SkinsMaster88 Posted October 9, 2008 Share Posted October 9, 2008 Why am I not surprised at all? :doh: Link to comment Share on other sites More sharing options...
Special K Posted October 9, 2008 Share Posted October 9, 2008 Unbelievable. Absolutely sickening. I'm not sure of the parameters of the bailout, but aren't there some provisions to get this money back? I mean this is ****ing ridiculous! And not right. I have a feeling that this is going to be the continual pattern with this BS. I'm so pissed. All these greedy congressment and wall street CEO need to get put in jail. This country's going down the crapper. I don't think I've ever been more depressed about the direction our country is heading than these last couple weeks. Link to comment Share on other sites More sharing options...
Mickalino Posted October 9, 2008 Share Posted October 9, 2008 Unbelievable. Absolutely sickening. I'm not sure of the parameters of the bailout, but aren't there some provisions to get this money back? I mean this is ****ing ridiculous! And not right. I have a feeling that this is going to be the continual pattern with this BS. I'm so pissed. All these greedy congressment and wall street CEO need to get put in jail. This country's going down the crapper. I don't think I've ever been more depressed about the direction our country is heading than these last couple weeks. This situation calls for, none other than, a MAVERICK to stand up to these corrupt individuals and organizations. Link to comment Share on other sites More sharing options...
ChocolateCitySkin Posted October 9, 2008 Share Posted October 9, 2008 keastman your sig is super awesome. =) Link to comment Share on other sites More sharing options...
frommd Posted October 9, 2008 Share Posted October 9, 2008 Government: "You wasted the money we sent you!! You went to a resort and spent this money on yourselves!!!" <much anger> <later> Government: "As punishment you only get another $38 Billion." Ladies and gentlemen, it's time for a revolution. Link to comment Share on other sites More sharing options...
skinfan133 Posted October 9, 2008 Share Posted October 9, 2008 I can't even describe how furious I am. We need to put these people's head's on pikes. we need to call for new elections and disband congress. now. I'm not even kidding. I've begun to be so fed up with our leadership over the past 3 years. I think I'm developing 10 different ulcers simultaneously. seriously. Link to comment Share on other sites More sharing options...
Mickalino Posted October 9, 2008 Share Posted October 9, 2008 The only solution to this crisis, is that we all apply for high-level jobs at AIG Link to comment Share on other sites More sharing options...
Prosperity Posted October 9, 2008 Share Posted October 9, 2008 http://ph.news.yahoo.com/star/20081009/tph-aig-440-000-party-after-bailout-541dfb4.html WASHINGTON - Days after it got a federal bailout, American International Group Inc. (AIG) 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. ADVERTISEMENT 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 US 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, 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. "Those executives should be fired," Democratic presidential candidate Sen. Barack Obama said at a debate with Sen. John McCain on Tuesday, referring to the retreat participants. Obama also said AIG should give the Treasury $440,000 to cover the costs of the retreat. But Eric Dinallo, superintendent of the New York State Insurance Department, said he could see the value of such a retreat under the circumstances. "Having been at large global companies and knowing what condition AIG was in ... the absolute worst thing that could have happened" would have been for employees and underwriters in its life insurance subsidiary to flee the company. "I do agree there is some profligate spending there, but the concept of bringing all the major employees together ... to ensure that the $85 billion could be as greatly as possible paid back, would have been not a crazy corporate decision," Dinallo told the House committee. The hearing disclosed that AIG executives hid the full range of its risky financial products from auditors as losses mounted, according to documents released by the committee, which is examining the chain of events that forced the government to bail out the conglomerate. The panel sharply criticized AIG's former top executives, who cast blame on each other for the company's financial woes. "You have cost my constituents and the taxpayers of this country $85 billion and run into the ground one of the most respected insurance companies in the history of our country," said Rep. Carolyn Maloney. "You were just gambling billions, possibly trillions of dollars." AIG, crippled by huge losses linked to mortgage defaults, was forced last month to accept the $85-billion government loan that gives the US the right to an 80 percent stake in the company. Waxman unveiled documents showing AIG executives hid the full extent of the firm's risky financial products from auditors, both outside and inside the firm, as losses mounted. For instance, federal regulators at the Office of Thrift Supervision warned in March that "corporate oversight of AIG Financial Products ... lack critical elements of independence." At the same time, PricewaterhouseCoopers confidentially warned the company that the "root cause" of its mounting problems was denying internal overseers in charge of limiting AIG's exposure access to what was going on in its highly leveraged financial products branch. Waxman also released testimony from former AIG auditor Joseph St. Denis, who resigned after being blocked from giving his input on how the firm estimated its liabilities. Three former AIG executives were summoned to appear before the hearing. One of them, Maurice "Hank" Greenberg - who ran AIG for 38 years until 2005 - canceled his appearance citing illness but submitted prepared testimony. In it, he blamed the company's financial woes on his successors, former CEOs Martin Sullivan and Willumstad. "When I left AIG, the company operated in 130 countries and employed approximately 92,000 people," Greenberg said. "Today, the company we built up over almost four decades has been virtually destroyed." Sullivan and Willumstad, in turn, cast much of the blame on accounting rules that forced AIG to take tens of billions of dollars in losses stemming from exposure to toxic mortgage-related securities. Lawmakers also upbraided Sullivan, who ran the firm from 2005 until June of this year, for urging AIG's board of directors to waive pay guidelines to win a $5-million bonus for 2007 - even as the company lost $5 billion in the 4th quarter of that year. Sullivan countered that he was mainly concerned with helping other senior executives. - AP (Philstar News Service, www.philstar.com) ==== scum Link to comment Share on other sites More sharing options...
Special K Posted October 9, 2008 Share Posted October 9, 2008 Probably needs to merge http://www.extremeskins.com/showthread.php?t=264155 Link to comment Share on other sites More sharing options...
Prosperity Posted October 9, 2008 Share Posted October 9, 2008 woops my bad Link to comment Share on other sites More sharing options...
Tulane Skins Fan Posted October 9, 2008 Share Posted October 9, 2008 unreal... i like the idea of having the executives pay the government back though. Link to comment Share on other sites More sharing options...
Prosperity Posted October 9, 2008 Share Posted October 9, 2008 I like the idea of making examples of these profligate ****s Link to comment Share on other sites More sharing options...
Bang Posted October 9, 2008 Share Posted October 9, 2008 Pinochet justice anyone? ~Bang Link to comment Share on other sites More sharing options...
stoshuaj Posted October 9, 2008 Share Posted October 9, 2008 has anyone mentioned that apparently, while they were at their little retreat, they realized that 85 mill may not be enough? http://money.cnn.com/2008/10/08/news/companies/aig/index.htm Link to comment Share on other sites More sharing options...
stoshuaj Posted October 9, 2008 Share Posted October 9, 2008 so what they've decided to do is go "retreating" again....... http://www.bloomberg.com/apps/news?pid=20601087&sid=aVXfypExIZ9M Link to comment Share on other sites More sharing options...
Prosperity Posted October 9, 2008 Share Posted October 9, 2008 ``This sort of gathering has been standard practice in our industry for many years,'' Liddy wrote. ``Let me assure you that we are reevaluating the costs of all aspects of our operations in light of the new circumstances in which we are all operating. and look where that got you, piece of **** I like Bang's idea Up against the mother****ing WALL.~BANG! Link to comment Share on other sites More sharing options...
ECU-ALUM Posted October 9, 2008 Share Posted October 9, 2008 Up against the mother****ing WALL.~BANG! I'm with you Bang! First we the tax-payers (of which I am one!) get to kick each one of these idiots in the groin and then it's time for a 21 gun salute...pointed right at them! Link to comment Share on other sites More sharing options...
stoshuaj Posted October 9, 2008 Share Posted October 9, 2008 now here's a bailout plan you can get behind..... Subject: The Birk Economic Recovery Plan I'm against the $85,000,000,000.00 bailout of AIG. Instead, I'm in favor of giving $85,000,000,000 to America in a We Deserve It Dividend To make the math simple, let's assume there are 200,000,000 bonafide U.S. Citizens 18+. Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up.. So divide 200 million adults 18+ into $85 billion that equals $425,000.00. My plan is to give $425,000 to every person 18+ as a We Deserve It Dividend. Of course, it would NOT be tax free. So let's assume a tax rate of 30%. Every individual 18+ has to pay $127,500.00 in taxes. That sends $25,500,000,000 right back to Uncle Sam. But it means that every adult 18+ has $297,500.00 in their pocket. A husband and wife has $595,000.00. What would you do with $297,500.00 to $595,000.00 in your family? Pay off your mortgage - housing crisis solved. Repay college loans - what a great boost to new grads Put away money for college - it'll be there Save in a bank - create money to loan to entrepreneurs. Buy a new car - create jobs Invest in the market - capital drives growth Pay for your parent's medical insurance - health care improves Enable Deadbeat Dads to come clean - or else Remember this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back. And of course, for those serving in our Armed Forces. If we're going to re-distribute wealth let's really do it...instead of trickling out a puny $1000.00 ( "vote buy" ) economic incentive that is being proposed by one of our candidates for President. If we're going to do an $85 billion bailout, let's bail out every adult U S Citizen 18+! As for AIG - liquidate it. Sell off its parts Let American General go back to being American General. Sell off the real estate. Let the private sector bargain hunters cut it up and clean it up. Here's my rationale. We deserve it and AIG doesn't. Sure it's a crazy idea that can "never work." But can you imagine the Coast-To-Coast Block Party! How do you spell Economic Boom? I trust my fellow adult Americans to know how to use the $85 Billion We Deserve It Dividend more than I do the geniuses at AIG or in Washington DC . And remember, The Birk plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam. Ahhh...I feel so much better getting that off my chest. Kindest personal regards, Birk T. J. Birkenmeier, A Creative Guy & Citizen of the Republic but it does kind of put in perspective what we're giving these douchebags....... Link to comment Share on other sites More sharing options...
HOF44 Posted October 9, 2008 Share Posted October 9, 2008 Bad math, that would be $425.00 per person. Link to comment Share on other sites More sharing options...
China Posted October 16, 2008 Author Share Posted October 16, 2008 AIG Executives Rack Up a Reported $86,000 Tab During Hunting Trip CHARLOTTE, N.C. — First there was the $440,000 American Insurance Group Inc. spent entertaining executives days after receiving an $85 billion lifeline from the Federal Reserve, now it's $86,000 for a hunting trip in England as the faltering company reaped another $37.8 billion in taxpayer funded loans. News of the hunting trip emerged Wednesday as New York Attorney General Andrew Cuomo ordered AIG to do away with golden parachutes for executives, golf outings and parties while taking government money to stay afloat. "Even after the taxpayer-funded bailout of AIG, the company paid hundreds of thousands of dollars for luxurious retreats for its executives, including an overseas hunting party and a golf outing," Cuomo wrote in a letter to the New York-based insurer. He said the spending could be "fraudulent conveyances" under a state law regarding debtors and creditors and noted that beyond those excesses millions were paid to executives who were running AIG as it faced dissolution with government help. Cuomo said he has the power under state business law to review and possibly rescind any inappropriate AIG spending as long as the Federal Reserve is propping up the huge insurer with almost $123 billion in loans announced since Sept. 16. Company officials said the hunting trip in the English countryside was an annual event for customers that had been planned months before the bailout. The company pledged — as it did following the September trip — to do everything possible to end such extravagances. They declined to say which AIG executives attended. "This was an annual event for customers of the AIG property casualty insurance companies in the U.K. and Europe, and planned months before the Federal Reserve Bank of New York's loan to AIG," company spokesman Peter Tulupman said Wednesday morning. In a prepared statement later in the day, the company said, "We will continue to take all measures necessary to ensure that these activities cease immediately. AIG's priority is to continue focusing on actions necessary to repay the Federal Reserve loan and emerge as a vital, ongoing business." The company said last week it would stop "all nonessential conferences, meetings and activities that do not clearly maximize value and service given the current conditions." Click on the link for the full article Link to comment Share on other sites More sharing options...
ECU-ALUM Posted October 16, 2008 Share Posted October 16, 2008 AIG Executives Rack Up a Reported $86,000 Tab During Hunting TripCHARLOTTE, N.C. — First there was the $440,000 American Insurance Group Inc. spent entertaining executives days after receiving an $85 billion lifeline from the Federal Reserve, now it's $86,000 for a hunting trip in England as the faltering company reaped another $37.8 billion in taxpayer funded loans. News of the hunting trip emerged Wednesday as New York Attorney General Andrew Cuomo ordered AIG to do away with golden parachutes for executives, golf outings and parties while taking government money to stay afloat. "Even after the taxpayer-funded bailout of AIG, the company paid hundreds of thousands of dollars for luxurious retreats for its executives, including an overseas hunting party and a golf outing," Cuomo wrote in a letter to the New York-based insurer. He said the spending could be "fraudulent conveyances" under a state law regarding debtors and creditors and noted that beyond those excesses millions were paid to executives who were running AIG as it faced dissolution with government help. Cuomo said he has the power under state business law to review and possibly rescind any inappropriate AIG spending as long as the Federal Reserve is propping up the huge insurer with almost $123 billion in loans announced since Sept. 16. Company officials said the hunting trip in the English countryside was an annual event for customers that had been planned months before the bailout. The company pledged — as it did following the September trip — to do everything possible to end such extravagances. They declined to say which AIG executives attended. "This was an annual event for customers of the AIG property casualty insurance companies in the U.K. and Europe, and planned months before the Federal Reserve Bank of New York's loan to AIG," company spokesman Peter Tulupman said Wednesday morning. In a prepared statement later in the day, the company said, "We will continue to take all measures necessary to ensure that these activities cease immediately. AIG's priority is to continue focusing on actions necessary to repay the Federal Reserve loan and emerge as a vital, ongoing business." The company said last week it would stop "all nonessential conferences, meetings and activities that do not clearly maximize value and service given the current conditions." Click on the link for the full article Get Bang on the phone right now...we need some serious payback ideas! Link to comment Share on other sites More sharing options...
China Posted October 18, 2011 Author Share Posted October 18, 2011 AIG Assembles Managers, Distributors at ‘Ultra Luxury’ Resort American International Group Inc. (AIG), the insurer majority owned by the U.S. after a 2008 bailout, is hosting an event at a California facility that advertises “the amenities of an ultra luxury hotel.” The American General unit assembled about 65 people who distribute its products for a two-and-a-half-day stay this week at the Resort at Pelican Hill in Newport Beach, California, said Larry Mark, a spokesman for AIG’s life insurance division. Nine AIG managers were also sent to the resort to make presentations, Mark said in a e-mail. He declined to say the cost of the event for the insurer. Click on the link for the full article Link to comment Share on other sites More sharing options...
Madison Redskin Posted October 18, 2011 Share Posted October 18, 2011 The good news is this is pretty much par for the course for most large companies. The bad news is this is pretty much par for the course for most large companies. Link to comment Share on other sites More sharing options...
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