Replies

[Tim]

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.

[Tim]

How about the clowns in Detroit EACH flying to Washington in a PRIVATE JET to ask for a handout????

"Under scornful questioning by members of the House Financial Services Committee, the CEOs admitted that -- at a time when the whole economy is sinking and millions of workers are unemployment -- when they came to Washington to beg for $25 billion in emergency loans, each of them traveled on a private plane.

"There's a delicious irony in seeing private luxury jets flying in to Washington, D.C., and people coming off of them with tin cups in their hands saying that they're going to be trimming down and streamlining their businesses," said Rep. Gary Ackerman, N.Y. "There's a message there."

"I mean, couldn't you all have downgraded to first class or jet pooled or something to get here?" he continued. "It could have at least sent a message that you do get it."

The criticism from Ackerman and other lawmakers -- who travel back to their districts on commercial airlines -- highlighted why the auto executives' request for emergency money remains stuck on the runway. Many members of Congress worry that Detroit has not changed its big-spending, gas-guzzling habits, and that company executives will be back in a few months asking for billions of dollars more to stay afloat.

"My fear is you're going to take this money and continue the same stupid decisions you've made for 25 years," said Rep. Michael Capuano, D-Mass., who noted the U.S. automakers fought him and other lawmakers for years over tougher fuel-efficiency rules that passed in 2007.

All three companies said they require their chief executives to fly on private planes for security reasons. GM and Ford have corporate jets. Chrysler does not, but uses leased or chartered planes.

A round-trip, nonstop commercial flight from Detroit to Washington costs about $400 for a coach seat and $800 for first class. Bill de Decker, president of Conklin & de Decker, an aviation information company, projected that the cost of operating a corporate jet, such as the widely used Gulfstream 5, is about $3,850 per hour, mostly for jet fuel but also crew expenses, airport fees and other expenses. So the round trip would come to about $15,000."

One wonders if they even realized what a stupid mistake this was. Security reasons? What are they, presidents of countries? I wouldn't give them a dime.