Treasury Dept. Books AIG’s Flight To Carnival!
Yeah baby. The last time the US Government gave AIG a wad of cash infusion, this is what happened:
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, Congressional investigators revealed today.
Well, guess what? Yep, after the sterling performance of AIG the last time, the government has decided to give AIG another shot of vacation incentive:
The Federal Reserve will provide as much as $37.8 billion in additional liquidity to American International Group Inc.’s regulated insurance units after rescuing the company with an $85 billion loan last month.
They’ll be flying down to Rio this time baby! It’s Carnival for the AIG!
UPDATE: Just so you know what kind of style these high flying, hard working, AIG Execs are accustomed to, Ari has the lowdown and dirty:
$200,000 for Rooms
$150,000 for Catered Banquets
$7,000 for Golf
$23,380 for Spa Treatments (These are stressful times for AIG executives, they needed facials.)
$1,400 at the Hotel Salon.
Cut these A.I.G. jokers off before they take ALL our money!
Oh, wait…
(And can Democrats start calling for Paulson to be fired, please?)
But, it is just so HARD on those executives to deal with the effects of their actions, you know? They need a way to unwind so they can figure out more ways to get around the rules (or get their money someplace where it is out of reach of the authorities)…
What would Meg Whitman think?
Maybe William Shatner should “negotiate” for the Government, instead of Paulson.
Well, why not? Shatner has become another White Fat Cat with no shame. He’ll fit right in with the Good Ol’ Boys.
Bob in HI
According to Dana Perino, President Bush thought the St. Regis junket “pretty despicable”. How typically Bush, to have stronger words for this waste than torture, doubling of the national debt, disastrous wars, and so many other disasters on his watch.
Man, bmaz, I’ll have to give you hazard pay, what with you having to go look for pictures like that.
Sorry about that. Thanks for taking one for the team.
I think bmaz thought she was “winking” at him. /s
So … there really is a Heaven ….
Is that Katherine Harris?
And she’s winking at the AIG execs? Who knew she could wink?
I’ve often wondered what happened to her.
That is not Katherine Harris; but I wouldn’t mind having my vote caged by whoever she is.
Now don’t be givin’ those Arizona Repugs any ideas! *g*
We just had to put four new tires on our son’s 1987 Mercedes.
We are paying for college.
We are paying for off campus housing.
We won’t be sailing next summer.
We won’t be retiring.
We’ll die working.
Yeah baby.
Good news for you then! Ferraris are now a bargain!
Ishmael, she was winking at me….
Yeah, well I’m winking at you.;)
Do you know what the difference is between a Lehman Bros. bond trader and a pigeon?
The pigeon can still put a deposit down on a Ferrari.
Pigeons never have any liquidity problems.
The pigeon has better credit?
Post updated up top with the lowdown and dirty on AIG style when they go to spa:
In response to bmaz @ 9 – is that with or without the fuel hose attached?
Yeah, yeah, okay. Enzo’s boys are not used to the night…..
AIG says Spa Event mischaracterized
Great catch!
Yeah, that’s really reassuring.
And AIG’s alibi is “It wasn’t our money anyways.”
Heh, that’s still some business event…
They must’ve had power point presentations during their massages and facials…!
They must’ve had power point presentations during their Hookers and Blow…!
Fixed it for you:)
Seriously what was so important that they had to spend that much money when they knew they were going broke?
AIG has known its been trouble for years.
Say…are they hiring? I’d sure like to be ‘incentivized’ by AIG!
these folks should go to jail.
They should be worried if OB gets elected.
AIG’s Corporate “Accountability” line is 877-244-2210
from reddit comment
Business Retreat what ever happened to business meeting with coffee and donuts or...Bagels and Cream Cheese!
These jokers have to get fired you don’t stiff the landlord on the rent and then walk past him holding a case of beer.
Real World consequences are what the business community needs.
what do you have against carnival? *g*
(bows) Konnichiwa, Wobbs
Have you seen this?
An American citizen was interviewed on the street today (must have been near the NYSE) and she said about these CEOs who collect millions/billions, (paraphrasing), “How can they sleep at night? Oh that’s right…on Armani sheets”.
What about this intellectual demolition of Matt Taibbi regarding the root cause of our problems. I thought Matt was supposed to represent opposition to the Bush Administration.
http://www.alternet.org/rights…..age=entire
*saw this on CNBC today
OT
W will veto if he gets sent bill extending unemployment benefits.
http://thinkprogress.org/2008/…..mployment/
I’m not certain that Maurice R. “Hank” Greenberg put the interest of the United States first.
Nero fiddles…
isn’t the Federal government their new boss and doesn’t an 80% stake come with firing authority?
BTW this is how the Fed rather obtusely described the most recent injection of cash:
http://www.federalreserve.gov/…..81008a.htm
Sort of like borrowing a car from a dealer but collateralizing it with cash.
I was wondering who was the insurer of the missing bricks.
I want to see the outrage at the even greater amount — $18 million, as I recall — that AIG CEO Hank Greenburg made when he sold AIG stock after the Fed infusion of cash, which of course raised the price of the stock & thus Greenburg’s proceeds.
Can anyone tell me WHY those who put together this “bail-out” of AIG didn’t demand that executives surrender their stock & stock options before putting in all the taxpayer billions?
Otherwise, effect is $$$$ from taxpayer pockets to crooks’ wallets.