AIG Executives Help Themselves To $86,000 Hunting Trip

The AP is reporting that AIG executives aren’t done partying yet — they took an $86,000 hunting trip even as the company was requesting an additional $37.8 billion loan from the Federal Reserve. Meanwhile, New York attorney general Andrew Cuomo has said that as long as the company continues to be propped up by the taxpayer — he has the power under state business law to review and possibly rescind any inappropriate AIG spending.

In a letter to AIG, Cuomo laid down the law:

In the last several months, as AIG was teetering toward bankruptcy, and operating with unreasonably small capital, AIG nevertheless made numerous extraordinary expenditures in the form of executive compensation payments, junkets, and perks for its executives.

For example, in March 2008, ignoring the massive losses AIG was experiencing, the Board awarded its Chief Executive Officer a cash bonus of over $5 million and a golden parachute worth $15 million. Similarly, in February 2008, a top-ranking executive who was largely responsible for AIG’s collapse was terminated, but still permitted by the Board to keep $34 million in bonuses. This same individual apparently continued to receive $1 million a month from the company until recently.

Moreover, even after the taxpayer-funded bailout of AIG, the company paid hundreds of thousands of dollars for luxurious retreats for its executives, including an overseas hunting party and a golf outing. We believe these expenditures and payments, made in the absence of fair consideration, violated New York law, specifically, N.Y. Debtor & Creditor Law fj 274, which deems such payments to be fraudulent conveyances.

AIG has responded to criticism about the hunting trip with “regret.”

“We regret that this event was not canceled,” said a spokesperson.

AIG has borrowed about $123 billion from the Federal Reserve in the past month.

AIG executives spent thousands during hunting trip [AP]
Cuomo’s Letter To AIG (PDF) [NY AG]

Comments

Edit Your Comment

  1. snoop-blog says:

    WTF is wrong with these A-holes? They should make a Conusmerist’s most wanted poster, and put the execs of all the major companies who are part of this mess so we can at least have a face to go along with the hatred.

  2. Caprica Six says:

    AIG has responded to criticism about the hunting trip with “regret.”

    What? Not “taking it seriously?”

  3. ceriphim says:

    Why the hell didn’t we dump the boards like the British just did?

    Taking out the top guy and leaving the rest is like killing one rat and thinking New York is clear.

    • dweebster says:

      @ceriphim: Maybe I’m small minded, but your analogy seems off. Sending off the top rat with a cool $20 million from an organization with “no money” seems like the rat left the ship voluntarily, laughing all the way to the bank.

      There’s a special place in hell for these guys.

  4. aerick79 says:

    I would like to know how can I sell my soul to be a CEO and get ONE MILLION dollars a MONTH

    • snoop-blog says:

      @aerick79: Silly, they don’t sell their souls to become Ceo’s. Ceo’s are just naturally born without souls.

      • heltoupee says:

        @snoop-blog: They don’t sell their own souls, rather, they sell the souls of many, many others.

      • dweebster says:

        @snoop-blog: Or, many of these positions attract a certain type of personality that is willing to sublimate nearly all worthy human impulses in order to relentlessly accumulate “power” and “wealth.”

        Take heed, AIG and the rest of your ilk:

        “For what is a man profited, if he shall gain the whole world, and lose his own soul? or what shall a man give in exchange for his soul?”

    • downwithmonstercable says:

      @aerick79: After being terminated no less!

      Tank a financial powerhouse that’s been around for a century by wasting money away, get fired, and still make a million a month from them. It’s the american dream.

      • katylostherart says:

        @downwithmonstercable: well why not? we let congress do that. serve two terms in the senate and get full pay for life as pension.

        • AngryEddy says:

          @katylostherart: And don’t forget that in congress you get to vote for your own pay raise too…

          • EarlNowak says:

            @AngryEddy:

            Technically, you get to vote on your successor’s pay raise. It’s in the 27th amendment- If congress authorizes a pay raise, it cannot take effect until after the next election.

            • katylostherart says:

              @EarlNowak: but it doesn’t matter? cuz you vote for the pay raise on your first term, run for a second and probably get elected and then you can quit at full pay for life. there aren’t many one-term senators that remain one-term senators or intend to at least. no one should EVER be voting for their own pay raise or the pay of the government body they are a part of. even the president doesn’t do that.

            • dweebster says:

              @EarlNowak: As the majority of them are in “safe districts” gerrymandered to be that way, it’s a pretty safe bet that “daddy’s getting a raise!!!”

              Anyway, whether or not they will be reelected, it’s a pretty stupid disincentive to NOT vote for any proposed raise. Theoretically, your constituency can kick your ass to the curb. But nowadays there’s mostly just interaction with their radio and TV ads, and people are running out of shoes to throw at either.

          • dweebster says:

            @AngryEddy: It’s like that scene in Office Space with the “2 Bobs,” only that the congressfolk and the 2 Bobs are all the same people!

        • dweebster says:

          @katylostherart: …then why don’t the bastards retire instead of doing the “revolving door” thing with lobbying firms and/or media firms? We paid them off, now go sit on a boat somewhere and contemplate your navel instead of causing even more evil.

    • ilovemom says:

      @aerick79: In case you were wondering that’s $50000/day or or $6250/hour or $104/minute (almost as much as the measly $175 I make in a day)

      p.s. that’s $1.70/second. PER SECOND!!! For ruining a company and a world economy.

  5. BoomerFive says:

    This should not surprise anyone. These guys have been riding this gravy train for years and I am sure it will take time for them to get back to the real world. That being said, this was still extraordinarily stupid.

    • Nofsdad says:

      @BoomerFive: Those guys will NEVER “get back to the real world”. They don’t even have an inkling that a REAL world exists. They look upon screwing every human on the planet and the planet itself as some kind of God given right and nothing is ever going to change that.

    • dweebster says:

      @BoomerFive: In the “real world” – if you fuck up this badly you lose your job, house, family and sometimes your life.

      The overwhelming evidence indicates that the players in this financial mess have been and still are living in some alternate universe, where even gravity is for the “little people.”

  6. ludwigk says:

    My friends and I have sort of this “yuppy whitebread” pseudo-tradition of driving down to the farms in Half Moon Bay to pick up pumpkins for Halloween.

    On our way down, we happened to drive by the Ritz Carlton where AIG had planned their NorCal ‘retreat’. The place looked gorgeous. Some day, when I’m a top-performing sales executive for a failing insurance company, being propped up by $120,000,000,000.00 of tax dollars, I hope to spend some quality time there with family!

    • Speak says:

      @ludwigk: Too bad they weren’t there when you drove by. That would have made for an interesting situation, you and your friend going in to shake them down for (your) money.

      By the way, anyone know of any interviews/exposes that have been done on these bank executives? I keep expecting to see an article on how the people who got us into this mess are still living lavishly, but somehow they’ve been able to avoid public scrutiny.

      • econobiker says:

        @Speak:

        “the people who got us into this mess are still living lavishly, but somehow they’ve been able to avoid public scrutiny.”

        Upside is to remember that they are probably overspending like the rest so that we will hear about high level bankruptcies due to not being able to afford the $20,000k mortgage payments, etc….

        Downside is that when they bail out and take losses on their $3million homes or lose their last golden parachute to the US Gov’t, they still can retire as non-working with a middle class lifestyle…

      • ludwigk says:

        @Speak: According to AIG Spokes wank Nick Ashooh, they canceled the event. We drove by the very same weekend of the planned retreat (last Sunday). We should have dropped by for the weekend, and consumed some of their non-refundable deposit.

    • BytheSea says:

      @ludwigk: Please tell me you crashed and stuffed yourselves on caviar and champagne. And then stuffed your purse and dined in luxury all weekend. Or, better yet, made off with a few chafing dishes and fed the homeless.

  7. stang says:

    The Feds are in bed with these a-holes, that’s why there is nothing being done about it.

    If the feds were really serious about the bailouts, the plan should have called for a 50.1% stake in the company as well as a controlling vote on the Board of Directors until such time that the company can re-pay the “bailout loan”.

    In this entire bailout plan I have not seen a single mention of these “loans” being repaid by the companies that are requesting them. If I’ve overlooked it, please post a link to it.

  8. egosub2 says:

    I wonder: if we had the Worst Company in America to do over again, how many of the names would change? 50 percent? 75 percent? I mean, Comcast sucks like a Tijuana donkey show, but they haven’t killed the economy and then handed out money to the hitmen.

  9. squatchie44 says:

    I feel MUCH better about my decision to pay slightly more at GEICO for insurance than stick with AIG a few years back…what a horrible, horrible company.

    • OletheaEurystheus says:

      @squatchie44: I was the opposite. I TRIED to get AIG since I was on AIG on my father plan. They wanted 4,000 dollars a year for ONE driver with a record with 1 speeding incident 4 years back and a suspended license that was over a unknown unpaid parking ticket that I only found out AFTER I got pulled over for it (thank you very much you douche of a governor McGreevey who made it law that a city parking ticket could suspend your license even if there was no evidence the ticket had ever be served or reported to the registered owner in the records)

      GEICO? I started out at 3400 a year for 2 drivers with no relation and within 6 months had it drop to 2800 a year with 2 drivers being married. while the marriage dropped our insurance about 100, they themselves dropped our insurance 500 dollars over the course of 6 months.

      • dweebster says:

        @OletheaEurystheus: “a city parking ticket could suspend your license even if there was no evidence the ticket had ever be served or reported to the registered owner in the records”

        - THAT’s harsh! Someone or the wind can blow away your parking ticket and you lose your license?!?!

    • ChuckECheese says:

      @squatchie44: I had AIG until last week. I moved to another state and AIG was unable to re-underwrite my new contract. Not because of me, but because their customer service appears to be full of fail. After many phone calls and transfers, a CSR told me that they’d have to re-issue my policy doing all the work by mail (no phone or internet service). I have no idea what was going on.

  10. blackmage439 says:

    AIG has officially surpassed WaMu as golden parachute douchebag king of the American financial system. At least WaMu regretted its decision to the point of canceling the parachute.

    Any other corporations want to compete and see how much customer, government, or taxpayer money you can stuff into your CEO’s pockets?

  11. Gopher bond says:

    This is just standard industry practice. What’s everybody getting so upset about?

    • egosub2 says:

      @testsicles:

      Um . . . maybe it’s that the industry is carrying on with standard practices that reward incompetent leadership while the company is staying afloat on the taxpayer’s dime?

    • Nofsdad says:

      @testsicles: You just post that twaddle to stir the crap, right?

      • Blitzgal says:

        @Nofsdad: I think that’s sarcasm. That was their response to the anger over their intention to go through with the Ritz Carlton retreat after news of the St Regis retreat became public knowledge.

    • ColoradoShark says:

      @testsicles: Guys, that was undoubtedly sarcastic.

    • egosub2 says:

      @testsicles:

      You know, there *is* such a thing as too deadpan. Especially in the Internets. A lot of the sarcasm bleeds out as it passes through the series of tubes.

      • Gopher bond says:

        @egosub2: I agree, but in this case, I believe it would only be too deadpan if you hadn’t read the previous post, as “standard industry practice” was their previous excuse. Some people supported that, and they have a point, to a degree, my argument made on that other post was pretty much that if you’re going to borrow billions of dollars from the taxpayers, I want to see a full analysis of ALL your standard industry practices before you continue with them.

  12. savvy999 says:

    What do they hunt in England, that they cannot in the USA?

    Ah, the Irish.

  13. MercuryPDX says:

    You just know that all the companies lined up to take part in the $700 billion bailout are watching this like a hawk to determine just how far can they push it and what penalties (if any) they can expect

    I say Andrew Cuomo needs to apply some swift and rough justice to set an example and send a message to the companies waiting for their handout.

    • MercuryPDX says:

      @MercuryPDX: … that BS like this will not be tolerated, and the penalties will be severe.

    • Feminist Whore says:

      @MercuryPDX: Smartest thing I’ve read all week….

    • Red_Flag says:

      @MercuryPDX: They need to be summarily dismissed. Their assets need to be frozen during the investigation, and the execs should be forced to repay these expenditures from their own personal accounts. Golden parachutes need to be snipped, and a shareholder lawsuit (or in other words, Treasury Dept. vs AIG) should be started.

      And then… we begin the criminal prosecutions.

    • azntg says:

      @MercuryPDX:

      Not just Cuomo laying down the law.

      Definitely not just Cuomo. Everybody in the world has to do it this way.

      If my state’s AG is the only person laying down the law to taxpayer-supported corporations, the companies simply writes a letter to him saying: “F*ck you. We’re moving to a different state and we’ll keep pulling off the same sh*t there. Take that and suck it!”

      If EVERYONE sets the pace, maybe that changes the ballgame (or maybe they decide to go the Halliburton route).

      *sigh*

    • csdiego says:

      @MercuryPDX: I say Andrew Cuomo needs to apply some swift and rough justice

      ideally with a rusty grapefruit spoon to the nether regions.

    • Burgandy says:

      @MercuryPDX: I’m thinking this is the time for one of those “pound me in the a$$ prisons”. Thats why we have them right?

    • dweebster says:

      @MercuryPDX: A little “retreat time” in a “pound me in the ass” prison might be just the prescription. Go, Cuomo, go!!!

  14. crazyasianman says:

    anyone still feel like defending them?

  15. homerjay says:

    I wish I could be shocked and surprised but I think I’m not desensitized to it.

  16. linlu says:

    Why isn’t the board and AIGs executives being prosecuted for being completely negligent in their fiduciary duties? Why hasn’t prosecution of all these clowns been brought up (Mac/Mae/Lehmann/etc)?

    • blackmage439 says:

      @linlu: I haven’t got a clue.

      At least I think Lisa Madigan’s suit in Illinois against Countrywide is still chugging along.

    • Speak says:

      @linlu: I’m pretty sure I read somewhere that some financial companies have filed lawsuits against these banks, claiming they were misled as to the safety of certain investments. I would also guess law firms are currently in the process of gathering unhappy investors for some class-action lawsuits.

    • heltoupee says:

      @linlu: To quote someone far brighter than me, “There are four boxes to be used in the defense of freedom: Soap, Ballot, Jury, and Ammo; Use them in that order.” The first and second have failed, and the third isn’t getting us very far currently…

  17. AD8BC says:

    Torches and pitchforks! Hot tar and feathers! Where is AIGs headquarters? Time to make our voices heard!

    The old-fashioned methods tend to work better than the new legal methods.

  18. "I Like Potatoes" says:

    We “regret” that [you found out] this event was not cancelled.

    • trujunglist says:

      @algal924:

      We regret that this event was not cancelled for a much more extravagant hunting trip once we realized that the US government will give us anything we want.

      • dweebster says:

        @trujunglist: We regret to inform you that you US Taxpayers are being screwed once again by AIG!

        Now, can we please have thirty more billion dollars of play money?

  19. OletheaEurystheus says:

    Heh.

    And I was the one told “I didnt know what I was talking about” when I brought up how as a company, regardless of division you dont just take a 40k trip to the Ritz after asking for 80 billion.

    Just goes to show all of us who where outraged before had ALL the right to be.

    • dweebster says:

      @OletheaEurystheus: Their PR flaks could have found a decent Days Inn somewhere with an available conference room. Even get a free danish and coffee in the morning!

      Listen, these guys have just participated in tanking an insurance giant to the tune of $125 Billion Dollars of our money and counting – and they still have their freeking jobs!!!

      A working stiff at Home Depot loses his job just for showing up 5 minutes late for work. Next time, he’ll know to apply in the financial industry – where apparently there’s no accountability!

  20. landsnark says:

    Since we are all shareholders, how about a shareholders’ lawsuit against the CEO?

  21. razremytuxbuddy says:

    AIG must want that statue of golden poo in the worst way.

  22. Red_Flag says:

    I’m trying to work up the appropriate outrage… but I can’t. I already used it up on their half a million dollar vacation. I need a rage loan. Or a rage bailout, yeah! (I’m looking at you, Bernanke!)

  23. Kaisum says:

    “he has the power under state business law to review and possibly rescind any inappropriate AIG spending.”

    Possibly? Why isn’t this already in the process of being taken away?

  24. MeOhMy says:

    Modern-day Marie Antoinettes. What Andrew Cuomo really needs to do is build a guillotine…

  25. SGriswold says:

    I felt it appropriate to defend the Half Moon Bay trip, as that was NOT an executive retreat, but a celebration for independent agents who had sold ridiculous amounts of personal insurance (and thereby helped keep AIG’s insurance arm profitable).

    However, this is inexcusable. Executives really are out of touch with reality, it seems.

  26. MercuryPDX says:

    How about we take the time to thank Andrew Cuomo for what he’s done so far, and tell him it’s time to take the gloves off:

    [www.oag.state.ny.us]

  27. ohenry says:

    *facepalm*

    I keep trying to think that they’ll get over this whole “doing stupid shit” thing, but they prove me wrong again and again.

    And this time, it looks like it actually was something for the executives, rather than the salesmen.

    Blah. I think we need to get Hulk Hogan in here to give AIG a big boot and a leg drop right about now.

  28. kathyl says:

    Take AIG over, fire all executives even withing whiffing distance of these irresponsible, wasteful, selfish expenditures, hire new, hopefully less idiotic people to run the company, and then leave them to it.

    It’s being propped up with tax money, so Cuomo should go in like the boss he basically is entitled to be now and clean house, not send letters saying that they all might possibly be in a very small amount of trouble.

  29. Feminist Whore says:

    Are these motherfuckers on acid? What in the hell. Shitfuckingmotherfuckinglimpdickedgreasyhairedsonsofwhores

  30. curtisawa says:

    We regret you and your executives are going to be spending some time in jail? Maybe we can start classifying them as economic terrorists. That way we can seize their assets and send them for torture at Gitmo all without due process or charging them with any crimes.

    • Feminist Whore says:

      @curtisawa: Sounds good

    • Rectilinear Propagation says:

      Maybe we can start classifying them as economic terrorists.

      @curtisawa: Makes me think of the chorus in that song “American Terrorist”

      “The more money that they make
      the more money that they make
      the better and better they live
      Whatever they wanna take
      whatever they wanna take
      whatever whatever it is
      The more that you wanna learn
      the more that you try to learn
      the better and better it gets
      American Terrorist”

  31. GrandizerGo says:

    Wow, why do people who are making MILLIONS a YEAR NOT PAYING for their OWN TRIPS and VACATIONS???

    I don’t understand this at all. It is fine for you to be PAID while on Vacation, but to have your vacation costs paid for?
    What a racket.

    No oversight whatsoever.
    And I wish I could say that the Feds after giving them so much should be REQUIRED to freeze all wages, in ALL forms, until the money is returned.
    But you know that won’t happen.
    Maybe something else they should think of is to give PERFORMANCE pay increases / decreases to management. Oh nevermind, that is how they got into this mess in the first place…

  32. thinkliberty says:

    It’s a good thing both McCain and Obama voted for the banking bail out. I feel safe knowing our next president will let these guys get away with anything they want at taxpayers expense.

    I mean how do they expect america to work if these guys can’t run companies in to the ground and get away with it? It’s the american way!

  33. neilb says:

    I see only one correction that seems appropriate for CEO actions like this. Hey, it worked once, right?
    [consumerist.com]

  34. BuddyGuyMontag says:

    Does anyone else chuckle and/or wonder why AIG’s logos are still plastered all over sporting events? AIG has signage at Shea Stadium, Old Yankee Stadium, and currently has signage at Madison Square Garden.

    I know the buys were probably before the season started or perhaps a multi-year deal, but one would think that having their name out there just re-inforces the negative vibe their company has right now.

  35. urban_ninjya says:

    Is it too early for the 09′ golden shit award?

    Or maybe we should give CountryWide’s golden shit award to AIG for taking the cake.

  36. usul356 says:

    What’s most upsetting about this to me is that because of this stupid elaborate spending the smart upset people are gonna stop doing business with them. What about this bailout money then? I mean they obviously had horrible spending practices that got them into trouble financially to begin with so we gave them money. Now no one will (or should) do business with them and our bail out money will just be worthless. Under no circumstances should more bailout money be given to them, let them fail.

  37. Swizzler121 says:

    Hopefully they all accidentally shoot each other.

    I don’t understand why the government stands for this, they should be shut down. Like now. 3 parties, then a hunting trip?! It’s been like a month!

  38. starrion says:

    The only way the AIG execs should go hunting on the taxpayer’s dime is if they bring Dick Cheney

  39. motojen says:

    They “regret” not canceling the trip. Are you kidding me? They should regret an awful lot more than that! Why aren’t these criminal s.o.b.s being put in prison where they belong? They’re stealing from the tax payers and thumbing their noses at us while they do it.

  40. SkokieGuy says:

    Who read Cuomo’s letter? That is the kinda firm hand we need in government.

    If either Prez. candidate really gives a damn about ‘main street’ they would actively seek to prosecute and imprison (not just fine) some of the perpetrators of the AIG and Wall street meltdown.

    One way to restore the public trust is to act on behalf of us.

  41. Verucalise (Est.February2008) says:

    This actually makes me sorta proud to be in NY, for some reason. Kick butt, Cuomo.

  42. Blueskylaw says:

    We regret we got caught, we assure you it will never happen again. (Getting caught that is)

  43. ZukeZuke says:

    Why don’t they treat these crooks to a weekend getaway of free castrations? Cuz they must have cajones the size of basketballs to be pulling this kinda crazy sh*t!

  44. Angryrider says:

    “We regret that this event was not canceled?”
    I regret running your mother with my car, even I shouldn’t have done it, and yet I did.

  45. HarcourtArmstrong says:

    What? They’re taking a hunting trip and they didn’t take Dick Cheney along?

    Shame on them!

  46. maddiesdad says:

    were they hunting as in fox hunting? I thought that was banned in the UK.
    Anyone know?

  47. It's not my baby, baby! says:

    Too bad they didn’t invite Dick Cheney along.

    “Ed, you are by best friend.”

    “Ow! My face! My money maker!”

  48. Trick says:

    Cue the AIG apologists who state this is business as usual, nobody understands and that they need to spend this money to get more customers and money…

  49. mariospants says:

    I want to marry and AG now.

  50. mariospants says:

    Sorry, that should have been “an AG now”. Dammit.

  51. BrianDaBrain says:

    Is this really any surprise? It’s about time somebody started paying attention to the fact that those meat heads are using taxpayer money to have fun instead of get their business back on track.

  52. axiomatic says:

    When do we get to letting regular joe’s become a CEO?

    something tells me that without the luxurious upbringing of most CEO’s, a layman CEO would be more fiscally responsible as they cannot perceive ever wasting that kind of money?

    Oh wait… I forgot, the board is rich too, they would never allow a layman interloper CEO.

    The rich get richer…..

  53. sarahq says:

    It’s becoming even more clear as to how they got themselves into this financial pit in the first place.

  54. CaesarBach says:

    Definatly a #1 or #2 standing for World’s Worst Company next year.

  55. TechnoDestructo says:

    Look, you all don’t understand. This is an essential part of the cost of doing business. The bailout was to keep AIG operating, and in order to operate, the executives need pedicures, to shoot animals that they will not themselves gut, and (presumably) get coke and blowjobs. You simply CANNOT run a major insurance company without these things.

  56. Ninjanice says:

    Someone needs to get Dick Fulded!

  57. atypicalxian says:

    Thank you, thank you, thank you, Andrew Cuomo. Apparently these bozos weren’t shamed enough with all the media attention for their spa weekend.

  58. dweebster says:

    WTF does “A.I.G.” stand for, anyway? “All Involved in Graft”?

  59. cccdude says:

    The sad part is that the decision makers at AIG probably don’t see anything wrong and wonder what all the hub-bub is about. It comes from having an overblown sense of entitlement and living in their own little nirvana where only the “little people” have to worry about costs.

  60. The_IT_Crone says:

    I am just so frustrated by this. The response to the first was “but that’s a normal thing! It’s just business!”

    You know, this kind of bailout is not “normal.” Thus things need to CHANGE, not stay the same. Heck it shouldn’t have been like that in the first place- but that’s coming from a person not “in the know.”

  61. LostAngeles says:

    AIG had a table set up at my school’s career fair this week. I debated asking them for my money back.

    I really, really did.

  62. karvelot says:

    Well, it seems like the winner for the Worst Company in America award for 2009 has already been decided.

  63. sublicon says:

    I hate to say it, but these guys are doing what any other sales organization does, take their rich clients out with the intent of getting a piece of their bank account. This is what people do to get business, it’s just a fact. I know some of this stuff is fishy, but like…they can’t resort to cold calling and dry propositions to gain business, they need to be continuing business as usual.

    With that nearly half a million dollar spa trip they went on the other week, they would ideally rake in business a potentially multi-million dollar client.

    You have to spend money to make money.

    That is all.

    • Gopher bond says:

      @sublicon: “these guys are doing what any other sales organization does”

      Problem is that they are no longer “any other sales organization”, they are now co-owned by 350 million American taxxpayers and as such, are subject to intense public relations scrutiny and need to structure their buiness processes accordingly. Want to spend $1 million on a sales trip. Show me reports, analysis, expected sales, risk management, alternative plans, expected attendance, etc.

  64. FishingCrue says:

    Anyone gonna point out that Andrew Cuomo was the one who got us in this mess in the first place by relaxing sub-prime lending standards under the Clinton Administration? Anyone? Anyone?

  65. u1itn0w2day says:

    What sort of effect have these outings had on insurance premiums over the years.

    Even if this was planned ahead they should be cancelling this stuff.I hope Cumo nails their butt and gives insurance payers a refund.

  66. Meathamper says:

    This is just unbelievable. Just a month ago, they were begging to be saved, and now? They act like nothing ever happened. We shouldn’t have bailed them out, it’s there fault. Let them suffer.

    • Rectilinear Propagation says:

      @michaelleung: I think the government should have known better given that they were actually demanding the money. It isn’t begging when you’re telling someone that they have to do it “or else”.

  67. yorick328 says:

    Hopefully the govt will prosecute these incompetent schemers and maybe get some of the taxpayers’ money back. I waiting for the day the golden parachutes become golden showers for these shameless execs.

  68. lrbreckenripple says:

    What did they hunt, Unicorns?

  69. SatiRamone says:

    this is all so fascinating to read, while my husband and i anxiously wait day by day for when AIG is going to decide to lay him off. yes, they have already said he’ll be laid off, but refuse to say when, or what kind of severance he’ll receive. i’m glad someone is enjoying a hunting trip while thousands of employees career and financial futures hang in the balance.

  70. darkryd says:

    Can we re-do the “Worst Company” brackets?

    I think a special edition “Worst of the financial meltdown” bracket is in order.

    I nominate AIG.