AIG execs went on $500K retreat within days of taxpayer bailout

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you can check on fark.com business section.

The bill is in the comments section. It came out to be a little less than half a million dollars.
 
American International Group Inc. - castigated by lawmakers for hosting a $443,334 conference at the St. Regis Monarch Beach days after an $85 billion federal bailout - plans to hold another posh gathering at the Ritz-Carlton in Half Moon Bay next week.

OC Register
 
halfnote19 said:
American International Group Inc. - castigated by lawmakers for hosting a $443,334 conference at the St. Regis Monarch Beach days after an $85 billion federal bailout - plans to hold another posh gathering at the Ritz-Carlton in Half Moon Bay next week.

OC Register
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No wonder why they needed to borrow another $38 billion. Ah... our tax dollars hard at work. Good times, good times indeed here in a America.
 
halfnote19 said:
American International Group Inc. - castigated by lawmakers for hosting a $443,334 conference at the St. Regis Monarch Beach days after an $85 billion federal bailout - plans to hold another posh gathering at the Ritz-Carlton in Half Moon Bay next week.

OC Register
Click to expand...

- I wonder if there will be any protests at the resort??
 
ventouxbob said:
halfnote19 said:
American International Group Inc. - castigated by lawmakers for hosting a $443,334 conference at the St. Regis Monarch Beach days after an $85 billion federal bailout - plans to hold another posh gathering at the Ritz-Carlton in Half Moon Bay next week.

OC Register
Click to expand...

- I wonder if there will be any protests at the resort??
Click to expand...

I say we all go there and crash the party. Say... you know since we are now all "owners" of AIG we get to share in ALL the benefits. Now pass me that lobster while the butter is still hot.
 
I'm not surprised by it, but my car insurance is definitely going to another company upon renewal. I know, it doesn't make a difference, but maybe others will do the same.
 
graphrix said:
ventouxbob said:
halfnote19 said:
American International Group Inc. - castigated by lawmakers for hosting a $443,334 conference at the St. Regis Monarch Beach days after an $85 billion federal bailout - plans to hold another posh gathering at the Ritz-Carlton in Half Moon Bay next week.

OC Register
Click to expand...

- I wonder if there will be any protests at the resort??
Click to expand...

I say we all go there and crash the party. Say... you know since we are now all "owners" of AIG we get to share in ALL the benefits. Now pass me that lobster while the butter is still hot.
Click to expand...

I'm in Graph! Do you wanna Carpool? Or maybe we should all get a Limo??!!

Sounds like AIG really know how to party!! :wow:

Party and House values like it's 1999!!!

cristal1.jpg


I haven't been keeping up with the news lately but someone said they need an additional $38bn?

Apparently they underestimated the cost of the high-life...

The only Bubbles they're aware of are the ones flowing out of the top of a Cristal Bottle!!
 
I will be thoroughly shocked if they don't cancel it on account of the public backlash...or at least move it to a more secret, if not miserly, location.
 
Here is another case of them going out an having a party only 4 days after the bailout.

American International Group Inc. - subsidiary International Lease Finance Corp. was flying high, celebrating its 35th anniversary with a huge party at the Smithsonian National Air and Space Museum outside Washington, D.C.
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I'm not defending them, this is just another side of the coin to talk about :shut:

AIG is claiming it wasn't an exec party, but a "thank you" get-away to their top agents.

These get-aways happen in every financial wholesaling company. The top agents expect to be treated like royalty. If they aren't, they will take their business elsewhere. I'm not saying this is right or wrong, but this is how it happens. I'm sure this will change. In fact it has already changed in past years.

My husband is in the industry and you would't believe the conferences that we used to go to. Companies would fly us all over the US and Europe and we would get the royal treatment. While the husbands were in conferences, the wives would get spa treatments and day excursions. It was crazy. Things have toned down a bit, but you would still be amazed at the money that gets thrown around.

Part of a wholesaler's job is to educate the agents on their company's product. The other part is to treat them like royalty - golf, dinners, sporting events, trinkets, etc. They have to compete with other companies, and they will do whatever it takes (within the law) to get the sale.
 
CalGal said:
I'm not defending them, this is just another side of the coin to talk about :shut:

AIG is claiming it wasn't an exec party, but a "thank you" get-away to their top agents.

These get-aways happen in every financial wholesaling company. The top agents expect to be treated like royalty. If they aren't, they will take their business elsewhere. I'm not saying this is right or wrong, but this is how it happens. I'm sure this will change. In fact it has already changed in past years.

My husband is in the industry and you would't believe the conferences that we used to go to. Companies would fly us all over the US and Europe and we would get the royal treatment. While the husbands were in conferences, the wives would get spa treatments and day excursions. It was crazy. Things have toned down a bit, but you would still be amazed at the money that gets thrown around.

Part of a wholesaler's job is to educate the agents on their company's product. The other part is to treat them like royalty - golf, dinners, sporting events, trinkets, etc. They have to compete with other companies, and they will do whatever it takes (within the law) to get the sale.
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If a subsidiary is doing well enough to spend that kind of money on that kind of event, why does the government have to bail out the parent?
 
If a subsidiary is doing well enough to spend that kind of money on that kind of event, why does the government have to bail out the parent?
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No debate here. I was just trying to explain the industry a bit.
 
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