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

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wetech

Senior member
Jul 16, 2002
871
6
81
Originally posted by: shocksyde
Sweet, Obama just mentioned this in the debate!
The guys that went on the retreat were the 70ish top insurance sales guys in the entire company. Obama says they should be fired. Doesn't it make sense to actually retain the top performers in a company that you're trying to turn around, so the gov't can get it's money back? I know it sounds good to say that they should be fired... it'll get good press and public approval, but it's really a stupid statement to make.
 

Pastore

Diamond Member
Feb 9, 2000
9,728
0
0
Originally posted by: wetech
Originally posted by: shocksyde
Sweet, Obama just mentioned this in the debate!
The guys that went on the retreat were the 70ish top insurance sales guys in the entire company. Obama says they should be fired. Doesn't it make sense to actually retain the top performers in a company that you're trying to turn around, so the gov't can get it's money back? I know it sounds good to say that they should be fired... it'll get good press and public approval, but it's really a stupid statement to make.
The people who decided not to cancel this retreat are the ones who should be fired. That half million dollars should be paid back. If you want to reward people for selling, that's called commission, not half million dollar mini vacations.
 

StageLeft

No Lifer
Sep 29, 2000
70,150
2
0
Originally posted by: waggy
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.
I always like it rough, though, and this is no exception. I have been so naughty and need a spanking.
The guys that went on the retreat were the 70ish top insurance sales guys in the entire company. Obama says they should be fired. Doesn't it make sense to actually retain the top performers in a company that you're trying to turn around, so the gov't can get it's money back? I know it sounds good to say that they should be fired... it'll get good press and public approval, but it's really a stupid statement to make.
I agree with you. It will work well for him against joe six pack from main street (to use two awful cliches at once), but isn't really valid or fair.

 

wetech

Senior member
Jul 16, 2002
871
6
81
Originally posted by: Pastore
Originally posted by: wetech
Originally posted by: shocksyde
Sweet, Obama just mentioned this in the debate!
The guys that went on the retreat were the 70ish top insurance sales guys in the entire company. Obama says they should be fired. Doesn't it make sense to actually retain the top performers in a company that you're trying to turn around, so the gov't can get it's money back? I know it sounds good to say that they should be fired... it'll get good press and public approval, but it's really a stupid statement to make.
The people who decided not to cancel this retreat are the ones who should be fired. That half million dollars should be paid back. If you want to reward people for selling, that's called commission, not half million dollar mini vacations.
I'm not trying to defend the retreat, but the cost per person that attended is about 6k each. That's not exactly excessive, considering that they probably brought in millions in revenue each.
 

waggy

No Lifer
Dec 14, 2000
68,145
9
81
Originally posted by: wetech
Originally posted by: shocksyde
Sweet, Obama just mentioned this in the debate!
The guys that went on the retreat were the 70ish top insurance sales guys in the entire company. Obama says they should be fired. Doesn't it make sense to actually retain the top performers in a company that you're trying to turn around, so the gov't can get it's money back? I know it sounds good to say that they should be fired... it'll get good press and public approval, but it's really a stupid statement to make.
don't fire the people that went. fire the people that authorized it and set it up. fire the managment for nto stopping it.

 

Pastore

Diamond Member
Feb 9, 2000
9,728
0
0
Originally posted by: wetech
Originally posted by: Pastore
Originally posted by: wetech
Originally posted by: shocksyde
Sweet, Obama just mentioned this in the debate!
The guys that went on the retreat were the 70ish top insurance sales guys in the entire company. Obama says they should be fired. Doesn't it make sense to actually retain the top performers in a company that you're trying to turn around, so the gov't can get it's money back? I know it sounds good to say that they should be fired... it'll get good press and public approval, but it's really a stupid statement to make.
The people who decided not to cancel this retreat are the ones who should be fired. That half million dollars should be paid back. If you want to reward people for selling, that's called commission, not half million dollar mini vacations.
I'm not trying to defend the retreat, but the cost per person that attended is about 6k each. That's not exactly excessive, considering that they probably brought in millions in revenue each.
Then that 6k should be built into their (I'm sure very extravagant) commission packages. Fuck the use of these lavish fringe benefits.

It is mind boggling that this company, after all its losses, would continue this behavior.

Who is liable for seeing this $80 billion is being spent responsibly?
 

waggy

No Lifer
Dec 14, 2000
68,145
9
81
Originally posted by: Pastore
Originally posted by: wetech
Originally posted by: Pastore
Originally posted by: wetech
Originally posted by: shocksyde
Sweet, Obama just mentioned this in the debate!
The guys that went on the retreat were the 70ish top insurance sales guys in the entire company. Obama says they should be fired. Doesn't it make sense to actually retain the top performers in a company that you're trying to turn around, so the gov't can get it's money back? I know it sounds good to say that they should be fired... it'll get good press and public approval, but it's really a stupid statement to make.
The people who decided not to cancel this retreat are the ones who should be fired. That half million dollars should be paid back. If you want to reward people for selling, that's called commission, not half million dollar mini vacations.
I'm not trying to defend the retreat, but the cost per person that attended is about 6k each. That's not exactly excessive, considering that they probably brought in millions in revenue each.
Then that 6k should be built into their (I'm sure very extravagant) commission packages. Fuck the use of these lavish fringe benefits.

It is mind boggling that this company, after all its losses, would continue this behavior.

Who is liable for seeing this $80 billion is being spent responsibly?
i don' tthink it there is anyone who is really liable. that is what most people were pissed at. they say they put it in on the re-vote but don't think it happened. instead they put in the crap for the wooden arrow makers
 

Uppsala9496

Diamond Member
Nov 2, 2001
5,270
17
81
The arrogance of AIG never ceases to amaze me.
They knew they could get away with it, so what the hell. It'll generate nothing but bad press, but they have had enough of that lately, so they don't give a shit.
 

kage69

Lifer
Jul 17, 2003
18,289
10,123
136
Disgusting. Just like Lehman asking for a bailout while at the same time giving execs $20mil 'special payments' We need some Han Chinese-like responses to this sh!t. The corporate culture as we know it in this country must change before we let it show the world we can't be trusted with business investments. Another fantastic reason to vote in some new blood in DC. At least then we have a chance to change things.

 

jackace

Golden Member
Oct 6, 2004
1,307
0
0
Originally posted by: shocksyde
http://abcnews.go.com/Blotter/story?id=5973452&page=1

I don't even care if the retreat was planned months ago. They really should not have spent that kind of money on something not related to righting the ship.

Robble robble!
Welcome to America where greed rules all.

We need major changes in how things are done. The American people are losing faith in the entire system, and the system relies on faith to work. The greed and excess on Wall St, in Washington, and in many corporations in this country has disenfranchised the American people. More and more of them are losing faith in the system.
 

Lemon law

Lifer
Nov 6, 2005
20,984
2
0
I just cannot believe these greedy exec's grabbing the opportunity to have their Leona Hemsley moment. I thought the bail out was supposed to have accountability and there will be hell to pay if the American people discover these sleaze bags get away with it.
 

BigDH01

Golden Member
Jul 8, 2005
1,627
73
91
Originally posted by: Lemon law
I just cannot believe these greedy exec's grabbing the opportunity to have their Leona Hemsley moment. I thought the bail out was supposed to have accountability and there will be hell to pay if the American people discover these sleaze bags get away with it.
That's funny. Bailout with accountability. These people got their money so you'll not see any accountability now. If anything, the bailout encourages the opposite. Screw up and the American worker will save you. If we were going to reform Congress and Wall St, we missed the opportunity last week with the "yay" vote.
 

JulesMaximus

No Lifer
Jul 3, 2003
74,182
635
126
Originally posted by: winnar111
I assume they're spending their own money and not company money?
Yeah right. Show me one CEO who pays for anything with his own money that isn't written off as a business expense...
 

wetech

Senior member
Jul 16, 2002
871
6
81
Originally posted by: Pastore
Originally posted by: JS80
Eh, it was an independent insurance salesmen hoo rah rah circle jerk we sold whole life to idiots event
not the exec bailout celebration congress made it out to be. hooray for reporting accuracy.
Ever hear of sarcasm?
What sarcasm? It was a completely inaccurate characterization of what happened. The way congress was portraying it, the top 100 execs in the company went on a bender after getting the bailout. Turns out, it's independent contractors who sell AIG insurance that went on the retreat as a perk; you know, the insurance agent down the street who sold you your house insurance. Obama wants them fired. It's a little hard to fire people who don't actually work for you, they just sell your product.
 

Pastore

Diamond Member
Feb 9, 2000
9,728
0
0
Originally posted by: wetech
Originally posted by: Pastore
Originally posted by: JS80
Eh, it was an independent insurance salesmen hoo rah rah circle jerk we sold whole life to idiots event
not the exec bailout celebration congress made it out to be. hooray for reporting accuracy.
Ever hear of sarcasm?
What sarcasm? It was a completely inaccurate characterization of what happened. The way congress was portraying it, the top 100 execs in the company went on a bender after getting the bailout. Turns out, it's independent contractors who sell AIG insurance that went on the retreat as a perk; you know, the insurance agent down the street who sold you your house insurance. Obama wants them fired. It's a little hard to fire people who don't actually work for you, they just sell your product.
I don't give a shit who WENT to the event, I care about who footed the bill for it.
 

OutHouse

Lifer
Jun 5, 2000
36,414
616
126
the morons WE voted into office gave them that money. will anything happen to AIG? na i dont think so.
 

wetech

Senior member
Jul 16, 2002
871
6
81
Originally posted by: Pastore
Originally posted by: wetech
Originally posted by: Pastore
Originally posted by: JS80
Eh, it was an independent insurance salesmen hoo rah rah circle jerk we sold whole life to idiots event
not the exec bailout celebration congress made it out to be. hooray for reporting accuracy.
Ever hear of sarcasm?
What sarcasm? It was a completely inaccurate characterization of what happened. The way congress was portraying it, the top 100 execs in the company went on a bender after getting the bailout. Turns out, it's independent contractors who sell AIG insurance that went on the retreat as a perk; you know, the insurance agent down the street who sold you your house insurance. Obama wants them fired. It's a little hard to fire people who don't actually work for you, they just sell your product.
I don't give a shit who WENT to the event, I care about who footed the bill for it.

My guess is that it was part of Amgen's operating expenses. I don't think any of the 61bn borrowed so far was used, or will be used to replace this cash. It's not like there's only 1 big checking account for the whole company.
 

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