AIG spends 400k+ on SPA

Liu

A couple of weeks back AIG would've imploded in on itself if we the tax payers did not bail them out. However a few days later they spend it on this:

http://www.cnn.com/2008/POLITICS/10/08/politicians.meltdown.aig.ap/index.html

Yes, a 400k+ retreat at a spa. They're using our money to pat themselves on the back for fucking up, and guess what?

Now they're asking for more money:

http://money.cnn.com/2008/10/08/news/companies/aig/index.htm?cnn=yes

paul_indo

When I first heard this story I felt like you. F*** them they are a bunch of greedy scum.
I read in the newspaper that the people in the "Products" department, who were responsible for marketing unrealistic financial products were not in on this event.

I would like to think that this may have been to buck up the spirits of the rest of company and prepare them for the hard work ahead, or not. Laughing

TomGrey

It's outrageous, and far more of the top AIG folk should be fired.

While it might be true that the SPA was planned long ago, and was 'normal' for a normal company in normal times, these are not normal times.

It might even be the case that they would have to pay all or a big part if they didn't go. Still they should cancel to save money now.

It shouldn't have needed to be US taxpayers to bail them out.

ganesh

I think it is a shame that the taxpayers' money is being used in this manner.

I have always had the feeling that the bankers and the Wall Street guys are grossly overpaid for what is mostly quite far away from wealth creation work. It is the people who work out and slog hard to create products that make human life easier (be it on computers or in factories or laboratories or the farming fields) who need to be paid the money, not someone who just takes risks and puts money here and there and watches it grow higher on the basis of some other person's hard work. Agreed, that is also a necessary thing in society (bankers and money allocators), but do they deserve the sort of salaries (in the millions range) that they are getting right now? What is the opinion of fellow Frihosters?

-- Edit to add more updates --

http://www.salon.com/wires/ap/business/2008/10/15/D93R68VO0_aig_hunting_trip/index.html

$86000 on a hunting trip. Not only are they killing animals, they are figuratively killing the taxpayers too!

TomGrey

I think sports winners and pop stars and film stars are grossly overpaid, too -- but they're not (yet) asking for taxpayer cash.

icecool