Monday, October 06, 2008

Fairy Tales, Rescue and It's Party Time






The mudslinging turned so nasty this weekend,

it made my stomach hurt.


I will be so glad when this fucking election is over!




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After Bailout, AIG Execs Head to California Resort
Rescued by Taxpayers, It's Party Time with $23,000 in Spa Charges
By BRIAN ROSS and TOM SHINE
October 7, 2008
Less than a week after the federal government committed $85 billion to bail out AIG, executives of the giant AIG insurance company headed for a week-long retreat at a luxury resort and spa, the St. Regis Resort in Monarch Beach, California, Congressional investigators revealed today.
"Rooms at this resort can cost over $1,000 a night," Congressman Henry Waxman (D-CA) said this morning as his committee continued its investigation of Wall Street and its CEOs.
AIG documents obtained by Waxman's investigators show the company paid more than $440,000 for the retreat, including nearly $200,000 for rooms, $150,000 for meals and $23,000 in spa charges.

"Their getting their pedicures and their manicures and the American people are paying for that," said Cong. Elijah Cummings(D-MD).
AIG CEO Robert Willumstad and former CEO Martin Sullivan are both scheduled to testify today.
Waxman says there is evidence the two men changed the bonus schedule once the company began to post losses, so that executives under the "Senior Partners Plan" would continue to make multi-million dollar salaries.

"Mr. Sullivan and the other top executives should have had their bonuses slashed due to poor performance," said Waxman.

Congressional investigators also raised question of whether AIG executives sough to "cook the books" and hide negative information from outside auditors.

On Dec. 5, 2007, Waxman said, CEO Sullivan told investors "we are confident in our marks and the reasonableness of our valuation methods."

Documents obtained by the committee show that one week earlier, auditors Pricewaterhouse Cooper had "raise their concerns with Mr. Sullivan…informing him that PWC believed that AIG could have a material weakness relating to the risk management of these areas."

In my opinion we need to vote out of office every Senator and Congressman who voted for this bill. This is exactly why I didn't want the bailout passed in the first place! This is just a bailout for the already wealthy executives who will line their pockets some more while telling all their employees times are tough and they just won't get any raises or bonuses this year. I want every penny of the $400,000 to be paid back and charges filed against every executive that went on this week long retreat.
ARRGH!
What are your thoughts?

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N Posted by Rain at 10/06/2008 10:21:00 AM

3 Comments

  • Blogger Marie posted at 8:43 PM  
    This election is making me crazy. Enough already!! I guess that's what you get for choosing polotics eh?
  • Anonymous Smantha posted at 1:25 PM  
    I got my SDG&E bill in the mail yesterday for a total $343.67!

    I am struggling to keep my head above water and Robert Willumstad gets to go on a $440,000 resort! Now I understand why you were so against the bailout.

    He is a criminal and should be put in jail.

    Samantha
  • Blogger Walker posted at 10:18 AM  
    I don't understand why they asically lindly give them the money like that instead of putting govternment people in to distriute it to where it's needed and not the fat cats of the company.
    Its like giving ajunkie a pound of crack and telling him not to use any.

    The mudslinging only shows what their charactors is like.
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