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white house: aig execs' retreat `despicable'
Published Oct. 8, 2008
I'm sure many of ya'll have seen this. It's good to know these guys have been taken care of after the tramatic events they have had to suffer through.
http://news.yahoo.com/s/ap/20081008/ap_on_go_pr_wh/meltdown_white_house_2
WASHINGTON - The White House said on Wednesday it was "despicable" that American International Group Inc. executives spent hundreds of thousands of dollars on a posh California retreat just days after getting a federal bailout.
ADVERTISEMENTLawmakers investigating the meltdown of AIG said the retreat didn't include anyone from the financial products division that nearly drove the company under, but they were still enraged that executives of AIG's main U.S. life insurance subsidiary spent $440,000 on the retreat, complete with spa treatments, banquets and golf outings.
"It's pretty despicable," White House press secretary Dana Perino said.
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 that 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 president did not want to move forward on this rescue package to help anybody in the top positions on Wall Street," Perino said. "He was concerned about everyday people like you and me. ... He didn't do that to help top executives and certainly not to help executives go to a spa."
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GOLO member since July 29, 2007
October 8, 2008 3:47 p.m.
GOLO member since September 1, 2007
October 8, 2008 3:27 p.m.
GOLO member since July 13, 2007
October 8, 2008 3:10 p.m.
GOLO member since September 25, 2008
October 8, 2008 2:57 p.m.
So what are THEY going to do about it.
There should never be bailouts without a government agency being formed or appointed to oversee that the money is being spent correctly.
Like the SEC oversees insurance companies and their agents, and stockbrokerage firms and their agents.
Who's been appointed to oversee this? And to charge folks when they misbehave with taxpayer money???
No one!?! Great!!!
God bless.
Rev. RB
GOLO member since July 2, 2007
October 8, 2008 2:48 p.m.
GOLO member since February 22, 2008
October 8, 2008 2:32 p.m.
October 8, 2008 2:30 p.m.
We are all screwed for the next two years, at least, would be my guess. Let's just all hope that our new, improved, more massive gov't than ever, will be able to provide for all of our needs real soon... Good luck with that folks.
GOLO member since July 8, 2007
October 8, 2008 2:23 p.m.
GOLO member since September 11, 2007
October 8, 2008 2:21 p.m.
GOLO member since February 5, 2008
October 8, 2008 2:15 p.m.
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