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AIG Execs: "We've been bailed out! Let's PARTY!"

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bamacre

Lifer
Jul 1, 2004
21,030
1
61
Originally posted by: BoberFett
Where's LegendKiller and Evan to tell us that bailout was necessary? The economy of swank California resorts could crumble without taxpayer money!
Perhaps they are headed to a California resort?

:p
 

waggy

No Lifer
Dec 14, 2000
68,145
9
81
Originally posted by: Dissipate
Originally posted by: winnar111
I assume they're spending their own money and not company money?
Read the article:

AIG documents obtained by Waxman's investigators show the company paid more than $440,000 for the retreat, including nearly $200,000 for rooms, $150,000 for meals and $23,000 in spa charges.
good thing we gave them what $85 billion? ugh fuck it pisses me off.


lets see. the company is going under. we have to beg for money from teh taxpayers. yet they can't cancel a $400k party? ugh fuck em.
 

dmcowen674

No Lifer
Oct 13, 1999
54,894
46
91
www.alienbabeltech.com
Originally posted by: shocksyde
http://abcnews.go.com/Blotter/story?id=5973452&page=1

Less than a week after the federal government committed $85 billion to bail out AIG, executives of the giant AIG insurance company headed for a week-long retreat at a luxury resort and spa, the St. Regis Resort in Monarch Beach, California

AIG documents obtained by Waxman's investigators show the company paid more than $440,000 for the retreat, including nearly $200,000 for rooms, $150,000 for meals and $23,000 in spa charges.

Waxman also said there is evidence the two men changed the bonus schedule once the company began to post losses, so that executives under the "Senior Partners Plan" would continue to make multi-million dollar salaries.
and the Corporate Apologists in here chastise me for saying I say they should be in Jail.
 

GTKeeper

Golden Member
Apr 14, 2005
1,118
0
0
Originally posted by: jackschmittusa
So, the company was on the brink of bankruptcy, and they failed to implement even common sense cost cutting measures.

Is there a malfeasance/misfeasance clause in any of their contracts where they could be tossed out with no bonuses/golden parachutes?

There should be a shareholder revolt.
This reminds me of a story I read in the book 'From Good to Great'.

It dealt with 2 steel manufacturers. 1 was Nucor (HUGELY successful company) and 1 was Bethlehem Steel ....

When BS started going down the tubes, there was an executive meeting... they wanted to figure out how to limit costs etc.

1 Exec or director said 'Maybe we can sell the company jet'. And he was just laughed at and told to shut up. Anyway, BS went down the tubes and Nucor went from a good to a great company.

BS was also a company that built their new headquarters in the shape of a cross.... you know why? To maximize the number of corner offices for their executives instead of just having a square building. The construction costs alone were like 40% higher because of that..... LOL
 

wwswimming

Banned
Jan 21, 2006
3,702
1
0
Originally posted by: Genx87
"Their getting their pedicures and their manicures and the American people are paying for that," said Cong. Elijah Cummings (D-MD).
Wow simply wow
those suntan machines can be quite relaxing. By reducing their stress, they can help to keep health care costs down, now that they're on the public dole.
 

Craig234

Lifer
May 1, 2006
38,548
345
126
It's always interesting to me how the significant facts - billions wasted, unjustifiied bonuses of $20M, $40M, $200M, have little effect on public opinion, they're 'just numbers'.

But it's the fleshed out anecdote that resonates - in this case, the waste of a million dollars on something that 'sticks' better for a public reaction, images of manicures.

It's a reminder how irrational the whole process is in the public judging what's working and not.
 

Craig234

Lifer
May 1, 2006
38,548
345
126
Originally posted by: GTKeeper
Originally posted by: jackschmittusa
So, the company was on the brink of bankruptcy, and they failed to implement even common sense cost cutting measures.

Is there a malfeasance/misfeasance clause in any of their contracts where they could be tossed out with no bonuses/golden parachutes?

There should be a shareholder revolt.
This reminds me of a story I read in the book 'From Good to Great'.

It dealt with 2 steel manufacturers. 1 was Nucor (HUGELY successful company) and 1 was Bethlehem Steel ....

When BS started going down the tubes, there was an executive meeting... they wanted to figure out how to limit costs etc.

1 Exec or director said 'Maybe we can sell the company jet'. And he was just laughed at and told to shut up. Anyway, BS went down the tubes and Nucor went from a good to a great company.

BS was also a company that built their new headquarters in the shape of a cross.... you know why? To maximize the number of corner offices for their executives instead of just having a square building. The construction costs alone were like 40% higher because of that..... LOL
Funny enough, the JFK quote in my sig is directly in response to the steel industry execs.
 

ayabe

Diamond Member
Aug 10, 2005
7,449
0
0
Originally posted by: heyheybooboo
Former CEO Willumstad, chairman of the AIG board at the time, said "I honestly don't remember" the concerns
Musta been the hooch and all the hookers ...
Don't forget the blow.

The problem is that some congressmen just don't fucking get it.

Can't find the exact quote at the moment but some R congressman yesterday facetiously told Fuld here was here to play "the villain", even after they heard about how Fuld was trying to secure millions in executive bonuses for his lackey's while begging for bailout money from the Feds.
 

smashp

Platinum Member
Aug 30, 2003
2,443
0
0
I have always thought that all it would take is one Nutjob to lose it and "Take out" his CEO in a public. Then the Copy Cats will take hold just like the school shootings after columbine.
 

SP33Demon

Lifer
Jun 22, 2001
27,929
141
106
Originally posted by: BoberFett
Where's LegendKiller and Evan to tell us that bailout was necessary? The economy of swank California resorts could crumble without taxpayer money!
They're getting a massage off the bailout money atm, please leave a message after the beep.

 

hellokeith

Golden Member
Nov 12, 2004
1,665
0
0
Sheesh,

Sometimes you can't even make up stuff better than this.

I'll never forget a small company I worked for had a round of layoff's due to selling off a portion of the manufacturing business. The next week, the president rolls up in a brand new silver Mercedes sedan. What a great message to send to the warehouse workers (a few were friends of mine) worried about their jobs.
 

JS80

Lifer
Oct 24, 2005
26,260
4
81
Originally posted by: BoberFett
Where's LegendKiller and Evan to tell us that bailout was necessary? The economy of swank California resorts could crumble without taxpayer money!
we're posting from the beach resort with your money. suck it.
 

babylon5

Golden Member
Dec 11, 2000
1,363
1
0
This is a preview of what a 700 billion dollar bailout company retreat is gonna be like.
 

MS13

Junior Member
Apr 15, 2006
16
0
0
Originally posted by: BoberFett
Where's LegendKiller and Evan to tell us that bailout was necessary?
The Wall Street Cheerleaders are hiding at their beach resort getting massages.


 

Pastore

Diamond Member
Feb 9, 2000
9,728
0
0
If the government is going to give them all this money, shouldn't the government be able to regulate how they spend it?

EDIT: Here's an idea. Any company that gets support from our bailout plans needs to match any fringe benefits such as these retreats, dollar for dollar and that money should go back to us.
 

Zorba

Diamond Member
Oct 22, 1999
9,390
3,337
136
This reminds me of all the airline execs that gave themselves huge bonuses after they got employees to take massive pay cuts.
 

heyheybooboo

Diamond Member
Jun 29, 2007
6,278
0
0
Originally posted by: ayabe
Originally posted by: heyheybooboo
Former CEO Willumstad, chairman of the AIG board at the time, said "I honestly don't remember" the concerns
Musta been the hooch and all the hookers ...
Don't forget the blow.

The problem is that some congressmen just don't fucking get it.

Can't find the exact quote at the moment but some R congressman yesterday facetiously told Fuld here was here to play "the villain", even after they heard about how Fuld was trying to secure millions in executive bonuses for his lackey's while begging for bailout money from the Feds.
yuk yuk yuk

American suckers. Everybody knows the best return on investment is buying a member of Congress. As a Billionaire For Bush I purchased the St Andrews golf course, moved it to the US Capital and provided lighting for night play. The Big Fun for my congressional friends comes at the 19th hole. heh heh heh

Best investment I ever made.

No more pesky questions on special interest malfeasance, lobbyist paid golf junkets or ethics investigations.

:shocked:



 

Lemon law

Lifer
Nov 6, 2005
20,984
2
0
Maybe what we need is the following flat rule. Any publically held corporation must immediately cap all salaries and bonuses at 10 X minimum wage times 1040 hours per annum a year retroactive a year prior to declaring bankruptcy or accepting any bail out. No exceptions.
 

waggy

No Lifer
Dec 14, 2000
68,145
9
81
Im shocked not people are pissed at this. they were failing and begging for money. so they go on a half million dollar party? everyone should get a gallon of lube from the goverment. we just got fucked hard.
 

Squisher

Lifer
Aug 17, 2000
21,207
65
91
Those in the board rooms everywhere have lost touch with reality. They can't believe that they are expendable. Why? Because no one has held them accountable for a very long time.
 

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