AIG TAPPING THE PIGGY BANK

As if $85 billion dollars weren’t enough, AIG may tap $37.8 billion dollars from the Federal Reserve Bank of New York. AIG has already drawn down $70.3 billion dollars from the $85 billion that has been thrown their way. It took them – what – less than a month to do so?

And while they were dipping into the taxpayer till, the company was hosting an event at the St. Regis Hotel in Monarch, California, ostensibly for employees who had “earned it.” The rooms at the St. Regis run up to a $1,000 a night – that would be about $100 an hour just to sleep over. And that is assuming you got to bed at a decent hour and didn’t stay out half the night partying with your AIG buddies. The “spa” has an internet tab that indicates that you must observe “spa” etiquette. Good Lord – spa etiquette?

In a move that suggests public scrutiny and pressure may work on some level – or at least while the public is watching – AIG has decided to scrap its plans for upcoming meetings and conferences unless they are absolutely necessary by law or are deemed absolutely critical to sustain ongoing business needs.

They got caught – bottom line. If they had been able to slide the luxurious getaways in, they would have done it. But the outcry over the St. Regis event has led them to tone down their party ways. Whether or not the salespeople deserved them is irrelevant. Give them an engraved plaque and a handshake – just like most employees get when they do a great job.

Photo Credit: OC Register – St. Regis Luxury Spa

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We, as taxpayers, are paying the bills, and I am not inclined to have one dime of my money spent on a $400+ a night hotel room. To do so is a slap in the fact of all Americans. But again, I think we got duped, and the companies are doing all they can to stop from laughing at the American taxpayer.

They put Congress over the proverbial barrel – and this time it wasn’t an oil barrel.

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About Charlotte A. Weybright

I own a home in the historical West Central Neighborhood of Fort Wayne, Indiana. I have four grown sons and nine grandchildren - four grandsons and five granddaughters. I love to work on my home, and I enjoy crafts of all types. But, most of all, I enjoy being involved in political and community issues.
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4 Responses to AIG TAPPING THE PIGGY BANK

  1. clint jenkins says:

    http://www.daytondailynews.com/n/content/oh/story/news/local/2008/10/09/ddn100908palinweb.html

    Charlotte, read the whole article, Coming after you hard in the press

  2. Clint:

    Great pictures.

    Not to worry. Overall, even averaging the polls, Obama is 4 to 5 points ahead.

    Some put him as much as 11 or 12 points ahead. McPalin can do what they want – they are old news. McCain, in particular, is desperate.

    Funny isn’t it how the Republicans criticized Obama as being nothing more than a good speaker. I guess now the Dems can criticize Palin for the same thing. 🙂 No substance. Same old tired trashings.

    I think that many have already made up their minds, and,if nothing extraordianary happens at the final debate, the election will pretty much be decided.

  3. clint jenkins says:

    http://www.mediacircus.com/2008/10/obama-sued-citibank-under-cra-to-force-it-to-make-bad-loans/

    I think if Americans knew why we are where we are things would/will be different. Please watch the video and read a little of this site. I know you think this is a Big business greed thing that cause this mess. I firmly believe Dems have a problem here. I firmly believe Obama sued banks to lend money that wasnt supposed to be. I believe Obama thinks sub prime is a great thing. I firmly believe dems blocked reform.

  4. Pete C says:

    A Sept. 27th NYT article was interesting history on a London unit, AIG Financial Products — “It is beyond shocking that this small operation could blow up the holding company.” Maybe the party-as-usual policy was ptsd.

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