After Bailout, AIG Execs Head to California Resort

[RamboLiberal]

Source: ABC News

Less than a week after the federal government committed $85 billion to bail out AIG, executives of the giant AIG insurance company headed for a week-long retreat at a luxury resort and spa, the St. Regis Resort in Monarch Beach, California, Congressional investigators revealed today.

"Rooms at this resort can cost over $1,000 a night," Congressman Henry Waxman (D-CA) said this morning as his committee continued its investigation of Wall Street and its CEOs.

AIG documents obtained by Waxman's investigators show the company paid more than $440,000 for the retreat, including nearly $200,000 for rooms, $150,000 for meals and $23,000 in spa charges.

"Their getting their pedicures and their manicures and the American people are paying for that," said Cong. Elijah Cummings(D-MD).



Read more: http://abcnews.go.com/Blotter/story?id=5973452&page=1

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These guys need to be frog-marched to a federal pen!

[Mrs. Overall]

1. *uckers.

[saigon68]

9. Bastards

[Hydra]

2. Heh

"The bailouts won't benefit the execs!"

Really...

[OhioChick]

5. My thoughts exactly.

:grr:

[louis-t]

3. These are the ones that should be paying for bailouts.

The ones that profited from dereg should give most of the money back.

[SpiralHawk]

4. "Smirk." - AIG Republicon cronies

[Taverner]

6. Bankrupting and Embezzeling is HARD WORK

Give them a break!

:sarcasm:

[UP_4012]

7. GRRRRRRRRRRRRRRRRR

AAAAAAAAAAAAAAAAAAAAAAGHHHHHHHHHHHHHHHHH! :nuke:

Guess what? The average 'Murkin SIMPLY WONT GIVE A RATS ASS! This will still be treated as an everyday thing by the media, and the little people will go on as usual, while the rich rob them blind.
I cant even see straight right now. I think i lost a couple of brain cells from the rage.

[edwardian]

56. Guess what? The average 'Murkin SIMPLY WONT GIVE A RATS ASS!

Then they are slaves and don't deserve freedom...:sarcasm:

[cyberpj]

8. They have no shame - and not a care in the world what any of us think. Make them pay it back Waxman!

How much more will Americans take?

[lonestarnot]

10. son of a bitches!

We need to publish all their personal info.

[daggahead]

11. Hey you bastards!

You're Welcome!!!

[pberq]

12. Prison is too good for these guys - nt

[redqueen]

13. How is this LBN?

Besides, it's no big deal anyway. It might be the only vacation these guys get to take! :cry:

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=389&topic_id=4160834

[Marrah_G]

14. Do you not understand the trip is part of a compensation package for NON AIG employees?

These are self employed agents. No benefits, they aren't making millions. These are middle class guys.

This is a trip they won in a contest started a couple years ago.

It is part of their commission package and AIG would be liable if they canceled it.

It is included as part of the wages the agents earned as 1099 contractors.

I don't know a single insurance company that doesn't offer incentive competitions like this.

Jesus- I really despise ignorance. There are plenty of things to be outraged over in this situation, the trip isn't one of them.

[redqueen]

16. There are lots of people here to lecture.

And besides, you've already said we're done talking.

[Marrah_G]

18. Yup you are right

I shouldn't have reacted to your mocking my post.

It really doesn't matter anyway.

I just have one of those personalities that makes me nuts if I see misinformation.

I'll drop it.

Have a good day redqueen.

[redqueen]

21. Sorry, not mocking your post so much as the idea

that we should feel that a stay at that place is somehow deserved, and that no one should expect those people to give it up.

So many other workers have lost even a meager Christmas bonus due to their employers cutting back... the idea that the employees of a firm so reckless they had to be bailed out with taxpayer money somehow shouldn't be denied their stay at that gaudy disgusting place... sorry, but I will never ever get it.

[Critters2]

31. The rich are different. nt

[Critters2]

17. $1000 a night rooms, nothing to be outraged about?

Puhleeze. If there wasn't money to pay employees and meet other obligations, the least that should happen is that these *uckers stay in a Motel 6.

[Marrah_G]

19. sigh

nevermind. you don't get it. maybe I am not explaining it well enough.

I'm done for the day here anyway.

[Critters2]

20. Yeah. I'm an idiot. How could I possibly not understand that a company that

can't pay its bills should put ANYONE up for $1000 a night. I mean, honestly, how could I be so dense?!
:eyes:

[high density]

29. If this was a bonus/award/prize to agents then I don't see what the problem is

For one thing there are a lot of hotels out there with a $1000/night room, it doesn't mean that every room in the place costs that much. Secondly, it remains to be seen whether or not any money would've been saved by canceling the event.

[redqueen]

32. How many hotels start at over $500/night? Besides - not a hotel - resort. (nt)

[joeglow3]

59. Cancelling it probably would have cost MORE money.

The company would have lost out on tens of thousands in deposits AND still owed the value of the trip to the contractors. Thus, this was probably the cheaper approach.

NOW, if you want to discuss the fact that these trips are the norm (I know they are for drug reps as well), then I will jump right beside you in condemning this wasteful practice.

[Gormy Cuss]

22. Sorry, but the gig should have been cancelled and the agents paid cash in lieu.

AIG came begging to the Feds and therefore the rules have changed. The contractors are owed the value of the trip but I doubt that there would be much sympathy for suits filed because they didn't get to go the resort. AIG execs probably made the case that it was cheaper to go forward with the event because of steep cancellation fees, but Waxman is using it to shine a light on the excesses in the insurance industry -- and yes, retreats at $1000/night resort are excessive for an industry that expends so much effort denying claims and increasing premiums.

If AIG simply went bankrupt all those contractors probably would have lost the trip and then stood in line with other vendors in hopes of an eventual payout.

[Tansy_Gold]

30. If even ONE of the high-paid execs had coughed up the cash

out of his own pocket and said, "Ya know what, these independent agents EARNED their resort vacation and I didn't earn any of the billions I'm raking in," that would be different.

But it's the tax payers who are footing the bill.

FUCK AIG and every (fill in expensive car of your choice) they rode in on.



Tansy Gold, who will not condemn any horses

[Marrah_G]

34. I hope they find some way to charge the ones taking the excessive bonuses

I don't know if they actually broke any laws though. There ought to be laws capping bonuses though. Maybe we can get our party to address that...maybe.

[sakura]

36. Okay, I'm confused.

The article says it was an "executive retreat." It says nothing about self-employed agents. Do you have a link to back up your claim? The story, as written, points out the type of business "retreat" execs are known for-- a week long meeting at a posh resort where planning and a whole lot of fine dining occurs. This sounds nothing like the typical reward for the salesperson with the most commissions. For one things, a salesperson wouldn't be classified as an exec.

Could you clarify your comments?

Thanks!

[AngryAmish]

55. See link

"Joe Norton, an AIG spokesman, said the company's shindig had been incorrectly labeled an executive retreat by lawmakers and members of the media.

"It was not an executive retreat," he said. "It was a meeting to reward and incent independent sales agents."

As Norton described it, AIG had invited about 100 of its top salespeople to stay at the St. Regis for a week of meetings and motivational events -- and, as the company's invoice shows, thousands of dollars' worth of spa and salon amenities.

Norton said only about 10 AIG senior managers attended the event, although he declined to identify them or to say whether former CEO Robert Willumstad was among the group."


quote halfway down first page


I'm not surprised by the misinformation. Everyone is looking to make someone a punching bag and it is AIG's turn.

[sakura]

57. Thanks for clarifying! nt

[sakura]

58. Thanks for clarifying! nt

[sakura]

60. Thanks for clarifying! nt

[damntexdem]

15. The only California "resort" they should go to should be the one near Lompoc.

Or better yet, a regular U.S. prison.

[GoddessOfGuinness]

23. Roughin' it.

I guess they couldn't afford Dubai. :grr:

[OKNancy]

24. kick

[Terran]

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

Source: USA Today

AIG executives spent $500,000 at an exclusive resort just days after the U.S. government agreed to spend $85 billion to protect the giant insurer from collapse, according to Rep. Henry Waxman, the California Democrat who chairs the House Oversight Committee.

Rep. Elijah Cummings, D-Md., described what investigators found during a hearing this morning on Capitol Hill:

---

The committee learned that shortly after the bailout went through, executives from AIG's major U.S. life insurance subsidiary, AIG American General, held a week-long conference at an exclusive resort in California.

---

AIG spent $200,000 for hotel rooms, and almost $150,000 for catered banquets. AIG spent -- listen to this one -- $23,000 at the hotel spa and another $1,400 at the salon. They were getting their manicures, their facials, their pedicures and their massages while the American people were -- were footing the bill.



Read more: http://blogs.usatoday.com/ondeadline/2008/10/aig-execs-went.html

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This is OUTRAGEOUS.

[Kittycat]

26. They should make them pay it back.

[Terran]

28. With interest.

Say, 28.99%

[crossroads]

27. Why am I not surprised to hear of this? K&R

No remorse - no ethics and typical of those who think they are above the law... they just do not care what we taxpayers think! They should be tarred and feathered!
CR

[Haole Girl]

35. Oh "but it's not what it looks like"

http://www.nowpublic.com/tech-biz/aig-bailout-spending-spree-execs-party-california

[madmax]

33. Jail the bums!!!

These criminals need to be made to pay with their personal fortune and their time. They just don't give a shit because they don't have to suffer any consequences.

[tylerdee]

37. Bastards. *shaking head*

[UpInArms]

38. AIG execs' retreat after bailout angers lawmakers

Source: Associated Press

WASHINGTON - Less than a week after the federal government had to bail out American International Group Inc., the company sent executives on a $440,000 retreat to a posh California resort, lawmakers investigating the company's meltdown said Tuesday.

The tab included $23,380 worth of spa treatments for AIG employees at the coastal St. Regis resort south of Los Angeles even as the company tapped into an $85 billion loan from the government it needed to stave off bankruptcy.

The retreat didn't include anyone from the financial products division that nearly drove AIG under, but lawmakers were still enraged over thousands of dollars spent on catered banquets, golf outings and visits to the resort's spa and salon for executives of AIG's main U.S. life insurance subsidiary.

"Average Americans are suffering economically. They're losing their jobs, their homes and their health insurance," House Oversight Committee Chairman Henry Waxman, D-Calif., scolded the company during a lengthy opening statement. "Yet less than one week after the taxpayers rescued AIG, company executives could be found wining and dining at one of the most exclusive resorts in the nation."

The hearing disclosed that AIG executives hid the full range of its risky financial products from auditors as losses mounted, according to documents released Tuesday by a congressional panel examining the chain of events that forced the government to bail out the conglomerate.

Read more: http://news.yahoo.com/s/ap/20081008/ap_on_bi_ge/meltdown_aig

[kaos]

39. Looking forward.

When they ask about fannie mae..

[54anickel]

40. Congress is just pissed that they didn't get so much as a kiss after pimpin' our asses for them.

[mikita]

41. oh bite me Congress

What did you expect???

And then you "scold" them.....

[chupacabranation]

42. I hope they really enjoyed those spa treatments, because there are no massages in Sing-Sing...

...well....actually, there are, but not appropriate for discussion on this board... ;-)

They will be made to pay if they don't remit that money. Mark my words.

[UpInArms]

43. sackcloth and ashes should be the answer

....

:hi:

[George II]

44. REDUCE THEIR BAILOUT BY $440,000!!!!!

[SemperEadem]

45. and yet I don't hear or read anywhere where they said

pay the money back now--write the check. Your bailout has been revoked.

[nadinbrzezinski]

49. Legislation may be in the works

only way to get that money back

[spag68]

46. AiG

Come on guys, they stole legally of course and never meant to hurt any one. hundred million here, hundred , billion there what's a $400,000 party,don't be to hard on them, after all if you saw them at the committe, it looked like a tea party to me, Just a bnch of pals over fo some tea and crumpets.

[Wapsie B]

47. No shame at all.

Run a company into the ground and make out like bandits. How did that become the American way? Any bailout needed to hings on making these idiots pennyless to start. Take every last dime of personal assets.

[Sen. Walter Sobchak]

48. nice place by the way,

I have been there a few times for conferences, didn't stay there though as I live nearby.

[OakCliffDem]

50. Wealth has its privileges

[Suji to Seoul]

51. AIG execs' retreat after bailout angers lawmakers

Source: Yahoo News

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.

AIG sent its executives to the coastal St. Regis resort south of Los Angeles even as the company tapped into an $85 billion loan from the government it needed to stave off bankruptcy. The resort tab included $23,380 worth of spa treatments for AIG employees, according to invoices the resort turned over to the House Oversight and Government Reform Committee.

The retreat didn't include anyone from the financial products division that nearly drove AIG under, but lawmakers still were enraged over thousands of dollars spent on outing for executives of AIG's main U.S. life insurance subsidiary.

"Average Americans are suffering economically. They're losing their jobs, their homes and their health insurance," the committee's chairman, Rep. Henry Waxman, D-Calif., scolded the company during a lengthy opening statement at a hearing Tuesday. "Yet less than one week after the taxpayers rescued AIG, company executives could be found wining and dining at one of the most exclusive resorts in the nation."

Read more: http://news.yahoo.com/s/ap/20081008/ap_on_bi_ge/meltdown_aig

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Are we surprised???

[ixion]

52. no, not surprised...I've been hearing the clink of champagne glasses

everyday for the past couple weeks as the government bends over backwards to help frauds cover their losses.

[daggahead]

53. Where were the people of L.A.?

If those chumps came to Michigan, I would have been at the resort with my video camera, chasing them down on the golf course asking them why they're stealing from the taxpayers.

[LiberalEsto]

54. b-b-but they needed new manicures

and facials!

[tom_paine]

61. Time for them to crack the champagne and toast the useful idiot peasantry

and the tyrants who rule them and fool us so easily.

Making sure THEIR grandkids are sipping wine and farting through silk inside the Compound Walls while we are outside playing Mad Max...for real.

Sort of gives a new spin on the "sympathetic" character The Lord Humongous. :rofl:



"Just give us the gasoline and walk away now, Bushies."

:sarcasm:

Funny eh? Especially considering Lord Humongous IS a Bushie...perhaps the ULTIMATE Bushie.