I knew the bailout was a bad idea.

[kevyn]

So, we the people lent AIG $85 billion dollars to keep it from going under.

What did they do with the money?

Just days after the bailout, AIG sent its top executives to a retreat at a swanky spa.

The cost to you and me?

$440,000.

That's right, they spent almost half-a-million dollars at a spa.

Good gods. Is there no end to this greed?

(Source: AP)

Comments

[atldaddybear.livejournal.com]

No. No, there's not.

[kevynjacobs.livejournal.com]

Time to pull the plug on this economy.

It's gonna suck, it's gonna hurt a lot of small people, but it's like setting a broken bone. A sharp burst of pain now, and then the healing can begin.

[detailbear.livejournal.com]

Just to be fair, the retreat was for top sales reps as a reward for their sales figures. Salespeople are motivated by perks like these, and AIG will need their remaining salespeople to help them dig out of the hole they're in. The event had been planned a long time before, and cancelling with 4 days notice would have not reduced the expense by much (no refunds on those booked room, banquet preparations, etc.)

Whether the retreat should have been planned when the company was in trouble is the debatable point. Spending .007% of net income on sales rep perks isn't a bad business decision, really. Whether loaning $85 million to a company with $6.2 billion (2007) in net incom is a wise government decision is more to the point.

I'd be more angry at the lack of Executive Pay caps, or the legality of selling short, or the lack of teeth for the SEC, or the legality of banks re-selling mortgages, or the gutting of the regulatory budgets.

[seespikerun.livejournal.com]

your interpretation of this situation is totally incorrect and here is why: if those execs had not had the time to relax and unwind then they wouldn't have had the presence of mind to make such great choices for their stockholders.... wait a minute, nevermind. Fuck em.