AIG Party Watch: This time a resort in Phoenix

Oh my!

It's very bad. I was against the bail out in the first place, it has now doubled in what it cost, and Nancy Pelosi went to the Treasury and asked for more billions for the auto industry and they told her NO! I'm glad. These bail outs are not working and we're most likely headed for a depression no matter what they do to try and stop it, so stop throwing good money after bad and let the chips fall now as they may.

Oh and BTW, the 'party' cost AIG about $25k to host the party. They didn't have to foot the entire bill.

I just feel this is not the last corporate give away we have discovered.

maybe they were discussing how to share the money with GM, the AIG execs are so thoughtful and selfless.....NOT

How utterly disgusting!

I was against the bail out too. It all needs to stop and stop right now. I cannot understand how anyone thinks that giving money to someone that can't manage money would help them. That is just plain stupid!

Thanks for posting this

We need to keep close watch on these companies

Remember these companies need that bail out money because they have high expenses.
Golden parachutes and retreats for thinking don't come cheap.

Of course if the government just gave all that money to the poor most of these problems would go away. Think of all the spending the poor would do and what they would be buying. Even the housing bubble would be reduced because buying houses to rent to the poor (who would then have money) would then be profitable. Poor people would buy more cars and thus increase demand for Detroit's products. The money would trickle up the social class pyramid as money does and enrich everyone on the way up.

But of course the poor don't make large contributions to election campaigns and don't hire lobbiests to entice Congress. Only the rich and powerful do that. So the money goes in at the top and stays there and the economy stays in the tank. Welfare for the rich doesn't help.

This type of behavior is not unusual and not limited to big business. I'm NOT defending the actions of AIG or any other company or group who is taking or will be taking our tax dollars to keep their businesses afloat despite their bad business practices and decisions.

I once knew a man who was teetering on the edge of bankruptcy. His finances were in shambles. He was showered with good luck (and about $11,000) at the expense of an uncle who died and remembered "David" in his will. David took the inheritance and rather than pay his past due bills, bought a big screen TV and a new stereo...thereby blowing all of the $11,000.

When asked about his splurge and his decision to ignore his creditors, he said..."it made me feel better...I deserved it".

Go figure.

I have been to a great many of these sales conferences. Most of the bill is paid for by product sponsors - companies who want the attending sales people to sell their products. There are seminars and meetings, as well as parties.

I don't think that this was good message for AIG to send out on their behalf, knowing that it would appear a waste to the general public. They should have scaled it down and held it somewhere else. Unfortunately, these types of things are scheduled at least a year in advance and paid for months ahead of time. To have cancelled would have wasted a lot of money and made a lot of sponsors extremely angry.

It's a connundrum, to be sure.

I can't believe we have people losing their jobs having trouble feeding and taking care of their families but these big corporations living it up. How dare they. How can they sleep at night?

Candy, they have no shame. It's a mental defect that blinds them to the problems and suffering of others.

Terrible

Before the bailout I said this is exactly what would happen. Had that money been provided to the people there would have been a major surge in the economy. People would have used that money to pay down the debt that they cannot pay down BECAUSE of the bailout. That money was supposed to have feed up credit, but that has not happened AT ALL. Foreclosures are still going on at an alarming rate. Had some of those funds been paid out in checks to the people (not the wealthy people) spending would have increased and perhaps the auto makers and stores like Circuit City wouldn't be closing. Giving more money to those who were responsible for this mess was the most irresponsible thing that could have been done.
AIG is using the money for Resort getaways, and the banks are using the money to pay bonuses to people who don't deserve bonuses, and WE are left to pick up the tab, while they continue to CUT our pay and our benefits.
None of that money should ever have been turned over to these companies without definate strict guidelines and the specific denial of ANY pay increases or bonuses to ANY of the executives from those companies accepting the funds.

We agree Anne.

figures

everyone!!

Thanks for sharing.