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.

[yongamerica]

The stock owners allow this to happen

[gthc1]

Who gives a *** when the trip was planned? These jerks have no shame. The government should put a lien on their income and freeze their bank accounts until they have repaid their debt to US, the taxpayers.

[gthc1]

"We regret that this event was not canceled,"

Yeah, I''m sure...you regret it all the way to the bank.

[rudy654-2009]

But NOOOOOOOO! Don''t ever tax these guys, because, because, because if you tax the rich executives using our tax dollars to go on lavish trips then where will the working poor get jobs?

[random_radar]

The reason businesses fail is that they are mismanaged. Bailing them out just keeps the incompetent people running the company into the ground. No business is too big or important to save if it is badly run.

It is an important part of social Darwinism to have bad managers go bankrupt and find other jobs. We should let these people suffer pain and find new jobs where they can be productive instead of wasting billions of dollars taken from responsible people.

[inventagod2]

Fiddling while Rome burns...

[txgrouch2007]

It is an important part of social Darwinism to have bad managers go bankrupt and find other jobs. We should let these people suffer pain and find new jobs where they can be productive instead of wasting billions of dollars taken from responsible people.
Posted by random_radar at 09:42 PM : Oct 15, 2008

Hey, careful now. That sounds almost like taking RESPONSIBILITY and ACCOUNTABILITY.

You know fat cats make their careers out of AVOIDING those things.

Especially when so many of them are BABY BOOMER BRATS these days.

Those kind of ideas are REALLY UNPOPULAR among Baby Boomers.

[txgrouch2007]

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."


Wait - after all the bad press over the California resort trip, it took them until LAST WEEK to change company policy??????

If it takes them this long to respond to changing conditions, how well can they MANAGE THEIR CUSTOMERS'' MONEY???

[stopsocialis]

The bailout legislation is not about the rescue of some banks due to the fall
of the subprime loan market, although that is what it is presented as.
What this legislation does is two things: One is hand over 700 Billion
Dollars to already wealthy individuals who own those subprime bonds and
repossessed properties, and the Second is the establishment of a
"bureaucracy of the Economy", or convert the US Economy to a branch of
the government.


This begins the nationalization of the US Economy and the end of the
American Free Economy. Since about 1800 to 1880 the Government of the
United States has been converted, without the approval or consent of the
American People (and mostly without them even comprehending the change)
from a Republic to a "Democracy" (aka, "mob, or political party, rule")
to Socialism. The next Change will be to "Plutocracy" (aka, "mob
dictatorship") and part of a One World Government, then a One World
Dictatorship when Satan takes possession of that one man.


Soon, too soon, we will have a One World Government, a One World Economy
and a One World Church.


Prophecy fulfilled in your lifetime. Daniel 7:2-7, Revelation 13:1-2.

His witness
Acts 1:18, Rev 11:2-3

[txgrouch2007]

Looks like history teachers will have to change their mantra.

From now on, it''s "Those who fail to learn from history are destined to become successful business leaders and members of Congress and suffer no punishment whatsoever for dooming the rest of us to repeat it."

Not quite a catchy, but more accurate in these modern times.

[txgrouch2007]

It''''s really strange how our president encourages us to spend money.
Posted by cbsfan731 at 09:55 PM : Oct 15, 2008

He''s still clinging to the defunct "trickle down" theory. He seems unaware that "trickle down" doesn''t work when THE BUCK STOPS at the top executives'' pockets and STAYS THERE.

He seems unaware - or IS HE????

[txgrouch2007]

All the while, the wealthy are buying luxery items at an alarming rate. Multi-million dollar yachts and mansions, sports cars for preferred customers, jewelry with six figures are selling as fast as they can be made.
Posted by cbsfan731 at 10:17 PM : Oct 15, 2008

Yep, those bailouts are WORKING FINE.

The wealthy fat cats are FEELING NO PAIN.

It''s only the rest of us...

[gthc1]

You and I can eat beans and taters everyday but they cannot. When their lavish life starts dwindling, they will beg us to work for them.
Posted by cbsfan731

--------

Already way ahead of you on the beans and taters front. A little cheap cheese goes a long way for flavor...

=)

[steamed2]

This second incident involving AIG just represents Big Business giving the ''finger'' to Bush,and Henry Paulson. What they''re really saying is that if these dumb S.O.B''s are stupid enough to give them billions to pay off gambling debts, yhey''re dumb enough for just about anything.

[vietvet06]

AIG, Halliburton, Brown and Root, Pacific Architects and Engineers, Nguan and Hand Bank, et many al are waiting to take their place as watchers.

[feddupp]

How many of US would like to be able to afford go on a VACATION--with the government throwing $$$ at us, to BOOT!!!

Do these people have ANY morals or common sense at ALL!?!?!!?!?!?!

[steamed2]

It might help if a few more people realized that the ''founding fathers'' never envisioned the two-party system we have today. All these rigid Republicans and Democrats might consider thinking for themselves for a change and registered nonpartisan independants. Look where you''re wonderful party platforms have brought us.

[tincup356]

time to vote out every single incumbent in office, and make massive reforms such as term limits and since they want to serve us so badly they can do it on a wage comparable to most Americans,say about 15,000 per year, work 40 hrs a week 52 weeks of the year, forfeit all retirement benefits,and outlaw lobbying and make it punishable by seizure of all assets of anyone caught on either side of the lobbying.Try to bribe or take a bribe and lose everything you have.

[txgrouch2007]

time to vote out every single incumbent in office, Posted by tincup356 at 10:44 PM : Oct 15, 2008

THAT''S the one we get to do OURSELVES just a few WEEKS from now. I can''t wait!

VOTE THEM OUT!

VOTE THEM *ALL* OUT!

EVERY SINGLE ONE OF THEM!!!

[vietvet06]

GEORGE, JR. AND SR. CAN YOU HEAR ME. YOU TWO ARE CLOWNS IN A CIRCUS WITH NO TENT...WHEN IN TROUBLE OR IN DOUBT, RUN IN CIRCLES SCREAM AND SHOUT. BATTER UP, WOOPS NO BALLS, PATHETIC AND LACKING BASIC PATRIOTISM, YOU ARE A BOOK END SET.

[steamed2]

I think that one of the previous comments is probably true, it''s time to organize a citizens movement to remove virtually every sitting congressman and senator from office, inact bills to outlaw lobbyists, earmarks, and lower the pay scale and benefits of our representatives. You would think that the country would be mad enough to take action.

[tincup356]

I hope there is a change in the way people vote this year, don''t go pull the straight party ticket.I plan to vote for any independent running and against all incumbents when no independents are running that race . We meed to weed out all the OLD faces, they have proven track records...proven fact that they have never represented the people and never will, TIME TO GO FOR THEM NOW.

[mcv57]

Uncle Ben promised that the billion check is in the mail. Corruption paying for more corruption, and everybody keeps the house they cannot afford. It this crazy or what?

[hsinco-2009]

Aw Gee

My vote for Obama/Biden has been cast.

I recommend you do the same.
Vote Obama/Biden!

[mcv57]

Posted by stick1771

What is the Paulson''s angle??? Blackmail socialism.

[steamed2]

You think George Bush and Henry Paulson are dumb, what about us? We watched these morons give away trillions in public funds, then they put ''Cash-n-Kari'' a junior inturn from GoldmanSachs (one of the very people that ran everything into the ground) in charge of dispersing the loot. Meanwhile the finest minds in academia, Nobel Prize and award winning economists are kept as far removed from the process as possible. Gee, could there be a reason for this?

[hsinco-2009]

Well if you would actually pay attention to the news you''''d see that JP Morgan told Paulson that they did not need or want the money. In the "secret" meeting that got leaked out, it was TOLD to the bankers that you will TAKE THIS MONEY and you have no choice. Sign on the line or else. So some of the banks didn''''t want anything to do with this but the DEMS are forcing it down their throats.

Posted by stick1771 at 10:51 PM : Oct 15, 2008


Are you crazy?

This is basically a BU$H/PAULSON plan. Mad somewhat better by the DEMS. But I too was against the bailout. I called my Congressman Tancredo and found he vote YES on both versions of the bill. He NEVER votes the way I want him to!

[steamed2]

cbsfan731:wrote -It''''s amazing how many people watched the HBO drama film on John Adams and took it as gospel. History is never this wholesome. You are naive to believe otherwise.
Sorry, didn''t watch the show you''re talking about, I was just making a comment. Why don''t you?

[vietvet06]

***** In Groups...i.e a bunch of *****..how many ***** does it take to run the U.S. gov''t....trick question, they are all ***** and can not be counted. How many congressmen/women does it take to molest a child...another trick question, answer, how many are there? Question...why should school districts not distribute condoms?? answer.. let congress buy their own condoms...question...how many U.S. congressman/women does it take to operate a profitable business, clarification, with or without extra physical lover partners, same gender or onatural, answer, yet to be determined, probability however is less than the number of members it would take to sing, "Shall We Gather At The River" and draw a crowd.

[edward1975-2009]

First 424K spent at a luxury resort, now this. The money would have served a better purpose had it been given to the taxpayers to pay off debt, but our leaders felt this the way to go. After all it''s only the taxpayers money AIG is spending, and they have the stones to ask for more. The rest of these people must be salivating waiting for their cut of the 700 billion to arrive, no telling what vacation plans they have.

[truthislife1]

Send me 10,000 and I''ll pay my credit cards. Then they can have 10,000 more.

[antizion]

McCain could have won the election by sticking to his original position and opposing the bailout but not being a real maverick he showed his true colors and was a sidekick.

Bye Bye McCain. Stupid is as stupid does - Forrest Gump

[smurfcrusher]

subtitle:

"$86,000 Tab Latest Executive Expense After Receiving More Than $120 In Taxpayer Money"

Yes! MUCH more than $120, I''d say.

[antizion]

Maybe *** Cheney will show up and shoot them all in the face.

Nobody seems to mention the Bush family are major shareholders in AIG.

[smurfcrusher]

"trickle down" economics - give massive piles of cash to the rich so they can **** on the middle class.

This English "hunting trip" is a great example of that attitude.

No club of super-rich fat cats can have anywhere near the impact that the middle class has on the economy.

Give money to the folks trying to fill their gas tanks and buy groceries and it will get spent.

Consumers are 2/3rds of the US economy. Ignore them at your peril (as we see today, after eight years of declining wages).

[smurfcrusher]

"First 424K spent at a luxury resort, now this. The money would have served a better purpose had it been given to the taxpayers to pay off debt, but our leaders felt this the way to go. After all it''''s only the taxpayers money AIG is spending, and they have the stones to ask for more. The rest of these people must be salivating waiting for their cut of the 700 billion to arrive, no telling what vacation plans they have."

Posted by Edward1975

It''s an ideal time to get into the ultra high-end luxury resort business.

Jerks.

[soldat44]

Get a *** rope...

[edward1975-2009]

Every politician that voted for this bailout, should be voted out of office. And live as an outcast for what they have done to America. This is a sickening as it gets. Just when you thought Washington had ran out of dumb things to do, they surprise you with something even dumber.

[feddupp]

cbsfan, our country RUNS on consumerism. There IS no "economy" if people stop their spending. That''s what''s happening now!

It was just a great big house of cards and now the bottom has given way and we''re left to deal with the consequences--TAXPAYERS getting the shaft, as usual!

[usofcredit]

This is absolute insanity. These arrogant self-serving pricks should be dragged in front of Congress and stoned. I don''t see George Bush saying anything so I guess it''s okay. I''m going to stop paying all my bills by blowing my money on backrubs and overseas vacations. Then GW can bail me out of my debt. Then I''ll take another vacation. As Bill Mayer said, screw this country, I''m Swiss, this is absolute insanity.

[brianp55]

I just don''t think all of you appreciate what a toll losing billions of dollars of other peoples'' money takes on a person. How can you deny these guys the R and R of a little hunting trip?

[questionhead]

Were can I find the stipulations for who gets what money from the bailout, because I know AIG isn''t the only one that''s *** up. I want to see why these people didn''t understand that retreats,hunting trips and whatever else is out til we can get a grip on our country''s finances; no matter when they planned it! The rest of the country has had to cancel and do without things; what the h@#$ is their problem they can''t pay a bill or help build up this country instead of *** up more of our tax money?! We''re supposed to just accept their "oops, sorry"; but you better not be retreating & hunting with their money!

[questionhead]

Then to really kick us in the face the took and spent the money in another friggin'' country! What is this a conspiracy or what?!

[edward1975-2009]

These are the people our leaders chose to recieve our tax dollars. Because only they could truly lead us out of this mess, the very people who created this fiasco, were going to lead us out. And these are the ones running the country, sounds like that patients running the asylum thing.

[usofcredit]

you know, as wonderful as the republicans have been for our economy (or debt should i say), the dems are planning on spending even more. I''m not even mad the more I think about it. I''ll leave it to the lord to take care of these paid off politicians, CEO''s, and lobbyists destroying our country. He''s the only one we can count on anyway. Don''t get mad people, Washington is just going to keep milking our childrens inheritence and spending it on Iraqis and their friends businesses.

[wrkingman]

"I just don''''t think all of you appreciate what a toll losing billions of dollars of other peoples'''' money takes on a person. How can you deny these guys the R and R of a little hunting trip?" brianp55

You cant be serious!!! They should be too ashamed to spend our money in that manner. I would think they would be working their ever loving A**es off righting their wrongs. No other sector of society gets that kind of sympathy. with your thinking a murderer should be given a lavish vacation for the toll of taking a life has on a person. I hope thats a weak attemp at sarcasm.

[brownbuilder]

this is our tax dollars at work for the republicans.........hum?

[incog-nito]

An English hunting trip? What were they hunting, foxes? If this is not elitist, I don''t know what is.

[thotman]

Obama has scared the hell out of me...convinced me that times are horrible and that I cant spend a dime...in fact I am going to pull my money out of every bank, and horde it under my bed. Its bad...dont believe me? listen to what were told...believe it...times are tough, gonna lose my job, buisness are going to fail...wont be able to afford my house...my car...poverty awaits me. Never mind that the stock market is way ahead of where it was in 2000...that my home is six times the size of what I grew up in. That my vehicle is incredibly comfortable and oh so sporty....that I have enjoyed my travels, my children have all gone thru college and the last three are nearing graduation... yep, life is just horrible. I may have to cut back, stay within my budget, and worse, I may have to pay double in taxes, give half my inheritance to the government, and stop investing due to the horrendous capital gains tax...in fact I may have to move my small business to Ireland so I can afford to grow. oh, but I will be able to stop paying for my employees since they will all be enrolling on the same plan that the senators enjoy...who would want our sad little health insurance plan... Life is good, and will be getting much better once I can stop working and go on the government dole. I cant wait.

[deckardbr]

Gee, ya think the middle class is getting raped? The wealthy are probably asking themselves, "What the hell to we have to do to these people before they grow a set?"