After The Bailout AIG Bought Themselves A $440,000 "Retreat" At A California Resort

Now that AIG has been nationalized, some folks are wondering just how their tax dollars are being spent. If you’re among them, we have some bad news for you from ABC. They are reporting that papers uncovered by congressional investigators show that “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.” Ouch.

ABC says that the documents show that the company, yes the company, paid more than $400,000 for a week long retreat at the resort. The bill included $200,000 for rooms, $150,000 for meals and $23,000 in spa charges.

“They’re getting their pedicures and their manicures and the American people are paying for that,” said Cong. Elijah Cummings (D-MD).

AIG’s former CEO told Congress today that AIG was a victim of a “crisis in confidence” and an “unprecedented global catastrophe,” but records show that there were serious concerns about the way the company was being managed.

In March, 2008, the Office of Thrift Supervision wrote AIG, “We are concerned that the corporate oversight of AIG Financial Products…lacks critical elements of independence, transparency, and granularity.”

Congressman Waxman also said that there was evidence that the former CEO changed the bonus schedule in order to insure that top executives would continue making multi-million dollar salaries, even as their company went broke.

“Mr. Sullivan and the other top executives should have had their bonuses slashed due to poor performance,” said Waxman.

Sullivan received a $15 million golden parachute payment when he was let go in June, says ABC.

After Bailout, AIG Execs Head to California Resort [ABC] (Thanks, Melanie !)

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  1. Oranges w/ Cheese says:

    Despicable.

  2. MaxSmart32 says:

    There are no words to describe this.

  3. MercuryPDX says:

    Sigh…. less than a week.

    Who feels good about the $700 billion dollar bailout now?

    • atypicalxian says:

      @MercuryPDX: I didn’t feel good about it when the bailout happened in the first place. Bush will be ejected shortly; those who voted for this horror in Congress need to follow him out. Congress is equally culpable as these wretched CEOs since they didn’t do anything about Fannie Mae/Freddie Mac, which caused this mess in the first place, and they can’t claim ignorance. There are absolutely no winners here; not the CEOs, not Congress, and certainly not the citizenry.

      Speaking of the CEOs — is this the kind of ethics/behavior being taught at Wharton/Harvard Business School? Because it’s not just these guys; the executives at my company cry poverty while they go on golf outings on the company dime and drive company BMWs and Escalades with their mileage paid for.

      • oneandone says:

        @atypicalxian: Not taught outright, but definitely encouraged throughout. It’s a pervasive ethos, emphasizing all the benefits of short-sighted, solipsistic, over-confident asshattery.

  4. axiomatic says:

    And you are surprised by this?

    I’m not and I’m sure no one else will be either.

    The word of the day is: OVERSIGHT

  5. RandomHookup says:

    This is why I love people who complain about the way “big government” wastes our money. Big business is pretty good at wasting cash, too.

    • atypicalxian says:

      @RandomHookup: This mess was largely caused by the government, underwriting mortgages by people who had no way of paying, in the name of “fairness”. The banks/mortgage companies just followed suit thinking the free money would keep flowing.

      • RandomHookup says:

        @atypicalxian: And what does that have to do with anything? I wasn’t talking about cause and effect.

        Everyone claims that the private sector does things so much better, when they sure know how to waste money, too. I’d say it’s about a toss-up, but government waste has more visibility.

      • lannister80 says:

        @atypicalxian: Bah, the CRA didn’t cover most of the big lenders, who weren’t normal “banks”. Like Countrywide.

    • cjones27 says:

      @RandomHookup: True, but this a perfect storm of wasteful government spending AND corporate greed.

      Now THIS is something conservatives and liberals can rally against. Each of their least biggest complaints!

  6. Yankees368 says:

    Burn these people at the stake. They do not deserve to continue living.

  7. shini says:

    So who do we fire? Do we get to fire someone? I pay taxes and I want to see some heads roll.

    Then they can go back to making me some damn money.

  8. MacQix says:

    Shouldn’t there be a clause in the contract with them that if they perform such a violation of SIMPLE ETHICS that the company should be deemed ineligible to receive any help at all?

    • parad0x360 says:

      @MacQix: Help? These guys should all be thrown in Jail.

    • rioja951 - Why, oh why must I be assigned to the vehicle maintenance when my specialty is demolitions? says:

      @MacQix: Sorry. There should have been one, but you can be sure it was one of those “we didn’t think it would be needed” kind of things.

      In any case, should I feel good or bad that I’ve been reassigned to the Europe facilities for my company? Will I be out of this mess now that I will be paid in Euro?

  9. Ubermunch says:

    Time to clean the management house… Now. We have 80% ownership, so I say FIRE everyone who went.

    Amazing how greedy, selfish, and stupid people can be.

  10. parad0x360 says:

    I feel they deserve Jail time for this. I dont mean fancy jail either. I mean Federal Prison. Perhaps if their was a real punishment for what they are doing they would stop once and for all.

    My vote has been cast. Get it done Gov.

    • sethom says:

      @parad0x360: Federal pound me in the ass prison

    • Zwitterion says:

      @parad0x360:

      LOL… You can’t be serious? The best place for these guys is SOLITARY CONFINEMENT in an ANTARCTIC jail.

      Federal Prison is actually a pretty fancy form of incarceration here in the states. The inmates there usually just go out and play golf all day on the 18 hole, and prolly have a better diet than most middle class families these days.

  11. B says:

    I propose that we make golden parachutes literal. From now on, fired executives of failing companies get hurled out of an airplane with a parachute made of gold.

  12. sir_pantsalot says:

    I am more sickened by the fact that I am not at all surprised. We knew this would happen.

  13. DarkKnightShyamalan says:

    I concur with everyone else. The company may be too big to fail, but its people certainly aren’t too big to fire.

  14. graceless says:

    Why don’t we just bill it back to them? Does anybody have pictures of those who organized this little outing? Let’s out ‘em…

  15. ceez says:

    screw all you selfish rich bastards who dont care for anyone but yourself!

    they should gather them all right in front of the their office building and get stoned by every tax payer!!! *just a rant*

    and to you stupid, idiotic and outta touch govmnt, hope you’re happy….explain this to the tax payers!

    • cjones27 says:

      @ceez: “they should gather them all right in front of the their office building and get stoned by every tax payer!!! *just a rant*”

      I’m not sure the taxpayers funding enough weed for these guys would fly either.

  16. Scalvo2 says:

    Who wants to bet no one goes to jail?

  17. oldheathen says:

    Time to fake your own deaths and head to Argentine, AIG execs. It’s that or up against the wall, because I’m telling you the American taxpayer has farking HAD IT!

    • TechnoDestructo says:

      @oldheathen:

      Have you had it enough to do the killing yourself? Do you think that enough people have had it enough to do the killing themselves to overwhelm the people who are paid to prevent people like these AIG execs getting killed?

      Because that is what it takes. As long as there are enough people with enough force with enough of a stake in their survival to stop those who are out for blood, there won’t be blood.

      • superhumanben says:

        @TechnoDestructo: This reads like a screen play. Although I do agree with you. I just don’t get why no one has snapped. I would say it’s just a matter of time but I think the sheer stun factor of it all rather outweighs the ability to really formulate a response to the amount of crap these people have gotten away with and will continue to do so.

  18. sprocket79 says:

    I hope someone punches them too.

  19. MoneyLint says:

    I’m not trying to vouch for their actions because I’m certain they are all self-serving egotists but you have to imagine a weeklong resort had to be planned further in advance than “less than a week”. Still a poor use of money but all companies waste money. Just saying.

    • ludwigk says:

      @MoneyLint: Well, when you run your company into the ground, and taxpayers need to bail you out, you cancel that shit. Sure, you lose your deposit, but you don’t wrack up an additional $23k in Spa charges, and various other $100k of additional spending all on the tax-payer’s dime. If the bailout hadn’t occurred, they would have all been out of business, and the retreat would have surely been canceled. See where I’m going here?

      We are not share holders, we do not get anything once the stock prices goes back up, except for the abstract social benefit of AIG’s continued existence, and we have no patience for their opulent, profligate spending, whether or not they consider that the status quo.

      • MoneyLint says:

        @ludwigk: Agreed. I wasn’t justifying their actions.

      • Jesse says:

        This is one of those lose/lose situations. They went and now look like a bunch of spineless crooks. If they cancelled the trip, I’m sure there would have been cast as spineless crooks for planning it in the first place, even if it was planned weeks or months before Lehman went under.

  20. Phenostar says:

    Looks like an EECB of epic proportions is in order.
    Have we got some executive contact info for these guys?

  21. erratapage says:

    I think everyone should get luxury spa vacations!

  22. papahoth says:

    Consumerist engaging in class warfare. Read that on various right-wing blogs. Must be true.

  23. Pylon83 says:

    Why would they be sent to jail for this? What purpose does that serve? For one, I’m sure this trip/retreat was likely booked well before they got their bailout. Even if it was booked after, the suggestion that they be sent to jail is simply absurd.

    • Taubin says:

      @Pylon83: PLEASE tell me you are kidding… You think these jackholes should get let off free? As the rest of us struggle to put gas in our tanks, and pay our bills? Seriously…

  24. alstein says:

    I’m at the point where I think hanging a few to encourage the others is a good idea.

  25. Anonymous says:

    Yeah, and it takes just under five minutes for the chair of the organizing committee to glance at the financial section of the newspaper, pick up the phone and CANCEL the week long resort.

    Hope it was a nice week- nice enough to make up for the next twenty years behind bars. Enjoy fellas!

  26. sspeedracer says:

    Fascism – Washington is in bed with the Corporations and stealing our money. Bedtime for Democracy.

    Besides, this is stupid.
    440K is ONLY .000005 percent of 85B. Swatting at flies. Wake up already!

  27. olivia2.0 says:

    I urge everyone to write the congressman and senator regarding this issue, as well as the Speaker of the House. Also, can we get some contact info for corporate AIG so I can email them and ask how their vacation was? Please Consumerist?

    • Pylon83 says:

      @olivia2.0:
      Yes, because they are not busy enough dealing with the other problems that are currently going on. Why don’t we start sending emails about personal objections to a corporate retreat that was likely scheduled and paid for before the bailout even occurred. Brilliant idea! An even better one would be to mind your own business and not worry about what AIG did. And emailing AIG’s executives directly would be really classy.

      • ludwigk says:

        @Pylon83: Um, but we own that shit. Let me repeat myself – We OWN that shit. We own 80% of AIG. It’s not THEIR business, its OUR business. At this point, they aren’t running their ship based upon their business acumen, they are there but by the grace of the American people who provided them the funding to stay in business.

        Besides, if they have time for a week-long retreat, they’ve got time to spare to answer a few angry objections. I haven’t taken a week long vacation in 8 years.

        • Pylon83 says:

          @ludwigk:
          What are they going to answer with? Yes, we took a corporate retreat that was scheduled before the bailout. Yeah, a lot of good that does you to get “answered”.

  28. nsv says:

    This trip had to have been paid for in advance long ago.

    That said, it would have been far more appropriate to cancel the trip. get a partial refund if possible, and get to work.

  29. MD4Prez2032 says:

    I say we all tap into our Native American roots and take it all back…

  30. lvixen says:

    I say we do a chargeback! Get our money back and make them pay for their own trips! Let’s fine them for every stupid mistake they’ve made. Not just AIG, ALL of them. Congress, all big business.. the whole lot of them! If we mess up our finances, we can’t just say, “give me more, I promise I’ll do it right next time”. How do they get away with it? The $15 MILLION dollar golden parachute? UHHHM WHY? Let’s cut the strings on that bad boy, take the money back. Only $685 million more to go!

  31. Not defending these actions, but I suspect this vacation package was already scheduled (and paid for) well before Uncle’s bailout.

    The smart employees (upper management invited to the retreat) will have stayed at home rather than going to the retreat.

    I say keep the smart employees and fire the rest.

    • u1itn0w2day says:

      @Corporate-Shill: Wouldn’t it have been better to take a cancellation/penalty fee.

      From the looks of things they’ve probably done these things in the past.Apparently ‘relaxing’ does NOT help them think,give them ethics & morals or make them give a crap.

  32. JessicaKestrel says:

    I don’t like this company at all. A monstrosity in need of a little shortening. It is important to understand that the Insurance branch of AIG is separate from the investment side. They are legally financially separated from one another. The Insurance branch did not need the bail out and still turns a profit, similarly the investment branch can not legally borrow money from the insurance branch. If NBC goes out of business, would GE stop producing light bulbs?

  33. fontman2008 says:

    This just wrong , the exec should pay it back out of there own pockets.

  34. Tank says:

    are you fucking kidding me right now? jebus cripes. time to ask for a refund.

  35. katiat325 says:

    Whether or not this trip was scheduled and paid before the bailout is pretty much irrelevant. The reason they needed the bailout, was to get money — the smart thing would have been to cancel this vacation, get a partial refund, and get to work instead of drinking drinks while getting mani/pedi’s done and laughing about how us little people are footing the bill for this. And they should be arrested for defrauding the government, or they whould have to have thier wages suspened till every tax payer’s bailout penny was paid back to the gov.

    • godlyfrog says:

      @katiat325: We should be thanking them for this; a $440k lesson on why we need to re-org the whole business. Their management is obviously stupid from top to bottom and needs to be replaced. An $85 billion bailout is meaningless if the people responsible are still in charge, and this just proves that they still are.

  36. katiat325 says:

    And also, we should be writing to our congressional representatives, as well as state reps, about our outrage. It’s time for us to stop being ignorant sheep, and let the people we voted for know that we’re listening, and we’re watching, and you guys better freaking do something. Plus, they’re all about to go campaigning, this should provide them with reading material.

  37. TPS Reporter says:

    This is bull$@#!. Even if it was booked and paid in advance, I would rather see them cancel it even if they lost every dime of what they paid and stayed home. The fact that they went ahead with this shows the attitude these people have. We as the American people better start making these people accountable as well as the government.

  38. bonedog73 says:

    Business expenses are tax deductible too!

    • katiat325 says:

      @bonedog73: you just had to say this, didn’t you? somehow I do think they’ll actually claim this trip as a team-building training bull$h!!, and will try to get it as a tax break…this makes me even more depressed.

  39. RobertW.TX says:

    I always felt that one of the conditions of the bailout should have been:

    “In order to accept public funds all employees, executives, consultants, etc. recieving more than 500K a year in either regular salary, wage, or bonus pay must accept a pay cut to 500K or leave the company. This restriction will last for 5 years from the date bailout funds are received.”

    Or something their abouts. It is redicilous to ask middle class tax payers to fund multimillion dollar salaries.

  40. crabbyman6 says:

    I just hope they can get an even better vacation off the $700 billion we just gave them. Those poor CEOs must be so stressed out right now.

    /sarcasm

  41. MercuryPDX says:

    Wow…. good timing for Despair.com [despair.com]

  42. AmericaTheBrave says:

    Send them to prison. There has to be some way to charge them with theft. They also need to be fired immediately and forced to pay restitution to the taxpayers.

  43. LostAngeles says:

    So is our government able to revoke the AIG bailout and let them fuck right off?

  44. __Ken__ says:

    Well, I vote for a public hanging. It’s been awhile since this country did something like that. Might make others think.

  45. bohemian says:

    Hehehe.

    Obama was just on in the start of the debate tonight. He brought this AIG $400k waste of money up as an example. He said the treasury should demand that money back and fire everyone involved in the trip.

  46. prettybird says:

    I just saw that too and I immediately headed for consumerist. This just leaves me speechless… do the people at AIG have no shame? How can someone be so callous? There’s basically no moral twinge at the massive suffering being endured by the public, all the while public monies are basically used to fund their spa vacation. Amazing and yet totally unsurprising that this has happened.

  47. Gokuhouse says:

    Now it’s personal! This company is being sustained by tax dollars and they think it’s okay to spend it like this? These executives should be tried in court for fraud.

  48. bohemian says:

    AIG execs
    Top Executives at American International Group, Incorporated

    Jacob A. Frenkel Divisional Vice Chairman
    Edward M. Liddy CEO/Chairman of the Board/Director
    Frank G. Wisner Divisional Vice Chairman
    Steven J. Bensinger CFO/Vice Chairman, Divisional
    Stephen F. Bollenbach Director
    Brian T. Schreiber Divisional Senior VP
    William N. Dooley Divisional Senior VP
    Edmund S. W. Tse Director/Other Corporate Officer
    Nicholas C. Walsh Divisional Executive VP
    Anastasia D. Kelly Executive VP/General Counsel/Other Corporate Officer

    [people.forbes.com]

    You can find individual profiles of these jerks in the link. The last one Anastasia Kelly, before she worked at AIG she worked for MCI and before that Sears.

    Gee, now we know why AIG tanks with “quality” execs like Kelly.

    • u1itn0w2day says:

      @bohemian: This what should be done with every company involved in this crap.And don’t forget about the board of directors who were supposed to provide oversight and look out for the stock holders if nothing else.This did not happen overnight.

      People should not forget that the ex-ceo Hank Greenberg left during a fraud allegations and was so nervous about his stock award he placed them in his wife’s name.

      And kiddies at CNBC have had this toad on as a commentator and seem to worship him.

      There seem to be alot of people with the word president associated with their name/position/title so that means they were actually in charge of something?

  49. fisherstudios says:

    Anyone brave enough to revolt?

    • boxjockey68 says:

      @fisherstudios: A revolt is exactly what we need, I’m in when the time comes.

    • superhumanben says:

      @fisherstudios: Erik Dinallo mentions “bringing all the remaining employees together is what the company needed to do”…. um yeah. How much do you want to bet that they didn’t invite the f’ing janitor or the receptionist at the front desk! There’s no way they had a whole company outing to help boost moral. This was a select group of assholes going out and doing what they’ve always done: raking a company over coals for their personal gain and enjoyment.

  50. crazyasianman says:

    so where in there did they figure that no one would notice their little excursion at our expense? frankly, it’s sickening…

  51. kathyl says:

    Whether they are punished or not, I’m sure, depends on the amount of power the politicians they have purchased (uh, I mean whose campaigns they have contributed to) have.

  52. philipbarrett says:

    Without defending these self-serving idiots I’ll be the resort had a 100% cancellation policy. Of course, what the hell were they doing booking this in the 1st place? Talk about fiddling while Rome burns!

  53. boxjockey68 says:

    um, if I did that, it would be fraud, and I would go to jail. I would like to know if they are bring up charges, if if not…why not? I wonder who I may send a letter to regarding this inquiry??

  54. No problem, they just all have to PAY IT BACK.

    With INTEREST.

  55. LunaDawgie says:

    As of Oct 3, AIG has already used up $61 billion of the $70 billion loan from the government.

    http://www.nytimes.com/2008/10/04/business/04insure.html

  56. benjimandodd says:

    We need to get rid of these damn severance packages for executives. Or cut them like crazy. Maybe then they would think twice about making stupid decisions that hurt the company/public. I mean if I was them and stood to make millions even if I screwed everything up, why the hell would I care?

    All of these executives deserve to be fired. Or whoever planned this trip. That is just wrong. They have a job to do, not sit in a spa all day and get paid for it.

  57. leoeris says:

    Where did I put that piano wire?

  58. IssaGoodDay says:

    And this while my wife and I – both full time students – can’t afford to get her potentially life-threatening illness taken care of, or even diagnosed, due to poor insurance coverage and low-income.

    WHAT THE FCUK!!!???

  59. ironchef says:

    there will be blood after I drink their milkshake.

  60. BoomerFive says:

    Interesting, I commented right after the bailout became official that I was waiting for the first story like this. There will be MANY more, believe me.

  61. GreshamDampie says:

    Come on, it was a tough time for them and they needed to take a break and relax. It can be very nerve wracking to be caught screwing up the entire country and causing the the largest insurance company in the world to fail.

  62. zibby says:

    Apparently they had The Strength To Be There. In California.

  63. MisterE says:

    This just confirms my thoughts that big business continues to pay off politicians while the rest of the country goes to hell. Nobody is going to do anything because the politicians have already been paid!

  64. SteKos says:

    Since we own 90% of AIG, can’t we have them fired? This should be a clear-cut case. Get a list of who went, show them the door. No severance, no unemployement, you’re fired, get out.

  65. CarloMagooin says:

    This is quite possibly one of the most disgusting things that I’ve ever seen in the world of business. I’m not surprised that they mismanaged the money, but I doubted that they’d do it so blatently. Between this and the arbitrary amount of money that the bailout gave out, I think that the only solution is a revolution (hey, that rhymed! uh… oops). Well… maybe not a solution, but certainly some sort of systemic change such as an increase in business regulation.

    But stuff like this is what makes me sick about this country, even after having lived in it all my life. I feel betrayed. When I was a kid, I was damned proud of our country, and its supposéd freedoms. But we, the People, would rather swallow a bucket of Kentucky fried LIES than eat the eggplant of JUSTICE! Er… or something like that. But the actual point is this: this isn’t the country I was sold. I want my money back.

  66. frodo_35 says:

    Jail wont happen. When you rig the game and get the laws changed so you can do the things that lead up to this crap its not against the law so no jail. I still beleive in the republic we have and I am ashamed I did’nt take the time to understand the fucking I allowed our ELECTED officials to foist upon us. I vow to try to be more involved with the small addons and confusing parts of further new laws.Or if an open revolt happens I know who I will go looking for. Only the people can fix this one way or another.

  67. sissybell says:

    My husband has worked for AIG for the past 10 years. In that time he has lost his office, and works from our house. I know most people beleive all employees from AIG are just like these no count greedy executives. But, let me tell you they aren’t. Like I said my husband works from our house. Leaves most morning at around 7:15am and doesn’t return home till 9:30 or 10:00 at night. This is 5 days a week and sometimes on Saturday. I should really he works from his truck and his cell phone. Since the company closed their office. His cell phone bills are outrageous and we receive no help with this. With gas prices the way they are it is most difficult. But he doesn’t complain. His customers like to see an agent, most don’t like to mail their payments in. We don’t even get a vacation, because his book has to be collected and death claims are personally serviced by him as well as health claims that need to be filled every week. My husband loves his job, he feels he does a wonderful service for his customers and goes above and beyond what most agents do. Unfortuntly, on the news all people see are these greedy executives and not the work force of the company. The field force is what drives this company and does the work. NOT THOSE GREEDY PEOPLE WHO HAVE NEVER WORKED LIKE MY HUSBSAND DOES. The sad thing is he gets no recognition for the job he does. Our sons and I are very proud of my husband. Just realize there are honest workers in AIG.

  68. sissybell says:

    I am an employee of American General Life & Accident Company. I work as an Agent, selling and mostly collecting life and health insurance premiums. This makes me so MAD!!!. I’ve worked for American General (AIG) for over 10 years, last November, they decided to close our local office, I didn’t lose my job, but was left with no office for my customers to come in and pay their insurance. After several Agents quit the company due to a poor pay contract, I was offered and took a service agent position. I collect and deposit over $2500.00 every day while also making sales. I have stayed with American General due to the fact that their policies I believe to be of more value to my existing and future customers. I thought it was a slap in the face that after working several additional accounts for over two months without extra compensation, they would close the office which they paid less than $600.00 a month for. With the new contract that finally took effect, i am making above average money, but the work load is doubled. When I heard on the news of the chiefs taking their BIG vacation after being bailed out, I thought to myself, I wish I could even take my family on a vacation for a weekend. The executives of AIG should walk a week in my shoes, and remember what WORK IS!!!. Someone needs to bring these idiots before a congressional hearing and let them explain to employees and the country how they can DESTROY a good company with their STUPIDITY. While average workers of AIG are sincere in their efforts of taking care of customers needs, this bunch of Greedy Bastards are lining their pockets while the company suffers. I get paid according to my performance, I wish the executives of this company were forced to play by the same rules that AIG’s employees had to. I am proud of the years of service that I have provided to my customers, they have helped my family make a good living. I just wish the executives of this company would have their feet put to the fire for their TOTAL INCOMPENTANCE!!!!

  69. narq says:

    Guess this gives people a really good reason to cheat on their taxes. Everyone who got bailed out should go to federal prison for 20 years. We all paid for a bunch of idiots who put us in this crisis to go on vacation. So they not only screw sub-prime mortgage holders, but they screw the rest of us tax payers as well. Thanks government, for not doing your job… again.

  70. TerpBE says:

    I hope the housekeeping and room service staff decide to have some fun with their toothbrushes and meals.

  71. El_Fez says:

    Well, that seems reasonable to me. I’ll bet they have a very hard, stressful job and need to relax.

  72. zibby says:

    This is awesome. We need to get a mob going! I actually have a pitchfork somewheres, so I’m bringing that. Rakes and brooms are not acceptable. Those of you who don’t have torches to pump up and down will be required to hoot and holler in unison with those who do.

    See you on the village green.

  73. vildechaia says:

    I am surprised that someone from the Department of Justice hasn’t chimed in yet. What are we paying THEM for?! Someone’s not doing their job.

  74. ELC says:

    Thanks CONGRESS. They are WAY MORE AT FAULT than this current administration. Most of them have been there much longer than the current administration and Congress is usually to blame (or thank if that’s ever the case) for things of this magnitude.

  75. hhole says:

    I normally don’t advocate vigilante justice but I’m willing to make an exception today. Any chance some folks out there could find out who the actual AIG assclown attendees were, break into their bank accounts and take that 440k back?

    Or at least post their phone numbers so we can make them spend their golden parachutes on cell phone bills?

  76. jfarnsy says:

    This has all the appearances of being a slap in the face. However, in reality, arrangements and deposits for such large-scale events are most likely made as much as a year in advance. They were probably contractually obligated to follow through with payment whether they went or not – slight consolation, I realize but something that might be a factor.

  77. econobiker says:

    Remember that in regards to business dealings:

    What is legal is not always (business) ethical.

    And what is (business) ethical is not always (humanity) moral.

    And what is moral is not always legal.

    I say that because these folks operate(d) in a moral vacuum usually with capitalism driving all decisions and looking out for ones self as the top plate. That said I bet most of these exec’s didn’t have a clue about the risks their underlings were taking because the execs couldn’t understand the concepts behind the trades, etc. Kind of like the rogue trader who brought down Barings bank in the 1990’s or the French Societe Generale trader who cost billions except the AIG guys were sanctioned by the company…

  78. Haltingpoint says:

    So everybody has been ranting about this, but what steps can the average Joe actually take to DO something about this? My tax dollars paid for this and I’m not OK with it. I want to do something to help start proceedings against these assholes but I’m not sure what options I have at this point.

    There’s nothing gained from whining about it, lets discuss what we can actually DO.

  79. grumpygirl says:

    Not only was it my tax dollars that helped pay for this, some of the administration fees that my employer and I pay for my 403(b) went to this, too. Like nonprofit community mental health clinics and their employees have money lying around for this garbage…

  80. GoVegan says:

    Yes, our Congress can sit there and point there fingers at AIG in shame but this is nothing new. Our country is over 10 trillion in debt but I can bet that our political representatives themselves are not eating at Taco Bell to save money. I think we should demand fiscal responsibility from our government as well as the companies that they take over. Now Pelosi is talking about more tax rebates to “stimulate” the economy. Can we really afford to do this again? What AIG did is despicable but there are plenty of people in that boat!

  81. Anonymous says:

    I agree with most of these comments,These guys shouldhave to pay this money back Get fired, serve Prison time,cut out the bonus of all the ceo who are taking any bailout money. bonus is for job well done ,not for a sh*ty job .or running the company in the ground.send these a** H** s to the frikken poor house,like they did the company Make these guys suffer.dam it.