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Old 10-08-2008, 07:03 PM   #1
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Default AIG Celebrate Bailout

http://www.wspa.com/spa/social_netwo...lar_bash/9503/
Quote:
By Amy Wood
Anchor
Published: October 7, 2008

This will make you fuming mad. It got me pretty hot, when a friend told me about it.

Remember the big bailout that the world’s largest insurance company, AIG got? They were apparently in a celebrating mood.

Fox Business News reports American International Group, during hearings Tuesday before Congress, disclosed they spent almost 450 thousand dollars for a corporate retreat in California. The money was spent a week AFTER the Federal Reserve handed over an 85 billion dollar bailout.

You can see the full hotel bill on the Fox Business site

For eight days, they celebrated, including almost 24 thousand in spa treatments! You can bet we’ll be hearing more about this!
This pisses me off so much. We bail them out of their mistake with 700 billion dollars of our hard-earned tax dollars and they spend 450 thousand dollars on a weekend bath and spa. These people should be shot.
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Old 10-08-2008, 07:06 PM   #2
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Default Re: AIG Celebrate Bailout

I stay in hotels all the time, and I must say that is the shadiest version of a bill I have ever seen. Obama mentioned this last night too, but I have yet to hear anything from any credible new source. Then again, I haven't put the news on in a day or so.

Possible BS?

UPDATE:

Nevermind, Tony posted a Reuters article:

Quote:
NEW YORK (Reuters) - American International Group Inc could get nearly $38 billion in fresh cash under a program announced by the Federal Reserve on Wednesday, as the insurer tried to fend off criticism of a lavish event held days after getting an initial $85 billion government loan.

Under the new plan, the Federal Reserve Bank of New York will take up to $37.8 billion in investment-grade, fixed-income securities from AIG in exchange for cash.

The securities were previously lent by AIG's insurance company subsidiaries to third parties. The Fed said the new program will allow the company to replenish liquidity used in settling transactions with counterparties.

AIG had drawn fire in Washington on Tuesday for spending $200,000 on hotel rooms and $23,000 on spa services at an event, just days after it got the emergency loan from the government to avoid bankruptcy in the middle of the worst credit crisis since the Great Depression.
As lawmakers grilled former top executives at a hearing, Rep. Elijah Cummings, a Maryland Democrat, said: "They were getting facials, manicures and massages, while the American people were footing the bill."

On Wednesday, AIG said the "business event," hosted by one of its subsidiaries, was for independent life insurance agents. It said the event was planned "months before" it received the loan last month, and no AIG executives from headquarters attended.
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Old 10-08-2008, 07:08 PM   #3
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Default Re: AIG Celebrate Bailout

If it's true they should pay the money back (with interest)
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Old 10-08-2008, 07:11 PM   #4
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Default Re: AIG Celebrate Bailout

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If it's true they should pay the money back (with interest)
Not good enough. They should go to jail for misappropriation of government funding (or something to that nature) and either have the Gov't appoint the senior staff or just take them over.
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Old 10-08-2008, 07:14 PM   #5
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Default Re: AIG Celebrate Bailout

I don't care if its the democrats or republicans, somebody has to look into this.
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Old 10-08-2008, 07:18 PM   #6
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Default Re: AIG Celebrate Bailout

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Originally Posted by TheWarDen86 View Post
Not good enough. They should go to jail for misappropriation of government funding (or something to that nature) and either have the Gov't appoint the senior staff or just take them over.

You're absolutely right.
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Old 10-08-2008, 07:25 PM   #7
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Default Re: AIG Celebrate Bailout

And the good times at AIG on our nickels will continue to roll

Several AIG firms are going ahead with social and business events that had been scheduled before the bailout.

One of AIG's main securities subsidiaries, Atlanta-based FSC Corp., is holding its annual National Education and Business Conference at Atlanta's Marriott Marquis hotel next week. At least 400 stockbrokers and their families are expected to attend the three-day conference, with FSC expected to pick up the tab for airfare, rooms and bar and restaurant charges
....

Later this month, an estimated 150 brokers and 50 AIG employees are planning to attend a get-together for the company's high-end insurance "private-client group" at the Ritz Carlton in Half Moon Bay, Calif.

http://voices.washingtonpost.com/was...criticize.html
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Old 10-08-2008, 07:35 PM   #8
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Default Re: AIG Celebrate Bailout

Does anyone still think bailing out these crooks was a good idea?
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Old 10-08-2008, 07:39 PM   #9
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Default Re: AIG Celebrate Bailout

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Originally Posted by TheWarDen86 View Post
Not good enough. They should go to jail for misappropriation of government funding (or something to that nature) and either have the Gov't appoint the senior staff or just take them over.
but they are the "victim".

http://i.abcnews.com/Blotter/story?id=5973452&page=1

Quote:
Robert Willumstad, the CEO from June to September, 2008, maintained AIG was a victim of a "crisis in confidence" and an "unprecedented global catastrophe." "Through the first week of September we were confident AIG could weather the crisis," Willumstad testified. He said the federal government offered its $85 million bail out on the afternoon it prepared for bankruptcy. Willumstad said the Federal Reserve demanded he resign, and will turn down his AIG retirement package of several million dollars.
"crisis in confidence"? is that like being a spoiled victim of ego and c)ckiness?

anyways, foxnews reported they have another retreat planned next week in norther califorina. good thing is, at this one, the rooms only cost $700-800 a night.
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Old 10-08-2008, 07:44 PM   #10
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Default Re: AIG Celebrate Bailout

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Originally Posted by X-Terminator View Post
Does anyone still think bailing out these crooks was a good idea?
i guess it depends if anyone still thinks free enterprise amongst the insurers, credit co's, and "money lenders" is.

i mean even the bible written 2000 years ago said these guys are wicked.
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