AIG Execs Splurged On English Hunting Trip

$86,000 Tab Latest Executive Expense Revealed After Bailed Out Insurer Got $37.8B Fed Loan

(AP)  A handful of top executives from American International Group Inc. spent thousands of dollars during a recent English hunting trip, even as the New York-based insurer asked for an additional $37.8 billion loan from the Federal Reserve.

"This was an annual event for customers of the AIG property casualty insurance companies in the U.K. and Europe, and planned months before the Federal Reserve Bank of New York's loan to AIG," company spokesman Peter Tulupman said Wednesday.

AIG officials declined to say which AIG executives attended the trip, which reports have said racked up an $86,000 tab. News of the trip surfaced just days after AIG received an additional $37.8 billion loan from the Federal Reserve, on top of a previous $85 billion emergency loan granted last month.

The company said last week it would stop "all non-essential conferences, meetings and activities that do not clearly maximize value and service given the current conditions."

Last month, and just days after the U.S. government stepped in to save AIG with a $85 billion taxpayer-funded loan, the company picked up a $440,000 tab for a week-long retreat at a posh California resort for top-performing insurance agents.

Lawmakers investigating AIG's meltdown said they were enraged that executives of AIG's main U.S. life insurance subsidiary spent a lavish amount on the retreat, complete with spa treatments, banquets and golf outings. Last week, White House Press Secretary Dana Perino called the event "despicable."

At that time, AIG issued a statement saying that the "business event" was planned months before the Sept. 16 bailout and that it was held for top-producing independent life insurance agents, not AIG employees. Of the 100 attendees, only 10 worked for the AIG unit hosting the event, it said.

The insurer said Chief Executive Edward Liddy sent a letter to Treasury Secretary Henry Paulson "clarifying the circumstances" of the event. In the letter, Liddy assured Paulson that AIG is "reevaluating the costs of all aspects of our operations in light of the new circumstances in which we are all operating."

The insurer then said it canceled a future California retreat that was to be held later this month.

Regarding the recent hunting trip, "We regret that this event was not canceled," Tulupman said Wednesday.

"AIG's priority is to continue to focus on maximizing the value of our businesses and protecting our policyholders so we can repay the Federal Reserve loan and emerge as a vital, ongoing business," he said.

Shares of AIG fell 37 cents, or 13.2 percent, to $2.43 Wednesday.

[Netterz]

The ONLY way we as MAIN STREET AMERICANS can STOP Corp America and Corp Gov''t which are ALL bought and paid for by Special Interest, is to STOP spending our money, our hard earned cash and what we use credit for, STOP buying from the Corps, and only shop and use the services of the small businesses that arent Corp owned. Obviously we cant stop 100%, but we can cut out about 80%.

ONLY SUPPORT SMALL BUSINESSES, STOP FEEDING THE PIGS, THAT BUY GOV''T OFFICIALS.

[Netterz]

My 2 cents on Government: I am from Michigan, we have been in a one state recession for 2 years before the rest of the nation fell into the hole as well. We here in MI, are run mostly by Democrats, 3/4 of the house here, including our Governor, Granholm. We have been living under a Democratically controlled Federal Government for over 4 years. People can blame Bush all day long, but virtually NO decision he made wasnt voted on and supported by the DEMOCRATICALLY CONTROLLED SENATE AND CONGRESS. Now, we have a Demo presidential candidate that wants more gov''t control, more gov''t committees and jobs for more fat cats. Some how all of his big plans will need to be paid for. How? MORE TAX. Taxes are the only way they can pay for all of it. At the rate there ging, they will be able to park a Democrat in every living room, so they can be sure you arent going against the Gov''t plan. My opinion? Democrat= DEMOLITION. Granholm succeeded in Taxing the auto industry right out of our state,and with the help of her fellow Demolition crew, out of the country. Dig deep people, if the Demolition continues.. get ready to dig alot deeper.

[txgrouch2007]

DO NOT RE-ELECT ANY POLITICIANS
Posted by DoILookligaf at 11:49 AM : Oct 16, 2008

Absolutely right. Vote out ALL incumbents - from ALL parties.

The fools who pretend only one party is to blame are traitors. They are still part of the enemy, because they still support half of the ones who committed this treason against our once-great nation.

VOTE THEM OUT!

VOTE THEM ALL OUT!

EVERY SINGLE ONE OF THEM!!!

[Renegade.Rivers]

What about the tax rebate money that was borrowed?

Guess that was akin to throwing gasoline on the fire.

Posted by cbsfan731

Before the stimulus package was ever even conceived, economist were already saying that we were in a recession, yet both the Administration and Congress were denying it, and ignoring all of the warning signs. The truth of the matter was that the stimulus package was nothing more than one more attempt to prop up an economy that was already failing. It was an act akin to propping up a skyscraper with a 2x4. All it did was put a band aid on a sucking wound. Rather than the government admitting that the problem was much worse, and taking steps to cut spending, and eliminate waste, they put more paper on the street, which increased the debt, and further devalued the dollar.

[antoniof123]

You got to admit these execs are something else no words to describe these blood suckers.

But hey they think they deserve it.

[gangesdak]

It will be great when China and India begin to unionize their workers.
Posted by cbsfan731 at 11:36 AM :

India has unionized worked before you were born. china is a different story.

[Renegade.Rivers]

The truth of the matter is that when the economy started going south nearly two years ago, neither the Bush administration or Congress either one stepped up to the plate, and made any move to stop it from unraveling. Instead both were in denial and saying that there were no major problems, and telling the American people over and over again that the "economy is basically strong." One of the few who raised any alarm at all was a Republican by the name of Dr. Ron Paul. Yet neither the Administration or congress heard or reacted positively to his warnings.

All of you who want to point the finger at one party or the other better realize that neither party had the wherewithal to do anything to stop the bleeding before it became a hemorrhage, that includes both McCain and Obama. Instead they allowed without objection, the Fed to lower interest rates, and further deteriorate the value of the dollar.

I warned all of you who were on this board over a year and a half ago that the stock market was in for a deep dive, and that by the time it was over that it would go to 8k or below, and most of you laughed at me.

Now that it is happening, many of you want to blame this one or that one, and this party or that party. The fact of the matter is one party is just as guilty as the other, and neither of your candidates now running for president did jack squat about it.

[newsjunky5]

The bailout money given to banks/insurance companies and other supporters of Bush comes with no conditions as to how it''s spent. They''re businesspeople, expect them to enjoy money that was foolishly given to them by the White House, with too little oversight by Congress. I don''t blame them any more than if you or I spend our money to buy a boat or a vacation. These businesspeople aren''t responsible for the economy, only for their corporation. If they run their corporation into the ground, it should go away, not be resurected with our tax dollars. Other businesspeople who run it better and go off on posh company vacations less and speculate less will take over their accounts. Unless the government intervenes.

I was in insurance business nearly 20 years. Yeah, went on several "perk" trips for doing an outstanding job, working hard and long hours. No one is griping for congress taking "perk" junkets.

[sleepyric]

hope you crooks enjoyed the trip,,,those days are OVER. You should be in jail. you read stories like this and makes you want to bail all your money out of companies this big. Country has become like the Roman Empire..we all know what happened to them.

[bm6005]

They still have to operate their business.
Posted by easeup

Perks have ABSOLUTELY nothing to do with running a business properly. It''s time we stop this krap of treating sales and marketing like their s. hit don''t stink!!

[bm6005]

I find it hilarious that in America, of all places, class warfare is considered bad. We won our independence from an all consuming aristocracy. Time to pitch out the "Tories" again!!!

[drputt45]

How do you get a job at AIG? Can I get there before all the perks are gone?

[bogusbones]

take that out of their paychecks going forward. put these guys on a government pay system. as if they didn''t have time to cancel the function. give us a break. no parachutes, no raises until every dime has been paid back. ken lay was a piker compared to these criminals.

[easeup-2009]

They took bailout money, they have no top performers to treat......

Posted by navpro at 09:35 AM : Oct 16, 2008

They still have to operate their business.

[sandy19731]

AIG and GOP ...you are FIRED!!! :(

Posted by MJHS1967

This.

[Gary Kempf]

easeup

They took bailout money, they have no top performers to treat......

[easeup-2009]

The headline is so misleading. The trip was to schmooze the top performing agents, it wasn''t the execs just taking a vacation.

CBS sure knows how to stir it up!

[presjfk]

Looks like you liberals are engaging in class warfore again. Shame on you! Posted by gop_will_win

There is class warfare but those waging it are the rich and conservative.

A bunch of millionaires and billionaires steal millions from companies, destroy these companies exposing the country to financial ruin, creating a huge finaical burden for the taxpayer - not to mention destroying the savings of nearly every american with investments and you say the liberals are engaging in class warfare?

You got it exactly backwards. The warfare being waged, that has been raging for over 8 years and has been mostly won has been by the conservatives are the likes of Enron Executives, Lehman Bros, AIG and all the others.

[brucie2006]

"The insurer said Chief Executive Edward Liddy sent a letter to Treasury Secretary Henry Paulson "clarifying the circumstances" of the event. In the letter, Liddy assured Paulson that AIG is "reevaluating the costs of all aspects of our operations in light of the new circumstances in which we are all operating."


These Execs are despicable and Paulson for allowing it to happen. They should be indicted!!! Everyone sell all assets and stocks you have in AIG..send a message