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flyforfun

Beach Fanatic
Oct 20, 2006
311
39
Birmingham, Al
AIG Executives Blow $440,000 After Getting Bailout

If you'd just gotten a government bailout, you might be tempted to hold a retreat at a nice California hotel -- and that's exactly what American International Group executives did.

One of the items discussed (during the Committee on Oversight and Government Reform hearing on Tuesday) was AIG?s expenditure of $440,000 for a corporate retreat at the St. Regis Monarch Beach resort in Los Angeles, Calif. These funds were spent on Sept. 22, a week after the Federal Reserve extended an $85 billion emergency loan to AIG to keep it from going bankrupt due to insurance liabilities.

According to the receipt from the St. Regis, the eight-day company retreat was a lavish one -- $139,000 was spent on hotel rooms, while even more money -- $147,301 -- was spent on banquets. Another $23,380 was spent on undisclosed spa treatments and another $6,939 was spent on golf. A full $9,980 was spent on room service and food and cocktails at the hotel lounge.

http://www.foxbusiness.com/story/markets/industries/finance/aig-executives-blow--getting-bailout/


Not surprised at this one bit. Congress lacks the courage to do anything that would put their political contributions in jeopardy! But I do think its time to get into the spa business!
 

GatorGal

Beach Comber
Jun 3, 2007
20
5
Too bad we can't turn back the clock..... Received this idea via email today.

Here's an idea!
I'm against the $85,000,000,000.00 bailout of AIG.
Instead, I'm in favor of giving $85,000,000,000 to America in a We Deserve It Dividend.

To make the math simple, let's assume there are 200,000,000 bonafide U.S. Citizens 18+.
Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up..So divide 200 million adults 18+ into $85 billion that equals $425,000.00.

My plan is to give $425,000 to every person 18+ as a We Deserve It Dividend.
Of course, it would NOT be tax free.

So let's assume a tax rate of 30%.
Every individual 18+ has to pay $127,500.00 in taxes.
That sends $25,500,000,000 right back to Uncle Sam.

But it means that every adult 18+ has $297,500.00 in their pocket.
A husband and wife has $595,000.00.
What would you do with $297,500.00 to $595,000.00 in your family?

Pay off your mortgage - housing crisis solved.
Repay college loans - what a great boost to new grads
Put away money for college - it'll be there
Save in a bank - create money to loan to entrepreneurs
Buy a new car - create jobs
Invest in the market - capital drives growth
Pay for your parent's medical insurance - health care improves

Remember this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back. And of course, for those serving in our Armed Forces.

If we're going to re-distribute wealth let's really do it...instead of trickling out a puny $1000.00 economic incentive that is being proposed by one of our candidates.

As for AIG - liquidate it.
Sell off its parts.
Let American General go back to being American General.
Sell off the real estate.
Let the private sector bargain hunters cut it up and clean it up.
Here's my rationale. We deserve it and AIG doesn't.
Sure it's a crazy idea that can "never work."
But can you imagine the Coast-To-Coast Block Party!
How do you spell Economic Boom?

I trust my fellow adult Americans to know how to use the $85 Billion
We Deserve It Dividend more than the geniuses at AIG or in Washington DC. And remember, The Birk plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.

Ahhh...I feel so much better getting that off my chest.

Kindest personal regards,
T. J. Birkenmeier, A Creative Guy & Citizen of the Republic
 

Miss Kitty

Meow
Jun 10, 2005
47,011
1,131
71
For the last time...the math is wrong. That is what is wrong with America...the math is wrong.
 

elgordoboy

Beach Fanatic
Feb 9, 2007
2,507
888
I no longer stay in Dune Allen
For the last time...the math is wrong. That is what is wrong with America...the math is wrong.
Roomie overheard a guy in the bank saying to the teller about how the bailout money would give every person in America $3.3 million if they just gave it back to us. It is amazing what people will say/post without thinking. If I were in the bank I would've bonked that fellow upon his head.
 

Cheering472

SoWal Insider
Nov 3, 2005
5,295
354
I could sure use a spa day. God love 'em! Blowin' through all that money is exhaustin'.

(Sorry spelling wizards, I am boycotting all "g" sounds at the end of my words as an homage to Palin)
 

beachmouse

Beach Fanatic
Dec 5, 2004
3,499
741
Bluewater Bay, FL
Someone at AIG probably said "We're stuck with a 75% cancellation fee on a lot of those activities, so let's go ahead and do it anyways. We're already paying for the band to play on as this ship sinks either way, so we might as well enjoy it."

Still, better for the taxpayers to pay $300K for a cancelled event than the $440K we're ending up paying. We wouldn't have had room service, tips for caddies and masseuses charged to rooms, etc. going on taxpayers' tab.
 
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