AIG customers, US Government demand your (our) money back!!
Words escape me. After being so fiscally responsible that they needed $85+billion from the US government to help them keep from imploding, the executives and party planners at AIG thought it would be a good idea to hold a ‘conference’ at the St. Regis hotel at Monarch Beach. For a week. To the tune of nearly $500,000.
Here’s a breakdown of the charges:
Rooms – $200,000
Food- $150,000
Spa – $23,000
Yes, spa. SPA!
If you have to beg the US government to bail you and your customers out of financial dsitress and you *NEED* to hold a conference, I would suggest you book the nearest Holiday Inn Express. Its not only MUCH less expensive, but have you seen their commercials? You’re smarter for staying there – and apparently they need as much help as they can get.
As one of my coworkers (who happens to have just been to a conference at this same hotel) so appropriately said, “Yeah, but have you SEEN the Spa at the St. Regis!!??” I have attended many a conference, even been involved in planning a few. They can claim this was planned long before, but there is a level of appropriateness that greatly overshadows making sure you get use of your security deposit.
The Senior managment staff at AIG has been under scrutiny for quite some time – accusations of changing bonus structures to maintain senior staff bonus payout (even under these circumstances they still got bonuses!?), bottom-line coverups, and flat-out ignoring third-party auditor recommendations.
Congress is looking into it now, which of course costs us even more money. Is the Ivory Tower *THAT* isolated that the AIG Big Wigs saw no problem with spending a week at the St. Regis? How do you get away with getting a mani/pedi when you’re begging for money from the government? God, the size of those balls.
Truly, I feel for the stock holders, policy holders and anyone associated with this group. I think the US government needs to take their allowance away. At the very least, is there some sort of sanction we can enforce on their leadership that blocks them from receiving their bonus, their salary?
I really think there is a criminal act in here. I’ll go look it up, then head to the bar.
8 OCTOBER 2008
**FOLLOW UP***
I was reading more about this on CNN.com this morning and came across this quote:
“But Eric Dinallo, superintendent of the New York State Insurance Department, said he could see the value of such a retreat under the circumstances.
“Having been at large global companies and knowing what condition AIG was in … the absolute worst thing that could have happened” would have been for employees and underwriters in its life insurance subsidiary to flee the company.
“I do agree there is some profligate spending there, but the concept of bringing all the major employees together … to ensure that the $85 billion could be as greatly as possible paid back would have been not a crazy corporate decision,” Dinallo told the House committee.”
Wow, this is the Superintendent of the NY state insurance board saying this. I wonder if that is an elected or appointed position and where he gets his campaign funding. Even if he does believe those words, this was neither the time nor the place to get his feelings on the record. Sir, if want to bring all the major employees together, have a video conference call or even a more reasona ble location might have been more palatable. But to spend this kind of money at this type of resort for that long (and approve expenses for spa treatments and other frivolous items) is similar to thumbing your noses at your customers, stockholders and all those who are bailing the company out. Please, do not try to justify this type of elitism. Not now, not ever.
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