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kjohnson
10-07-2008, 01:03 PM
Did anyone see an article about several top execs taking a $1,000,000 trip after AIG received their bailout money? There was something about staying in $1000/night rooms. I would like to read the article.

coz
10-07-2008, 01:06 PM
Did anyone see an article about several top execs taking a $1,000,000 trip after AIG received their bailout money? There was something about staying in $1000/night rooms. I would like to read the article.

I have retirement in a sub of AIG so I'm keeping a close watch
http://www.guardian.co.uk/business/2008/oct/07/creditcrunch.useconomy

jmac197
10-07-2008, 01:07 PM
http://voices.washingtonpost.com/livecoverage/2008/10/after_bailout_aig_executives_h.html

Somebody better go to F'in jail.

kjohnson
10-07-2008, 01:11 PM
Thanks. I am relieved now that I see it was only half of what I was told. Those c--k s---kers. We're paying for that indirectly.

Monte
10-07-2008, 01:11 PM
Insanity at it's finest

6ballsisall
10-07-2008, 01:33 PM
Less than a week after the federal government offered an $85 billion bailout to insurance giant AIG, the company held a week-long retreat for its executives at the luxury St. Regis Resort in Monarch Beach, Calif., running up a tab of $440,000, Rep. Henry Waxman (D-Calif.) said today at the the opening of a House committee hearing about the near-failure of the insurance giant.

Showing a photograph of the resort, Waxman said the executives spent $200,000 for rooms, $150,000 for meals and $23,000 for the spa.

"Less than a week after the taxpayers rescued AIG, company executives could be found wining and dining at one of the most exclusive resorts in the nation," Waxman said. "We will ask whether any of this makes sense. "

:shocked::shocked::shocked:

CoorsLight
10-07-2008, 01:34 PM
We will now spend millions more dollars figuring out who we can blame for this. Some receive lots of satisfaction in being able to firmly point a finger and if that's the case then so be it. I look at it as getting blood from a turnip, as my grandfather used to say...

kjohnson
10-07-2008, 01:34 PM
I am not trying to get on a bandwagon here, but I emailed my Congressman after I read this atricle. I hope that everyone who reads this will do the same. I am tired of paying $14K+ in Federal taxes every year for sh-t like this. It piss-s me off.

CoorsLight
10-07-2008, 01:36 PM
Henry Waxman - The guys a joke.

What is he all done questioning Roger Clemens now? How far did that get?

Pleeeezzzee....

jmac197
10-07-2008, 02:12 PM
Lawmakers lashed out at AIG for ``wining and dining'' its executives in a weeklong conference at the St. Regis Resort in Monarch Beach, California, just days after the bailout. The stay cost $440,000, Waxman said.


``Have you heard of anything more outrageous?'' said Representative Elijah Cummings (http://search.bloomberg.com/search?q=Elijah+Cummings&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1), a Maryland Democrat, noting that the bill included $23,000 for spa services. ``They were getting their manicures, their facials, pedicures, massages while the American people were footing the bill.''


AIG's Response
The trip was scheduled a year earlier to reward top salespeople for the company's life insurance business, said AIG spokesman Nicholas Ashooh (http://search.bloomberg.com/search?q=Nicholas+Ashooh&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1).
``It's as basic as salary as a means to reward performance,'' Ashooh said in a telephone interview. ``It was not top AIG executives running away to California.''



I'm not buying it.....

88 PS190
10-07-2008, 02:43 PM
Wonder if there is a deduction for hotel expenses on their business tax return.

6ballsisall
10-07-2008, 02:46 PM
Wonder if there is a deduction for hotel expenses on their business tax return.

U bet. Considered a business related expense. I take "market research trips" and tote the family along. Un-taxed "research trip" Difference is, I'm not getting a bailout package.:(:rolleyes:

brucemac
10-07-2008, 02:52 PM
AIG's Response
The trip was scheduled a year earlier to reward top salespeople for the company's life insurance business, said AIG spokesman Nicholas Ashooh (http://search.bloomberg.com/search?q=Nicholas+Ashooh&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1).
``It's as basic as salary as a means to reward performance,'' Ashooh said in a telephone interview. ``It was not top AIG executives running away to California.''

I'm not buying it.....

okay, even still...common sense would be to cancel said performance reward given the circumstances. right?

6ballsisall
10-07-2008, 02:54 PM
okay, even still...common sense would be to cancel said performance reward given the circumstances. right?

That or at least scale it back. If it's true that this was a sales rep reward program you certainly need to keep your top reps in tune and motivated. To the extreme they did here, well thats a different story........

Monte
10-07-2008, 03:05 PM
It may have been booked and possibly already paid for. My company does those type of incentive trips. We know two years in advance where it is going to be. It is considered a bonus though, so we get 10-99ed on them..

jmac197
10-07-2008, 03:14 PM
See that, only on Team Talk. Where's the media's reports on this side of the story?

I still think it was in poor judgment to go forward with all the extras. I'm sure they could have canceled it when they knew they were going under a couple of months ago. I mean that's a half million they could have put into the CEO's golden parachute.

Sodar
10-07-2008, 03:21 PM
Well they certainly chose one of the most incredible places I have ever been to stay, but $440,000 in a week is a lot of $$$$.

Needless to say, even if they were out there wining and dining, would $440,000 have made a difference in the scheme of things? NO!

All of this is just too far after the fact. We need to focus on correcting the problems, not looking back and trying to point fingers in an attempt to rewrite the future. There is just no good that can come of it.

jmac197
10-07-2008, 03:31 PM
No good case other than making those responsible, ultimately accountable for their actions. That is the one thing that is missing here is accountability.

If it is my money they are spending to fix what someone else messed up, I want them accountable. Just like if my Son shakes a can of soda up and opens it up in the boat, I will hold him accountable for his actions and as punishment, either no boarding for a week or clean the entire boat or both. The concept is the same.

bcampbe7
10-07-2008, 04:34 PM
My question is this:

If the team was that "good" (to deserve such a lavish getaway) why is AIG in financial ruin?




.

2RLAKE
10-07-2008, 05:08 PM
we have canceled similar trips recently, including prepaid hotels deposits, because it doesn't look right ... doesn't pass the newspaper test. True leaders would have canceled that trip ... folks we are in a tough time right now and i've had to make a hard decision, i'm sorry but the trip is off .....

this is BS

brucemac
10-07-2008, 05:21 PM
my beaf with their explanation is not the reward part of it, but to call it compensation, that's total bs. the reps aren't taxed on that stuff and it's not considered income. i understand they lose their deposit if they cancel, but explaining that would have been a whole lot easier. nothing will come of it i'm sure.

6ballsisall
10-07-2008, 05:34 PM
My question is this:

If the team was that "good" (to deserve such a lavish getaway) why is AIG in financial ruin?




.

Sales people and money managers (i.e. CFO/CEO's etc...) dont do the same thing. Many a companies had awesome sales teams that produced but went belly up due to bad money management.