Now THIS pxxxes me off |
Now THIS pxxxes me off |
Oct 10 2008, 03:59 AM
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Really Comfortable Group: Members Posts: 1,829 Joined: 11-January 07 From: Kobe, Japan Member No.: 18 |
AIG cancels planned events amid rebukes for hosting $440,000 function
American International Group Inc. said Thursday that it would cancel most of its planned events after lawmakers castigated the insurer for hosting a $440,000 function at a resort while benefiting from an $85-billion government bailout. The cancellations include an event that was scheduled for next week at the Ritz-Carlton in Northern California's Half Moon Bay. The gathering that drew the rebukes was held last month at the St. Regis Resort in Dana Point. About 100 independent insurance agents who sell coverage for New York-based AIG attended, spending $23,000 on spa services, among other things. Read more here - http://www.latimes.com/business/la-fi-aig1...0,2353290.story Anyone wonder why we're in the crapper? These clowns almost go under, taxpayers who are losing jobs and homes bail them out - and they're off to a laa-dee-dah spa fxxxing resort??? Obviously nearly going out of business BY THEIR OWN HAND did nothing to change their way of thinking. Jerks. A couple of nice quotes from the article - "This kind of behavior is an insult to taxpayers," the Montana Democrat wrote in a letter to Fed Chairman Ben S. Bernanke. Baucus asked for a response by Oct. 23. "I cannot fathom how in the same day -- the very same day -- that AIG asked the government for another $37.8-billion loan, the company would even consider moving forward with plans to host another large conference at another luxury resort," said Rep. Elijah E. Cummings, a Maryland Democrat. THEN, skipping another chance to learn they're idiots, they want to ADVERTISE EXPENSIVELY about their screw up. A nice repsonse - "To spend the taxpayer's money on an expensive ad campaign to apologize for how you used taxpayer money leaves you open to further attacks," Sard wrote in an e-mail Wednesday to Ashooh. It just stuns me to think how stupid people who are supposed to be smart have been. |
Nov 25 2008, 02:02 PM
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Spends WAY too much time at CBTL Group: Members Posts: 3,237 Joined: 8-December 06 From: MC Member No.: 3 |
Salaries and bonuses are not the same as wages and benefits.
The issue is not what people make, it is how the revenue and profits have been managed. The difference between genius and stupidity is that there are limits to genius. Albert Einstein
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Nov 25 2008, 02:15 PM
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Spends WAY too much time at CBTL Group: Admin Posts: 16,426 Joined: 8-December 06 From: Michigan City, IN Member No.: 2 |
Salaries and bonuses are not the same as wages and benefits. The issue is not what people make, it is how the revenue and profits have been managed. That is a bogus argument that just leads to circular logic. If we are going to raise a stink about what one group makes, then it is a fair comparison to what another group makes. If we are going to look at the benefits one group gets, then it is also fair to look at the benefits of another group. We are reading all over the place about people crying about how much management makes, which in my mind makes the wages of every worker fair to examine to best determine how to return the company to profitability. I don't believe in the politics of class warfare which pit one group against another. Its easy to point blame at one group or another, but in the meantime they have to actually get past the 5 second soundbyte that plays on TV, and figure out how to fix the problems that exist here. The reality is that this cost structure can not be sustained by Detroit in this economy as long as American's aren't buying US cars. Cutting out a $400,000 jet, while a great zinger for a Senator on TV, does do not anything substantive to plug the hole of General Motors who is burning through $2,500,000,000 a quarter right now. That works out to 0.016 percent of the losses for GM in the 3rd quarter. In other words it doesn't solve a damned thing. Look no further than our own backyards and to the collapse of steel in the United States. They had to completely restructure their costs in order to even exist today. They did, and the scare tactics that we were fed about all of the losses that were about to take place, never materialized. Only now with the auto industry in trouble, is the steel industry really in trouble. The auto industry needs to be completely re-invented, and that isn't going to happen with only management being examined. Without real changes you could give them all of the bailout money you wanted, and they will be back in DC again looking to be saved. |
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