Wednesday, October 8, 2008

And THIS Is What We're Paying For...

AIG got itself bailed out of trouble, thanks to Uncle Sam and his Very Large family of taxpayers. (In other words, US.)

So how does this large insurance company thank us?

Flowers, right?

Champagne?

Uh...a personalized pen?

Try a $440,000 vacation for AIG executives, complete with banquets, massages, room service and all the perks a lavish resort can provide:

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

And what's AIG's explanation? According to Fox:

"AIG issued a statement saying that 'This type of gathering is standard practice in the industry and was planned a year advance of the Federal Reserve's loan to AIG. We recognize, however, that even activities that have long been considered standard practice may be perceived negatively. As a result, we are reevaluating various aspects of our operations in light of the new times in which we operate.'
"According to the statement, the event was held by one of AIG’s insurance subsidiaries, not AIG employees. The attendees were independent life insurance agents who were "top business producers" for AIG. Only about 10% of the attendees were AIG American General employees, and no corporate executives from AIG headquarters attended the meeting, according to the statement. "

Hmmm..."reevaluating." Only 10% of those attending were 'real' AIG employees; the others were just agents who make their living selling AIG's policies. Gee, that makes me feel so much better. What a sordid mess.

Congress, are you listening?

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Getting Through Life (And This Week)

In a few days, it will be better. Really.