quote:

The CEO of the giant AIG Insurance Company, Edward Liddy, today defended spending $440,000 on a retreat at a luxurious California resort as "standard practice in our industry" because it rewarded independent insurance agents who were top performers for the company. The event, at the St. Regis Resort and Spa at Monarch Beach, California was held less than a week after the federal government saved AIG from bankruptcy with $85 billion in loans.

quote:

The Federal Reserve Board said Wednesday that it would provide up to $37.8 billion to the embattled insurer the American International Group to help it deal with a rapidly dwindling supply of cash.

quote:

ORIGINAL: rlj

quote:

The CEO of the giant AIG Insurance Company, Edward Liddy, today defended spending $440,000 on a retreat at a luxurious California resort as "standard practice in our industry" because it rewarded independent insurance agents who were top performers for the company. The event, at the St. Regis Resort and Spa at Monarch Beach, California was held less than a week after the federal government saved AIG from bankruptcy with $85 billion in loans.

http://abcnews.go.com/Blotter/story?id=5987363&page=1

Oh yeah AIG is also getting more from the $700,000,000,000:

quote:

The Federal Reserve Board said Wednesday that it would provide up to $37.8 billion to the embattled insurer the American International Group to help it deal with a rapidly dwindling supply of cash.

http://www.nytimes.com/2008/10/09/business/economy/09insure.html?_r=2&hp&oref=slogin&oref=slogin

Ah, I absolutely love Dubya's bailout plans. How nice it must be to be a rich failure under Dubya. : )

quote:

ORIGINAL: letusreason

quote:

ORIGINAL: rlj

quote:

The CEO of the giant AIG Insurance Company, Edward Liddy, today defended spending $440,000 on a retreat at a luxurious California resort as "standard practice in our industry" because it rewarded independent insurance agents who were top performers for the company. The event, at the St. Regis Resort and Spa at Monarch Beach, California was held less than a week after the federal government saved AIG from bankruptcy with $85 billion in loans.

http://abcnews.go.com/Blotter/story?id=5987363&page=1

Oh yeah AIG is also getting more from the $700,000,000,000:

quote:

The Federal Reserve Board said Wednesday that it would provide up to $37.8 billion to the embattled insurer the American International Group to help it deal with a rapidly dwindling supply of cash.

http://www.nytimes.com/2008/10/09/business/economy/09insure.html?_r=2&hp&oref=slogin&oref=slogin

Ah, I absolutely love Dubya's bailout plans. How nice it must be to be a rich failure under Dubya. : )

So how about manning up to your post.

Do you plan on voting out those in congress who voted for it?

If you do you and others do , it will be mostly democrats being voted out. Including Biden and Obama.

Or are you just spouting off with no clear purpose except to smear?

quote:

ORIGINAL: Pat-rebel_lady

quote:

ORIGINAL: letusreason

quote:

ORIGINAL: rlj

quote:

The CEO of the giant AIG Insurance Company, Edward Liddy, today defended spending $440,000 on a retreat at a luxurious California resort as "standard practice in our industry" because it rewarded independent insurance agents who were top performers for the company. The event, at the St. Regis Resort and Spa at Monarch Beach, California was held less than a week after the federal government saved AIG from bankruptcy with $85 billion in loans.

http://abcnews.go.com/Blotter/story?id=5987363&page=1

Oh yeah AIG is also getting more from the $700,000,000,000:

quote:

The Federal Reserve Board said Wednesday that it would provide up to $37.8 billion to the embattled insurer the American International Group to help it deal with a rapidly dwindling supply of cash.

http://www.nytimes.com/2008/10/09/business/economy/09insure.html?_r=2&hp&oref=slogin&oref=slogin

Ah, I absolutely love Dubya's bailout plans. How nice it must be to be a rich failure under Dubya. : )

So how about manning up to your post.

Do you plan on voting out those in congress who voted for it?

If you do you and others do , it will be mostly democrats being voted out. Including Biden and Obama.

Or are you just spouting off with no clear purpose except to smear?

I'm spitting angry!! If I was a man, or even a younger women, I'd be out there taking on as many of these AIG Anti-Americans on with my bare hands, in fact I'd be in the face of everyone who had a part in this bailout; dragging them by their sows ears to the woodshed --- and that includes McCain for voting for it the second time around; But nooo...., we can't do that, it's considered politically-incorrect or even terrorism these days --- it don't matter I'd love to dance on their faces anyway.

quote:

Anyone else absolutely appalled that AIG sent their thanks to the bailout in Congress's and the taxpayers face by celebrating their "rescue" to the tune of $400,000 at a spa?

quote:

ORIGINAL: StephK

Too bad we can't go back to the good ol' days.

quote:

Do you plan on voting out those in congress who voted for it?

quote:

ORIGINAL: GroupW

FYI - it was a client conference that they agreed to sponsor months earlier. They would have had to spend most of that money regardless as it was a contract issue.

quote:

ORIGINAL: Pat-rebel_lady

quote:

ORIGINAL: GroupW

FYI - it was a client conference that they agreed to sponsor months earlier. They would have had to spend most of that money regardless as it was a contract issue.

If you want to allow them to get away with that much of yours and my money, you go ahead; But,
I don't care what kind of a "conference" it was, or what they agreed to do; there are millions of Americans at one time or another who worked without a contract; NOBODY needs to spend that kind of money on a conference (a cow field wouldn't have cost a penny)--- It's Greed!!! And guess what, if there is anyway to do it; even if I have to go to jail; I'M NOT PAYING FOR THE BAILOUT without a Knock-down fist flying FIGHT FIRST!!

quote:

When you schedule large conferences like that, you generally have to agree to pony up for a certain minimum amount of cost. They would have likely been forced to pay a significant portion of the $440k regardless of who was in control. It's not allowing them to get away with anything. I thought as Christians, we're supposed to encourage people to abide by the terms of their contracts.

It's possible to be penny-wise and pound-foolish here. A fair amount of business gets done as a result of conferences like this. If you likely would have had to pay 3/4 of the 4440k anyway, it's not too hard to cover the additional $100-140k with just one or two deals that come as a result of it.

It makes a great ugly sounding news story, but like most everything else you hear in the news, it's just not as simple as they make it sound.

BT

quote:

When you schedule large conferences like that, you generally have to agree to pony up for a certain minimum amount of cost. They would have likely been forced to pay a significant portion of the $440k regardless of who was in control. It's not allowing them to get away with anything. I thought as Christians, we're supposed to encourage people to abide by the terms of their contracts.

It's possible to be penny-wise and pound-foolish here. A fair amount of business gets done as a result of conferences like this. If you likely would have had to pay 3/4 of the 4440k anyway, it's not too hard to cover the additional $100-140k with just one or two deals that come as a result of it.

It makes a great ugly sounding news story, but like most everything else you hear in the news, it's just not as simple as they make it sound.

BT

quote:

ORIGINAL: GroupW

FYI - it was a client conference that they agreed to sponsor months earlier. They would have had to spend most of that money regardless as it was a contract issue.

quote:

ORIGINAL: stamper_ben

quote:

ORIGINAL: StephK

Too bad we can't go back to the good ol' days.

Did you see my thread about the Greatest Generation's participation in an election in Tennessee after WWII? It's in the Election folder, probably on page 2 now.

quote:

When you schedule large conferences like that, you generally have to agree to pony up for a certain minimum amount of cost. They would have likely been forced to pay a significant portion of the $440k regardless of who was in control. It's not allowing them to get away with anything. I thought as Christians, we're supposed to encourage people to abide by the terms of their contracts.

It's possible to be penny-wise and pound-foolish here. A fair amount of business gets done as a result of conferences like this. If you likely would have had to pay 3/4 of the 4440k anyway, it's not too hard to cover the additional $100-140k with just one or two deals that come as a result of it.

It makes a great ugly sounding news story, but like most everything else you hear in the news, it's just not as simple as they make it sound.

quote:

ORIGINAL: deliveredarling

quote:

When you schedule large conferences like that, you generally have to agree to pony up for a certain minimum amount of cost. They would have likely been forced to pay a significant portion of the $440k regardless of who was in control. It's not allowing them to get away with anything. I thought as Christians, we're supposed to encourage people to abide by the terms of their contracts.

It's possible to be penny-wise and pound-foolish here. A fair amount of business gets done as a result of conferences like this. If you likely would have had to pay 3/4 of the 4440k anyway, it's not too hard to cover the additional $100-140k with just one or two deals that come as a result of it.

It makes a great ugly sounding news story, but like most everything else you hear in the news, it's just not as simple as they make it sound.

BT

How this can be justified in any way I do not understand.

quote:

So I can assume that none of you feed your kids from wages earned in the personal services industry? Because I'm pretty sure that there are a couple nail stylists and hairdressers who appreciated the business.

quote:

HOWEVER, as GroupW said...that money was mostly already spent and to pull out at the last minute would have only hurt the "little guys" in the consumer services industry.

quote:


October 8, 2008

The Honorable Henry M. Paulson, Jr.
Secretary of the Treasury
1500 Pennsylvania Avenue, N.W.
Washington, D.C. 20220

Dear Secretary Paulson:
I am writing to clarify an issue that was discussed at a hearing held yesterday by the House
Committee on Oversight and Government Reform. At the hearing, a recent business event held
by an AIG subsidiary was mischaracterized as an “Executive Retreat” held right after receiving
the $85 billion loan credit facility from the New York Fed.

The event in question was held by one of AIG’s insurance subsidiaries for independent life
insurance agents – not for AIG employees – who were top business producers for the company.
The vast majority of the attendees were independent business people and their guests, not AIG
employees. Indeed, of the more than 100 attendees, only 10 were employees of one of our
insurance subsidiaries who attended to represent their company. Not a single corporate executive
from AIG headquarters attended.

While this sort of gathering has been standard practice in our industry for many years and was
planned many months before the Federal Reserve's loan to AIG, we understand that our company
is now facing very different challenges – and that we owe our employees and the American
public new standards and approaches. 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.

Mr. Secretary, I want you to know that AIG is focused on doing what is necessary to address our
capital structure, repay the Fed credit facility and emerge as a healthy global insurer. In the
meantime, our insurance businesses continue to operate normally and satisfy the needs of our
policy holders.

Sincerely,
Edward M Liddy (signed)

quote:

ORIGINAL: iluvatar

Here's the text of a letter recently sent by Edward Liddy, CEO of AIG to Sec. Paulson regarding this matter:

quote:


October 8, 2008

The Honorable Henry M. Paulson, Jr.
Secretary of the Treasury
1500 Pennsylvania Avenue, N.W.
Washington, D.C. 20220

Dear Secretary Paulson:
I am writing to clarify an issue that was discussed at a hearing held yesterday by the House
Committee on Oversight and Government Reform. At the hearing, a recent business event held
by an AIG subsidiary was mischaracterized as an “Executive Retreat” held right after receiving
the $85 billion loan credit facility from the New York Fed.

The event in question was held by one of AIG’s insurance subsidiaries for independent life
insurance agents – not for AIG employees – who were top business producers for the company.
The vast majority of the attendees were independent business people and their guests, not AIG
employees. Indeed, of the more than 100 attendees, only 10 were employees of one of our
insurance subsidiaries who attended to represent their company. Not a single corporate executive
from AIG headquarters attended.

While this sort of gathering has been standard practice in our industry for many years and was
planned many months before the Federal Reserve's loan to AIG, we understand that our company
is now facing very different challenges – and that we owe our employees and the American
public new standards and approaches. 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.

Mr. Secretary, I want you to know that AIG is focused on doing what is necessary to address our
capital structure, repay the Fed credit facility and emerge as a healthy global insurer. In the
meantime, our insurance businesses continue to operate normally and satisfy the needs of our
policy holders.

Sincerely,
Edward M Liddy (signed)

PM me if you want a copy of the pdf.

-Dan.

quote:

ORIGINAL: stamper_ben
Oh well then... That just makes EVERYTHING okeydokey.[8|]