AIG Spent $440K At Resort, Spas Following Bailout

[Jigmaster]

AIG exec's
"Less than a week after the taxpayers rescued AIG, company executives could be found wining and dining at one of the most exclusive resorts in the nation."
Wednesday, October 8, 2008


(UPI) – A trip to a posh California resort by bailout beneficiary AIG drew the ire of a House panel chairman and a rebuke from the Democratic presidential candidate.

The insurance giant was rescued in September with an $85 billion federal bailout, and last week about 70 of the company's top performers were rewarded for their work with a week's stay at the posh St. Regis Resort in Monarch Beach, Calif., where the tab was $440,000, The Washington Post reported Wednesday.

During a Tuesday hearing of the House Oversight and Government Reform, chairman Henry Waxman, D-Calif., said, "Less than a week after the taxpayers rescued AIG, company executives could be found wining and dining at one of the most exclusive resorts in the nation."

An AIG spokesman told the Post the gathering was planned before the bailout as a reward for life insurance agents and that fewer than 10 executives were present. The AIG group ran up a $23,000 spa services bill.

During Tuesday's debate, Sen. Barack Obama, D-Ill., sharply criticized AIG for the week-long spa event while discussing ramifications of the $700 billion rescue plan for the U.S. financial markets.

"And I'll tell you what," he said, "the Treasury should demand that money back and those executives should be fired."

[emanuel]

And trust me, they thought that was "slumming it". I don't care what they do on their own dime, but when the government is bailing them out, this is corporate welfare.

[wolfva]

I'd like to know if this was a pre-planned trip which was origenally budgeted/payed for before the bail out before I condemned them. Although idiots like that DO put socialism in a slightly better light...not much better, but a little.

[J_Lannon]

Maybye the poor guys were just stressed out over losing all our money, and just needed to unwind...... LOL

[Hannibal]

I would suggest a $50 visit to the neighborhood rub-n-tug then next time.

[lil red jeep]

I'd like to know if this was a pre-planned trip which was origenally budgeted/payed for before the bail out before I condemned them.

If this little jaunt to the resort wasn't planned ahead of time, and was indeed paid for on our dime, I'd like to see these people prosecuted for it. I know it will never happen, but it would be nice to know that these companies are being held accountable, for once!

[basstardo]

If this little jaunt to the resort wasn't planned ahead of time, and was indeed paid for on our dime, I'd like to see these people prosecuted for it. I know it will never happen, but it would be nice to know that these companies are being held accountable, for once!

Accountability!?!? :eek: Surely you jest!!!! :p:D

[Jigmaster]

I agree- if nothing else i would like to see Sarbanes-Oxley broaden their scope of Laws to ensure gross mismanagement of funds especially concerning the use of Federal Bailout Money.

This was definitely not the Companies "Best Practice” to say the least.

Not to mention the thousands of employees who lost their jobs and Millions in retirement with this Company.

Technically unless business related its not a legitimate expense, besides its not like the Money came from a slush fund and they bought some Cokes and Pizza.

Sunsabiches.....hangem High!

[JeepMike]

I wish they would all get punched in the face, then fired, then punched in the face some more...

[sprtsracer]

I agree- if nothing else i would like to see Sarbanes-Oxley broaden their scope of Laws to ensure gross mismanagement of funds especially concerning the use of Federal Bailout Money.

This was definitely not the Companies "Best Practice” to say the least.

Not to mention the thousands of employees who lost their jobs and Millions in retirement with this Company.

Technically unless business related its not a legitimate expense, besides its not like the Money came from a slush fund and they bought some Cokes and Pizza.

Sunsabiches.....hangem High!

I totally agree with you 100%!!! Let's REALLY investigate this!!! Maybe we could start with:

From another post of mine:

HASSAN NEMAZEE: Iranian - American Investment Banker and one of Obama's $500K-plus top bundlers. Mr. Nemazee created Nemazee Holdings in the early 1970s and began his career in financial services by establishing a joint venture between himself and AIG which, at the time, was unique for the insurance giant to enter into... Does this company sound familiar?... HASSAN is a major democratic party contributor. Known to hedge his bets, he donates vast sums of money on behalf of his unemployed family members. In 2007, his unemployed family members gave over $75,000.00 in individual contributions to democrats. His wife, Sheila, donated $4600.00 to the Clinton campaign as a homemaker; and another $4600.00 to Clinton as Chairman of the Nemazee corporation (that title belongs to Hassan). $9,200.00 from one person, when $2,300 is the maximum individual contribution per campaign. That is Illegal, and a mystery as to why this man hasn't been charged as these donations are clearly being abused and are being funded by one man.

Yep...sunsabiches...hangem High!!!

[wolfva]

If this little jaunt to the resort wasn't planned ahead of time, and was indeed paid for on our dime, I'd like to see these people prosecuted for it. I know it will never happen, but it would be nice to know that these companies are being held accountable, for once!

Prosecuted for what though? Did they break any laws getting the money? If so, which laws?

I don't think people should be stuck in jail unless they actually break the law. Now, suing the living HELL out of them on the other hand..... I wonder if that's possible? A massive class action lawsuit against them for missuse of funds or something. And this goes double for the fatcat politicians who have been rigging the system for years so their boyfriends and other buddies can get rich off our backs.