Product of Federal bailout

[carbon_crash]

Full story:http://news.yahoo.com/s/ap/20081008/ap_on_bi_ge/meltdown_aig;_ylt=AhjwdklRAjzFQDeHQf2A5g5I2ocA


WASHINGTON - Days after it got a federal bailout, American International Group Inc. spent $440,000 on a posh California retreat for its executives, complete with spa treatments, banquets and golf outings, according to lawmakers investigating the company's meltdown.


So tax payers get to pick up the check for these execs to enjoy a vacation? Such BS! AIG should not be given any relief if this is how they spend some of the relief money. What a joke, they shouldn't need a "posh" vacation to make them feel better, hell, they should be glad they still are able to stay open.


/rant

[NevrNufTorq]

x2 i couldnt agree more!!! such a joke what these guys get to get away with on our tax dollars!!! people need to wake up and realize it's our money these guys are wasting and they need to call their reps in washington and overload the phone systems :cheers:

[Spektrewing386]

id like to punch them in the face

[carbon_crash]

So while the bailout is helping the economy, its also still putting a fat paycheck in these executive's pockets too.

[chrisdavis]

It gets better. They asked for and received another 37.5 billion and are now planning another party.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aVXfypExIZ9M


Absolutely amazing how crass and arrogant these people are.

[SLOWR/T]

Well look at the bigger picture. Parties like this dont just spring up, they are planned. There was only 10 AIG exc. there. They were meeting with clients and poiental clients. So if they spend 400K but if they get return business or new business then by all means spend the money. Remember you have to spend it to make it.

[Vteckidd]

As much as i think it was in bad taste

there is NO PROOF they used BAILOUT MONEY to go on vacation. Remember these were all millionaires already.

I think they are dumbasses for doing it, but they didnt use the Bailout money on it, so it was no cost to tax payers, and they spent money on the economy

[carbon_crash]

Understandable they were already lillionaires and all, but its sad they are still collecting the pay checks they are even when the whole organization is going down the drain and they are the ones who saw it coming. And the more I read into this, they didnt use this trip for business acquisition, but rather leasure.

[chrisdavis]

Well look at the bigger picture. Parties like this dont just spring up, they are planned. There was only 10 AIG exc. there. They were meeting with clients and poiental clients. So if they spend 400K but if they get return business or new business then by all means spend the money. Remember you have to spend it to make it.


It was a bad PR move, and to throw a 2nd party in the middle of a bunch of bad PR makes them look arrogant, and uncaring towards their financial crisis. Regardless of what money they used, the public will perceive them as partying on the bailout money.