite]

Unfucking believable.

 

[dilloduck]

Unfucking believable.

Please don't tell me you're shocked. Wall Street doesn't even intersect Main Street.

 

[CrimsonWhite]

Please don't tell me you're shocked. Wall Street doesn't even intersect Main Street.

Not shocked. Angry.

 

[AVG-JOE]

Are we glad that the $700 Billion package came with congressional oversight? (For whatever that's worth)

-Joe

 

[WillowTree]

did you look at the amount they spent at the spa? Everybody grab your ankles now.

 

[dilloduck]

did you look at the amount they spent at the spa? Everybody grab your ankles now.

Well take off your partisan hats before you do because if we can't overcome partisanship after a terrorist attack and now a GIANT Wall Street rip off, we're screwed. Stick a fork in the USA. It's too busy living in fairytale land.

 

[CA95380]

Duck .... I am sure glad that someone is taking this as calm as you are. No. There is nothing that we can do about it except bitch! and sit by and see it happen again, over and over.

 

[dilloduck]

Duck .... I am sure glad that someone is taking this as calm as you are. No. There is nothing that we can do about it except bitch! and sit by and see it happen again, over and over.

I suspect there is a LOT more we could be doing but we are too busy playing rep vs dem. We have x amount of time. The more of it we spend bitching the less we spend on a solution.

 

[Navy1960]

Mr. Sullican what were your views on this? " well if I had seen bills like that I would have asked questions" So are you all still overjoyed at giving these shitbirds 700 billion dollars. Now more than ever, I think it's important we just confiscate all the assets of these companies as collateral, the jet's,buildings, and mansions in the Hamptons.

 

[CA95380]

I suspect there is a LOT more we could be doing but we are too busy playing rep vs dem. We have x amount of time. The more of it we spend bitching the less we spend on a solution.

Ok, I will bite. What is your solution?

 

[user_name_guest]

If Bush is known for failed economic policies, why in the hell would they vote for another one ($700 billion bailout). Take Senator Obama. You talk about failed economic policies of the President. Yet, you voted for this bailout. Take Senator McCain. You talk about veto any earmarks. Yet, you voted for this bailout that has earmarks. I thought Congress represents the American people. It turns out they seem to represent one street that is Wall Street. They didn't even need to rush the bailout bill since it was going to take at least a month at minimum to kick in. Now witness the eventual collapse. They aren't going to raise our taxes. But other things like prices is going to rise taking a bite out of our income.

 

[WillowTree]

Mr. Sullican what were your views on this? " well if I had seen bills like that I would have asked questions" So are you all still overjoyed at giving these shitbirds 700 billion dollars. Now more than ever, I think it's important we just confiscate all the assets of these companies as collateral, the jet's,buildings, and mansions in the Hamptons.

we need to take part of that 700 Billion and build a very large prison. Underground, like that one in Colorado.

 

[Navy1960]

we need to take part of that 700 Billion and build a very large prison. Underground, like that one in Colorado.

Do you know what occured to me today Willow, here we all are taking a big old bend over tax payer and take this 700 Billion dollar rectal exam and the biggest topics that seemed to be talked about most of the time about the two men who want the top job is petty bullshit and not substance. It would be nice if one or both of these men just got up there and stopped the pie in the sky promises and just said they are going to work hard. My new political agenda now Willow is to push for term limits for our congressmen here on a state level. I don't see anything from a legal standpoint that would keep a state from imposing a term limit on a Senator or a congressmen.

 

[I Missthe North]

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.



AIG Executives Blow $440,000 After Getting Bailout - FOXBusiness.com

I honestly hope we put each and everyone of the people that went on that retreat in jail for fraud and the misuse of federal money. Just pathetic, but for some reason I am not surprised. There better be some repercussions for this kind of behavior.

 

[Kevin_Kennedy]

I'm not surprised.

 

[CA95380]

Washington Post Staff Writer
Tuesday, October 7, 2008; 7:43 PM
Former chief executive Martin Sullivan, whose three-year tenure coincided with much of the company's ill-fated risk-taking, is receiving a $5 million performance bonus.

AIG Spa Trip Fuels Fury on Hill - washingtonpost.com

 

[I Missthe North]

Have public lynchings been banned? If nothing else, I think we should bring them back just for these guys. Unbelievable.

 

[Zoomie1980]

Mr. Sullican what were your views on this? " well if I had seen bills like that I would have asked questions" So are you all still overjoyed at giving these shitbirds 700 billion dollars. Now more than ever, I think it's important we just confiscate all the assets of these companies as collateral, the jet's,buildings, and mansions in the Hamptons.

It appears there is going to be some rather significant criminal indictments against a whole host of Wall St executives after the FBI investigations are complete, including these hacks at AIG.

 

[dilloduck]

It appears there is going to be some rather significant criminal indictments against a whole host of Wall St executives after the FBI investigations are complete, including these hacks at AIG.

Can you imagine the party atmosphere in New York attorney's offices ?? I bet they put AIG to shame. Oh to be a fly on the wall when it comes to negotiating plea agreements.