10/7 AIG Executives Scandal $500K Spa Resort Vacation Party

http://TimothySykesExposed.com/bailout

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October 7, 2008
Insurance Hearings
Lynn Turner (ex SEC chief accountant)
Eric Dinallo - NY Regulator
Cummings (D-MD)

10/7 AIG Executives Scandal $500K Spa Resort Vacation Party after Bailout!

WASHINGTON (AP) — 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.

AIG sent its executives to the coastal St. Regis resort south of Los Angeles even as the company tapped into an $85 billion loan from the government it needed to stave off bankruptcy. The resort tab included $23,380 worth of spa treatments for AIG employees, according to invoices the resort turned over to the House Oversight and Government Reform Committee.

The retreat didn't include anyone from the financial products division that nearly drove AIG under, but lawmakers still were enraged over thousands of dollars spent on outing for executives of AIG's main U.S. life insurance subsidiary.

"Average Americans are suffering economically. They're losing their jobs, their homes and their health insurance," the committee's chairman, Rep. Henry Waxman, D-Calif., scolded the company during a lengthy opening statement at a hearing Tuesday. "Yet less than one week after the taxpayers rescued AIG, company executives could be found wining and dining at one of the most exclusive resorts in the nation."

Former AIG CEO Robert Willumstad, who lost his job a day after the Federal Reserve put up the $85 billion on Sept. 16, said he was not familiar with the conference and would not have gone along with it.

"It seems very inappropriate," Willumstad said in response to questioning from Rep. Elijah Cummings, D-Md.

"Those executives should be fired," Democratic presidential candidate Sen. Barack Obama said at a debate with Sen. John McCain on ...

Category:

News & Politics

Tags:

• aig
• america
• bailout
• crash
• enron
• executives
• market
• october
• party
• resport
• scandal
• spa
• stock
• street
• vacation
• wall

[Aniljrao]

This turns the stomach...

[ficote72]

I think it is evident Cummings should be reduced to handle the carts to the people entering Walmart after voting in favor of the bailout with 90% of Baltimore calling him to vote against it.

[mikemamzic]

@ficote72 The bailout was a tough pill to swallow for all of us. At first I was pissed, but after doing more research and seeing the movie Too Big to Fail I have reversed my position. The bailout prevented something much worse than the great depression and that is a fact. The question is when will we stop propping up bad companies? If you wanted to take your medicine and let the banks fail and wait out the pain that is a valid position, but it would have been real ugly

[Dovenpeis]

The problem isn’t the bailouts of strategic companies as they are a vital part of the economy. Simply letting them all fail at once will cause a tremendous chain reaction, which have the potential of destroying the entire economy. As such the bailouts are a common good when the market economy itself has failed. However, the problem is the lack of consequences for the private capital. As these companies in reality are bankrupt, a bailout should induce a transfer of ownership to the public.

[Kryptonian250]

Greed. They should have been let to fail.

[MagesOfDeath]

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[lakeweeds]

thanks for posting that video

[PETEVN]

THIS COUNTRY'S GOVERNMENT SUCKS COCK!!!!!!!!!!!!!

[josgvis]

To learn more about A.I.G. read this article from 08 December 2006 by Stephen Calkins: Hank Greenburg AIG and the Global Crime Syndicate.

[bryannniiizurietaTV]

ooooh okay so whenever I'm feeeling like leaving my job I'll take a 500k loan and go have blast.... -_-

Can someone PLEASE shoot these fuks.

[PHOTOSTIX]

I hope they at least remembered to bring their PHOTOSTIX® Postcard Backs on their vacations!