Hogs at AIG
 

These people must be from another planet. How could they be so out of touch?It's outrageous. Such a sense of entitlement. Speaking of which, I wonder how many of these executives have supported more traditional government entitlement programs, you know, the ones intended to help the poor and disadvantaged.

IT's bad, but not as bad as executives pocketing the money for themselves. At least the money got put back in the local economy. (Just lookin' for the bright side in this whole mess)

My heart weeps for the unfair income tax rates they have to pay.

Lets not forget to include the price of useing the company jet to fly around. At least they stayed within the US (California)

dculkin, in the interest of honest journalism, do you consider an $85B 2 year balloon note at 11% interest a bailout? Would there be a better term, that would more accurately describe the transaction, that didn't reflect your opinion?

Also, did you keep up with the asset sale AIG effected Thursday and Friday of last week?

Not surprising... This "bail out" isn't going to help anything other than lining already lined pockets......

I stand corrected. They're still a bunch of hogs. ;)I am not up to speed on that. I'm just running my mouth.

Yah, I agree, and also realize upon review that you didn't use the word 'bailout' but backwards progress or whatever did;)

They are, (upon information and belief), going to use their very quick sale to pay down some of the debt in an attempt to renegotiate the loan.

Loan:cool:

He's no journalist, just a poster. I'm really hesitant to start counting on that interest. I'm also somewhat expectant that if they don't pay back in the 2 year time frame, a renegotiation is probably what will happen. It's pure speculation, but we do have some bailout type precedents set.


No, what happened? Any executive perks sold, like the jet?

Selling expensive tangible assets in this market would be interesting.

Did the AIG spenders of the $500,000 justify why they found it necessary to spend that much money in matters unrelated to their business?

Conmen usually celebrate after a big heist

I stated in an earlier post these white-collar criminal bloodsuckers would turn this to their advantage,just look at the embarrassing testimony of Fuld,one of the biggest crooks around.

While we have not yet reached the point where we should march them into the cellars of the Lubyanka and give them a .9mm hemmorhage there should be penalties in place for this heinous betrayal of public trust.

It would be nice if after they received $700B from the taxpayer, they sort of toned it down, lest we get the unfortunate idea that there exists some sort of relationship between the whores in Washington and the pimps on Wall Street.

The pimps and whores conspiracy theory.

they should go to jail. debters prison.

You can put lipstick on an AIG exec and give him a $400K party but he's still just a pig.

I wouldn't insult a pig like that they are very intelligent beings.

By last call all AIG execs look good . . .

If they are hogs, all AIG execs TASTE good too!

It turns out it was all a huge misunderstanding: It was really a BUSINESS conference! Of course!

B

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AIG says lavish event was mischaracterized
Wed Oct 8, 2008 4:40pm EDT

NEW YORK (Reuters) - American International Group Inc (AIG.N: Quote, Profile, Research, Stock Buzz), a day after being criticized for a lavish event held just days after the insurer got an $85 billion government rescue loan, shot back on Wednesday saying the event was for independent life insurance agents, not its employees.

AIG drew fire at a congressional hearing on Tuesday for spending $200,000 on hotel rooms and $23,000 on spa services at an event lawmakers characterized as an executive retreat.

As lawmakers grilled former top executives, Rep. Elijah Cummings, a Maryland Democrat, said: "They were getting facials, manicures and massages, while the American people were footing the bill."

On Wednesday, AIG said the "business event," hosted by one of its subsidiaries, was for independent life insurance agents. It said the event was planned "months before" it received the loan last month, and no AIG executives from headquarters attended.

AIG's effort to correct the record on the event came after White House spokeswoman Dana Perino had added on Wednesday to criticism of the event.

"I understand why the American people would be outraged," she said at a White House briefing.

President George W. Bush did not intend to benefit industry titans when he approved the bailout of AIG and a wider $700 billion Wall Street rescue package, she said.

"Rewarding failure is something we have a very hard time swallowing," Perino added.

AIG said current Chief Executive Edward Liddy had written a letter to Treasury Secretary Henry Paulson to clarify the circumstances of the business event.

The company said Liddy assured Paulson that AIG now faces very different challenges, saying: "(W)e owe our employees and the American public new standards and approaches," and that the company is "re-evaluating the costs of all aspects of our operations..."

AIG said 10 employees from its subsidiary, AIG American General, attended the 100-guest event.

(Reporting by Jonathan Spicer, with additional reporting by Andy Sullivan in Washington; Editing by Tim Dobbyn)

well shoot, that makes it okay then.

Somebody git rope.

B

It is a misunderstanding...on how non-mutual insurance companies work: If AIG is no longer has IIA to peddle their wares, and they go to another product who coddles them more, the .gov will never get paid back.

Excellent reason for .gov to regulate, not own businesses.

Interesting slide show:
http://articles.moneycentral.msn.com/Investing/CompanyFocus/as-banks-broke-down-ceos-cashed-in-slide-show.aspx?GT1=33002

Did he actually say this with a straight face? Impressive.

Might be the reason he gets the big bucks. Ever consider that? ;)