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Subject: AIG top executives a $440,000 spa retreat rss

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M@tthijs
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HEY!! Who's the archvillain here?
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http://thehill.com/leading-the-news/white-house-calls-aig-pa...

Unbelievable. The nerve to send the firm you currently work as CEO into a death spiral while filling your pockets, dragging your whole country with it. Then the government steps in, trying to salvage your rape&plunder. And then say "O we worked so hard, let's go to a retreat since there's money again" for an amount your avg. home owner can only dream of.

Do those guys have any consience? Moral compass?
Is there anyone here who can find a rationale for this?

The upside for me is: it shows even the current US government and I can agree, on occasion.
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♪ Isaäc Bickërstaff ♫
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See, THIS is a scandal.
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What did they think they were going to do with the money? Hookers and Blow for all execs at AIG, the party continues! I mean shit, they didn't get to where they were at because of logical investing.
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Erik D
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Can someone go to jail for this? I'm sure someone could make a case that AIG used taxpayer funds for a private party.
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Darren M
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http://www.nydailynews.com/money/2008/10/09/2008-10-09_aig_e...

The execs at these types of companies are so far disconnected from mainstreet (Dick Fuld another prime example) that they have no idea what impression they are making on mainstream average citizens who are going through their own crisis watching their life savings and home values erode daily all the while being asked to bailout overpaid millionaires.

AIG was about to launch an ad campaign "explaining" why they are frivolously spending taxpayers money... until a PR guy said it would be a "really bad idea".

You can just imagine what else AIG has spent some of that 122 billion dollars on that people don't even know about. You'd think since people own 80% of the company and most of their bailout money has been burned through that they would be more transparent and actually show people what they are getting for their money... but no real transparency in actually showing what the fed and bailed out companies are actually doing with the 1.6 trillion that's been provided so far is forthcoming.

Pretty sad but not surprising.
 
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Leo Zappa
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_Kael_ wrote:
http://thehill.com/leading-the-news/white-house-calls-aig-pa...

Unbelievable. The nerve to send the firm you currently work as CEO into a death spiral while filling your pockets, dragging your whole country with it. Then the government steps in, trying to salvage your rape&plunder. And then say "O we worked so hard, let's go to a retreat since there's money again" for an amount your avg. home owner can only dream of.

Do those guys have any consience? Moral compass?
Is there anyone here who can find a rationale for this?

The upside for me is: it shows even the current US government and I can agree, on occasion.


See also:
http://www.boardgamegeek.com/thread/346051

Yes, it is a crime, and these guys need to be on the business end of a pitchfork.
 
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Eric Knauer
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Am I in the minority in viewing these guys as scapegoats in this financial mess?
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Leo Zappa
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eknauer wrote:
Am I in the minority in viewing these guys as scapegoats in this financial mess?


There is nothing to prevent both scenarios from being true:
1. They are specifically guilty of outrageous behavior.
2. They are being used as scapegoats for the larger debacle.
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Eric Knauer
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desertfox2004 wrote:
eknauer wrote:
Am I in the minority in viewing these guys as scapegoats in this financial mess?


There is nothing to prevent both scenarios from being true:
1. They are specifically guilty of outrageous behavior.
2. They are being used as scapegoats for the larger debacle.


The problem is when money and resources are used to go after the scapegoats as opposed to understanding what caused the problem. It leads to a huge waste of time, no lessons are learned, and history will repeat itself.
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Ken
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eknauer wrote:
Am I in the minority in viewing these guys as scapegoats in this financial mess?


Nope.

I will say that it probably would have been appropriate to review planned expenditures for potential PR fall-out after the bailout, though.

It was bad PR to let the trip go forward, but I don't see it as related to the bailout in any way.
 
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Ken
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desertfox2004 wrote:
There is nothing to prevent both scenarios from being true:
1. They are specifically guilty of outrageous behavior.


No, they're guilty of bad PR. Reward trips/executive retreats have been around forever and it's entirely likely that this one had been planned months prior to the event occurring. What was dumb was not reviewing planned expenditures after the bailout.

But this, to me, is largely politicians taking a pretty normal business activity and using it for political gain so they can look like they're actually defending their constituents. Except they should have been thinking about that as they passed legislation and reviewed regulation before the crisis hit and not after.

I think they look like pompous jackasses trying to appear competent when they go after stuff like this after the fact.

Quote:
2. They are being used as scapegoats for the larger debacle.


In which case, one should look closely at those doing the scapegoating. They've probably got something that they don't want you to notice if they're trying to find a distraction.
 
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Leo Zappa
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perfalbion wrote:
desertfox2004 wrote:
There is nothing to prevent both scenarios from being true:
1. They are specifically guilty of outrageous behavior.


No, they're guilty of bad PR. Reward trips/executive retreats have been around forever and it's entirely likely that this one had been planned months prior to the event occurring. What was dumb was not reviewing planned expenditures after the bailout.

But this, to me, is largely politicians taking a pretty normal business activity and using it for political gain so they can look like they're actually defending their constituents. Except they should have been thinking about that as they passed legislation and reviewed regulation before the crisis hit and not after.

I think they look like pompous jackasses trying to appear competent when they go after stuff like this after the fact.

Quote:
2. They are being used as scapegoats for the larger debacle.


In which case, one should look closely at those doing the scapegoating. They've probably got something that they don't want you to notice if they're trying to find a distraction.


I'm a director at a small cap corporation. We do have off-site meetings. We don't go to "landmark resort spas of legendary proportions", have ice sculptures, golf outings, and banquets when our business is melting down and we have to get government loans to stay in business. Our business is doing well today, but several years ago, we were in dire straits and did get government help. I can tell you that back then, we held our meetings on-site, with no frills, and cancelled our summer picnics and Christmas parties, and of course, we also suffered significant layoffs. These AIG guys are guilty of, at the very least, incredibly poor judgement and seemingly astronomical arrogance in proceeding with this retreat in light of present circumstances. The lack of a sense of accountability is overwhelming. Say what you want about the bigger picture, and I am inclined to agree with your thoughts on the larger issues(especially as concerns the politicans), but there's no explaining or defending the actions of AIG in this retreat matter.
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