Gah, they did it again!, Again!!

[Firestormalpha]

AIG Spends Thousands on executive hunting trip

UK vacation happened as insurer asked for billions more in federal loans CHARLOTTE, North Carolina - 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.

[Yorick]

What do they not understand?
That these people need conferences and hunting trips to feel good about having a job?
The job itself should make them feel good, and if they don't want it, they should give the jobs to folks from Lehmann Bros, who no longer have jobs.
Unbelievable.

[Firestormalpha]

They're excuse is that the events were planned months in advance, prior to the whole meltdown. But I've heard no mention of non-refundable reservations. So I see nothing wrong with canceling the trips.

[Variol (Farseer) Elmwood]

Come to think of it, I believe I have some money invested with them.

I will check, and I for will take my money elsewhere. I hope others follow suit.

[Stratos]

They're probably used to these kind of things, and with the new loans feel no need to change their habits.

[Bungleau]

Originally Posted by Variol (Farseer) Elmwood Come to think of it, I believe I have some money invested with them. I will check, and I for will take my money elsewhere. I hope others follow suit.

That is the most powerful statement anyone can make...

[Olorin]

Originally Posted by Variol (Farseer) Elmwood Come to think of it, I believe I have some money invested with them. I will check, and I for will take my money elsewhere. I hope others follow suit.

Originally Posted by Bungleau That is the most powerful statement anyone can make...

Gah! Don't do that. The Fed have the taxpayer's checkbook out and are just waiting to write out the next bailout check to AIG. If people start taking their money elsewhere, more of my money is going to go in!

But next time the execs head out for a hunting trip, I vote we send Cheney along with plenty of ammo :rambo:

[Bungleau]

I disagree, Olorin. Yes, the Feds have the checkbook out... but they have it out no matter what. In the meantime, it's *YOUR* money that's sitting over there helping them fuel the company.

If there's no impact from public revelation of these activities, they can easily say that the public doesn't really care. If there's just public outcry, they can weather the storm and wait for something else to take over the front page (say, there's an election coming up... )

But if there's outcry *AND* people start moving their money, they can't just sit and wait. If their customer base drops to nearly nothing, there won't be a whole lot of incentive for the feds to keep funding them. And probably a whole new crop of execs to run the thing, too.

[wellard]

Originally Posted by Olorin But next time the execs head out for a hunting trip, I vote we send Cheney along with plenty of ammo :rambo:

LOL that was funny