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View Full Version : This is ridiculous!!!!!!!!!!!

Horserider
10-12-2008, 12:53 PM
Sorry about the shouting in this title, but I believe this story deserves it.

http://ap.google.com/article/ALeqM5iCBEplezRU4MUlI3wKRd0IZ9GCgQD93M2CP00

Days after it got a federal bailout, American International Group Inc. spent $440,000 on a posh California retreat for its executives, complete with spa treatments, banquets and golf outings, according to lawmakers investigating the company's meltdown.



That explains why all the companies are in trouble. They spend their money on stupid and outlandish things and they don't even NEED!!!!!!!!!!!!!!!!!!!!!!!!!!! No wonder this country's in trouble. They don't deserve any more money.
WashingtonBay
10-12-2008, 12:58 PM
Fabulous. So can we stop payment on the check?
Harleys Owner
10-12-2008, 01:07 PM
Fabulous. So can we stop payment on the check?

It would be nice if we could:)
grandmadeb
10-12-2008, 04:50 PM
Even worse, they had another outing planned but have cancelled it.
vicklynn
10-12-2008, 04:53 PM
Hope they cancelled cause they knew it was wrong.
cheval
10-12-2008, 04:54 PM
:eek:

I just have no words to say....
grandmadeb
10-12-2008, 05:07 PM
They cancelled it because they got caught!!! I don't, for one minute, think they care about those of us who are saving their @ss. I guess they feel right is whatever they can get away with. Really disgusting and it is just one example of the corporate greed that has gotten us where we are today.
Sundays Man
10-12-2008, 07:06 PM
With all of the stress of being a big financial upper echelon type person these days, who's to say they didn't NEED a spa and a good massage. However, I think they should be getting their massges from Bubba at SingSing.
Remali
10-13-2008, 02:00 PM
Bubba at SingSing to be sure....that is where they should all be. lol!
Aina
10-13-2008, 03:50 PM
Actually the story got it wrong.
You have to know a little backstory.
AIG has two parts, one is housing and loans, which bombed. The other part is insurance. That part is doing pretty well and is profitable, just not enough to bail out the housing and loans part.
The retreat was basically the top execs wineing and dining the top *independent* insurance agents. So basically they were rewarding those who had been profitable. These retreats are part of AIG's incentive program for their insurance agents.
grandmadeb
10-13-2008, 04:23 PM
I'm sure they earned a salary and selling insurance is what they are supposed to do so why the big half million dollar reward when so many others are losing everything they have. Something less extravagant is called for in these times.
Aina
10-13-2008, 05:24 PM
These insurance agents are the best in the field. They are the ones bringing in the big bucks, usually on commission.
So, what happens is they cancel it. The agents get mad and go to a different insurance agency, there are plenty who would want the best of the best. Then AIG no longer has them to bring in the big bucks and are even more in the toilet than they had been. How does that help those who are losing everything? It doesn't. It hurts them.
Horserider
10-14-2008, 01:47 PM
Actually the story got it wrong.
You have to know a little backstory.
AIG has two parts, one is housing and loans, which bombed. The other part is insurance. That part is doing pretty well and is profitable, just not enough to bail out the housing and loans part.
The retreat was basically the top execs wineing and dining the top *independent* insurance agents. So basically they were rewarding those who had been profitable. These retreats are part of AIG's incentive program for their insurance agents.

So they didn't have enough money to bail out the other half of the company, but that didn't stop them from spending $440k on a nice comfy retreat for their execs? What you say may be true, but it's still not right and it's sick.
Aina
10-14-2008, 03:36 PM
Unfortunately economics don't work on *should be* and what we would *like* to happen. If it did we wouldn't be in this mess in the first place. Those who really understand what is going on in the business world think the thing about AIG is ridiculous because of the attention it is getting. It isn't how the media portray it at all.