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c&amagn

Just Great, Our hard Earned Tax $$ from the $700billion Bailout

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Just read this from the Star Trib this morning, looks like some AIG Exec's are having some fun on our Bail Out $$ tax dollars all ready???

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."

Former AIG CEO Robert Willumstad, who lost his job a day after the Federal Reserve put up the $85 billion on Sept. 16, said he was not familiar with the conference and would not have gone along with it.

"It seems very inappropriate," Willumstad said in response to questioning from Rep. Elijah Cummings, D-Md.

"Those executives should be fired," Democratic presidential candidate Sen. Barack Obama said at a debate with Sen. John McCain on Tuesday, referring to the retreat participants. Obama also said AIG should give the Treasury $440,000 to cover the costs of the retreat.

But Eric Dinallo, superintendent of the New York State Insurance Department, said he could see the value of such a retreat under the circumstances.

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Just Great, Our hard Earned Tax $$ from the $700billion Bailout

I do not think AIG bail funds are form the $700-$800 billion that was passed last week.

Quote:
Former AIG CEO Robert Willumstad, who lost his job a day after the Federal Reserve put up the $85 billion on Sept. 16, said he was not familiar with the conference and would not have gone along with it.

AIG had it's own little bail out of $85 billion.

All I want to know is where do I get my little taste of the bail out money whistle

Just a Mill, thats all grin

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Don't worry, Pelosi is going to call congress back into session to work on an additional 150 billion dollar bill.

So, when does the revolution start?

LOL

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So, when does the revolution start?

[Note from admin: Please read forum policy before posting again. Thank you.]

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Why would they have to act in a responsible manner? We have already shown...with the bailout...that they can make bad decisions and not have to suffer the consequences.

We provided a bailout to absolve them of their responsibility in the financial mess. There is no more incentive for them to act responsibly, because there are no more consequences for irresponsible actions.

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Woopi! Another 37 billion for AIG even after the $440,000 fun time for the bib guys this government does not have a clue.

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It is not a bail-out free for all, it is a loan at 12% (both totals), backed by valid, good securities. If they default, our government takes over and sells the company to recoup the loan funds.

In theory, this government loan will be paid back with interest and what I heard is if the do not pay it back, the government can get their money back and possibly make money on the deal. That or the Fed makes 12% back on the total loan.

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In theory, this government loan will be paid back with interest and what I heard is if the do not pay it back, the government can get their money back and possibly make money on the deal. That or the Fed makes 12% back on the total loan.

In theory the national debt will be paid back with interest. We are not making any money back on a Chinese loan distributed by Uncle Sam anyway it plays out.

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Rumor has it that AIG had another little junket planned for execs next week. Wonder if that will be happening?

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Just read this from the Star Trib this morning, looks like some AIG Exec's are having some fun on our Bail Out $$ tax dollars all ready???

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."

Former AIG CEO Robert Willumstad, who lost his job a day after the Federal Reserve put up the $85 billion on Sept. 16, said he was not familiar with the conference and would not have gone along with it.

"It seems very inappropriate," Willumstad said in response to questioning from Rep. Elijah Cummings, D-Md.

"Those executives should be fired," Democratic presidential candidate Sen. Barack Obama said at a debate with Sen. John McCain on Tuesday, referring to the retreat participants. Obama also said AIG should give the Treasury $440,000 to cover the costs of the retreat.

But Eric Dinallo, superintendent of the New York State Insurance Department, said he could see the value of such a retreat under the circumstances.

[/quote

And I feel guilty if I have a steak dinner on the expense account when I am out of town on business or training crazy

The way things have been going and the fact they know their bad decisions will be bailed out, I am not surprised at all. I mean what the hey, we will be there to cover their butts when they get in over their heads again. We just proved it.

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And I feel guilty if I have a steak dinner on the expense account when I am out of town on business or training

Ya, I went on a business trip a couple weeks back and pretty much had an open credit card. Funny thing though, I did get some nice hotel rooms (after very long 13 hour days) and ate good, but did not get any suites or dinners over $25.00 (including drinks). I figure it was just not being accustom to that kind of life.

Now for the top executives at AIG. $400,000.00 business retreat out of $100,000,000.00 dollar loan they have to pay back.

I am sure some who are reading this have done the same. It is like a home owner taking a home equity loan out for around $35,000.00-$40,000.00 and using some of those funds to take their family on a small trip, before the home improvements start. It is your money and I am sure not the best thing to do, but good for the familey. You have to pay it back and if you default on the second mortgage, you could loose your home.

AIG has the equity per the Fed...

Maybe it was a much needed break for the top echelons and some lowers at AIG, after months of hard times and thoughts of suicide. This trip could be getting the higher ups (thinkers and movers) at AIG out and back on track for the future. Get them focused.

Now, if it was 2.5 million spent in Vegas, that would be another thing, but still their money or their lose.

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Maybe it was a much needed break for the top echelons and some lowers at AIG, after months of hard times and thoughts of suicide. This trip could be getting the higher ups (thinkers and movers) at AIG out and back on track for the future. Get them focused.

Oh my..........

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Originally Posted By: shackbash

Maybe it was a much needed break for the top echelons and some lowers at AIG, after months of hard times and thoughts of suicide. This trip could be getting the higher ups (thinkers and movers) at AIG out and back on track for the future. Get them focused.

Oh my..........

Just a thought grin

I cannot think of any other reason to do this so close to getting the funds. I tend to think the opposite of what the media is pushing and they are calling it (Obama last night also) a $400,000.00 junket.

I have to think there is something else behind this.

I do not know???

Maybe they are just giving the Fed and the U.S. of A the finger laugh

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Quote:
Keep in mind it's a Dem congress.

Keep in mind it wasn't from 2000-2006.

I'm mearly pointing out that he was saying to take the guns to the Reps for this bailout. It's a Dem congress now that passed the bailout.

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Originally Posted By: LMITOUT

Oh my.......... [/quote']

Just a thought grin

I cannot think of any other reason to do this so close to getting the funds. I tend to think the opposite of what the media is pushing and they are calling it (Obama last night also) a $400,000.00 junket.

I have to think there is something else behind this.

I do not know???

Maybe they are just giving the Fed and the U.S. of A the finger laugh

[/quote

That's what I would run with. Pretty brass of them to spend like that on our dime. They should be fired!!

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Well, I guess CNN has AIG on their top 10 most wanted list for the Wall Street Melt down now.

They did take 100 top's and goods sales people on this high dollar trip. At least it was not like 10 or 15.

I changed my mind, I hate AIG right now! wink

Fire who? The higher ups where involved crazy Obama said we should take the money back last night, but what then?

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I think I know what you are saying shackbass a kind of glass is half full kind of thing. I would hate to think this government is so dumb or corrupt and keep pouring money into something that maybe should be left alone and let it run its course.

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keep pouring money into something

Our Gov. right now I would like to think is watching everything that is going on. If they pour money into AIG and if they default, I would like to believe our government will be able to sell AIG assets and recoup the lost funds. Same as an ordinary house and an every day bank. I know they helped AIG out because of the retirement investments they had a handle on, but I also think our government looks at it like the bank looked at a house 4-5 years ago. If they default, we will get our money back.

That is how this loan is set up and what I heard earlier, their is other companies who will buy AIG assets at enough of a point, where the FED and us tax payers will get our money back.

Call it a learning experience for the Fed. then.

Now, I am a person who should be on the negative side AIG (more than I care to share), but being in the business end of things in companies in the past, I see the light of a retreat.

Some of the companies I have worked for in the past have done these executive retreats. They would plan them during a very big down time to get the mangers back in the game. It may have only been a $10,000.00 or $15,000.00 cost, but after they came back things started to flow again.

Maybe that is what is?????

Maybe not???

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It is that kind of flippant spending that gets them in trouble in the first place. Good Lord we can't have our meetings here on site, we have to get a posh meeting room at a posh hotel and have high end catering. And then they say they don't know what happened when things tank.

News break!!!! I am watching the morning news and it looks like AIG is getting another 37 billion on top of the 85 billion it already got shocked So what are we talking here, 122 billion? You think they may have someone high up in their hip pocket? Geez no wonder they can afford to go on a high dollar retreat.

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Quote:
Originally Posted By: Maximum12Quote:Keep in mind it's a Dem congress.

Keep in mind it wasn't from 2000-2006.

I'm mearly pointing out that he was saying to take the guns to the Reps for this bailout. It's a Dem congress now that passed the bailout.

Sandmann, I think the potential of an Obama win has seriously affected your critical thinking skills! You're seeing Democrats in the woodpile, aren't you? wink

In case you're wondering, or missed it, it was passed by a Democratic Congress at the insistence of a GOP President, rabid GOP Treasury Secretary, with substantial backing from the minority GOP in Congress.

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