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October 8, 2008 at 6:56 pm #588324
flipjackParticipanthttp://www.thesmokinggun.com/archive/years/2008/1007083aig1.html
OCTOBER 7–Days after federal officials agreed to an $85 billion bailout of American International Group, the insurance firm spent more than $440,000 for a corporate retreat at a swanky California resort. An invoice from the week-long getaway, a copy of which you’ll find below, was obtained by the congressional panel that has been holding hearings this week about Wall Street collapses and executive excess. The late-September AIG gathering at the St. Regis Resort in Monarch Beach cost $443,343, according to the invoice. The six-figure sum covered hotel rooms, banquets, golf fees, and spa services at the resort south of Los Angeles.
October 8, 2008 at 7:00 pm #642829
beachdrivegirlParticipantI heard that earlier today. The best part is the $20,000 + of a bill that was spent @ the day spa just on “friends” of AIG. (Probably spouses, but seriously.)
I sure do love to see our government dollars @ work. Do you think if I contact them today, I can get on the list for next year?
October 8, 2008 at 7:16 pm #642830
JenVMemberugh. this does not surprise me in the least. I used to work for AIG, and the corporate culture there is…well…bereft of morals. Terrible company.
October 8, 2008 at 7:34 pm #642831
flipjackParticipantYeah..they must have really been stressed out those poor people needed that spa getaway more than anyone. ahhhhh.
October 8, 2008 at 7:48 pm #642832
beachdrivegirlParticipantLets not also forget to look @ how much the AIG CEO had made in bonuses etc prior to this “party”.
Any guesses?
$25.4 million! This is fifth behind Countrywide, Lehman, WaMu, and Citi. The highest paid of the CEO’s is the Countrwide CEO with a whopping $361.7 million!
This is insane. Who the hell deserves that much money for being a CEO. They really arent that special.
For all the details follow the link:
October 8, 2008 at 7:50 pm #642833
TammiWSMemberI’m disgusted by this news…As Obama said, they need to pay it back and fire those who okayed this boondoggle.
October 8, 2008 at 10:45 pm #642834
JoBParticipantThis is why the bailouts should have come with some real oversight built in…
and who is going to pay the money back?
as a shareholder .. all americans are shareholders now.. i think we should have fired these guys.
instead, they threw themselves a party to celebrate what suckers we were…
October 8, 2008 at 11:25 pm #642835
acemotelParticipantoh, Jen, I sympathize. After AIG and Java Bean, you are DUE for a good employer!
October 8, 2008 at 11:33 pm #642836
JenVMemberHAH! thanks ace! I actually work for AWESOME people now and could not be happier!
October 8, 2008 at 11:37 pm #642837
squareeyesParticipantThis is by no means meant to be considered a defense of AIG.
This type of event has to be planned months in advance, large deposits paid, and contracts signed guaranteeing a minimum amount spent, even in the event of cancellation. As management has obviously known for a very long time that they were imploding, they should never have planned the event and, after the bailout, it would have been the right decision to cancel the event and pay the penalties. But even if they had, it would still have cost close to the same amount.
Considering AIG managements apparent lack of morals, they couldn’t be expected to consider canceling this. I can just hear the conversation “hey, it’s already paid for…”.
October 9, 2008 at 12:32 am #642838
datamuseParticipantSquareeyes, my thoughts exactly. It’s still pretty gross, but not all that surprising really.
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