Apparently there's a lot of cash to go around at insurance company AIG, which makes a lot of sense considering the US government cut the failing giant an $85 billion bailout check. In fact, since Sept. 16, AIG has received $123 billion in loans from the Federal Reserve.
This week, news broke that top executives expensed $86,000 for an English hunting trip, explaining later that it was an "annual event . . . planned months before" the federal bailout. In September, AIG spent $440,000 for a week-long retreat for top-performing agents at a lavish California resort, only days after the first $85 billion loan was announced.
Cutting back on the over-the-top perks seems respectful to the taxpayer, but some politicians want the bailed-out institutions to go further. To see how, read more.
On Monday, Barack Obama proposed that lenders participating in the federal bailout should freeze foreclosures temporarily for families making good-faith efforts to make their payments. Does that sounds fair to you?
CEOs and politicians should figure out a way to acknowledge and assist the average American taxpayer, who has helped save the jobs of employees at companies at AIG, while many themselves lose their jobs or retirement savings. In the meantime, you taxpayers can purchase shirts that say: "My Government Handed Out $700,000,000,000 to Wall Street Bankers and All I Got Is This Lousy T-Shirt."
Matthew Williamson
Prescriptives
Celine
Great, if I worked at that resort I would have peed in their cocktails.
1Those people are just morally bankrupt - but thanks for the t-shirt link Liberty. A souvenir from the new depression to leave for posterity.
2jesus christ. unbelievable. i was against the bailout then and i'm still against it now.
3where's the common sense with these AIG-diots? how can they think that would fly!?
that would be like getting money from my parents for college tuition and books and blowing it all on booze and... oh, wait a second.
4Heavens forbid he miss his annual hunting trip! How do these people sleep at night?
5They sleep blissfully on 1500 count Frette Egyptian cotton sheets, no question there. Bless their hearts, they did sacrifice one of their planned events at the Ritz Carlton Half Moon Bay. Modern day feudalism at its finest, folks.
6They suck.
7The next time you hear a politician use the word 'billion' in a casual manner, think about
whether you want the 'politicians' spending YOUR tax money.
A billion is a difficult number to comprehend, but one advertising agency did a good job of putting that figure into some perspective in one of it's releases.
A. A billion seconds ago it was 1959.
B. A billion minutes ago Jesus was alive.
C. A billion hours ago our ancestors were living in the Stone Age.
D. A billion days ago no-one walked on the earth on two feet.
E. A billion dollars ago was only 8 hours and 20 minutes, at the rate our government is spending it.
8Really, I think most of America manages to go on hunting trips for less than $86,000...
9GS, that is really good.
10Thanks. I think it really puts an idea out about how much they are spending.
11Insane.
12And I guess if it was planned "months before"...it couldn't be canceled? Not even days before?
13We should pick a day and time, and everyone in the country should stand outside of their house or trailer or apartment and just scream for 30 seconds.
14Sorry to belabor the point, but GS's explanation about the number BILLION makes me crazy.
15Wow that makes me sick, where is their sense of morals?!
16i think that they aren't being fair when they don't come down harder on companies like this. i get that the retreats and everything were planned very far in advance but come on - think about how it looks to us knowing that we're using taxpayer's dollars to pay for this since the only way that these trips are being funded are from the bailout money. it's painful!
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