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Bailout Scandal So Soon? AIG Executives Blow $440,000 on Retreat One Week Later


Business  (tags: AIG, bailout, Senator Henry Waman, tax dollars, waste, House hearing )

RC
- 2206 days ago - voices.washingtonpost.com
I'm sure this retreat at the St. Regis Resort Monarch Beach is going to do wonders for our moribund economy. Revealed during a hearing on AIG at a House Committee on Oversight and Government Reform Committee, Sen. Henry Waxman and others blasted AIG.



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Comments

RC deWinter (418)
Tuesday October 7, 2008, 3:58 pm
There it is, folks - the dump where happy AIG execs spent our bailout money. Don't miss this article for links to the hotel and its luxe services and ambiance along with a link to the actual hotel bill presented to AIG for their stay, including thousands spent on spa treatments and golfing sorties. And did you know that the former head honcho of AIGFP, Joseph T. Cassano, is going to be paid $1 million a month under a newly-arranged 9-month consulting contract? Oh yeah - there's a link for that too: See it all right here:

Damaging Capitol Hill Hearings on AIG Somebody bring me the barf bag!
 

Past Member (0)
Tuesday October 7, 2008, 4:04 pm
Pigs.....BIG FAT PIGS!!!!!!!

plant trees for life.....hopilegends.com/
 

kat yazzie (400)
Tuesday October 7, 2008, 4:13 pm
I expected nothing less from these CLOWNS!
 

Kathy W. (299)
Tuesday October 7, 2008, 4:15 pm
You have got to be kidding?! OMG, I am so pissed off!!! Grrrrrrrrrrrrrrrr...Is that just typical, or what?! I am so PO'd, I am sputtering and can't even make a coherent sentence.... Thanks for this eye opening post Cate!
 

. (0)
Tuesday October 7, 2008, 4:19 pm
Excuse me BARFF!!!! much better we knew this was comming. It sickens me. And we are the one's who's going to pay for these joker's. I hope it blows up in there face. Thanks Cate hugs
 

K. A. Hilliker (293)
Tuesday October 7, 2008, 4:19 pm
I'm copying the website to both my senators (McCain/Kyl) and to my Rep. in Congress - just in case they missed reading this article themselves!

Thanks, Cate, dear, for keeping us aware of these sins! xxx
 

Kathy W. (299)
Tuesday October 7, 2008, 4:19 pm
A reward aye??!! Well, who is going to pay for our 'reward' to this place for putting up with their bull s**t?!
 

RC deWinter (418)
Tuesday October 7, 2008, 4:28 pm
I'm glad my doctor can't check my blood pressure now...he'd probably hospitalize me!
 

Pamylle G. (462)
Tuesday October 7, 2008, 4:33 pm
Doncha all be gettin' uppity now. Jus' be glad the massas are happy !
 

RC deWinter (418)
Tuesday October 7, 2008, 4:34 pm
Yas'm, Miz Pam.
 

Faith M. (167)
Tuesday October 7, 2008, 4:52 pm
woodnt dream of it Maym-It sure looks like they happy and poorlil ole me working in the rain an everythang- I jus so happy the massas are happy--NOT!!!!!!
 

Terrie Williams (774)
Tuesday October 7, 2008, 5:00 pm
Slowly whistling...sharpening my knives...my pitchforks...sickles...slingblades...and other...necessities...

Someone else will have to ready the torches.
 

Douchey McBaggerson (9)
Tuesday October 7, 2008, 5:02 pm
This is exactly why we need to bring back pitchcapping.
 

. (0)
Tuesday October 7, 2008, 5:15 pm
noted thank you
 

Mary Neal (187)
Tuesday October 7, 2008, 5:20 pm
Thanks, Cate.

This is just pitiful. These are the people we must trust to run the country.

Mary
 

Blacktiger P. (247)
Tuesday October 7, 2008, 5:31 pm
Please do not cause big problems unless you are in a group of a million or more. Remember that FEMA has fenced corrals in every state and millions of large plastic coffins awaiting desenters and unruly people. Each on of those coffins are able to hold 3-4 people depending on size. Be careful freinds.
 

Richelle R. (61)
Tuesday October 7, 2008, 5:38 pm
I can't stop cursing &#@!$*$#%!!! It does look like a nice place, though.
 

Enric Mestres Girbal (3)
Tuesday October 7, 2008, 5:44 pm
It's sickening! But we have the same in Spain under a socialist/comunist government, not a republican capitalist. Last year ten new spanish millioners appeared in Forbes list. All of them related to building enterprises. thousends of families have been left with no house...and the morgatge to pay, because the banks do not condone a penny. The government is lending money to the banks so they can offer new morgatges to other people and make more profit. But nobody is going to help those who have lost work and money. Why? they are only working class people!
But the most upsetting thing is that the socialists/comunists are doing the same as the liberal/capitalists.
 

Dawn B. (11)
Tuesday October 7, 2008, 5:50 pm
I can not even comment I am so mad.
 

Deborah Hooper (59)
Tuesday October 7, 2008, 5:51 pm
WTF?
 

Joycey B. (750)
Tuesday October 7, 2008, 6:03 pm
I am so mad, that I am speechless.
 

Mary Neal (187)
Tuesday October 7, 2008, 6:37 pm
MEANWHILE, IN ANOTHER NECK OF THE WOODS:

Distraught man who could not find work killed 5 family members and himself

Oct. 7, 2008

LOS ANGELES, California (CNN) -- A man distraught because he could not find work shot and killed his mother-in-law, his wife and three sons and then killed himself inside a home in an upscale San Fernando Valley neighborhood, police said.

Authorities said the man had an MBA in finance but appeared to have been unemployed for several months and had worked for major accounting firms, such as Price Waterhouse.

The two-story rented home is in a gated community in Porter Ranch, about 20 miles northwest of Los Angeles.

"The shootings were discovered after 8:20 a.m. Monday, after a neighbor called police to report that the wife had failed to pick her up to take her to her job at a pharmacy," Deputy Chief of Police Michel Moore said.
 

Joan Mclaughlin (133)
Tuesday October 7, 2008, 6:42 pm
I feel like I am in a distorted version of "monopoly"
 

Lyn Z. (293)
Tuesday October 7, 2008, 7:16 pm
no comment
 

Laurie W. (189)
Tuesday October 7, 2008, 7:51 pm
This was how they acted before ...did we actually think they would change their habits after we were forced to bail them out againest our will ? Besides it's always been on everyone else's money, credit cards for them to play. If a person in this area writes a check over xx amount and it bounces I've seen the sheriff's dept show up, handcuff the person writing the "bad" check, haul down to the jail until someone post their bail..once released they wait for a court date to see what their fine will be plus making good the check...crap! I've known to many that have a bad habit of screwing up on their registers ..or forget to list/subtract right...Seems like there continues to be two classes for justice....The little guy pays for every little error...while those on the top don't feel like they have to answer for anything.
 

Mary Neal (187)
Tuesday October 7, 2008, 7:59 pm
The thing that gets me is that

whenever politicians talk about too much spending, it is always help for the poor and middle class that they point to as the source of the problem

then they cut student loans and grants, benefits to impovished children, food and medical programs, education -- the boy on my street today said school was out because the school system COULD NOT AFFORD THE GAS TO RUN THE SCHOOL BUSES!!!

Mary
 

Locan Sleeping-Squirrel (209)
Tuesday October 7, 2008, 8:32 pm
I can't admit to being surprised, but the fact that this "bailout" was last week is nothing short of breathtaking.
 

Marian E. (152)
Tuesday October 7, 2008, 9:04 pm

The more things change, the more they stay the same.

Thank you Cate.
 

Terrie Williams (774)
Tuesday October 7, 2008, 9:18 pm
Black Tiger--I, for one, have no intention of causing 'big problems' or 'riots'.

I am in NO WAY inciting anyone or anybody to DO anything subversive. I was merely expressing my utter DISGUST WITH OBSCENELY RICH SORRY A$$ED NEOCON PIECES OF **** THIEVES WHO HAVE ROBBED US IN PLAIN SIGHT AND OUR SUPPOSED REPRESENTATIVES WERE IN ON THE THEFT in my most tongue-in-cheek facetious manner. Sorry to shout, but I am past outraged, I am past frustrated and it is way better that I voice it than to let it fester unspoken within me.

Besides, do you honestly think that any of us here would use this venue to discuss or foment anything of the like???????? REALLY???? To do so would be...foolish and naive.

But, I will not be silent. I WILL NOT FEAR!! I'll not give 'them' what they want most from us--our silent, cowed capitulation.

 

Orlin Larsen (80)
Tuesday October 7, 2008, 11:16 pm
Pretty close to what I expected except I figured they would would even celebrate a little harder.
A good sized prison sentence might make em come around. And I would much rather see my tax money go in that direction.
 

Carolyn T. (234)
Wednesday October 8, 2008, 12:07 am
Noted. A fiasco....world class, at that! AIG is the only one we know of thus far...plenty more have undoubtedly partaken at the trough...some a bit more subtlely than this. I have literally made myself sick with anger and frustration and my doctor increased my blood pressure meds today. What to do? Cam't just shrug and go 'oh, well"--that is 2 AM my time tells you even more for here I am. Thanks, Cate....misery loves company, friends.
 

CHRISTIAN RYAN (11)
Wednesday October 8, 2008, 12:30 am
CATE AIG HAS BEEN UNDER WATCH ON AUTO INS IN TEXAS FOR SOME TIME CHRIS
 

Denice G. (45)
Wednesday October 8, 2008, 1:32 am
I have no words. I think I am going to BARF!!
 

Sandy v. (91)
Wednesday October 8, 2008, 1:45 am
I was a screaming banshee and practiced every cuss word I ever heard and a few I made up. Talk about slap us in the face!!! Sh#$, send me that money I could pay off my bills and take care of quite a few old people and a whole lot of veterans and homeless families and feed many (well with the price of food, not all that many).We could have all gone on a nice vacation right here in the usa for less than that! I am so pissed I just can't believe the nerve of these ass's. God will get em all
 

Past Member (0)
Wednesday October 8, 2008, 5:10 am
Truly AMAZING.
Louise B.
 

Past Member (0)
Wednesday October 8, 2008, 5:46 am
i can't say how i really feel care2 will have me banned
 

Past Member (0)
Wednesday October 8, 2008, 7:29 am
Thanks Cate ....What else would you have expected? I think that this is just a normal behaviour! At least for these people! I am amazed that it has been this cheap! Allmost economy class if you know how they can cellebrate parties .....

Did anyone realy expect something else? Kick them out and replace them by the middle management that is often much more quallified and less corrupt as long as you dont allow them to be corrupt!

This happens when you throw away good money.......never throw good money after bad money! Most of the good money that will be used to save the economy all around the world will be used like this! And at least the 5 star Hotels cannot complain about a bad economy this way....

 

Nancy M. (201)
Wednesday October 8, 2008, 7:34 am
Of course! They SHOULD be thrown in jail.
 

Elizabeth N. (40)
Wednesday October 8, 2008, 7:42 am
These people should be indicted.
 

Past Member (0)
Wednesday October 8, 2008, 8:00 am
Cate like you say:
Everybody knew that this would happen so whats the news? Nothing will happen the luxury resorts are waiting for the next guests with the bailout money...maybe it should be prepared...how about purle in stead of green dollars than we could see the purple rain.....
 

RC deWinter (418)
Wednesday October 8, 2008, 8:22 am
I agree, Elizabeth...and make AIG pay the money back...
 

Stephen Hannon (203)
Wednesday October 8, 2008, 9:23 am
Henry Waxman and others had the opportunity to really lay into AIG big wigs, but they didn't. They soft questions and not the hard ones that should have been asked. And AIG execs got paid off before the bailout, and the 100s of millions cannot be recuperated either. The AIG fat cats walked away much fatter cats in the end, and we're stuck paying for this bailout. And now Ben Bernanke is saying that economy is even worse trouble after the $850 billion bailout. There was a lot of pork added to the bailout and guess who added the pork. It was a Congressman from, you guessed it: Alaska. Now tell me that Palin isn't as crooked as a Z....
 

Dawn H. (102)
Wednesday October 8, 2008, 11:24 am
What a slap in the face to the people who can't afford the tank of gas to drive to local vacation spot. Unbelievable, the nerve of these folks.
 

LucyKaleido ScopeEyes (80)
Wednesday October 8, 2008, 11:34 am
This is so scandalous it even made it to French evening news this evening, both channels carried it, with details such as the cost of massages to these poor stressed-out managers !

Announced on French TV, the cost of their stay at this luxurious place PAID For BY THE US TAXPAYER !
 

Nancy M. (201)
Wednesday October 8, 2008, 11:45 am
The workers at the resort should refuse to serve them in anyway. Meals, drinks, sheets and towels. That is the LEAST that should be done but something that would certainly get noticed.
 

Dave Kane (308)
Wednesday October 8, 2008, 2:23 pm
Ron Paul on why we should not pay income taxes

http://www.youtube.com/watch?v=B4ugofC16jw

How about this? If a sizeable chunk of the population -- say 30% or better -- refused to pay any income taxes it would be the beginning of the end of this government.
I always list enough dependents with my workplace/payroll department so that they take out just enough to owe me some money when I do file my return with my true muber of dependents and as far as i know (or want to know) this is oerfectly legal. We really must overthrow these !@#$$!@# i see no other way and apparently money is what they live on.
 

Kathleen G. (0)
Wednesday October 8, 2008, 2:58 pm
These folks are crooks pure and simple--until they are in jail like anyone else that pulled stunts like this---we will never recover our economy-Kathleen S.Green
 

Past Member (0)
Wednesday October 8, 2008, 3:13 pm
Kathleen....These greedy goons will never be jailed for anything. They will use the bailout money to keep themselves out of jail/prison......

How do you like that for justice American style!!!!!!!!

P.T.F.L....Plant trees for life.....HOPILEGENDS.COM/.......
 

Jillyanne Michelle Cape (718)
Wednesday October 8, 2008, 5:17 pm
No words for this one.
 

Louise L. (48)
Wednesday October 8, 2008, 5:19 pm
This is, in my opinion, just a tiny window on the greed and corruption that has been going on for years, with little or no public knowledge. That it was ever made public at all astounds me, as did the reactions of our "elected" officials. They only threw a few stones, because they all know that they themselves live in glass houses just like AIG's. This is as good a time as any to upset this apple cart....thanks, Ombretta.
 

Sheldon Johnson (4067)
Wednesday October 8, 2008, 5:56 pm
Thanks for posting this!!!!!!!!!!!!
 

Juliette Calderone (91)
Wednesday October 8, 2008, 6:02 pm
Noted , Thank you for the information. Knowledge of what is going on is important to us in America and Globally
 

Cristele L. (94)
Wednesday October 8, 2008, 9:42 pm
Too much money makes you losing touch with the rest of the humanity...and you end up being a terrible human being and so out of touch that you probably don't even know (or want to know) you are. Money is not the Sacred Graal! Money gives you power? It actually makes you very, very little.
 

Kemsa Amon-Ra (173)
Thursday October 9, 2008, 3:17 am
AIG executive should be jailed and order to repay the federal reserve back their money with interest.
 

Carol W. (119)
Thursday October 9, 2008, 9:44 am

"Those documents show that as the company's risky investments began to implode, the company altered its generous executive pay plan to pay out regardless of such losses
"
LOL.
..This is exactly how our Congress People and Leaders Live. It is not double standards, they are 'Special-Deserving' well connected Superior Beings.

Really not any different than Washington having Superior Health Care, Frequent & Traditional Paid Vacations, Life Time Pensions even if convicted of Felonies, etc...

 

Mike H. (229)
Thursday October 9, 2008, 11:54 am
We need a revolution now! These people care only about their greed. Unless they are punished this type of behavior will continue. This country is severely broken.
 

Rachel D. (57)
Thursday October 9, 2008, 4:53 pm
casting pearls before swine
 

Rachel D. (57)
Thursday October 9, 2008, 5:13 pm
These people have been coddled all their lives, they don't know what consequences are and wouldn't care if they did. Responsiblility and accountability is for the rest of us who make less than $1 million a year, and don't get $50 million severence as a reward for driving your company into the ground
 

Brandon S. (0)
Thursday October 16, 2008, 12:21 pm
This was a sales incentive trip for the top Sales agents in a subsidary company who was not affected by the bailout one way or the other. The trip was planned over a year in advance and the qualifications for the trip were that you had to sell over $120,000 in annual premium for the company in 1 year just to qualify. These agents made the company $20,000,000+ this year and for as long as those premiums stay in force. Every sales organization in America offers incentive trips, and the subsidary company that actually paid for this trip was not affected by the bailout. The company American General is actually the most profitable subsidary in all of AIG who actually pays AIG over $1 billion/year just to AIG. It just goes to show you how the media can take a story and twist it so bad just to get ratings. It is a shame to see what people watch and believe on TV. If you are pissed at this, write AIG a letter and see if they respond. They will, as I was pissed off my self when I heard the news.
 

Past Member (0)
Thursday October 16, 2008, 5:00 pm
Brandon.....All of what they do (AIG) smacks of purebred gluttonous human greed even if all legal!!!!!!!!
MONEY-MONEY-MONEY!!!!!!!!!!!!!!!!!!!!!!

Plant trees for life......HOPILEGENDS.COM/...............
 
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