Hogs at AIG - PeachParts Mercedes-Benz Forum

Honus · #1 10-07-2008, 02:43 PM

These people must be from another planet. How could they be so out of touch?

Quote:

AIG executives went on luxurious retreat one week after receiving $85 billion bailout.»

Today, the House Oversight Committee discovered that, just one week after the federal government bailed out insurance giant AIG, company executives went on a retreat to a luxury resort. The executives spent nearly $500,000 on manicures, facials, pedicures, and massages, among other things. During a hearing today, Rep. Elijah Cummings (D-MD) asked, “Have you heard of anything more outrageous?”:

CUMMINGS: "Let me describe for some of you the charges that the shareholders, taxpayers, had to pay. AIG spent $200,000 dollars for hotel rooms. Almost $150,000 for catered banquets. AIG spent $23,000 at the hotel spa and another $1,400 at the salon. They were getting manicures, facials, pedicures and massages while American people were footing the bill. And they spent another $10,000 dollars for I don’t know what this is, leisure dining. Bars?"

The Gavel has more details of the total bill, including a copy of the invoice documenting AIG’s luxurious retreat.

http://thinkprogress.org/2008/10/07/aig-luxury-retreat/

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.

raymr · #2 10-07-2008, 02:51 PM

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)

tankdriver · #3 10-07-2008, 03:00 PM

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

Fulcrum525 · #4 10-07-2008, 03:01 PM

Quote:

Originally Posted by raymr

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)

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

John Doe · #5 10-07-2008, 03:01 PM

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?

AdvisorGuy · #6 10-07-2008, 03:03 PM

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

Honus · #7 10-07-2008, 03:36 PM

Quote:

Originally Posted by John Doe

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?

I stand corrected. They're still a bunch of hogs.

Quote:

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

I am not up to speed on that. I'm just running my mouth.

John Doe · #8 10-07-2008, 04:14 PM

Quote:

Originally Posted by dculkin

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

tankdriver · #9 10-07-2008, 05:14 PM

Quote:

Originally Posted by John Doe

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?

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.

Quote:

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

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

Botnst · #10 10-07-2008, 06:19 PM

Selling expensive tangible assets in this market would be interesting.

diametricalbenz · #11 10-08-2008, 12:49 AM

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?

RichC · #12 10-08-2008, 04:40 AM

Conmen usually celebrate after a big heist

Carleton Hughes · #13 10-08-2008, 06:13 AM

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.

Botnst · #14 10-08-2008, 06:53 AM

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.

RichC · #15 10-08-2008, 07:08 AM

The pimps and whores conspiracy theory.