After Bailout, AIG Executives Head to Resort

UPDATED: 11:31 a.m.

Less than a week after the federal government offered an $85 billion bailout to insurance giant AIG, the company held a week-long retreat for its executives at the luxury St. Regis Resort in Monarch Beach, Calif., running up a tab of $440,000, Rep. Henry Waxman (D-Calif.) said today at the the opening of a House committee hearing about the near-failure of the insurance giant.

Showing a photograph of the resort, Waxman said the executives spent $200,000 for rooms, $150,000 for meals and $23,000 for the spa.

"Less than a week after the taxpayers rescued AIG, company executives could be found wining and dining at one of the most exclusive resorts in the nation," Waxman said. "We will ask whether any of this makes sense. "

The committee will ask the company's executives about their multimillion-dollar pay packages -- some of which they continue to receive -- as well as who bears responsibility for the company's high-risk investment portfolio, which led to its near collapse just weeks ago.

"They were getting their manicures, their pedicures, massages, their facials while the American people were paying their bills," thundered Rep. Elijah E. Cummings (D-Md.), of the executive retreat at the Monarch Resort.

The House committee, which took on executive compensation at bankrupt Wall Street firm Lehman Brothers yesterday, has received "tens of thousands" of pages of documents from AIG, Waxman said.

Those documents show that as the company's risky investments began to implode, the company altered its generous executive pay plan to pay out regardless of such losses.
AIG lost over $5 billion in the last quarter of 2007 due its risky financial products division, Waxman said. Yet in March 2008, when the company's compensation committee met to award bonuses, Chief Executive Martin Sullivan urged the committee to ignore those losses, which should have slashed bonuses.

But the board agreed to ignore the losses from the financial products division and gave Sullivan a cash bonus of over $5 million. The board also approved a new compensation contract for Sullivan that gave him a golden parachute of $15 million, Waxman said.

Joseph Cassano, the executive in charge of the company's troubled financial products division, received more than $280 million over the last eight years, Waxman said. Even after he was terminated in February as his investments turned sour, the company allowed him to keep up to $34 million in unvested bonuses and put him on a $1 million-a-month retainer. He continues to receive $1 million a month, Waxman said.

Waxman also looked skeptically at the executives' defense that the troubles in the business had to do with larger economic forces and not their own bad decisions.
When a former AIG auditor, Joseph St. Denis, expressed concerns, Cassano told him "I have deliberately excluded you from the valuation ... because I was concerned that you would pollute the process," according to Waxman.

St. Denis resigned in protest.

PricewaterhouseCoopers, AIG's auditor, told the company in March 2008 that the "root cause" of AIG's problems was that people assessing risk did not have enough access to the financial products division, where the risky investments originated.
Waxman further suggested that Sullivan had deliberately misled investors.

On Dec. 5, 2007, Sullivan expressed confidence to investors. But a week before, PricewaterhouseCoopers warned Sullivan that the company "could have a material weakness relating to these area," committee members said.


-- Peter Whoriskey

October 7, 2008; 10:29 AM ET  | Category:  business
Previous: Markets Rally to Open, IMF Weighs In | Next: N.Y. Official: AIG Veered from 'Core'

Comments

Please email us to report offensive comments.



and this comes as a surprise???? I wonder what is next....

Posted by: Jan | October 7, 2008 10:37 AM

This is exactly what the taxpayers were concerned about...life as usual for the Wall Street executives while we, on Main Street and other streets, suffer the consequences.

Posted by: Barbara in California | October 7, 2008 10:46 AM

Well, it seems like that was my money funding that, but I'm sure they work hard and deserve it. Baa.

Posted by: Bedford Falls | October 7, 2008 10:48 AM

AIG Executives slapped Congress in the face and continues to laugh about it even while enjoying themselves at the posh resort. The AIG Executives are probably saying to themselves, "what is Congress going to do to us, nothing". Ha Ha Ha!!!! Congress is too soft and gullible.

What is Congress going to do about it?

Posted by: Anonymous | October 7, 2008 10:54 AM

Oh NO! Not on my dime! Congress better recoup those funds and fast

Posted by: drihl | October 7, 2008 10:56 AM

How can Congress be so indignant when the bailout bill was crammed with garbage pork? Millions! And apparently, that's the only reason it passed, because some individuals had to get their cut (maybe Nancy Pelosi really does need that 757...).

Posted by: ooxomoxoo | October 7, 2008 10:56 AM

This is unacceptable on our money. Congress and Treasury need to revise the rules so this does not happen again.

Posted by: Anonymous | October 7, 2008 11:00 AM

its time to roll-out the guillotine

Posted by: Paul | October 7, 2008 11:06 AM

THIS IS APPALLING!!!! I can't believe this is happening. Heads should be rolling and they are not. This country is ripe for revolution and if accountability is not found, I think that is the next course of action. The citizens of the US should not be made to pay for the mistakes of the wealthy! If a market correction needed to play out those companies fail, so be it. The bailout should never have happened. As I have read, those that voted for the bailout were compensated, by WALLSTREET, with cash, property, etc.. if they voted YES. I understand Dodd himself got $14 million plus from wallstreet. This just sickens me. Our founding fathers must be spinning so fast in their graves that you could probably draw power from them.

Posted by: Gclausen | October 7, 2008 11:08 AM

To say I'm upset is an understatement. AIG executives should be forced to reimburse these expenses out of their OWN pocket. Immediately.

Posted by: Upset | October 7, 2008 11:14 AM

There are Senators and Congressmen who go in poor, and when their term is up, they come out millionaires. I wonder why.

Posted by: Anonymous | October 7, 2008 11:27 AM

instead of 700 billion the politicians were stuff with pork & barrel and it ended up to 810 billion. American tax payers are new sucker in town.

Posted by: you got what you paid for | October 7, 2008 11:49 AM

O.K., Folks.

Time to rise up. This is beyond obscene, and we should fire all the executives who are responsible for this event, or take back the $85 billion.

Posted by: Pitchfork time! | October 7, 2008 11:58 AM

What annoys me most about this?

AIG *HAD* a buyer. That buyer though apparently wanted to have *gasp* controlling interest in the company.

So instead they go to the Feds. And then SoCal.

I don't know whether to laugh uncontrollably or sob uncontrollably.

Posted by: Chasmosaur | October 7, 2008 12:02 PM

I cannot stand to read another story like this. Tears well up in my eyes. How in the hell can this type of behavior go on? Can something/anything be done to stop them? These immoral businessmen don't even hide the fact that they are spending money in this way while devastating the economy. They are laughing at all of us who are reading this story, writing our angry comments, and wondering what's going to happen to our earnings -- the money we need to live each day comfortably.

Posted by: sickntired | October 7, 2008 12:05 PM

Let's ask Mr. McCain and Mr. Obama about this, in tonight's discussion.

LOL.

Posted by: RipRap | October 7, 2008 12:13 PM

i'm really glad the Democrats charged into bailing out Wall Street with $700 billion. who would they like to bailout next? China? North Korea?

Posted by: million | October 7, 2008 12:17 PM

Can you get a pedicure in Leavenworth?

Posted by: zenwick | October 7, 2008 12:20 PM

This is just another dog and pony show by Congress. They brought in the oil executives and the credit card executives and what happened...nothing. The sad part is Congress has no idea what to do!!!

Posted by: feelinthepain | October 7, 2008 12:22 PM

Dudes stop the gripe, after all you voted these geckos in... and perhaps amazingly vote 'em in again!

The purpose of the bailout was to keep life going as we know it (without the bailout it would be life as unknown), so every thing must continue as it was including all shindigs because hey! people work at those resorts they have shareholders or owners to pay, yatchs to buy, the people building those yatchts need to eat including the guy that cleans their toilets, so check it y'all checkit, now you know who can pay for those million dollar pads and why they must continue to cost millions while the minions weep at their unfortunate lot in this pork barrel feeding frenzy.

Posted by: JacksIstLos | October 7, 2008 12:34 PM


DANGER!!


VOTE NO MORE OF THE SAME!!


OBAMA GOES TO WAR AGAINST FREEDOM OF SPEECH

Site:
http://www.rightsidenews.com/200809292079/editorial/obama-goes-to-war-against-freedom-of-speech.html


We CAN NO LONGER AFFORD to continue to travel on the path of the Democratic and Republican 'push forward' into the destruction of our Constitution and Sovereignty as a nation and elect politicians such as Obama and McCain to ANY office of government were they can continue to make laws against us and REFUSE to listen to our voice.


We MUST look into 3rd Party Presidential Candidates such as REP. CHUCK BALDWIN - endorsed by Ron Paul. He is the ONLY candidate that promises to defend and protect our Constitution and our Sovereignty!


IT IS OUR TURN TO STAND UP FOR OUR REPUBLIC AND MAKE A REAL CHANGE HAPPEN - VOTING AGAINST DEMOCRATIC AND REPUBLICAN RULE IS THE BEGINNING!

Posted by: Anonymous | October 7, 2008 12:37 PM

I think more than a few public castrations are in order......I just hope they use a VERY dull chain saw.

Posted by: Waldo Leidecker | October 7, 2008 12:38 PM

why are the people responsible for squandering all this money not in jail???

Posted by: joe taxpayer | October 7, 2008 12:38 PM

This is disgusting. I agree that these people should have to give back all their ill gotten gains. If there is no law that makes them do so, then Congress should enact one immediately.
Time for a whole lot more regulation and criminal penalties for those who rip off the public and those who let them get away with it.
Unfortunately, Paulson is not likely to do that because he would have to punish himself.

Posted by: Betty Louann | October 7, 2008 12:47 PM

It is not the executives fault for congress passing the bill. This is congresses fault. Just because some executives have a contract where they get paid after they leave is not the tax payers problem, heck it's not even their money. The problem lies with congress and the federal reserve bailing them out.

Executives have nothing to do with the problem. Just because they are rich, doesn't mean it is there fault.

Posted by: Jon | October 7, 2008 12:47 PM

It called the raping of U.S. Citizens but it must feel good to us because we continue to let it happen.

Posted by: keedrow | October 7, 2008 12:49 PM

Nothing is happening. Money is a game. Some win, many pretend, most starve. There will never be enough money. That would spoil the fun.

Posted by: homefree | October 7, 2008 12:49 PM

And I would be surprised if Waxman followed through, to tell the truth.

I wonder if the FBI is investigating them, all those crooked Wall Street executives?

Posted by: John Bittreman | October 7, 2008 12:50 PM

This is the reason our country is heading to hell. Wall Street keeps thinking that “Greed is good”. Our congress only cares that they can win reelection. Both corporate executives and Congress live high in the hill. You know the old saying “S*%$ rolls down hill”, well fellow Americans “Welcome to the Valley”

Posted by: D J Morgan | October 7, 2008 12:51 PM

- No more bailouts ever. No one is too big to fail - No one - let them all fail!! The sheer audacity to do this is brazen and contempuous. God will not be merciful to those who do these things. I'll take the suffering we have now any day to what God has in store for them!

Posted by: Janet | October 7, 2008 12:51 PM

Thanks for the facials and salt rubs, US taxpayers. They were thoroughly enjoyable.

Posted by: AIG VP | October 7, 2008 12:54 PM

These "top dogs" are so used to living high on the hog that they fail to see what a stupid move this is. It will engender hatred from those of us who are paying for their party. If they had any sensitivity at all, AIG would have held their retreat at a Holiday Inn - and eaten hot dogs like the rest of America does.

Posted by: Shrinkess | October 7, 2008 12:54 PM

AIG executives, appearing before Congress, today, are responding to questions about their ethics by lying and dissembling. The Congressional inquisitors are playing their parts by showing constituents how concerned they are by what these nefarious CEOs have done and failed to do. In the end the CEOs will go back to their luxurious lifestyles, paid for by the millions they illegally accumulated through manipulation of their Boards; and our over-compensated Congress persons will blithely continue to enable the scum bags on Wall Street. This is a morality play of the worst kind,

Posted by: Diogenes | October 7, 2008 12:56 PM

I am to small to fail. Where is my bailout?

Posted by: t salazar | October 7, 2008 12:57 PM

The elitist, Mrs. McCain, may be proud of her country but I sure as heck am not. I am sickened by our corruption and lack of care for those who truly do the work and keep it running (the working portion of the country). The rich just play games with our money and steal from us - time for that game to end NOW!

Posted by: JW | October 7, 2008 12:57 PM

This makes my stomach turn...

Doesn't the US government now own a controlling interest in AIG? We have the power to suspend this kind of frivolous spending and issue an across the board pay cut to any executive with excessive earnings.

Which bush appointee is supposed to be overseeing this?

Posted by: mattw | October 7, 2008 1:00 PM

Did Waxman vote for the 700 billion bailout? Did Pelosi, Reid, Obama, and McCain know about this? How will they justify this now?

Posted by: Anonymous | October 7, 2008 1:00 PM

Did Waxman vote for the 700 billion bailout? Did Pelosi, Reid, Obama, and McCain know about this? How will they justify this now?

--------
Are you sure they weren't invited along as part of a Congressional junket?

And therein lies the problem...

Posted by: Anonymous | October 7, 2008 1:02 PM

I believe there is collusion in media, bank(corporate) executives and politicians to cover the whole thing as I feel this report is just tip of iceberg. We been fooled by these guys to pour the taxpayers money to rescue those who gambled.

Posted by: Kilo | October 7, 2008 1:03 PM

To the barricades!

Posted by: Orbiter Dictum | October 7, 2008 1:03 PM

If you could give me money, I would also pass a bill in your favor to let you have more.

Posted by: US Senator | October 7, 2008 1:04 PM

Sigh! Circle of life.

I left my country 5 years ago because of its unfair rules. Rich were getting richer and the poor were getting poorer. America was the place of equal opportunity and fairness for all.

I used to work 9-5, 5 days a week, with about 50 paid holidays back home. Now I work 7 days a week, 12 hours a day, 12 vacation days for about the same money. I pay all sorts of taxes even though their benefits will not cover me if I lose my job or die. I haven't had a vacation in 3 years and I don't see any coming soon either...

America seems to have lost its way...

Posted by: loopwhile1 | October 7, 2008 1:04 PM

And according to the press the AIG unit that caused the most trouble is London based. Their insurance payouts also went mostly to European speculators according to reports. Our tax dollars are going for bailout of Brits and Europeans!

Posted by: Anonymous | October 7, 2008 1:04 PM

The Democrats have a responsibility to hold hearings on this crisis and then hold the CEO's, CFO's and others responsible, with jail terms and huge fines that are used to help finance the bailout.

We, as voters, need to demand accountability and justice by flooding our newly elected representatives with letters and email, until these folks are held accountable.

Posted by: Carol L in Boston | October 7, 2008 1:04 PM

Don't waste your time blogging. Spend your time writing to your CONGRESSMEN and asking them why are they allowing this to happen. It's more effective. Remind the ones that are up for re-election that your vote will be based on how they respond.

Posted by: silver pine | October 7, 2008 1:04 PM

It seems that the only we will see any JUSTICE is when real Americans take up the law into their own hands. I hope that congress does something before that happens.

Posted by: Mad Max | October 7, 2008 1:05 PM

Thanks for the facials and salt rubs, US taxpayers. They were thoroughly enjoyable.

-
Hm.

Those idiots are so obtuse, they fail to understand they will find themsevles on the wrong end of a cup of Russian tea.

People are MAD, and Wall Street, like Washington, is full of stupid cowards.

Posted by: Anonymous | October 7, 2008 1:05 PM

American government is a disgrace. Why haven't these thieves been arrested? It it time for a bloody revolution in America.

Posted by: Vink | October 7, 2008 1:07 PM

Waxman needs his head examined.

Posted by: lardsandwiches | October 7, 2008 1:07 PM

Forget ballots. It's time for bullets.

Posted by: Anonymous | October 7, 2008 1:09 PM

Everything proceeds according to plan.

The little people will continue to build the pyramids, and we will continue our quest for immortality.

Posted by: S. M. Cook | October 7, 2008 1:09 PM

WOW. This is alarming and causes great concern over the hard earned money people like myself earn. Many of us are on a day to day survival and these people just keep our hard earned money and bath in luxury. Unbelievable! I can only trust that their will be an investigation to these ridiculous actions and have these people in jail. The rich dust their hands and walk away well the rest of us suffer the consequences. Executive Excess indeed!

Posted by: Gabriel | October 7, 2008 1:10 PM

If you give some one a gift .... they should enjoy it ... any of us would. Our congress are great with gifts . It is not the fault of AIG executives, it is our government. The problems is not AIG it is the federal government of the United States, yes our own representatives. Find out WHO gave the 85 BIllION and VOTE .

Posted by: jbgood | October 7, 2008 1:10 PM

Can anyone tell me why these people aren't being charged for crimes, like embezzlement and fraud?

Posted by: jeffc6578 | October 7, 2008 1:11 PM

Somebody better go to jail over this. I'm sick of spending my money for someone's booze and drugs. Or brandy and massages, there's not much difference in the people who gladly take from us working people and expect more.

Question, who do we contact to be heard? our congress and senate obviously don't listen.

Posted by: tiredofpaying | October 7, 2008 1:12 PM

This should come as no surprise to anyone, the greed is not at the mega corporate levels it all the way down the line, I've watched this grow and fester for over 10 years now. corporate America has finally succeded in brining the down fall of our great country and the Democratic congress did nothing to stop it. why would they, they were getting rich off us poor slobs who make an HONOST living.

Posted by: mad in MN | October 7, 2008 1:13 PM

Let them eat cake!

Posted by: Marie | October 7, 2008 1:14 PM

This is disgusting. I am with anybody who wants to start a revolution. The only way to stop this is to eliminate a few of em.

Thanks.

Posted by: Guido | October 7, 2008 1:15 PM

Now more than ever, we must communicate with these Congressmen and tell them what we expect them to do or they will lose their jobs come reelection.

Posted by: LK | October 7, 2008 1:17 PM

I feel like I am in a nightmare where the taxpayers are ants and Wall Street and Congress are big feet stomping us to death.

Posted by: connie melone | October 7, 2008 1:17 PM

Why can't Bailout include contracts that force companies taking Bailout, have their CEO's / top executives to be bound to work till it returns to profitability on a fixed government guidelined salary / perks..
Else go to Moon

Posted by: Wall Steet Turn Right Others Turn Left | October 7, 2008 1:19 PM

we the people really didnt have a say in the bailout, the only way we can protest this outrageousness is to stop doing any further business with aig.

Posted by: debbie | October 7, 2008 1:19 PM


well as far as the aig deal is concerned, it looks like the taxpayers are going to make a profit on the deal :)
sure the shareholders got burned with the 90 percent dilution of stock with the loan.. and if they sell all their assets which they are legally bound to, there will be enough money to cover teh 8.5 billion + interest... the 8.5 B is a wise investment in my opinion you most certainly get the interest from that..
i have no sympathy for the shareholders.. thye knew or should have known what they were getting into when they bought the stock :)

Posted by: nufio | October 7, 2008 1:20 PM

From the Guardian
http://www.guardian.co.uk/business/2008/oct/07/creditcrunch.useconomy

******************

An AIG spokesman said the event was to entertain independent insurance salesmen of AIG American General - one of the company's main US operations which offers life, health and accident policies.

"It was a recognition event for independent agents of AIG American General who distribute insurance policies," said the spokesman. "It was planned months ago."

********************

Gee, I guess that's okay then. All the people who may no longer be able to retire or send their kids to college will understand. It was *planned months ago* Of course you couldn't CANCEL THE EVENT.

Posted by: Chasmosaur | October 7, 2008 1:20 PM

Sorry.. 85 B

Posted by: nufio | October 7, 2008 1:21 PM

nufio, that whole post was disgusting. You're America's single biggest domestic product today, an apathetic, greedy empty vessel of human effluvia.

Posted by: Anonymous | October 7, 2008 1:24 PM

I agree with the ones that say that there will be a revolution in this country sometime soon. The regular Joe that i talk to is ready to stop paying taxes all togeather and force government to " do the right thing" for a change or there will be no money to bailout anybody.
This country is headed the same way other countries do it. There will be the very rich and then the rest of us. Beware the middle class is over.
Obama or McCane what difference does it make neather one has any honer or honesty. Look close look very close you vote does not count. Just look at how Bush got where he got. Vote? I don't think so. It is a wast of time. Look at Ohio Mich. Fla. Who the people really want is not who you will get in the end it will be the one that can and will keep passing out our money for the "CLUB"

Posted by: Tom | October 7, 2008 1:28 PM

I say its time for revolution. few decades back we used to have slavery. Now this is modern way of doing it. we earn and they enjoy and spend. I guess all these will burst soem time and give a reason to new revolution..... I am waiting for that and will definitly happen. Thats the change which will correct people again.

Posted by: Prowin | October 7, 2008 1:30 PM

This just goes to show the lack of good judgment exercised by the morons at the top of this once proud company. Second rate knitwits who helped ignite the global meltdown with their stupidity. I say we liquidate it and throw them to the dogs.

Posted by: williambanzai7 | October 7, 2008 1:30 PM

No laws that cover their crimes? How about treason? These crimes were committed against the American people and the country is going down the tubes because of them.

Posted by: bruce | October 7, 2008 1:30 PM

This is not surprising, though it is revolting. How many Dems and Republicans got a payoff? Can Class Action suits be filed by the citizens against these companies and execs? There is no sense in blaming one Party, they all have a "swingers" mentality. They will bed with whoever pays!!!!

Posted by: Charles Mann | October 7, 2008 1:34 PM

Three words: Storm the Bastille!

Posted by: John | October 7, 2008 1:36 PM

AIG owns a posh resort in Vermont. Why didn't they go there?!

Posted by: Chris | October 7, 2008 1:38 PM

If any of you haven’t read the book I.O.U.S.A. or seen the movie, I suggest you do so. This government is no long for the people or by the people. Our representatives have sold themselves to the highest bidder. Just check out who owns your rep at www.opensecrets.org/ Our representatives should be required to wear uniforms similar to a NASCAR driver, where you can see who has ‘sponsored’ them. That way we know how they are going to vote and it won’t be in your best interest. It’s time to take back our government; I believe it’s stated in the Declaration of Independence. “That whenever any Form of Government becomes destructive….it is the Right of the People to alter or to abolish it, and to institute new Government…” When do you want to meet in Washington, and who’s bring the torches and pitchforks?

Posted by: Boston Tea Party | October 7, 2008 1:41 PM

Amazing. I'm sorry Art Buchwald isn't alive to write about this stuff.

Posted by: Anonymous | October 7, 2008 1:42 PM

Y'know, what's interesting is that people blame the "Replublicans" for all this country's problems, but congress passed the bill and the majoriy of congress is DEMOCRAT!!! Get a clue people, the president is just a figurehead; senators and representatives are the ones we really have to decide about on election day!

Posted by: Kris | October 7, 2008 1:43 PM

I'm assuming Waxman & Cummings voted for the 700B bailout.

Posted by: rcmo | October 7, 2008 1:43 PM

I'm not a cruel, vindictive person like the poster above who wanted to castrate executives with a dull chain saw. I just want to give them merciful bullets in the back of their heads. A few hundred, or even a few dozen, executions of the "leaders" of our financial institutions would be a salutary lesson for the remainder.

The New York Times is running an article about our hard wired instinct for revenge. Maybe that explains why the thought of those executions makes me feel better.

If our political "leaders" don't get it soon the populace surely will rise up, some of them violently.

Posted by: diogenes | October 7, 2008 1:46 PM

Like I said, there should have been no bailout, we should have let the Wall Street-ers go under.

Posted by: Phil Harmonic | October 7, 2008 1:50 PM

Why is this not as big as the fashion story on the front of washingtonpost.com???

Posted by: Unbelievable! | October 7, 2008 1:52 PM

What the Heck.

Posted by: Wow. | October 7, 2008 2:01 PM

1 by 1

Posted by: simply wow | October 7, 2008 2:19 PM

This is disgusting. I am with anybody who wants to start a revolution. The only way to stop this is to eliminate a few of em.

Thanks.

Posted by: Guido | October 7, 2008 1:15 PM

Count us in!

Posted by: Founding Fathers | October 7, 2008 2:27 PM

Dear Taxpayers complaining about the posh resort: Welcome to the special interest non-democratic political system. Did you forget? You failed to nationally fund the elections? You refused to raise your taxes to pay for the election costs. Those who pay dictate the rules. Stop complaining.

Posted by: M from San Diego | October 7, 2008 2:28 PM

They should have let AIG fall!!!

Posted by: Brijesh | October 7, 2008 2:30 PM

"Y'know, what's interesting is that people blame the "Replublicans" for all this country's problems..."

Yeah, it's such a shock. I mean, it isn't like we had one-party control of the entire government for six years during which time anything currently breaking down was brewing with the full blessing of the don't-ever-regulate free market folks in the Republican party... oh, wait. WE DID, didn't we?

Maybe that's why everyone blames the Republican party for this, hmm?

Posted by: Jamie | October 7, 2008 2:30 PM

Why not just hunt them down and take them down like the animals they are

Posted by: UncleB | October 7, 2008 2:35 PM

This is what happens when government sticks it's nose where it doesn't belong. Free market should be left alone to adjust itself or go out of business, just like the mom and pops!

Posted by: ticked off | October 7, 2008 2:36 PM

We need to replace all the members in congress with people from main street.

Posted by: Chaostheory | October 7, 2008 2:36 PM

"instead of 700 billion the politicians were stuff with pork & barrel and it ended up to 810 billion. American tax payers are new sucker in town."

* * *

Yeah, would've been so much more palatable if we'd kept it to a mere SEVEN HUNDRED BILLION DOLLARS used to fund the lifestyles of these executives at their resort. Definitely can see that the problem here is that we spent $67 billion to keep middle-class families from getting hit with the Alternative Minimum Tax... uh-huh...

Posted by: Jamie | October 7, 2008 2:36 PM

Why not just hunt them down and take them down like the animals they are

Posted by: UncleB | October 7, 2008 2:38 PM

I don't think this should be made into such a big deal. Events like this did not cause the problem; poor financial risk management and over-leverage are what the issues are. Executives will behave like executives; a few hundred thousand dollars is nothing in the scheme of a $85 billion credit line. Lets just hope for our sake that AIG can get its act together and stabilize without further intervention.

Posted by: DNN in DC | October 7, 2008 2:40 PM

Looks like some of these people just need a really good ass beating. Let them spend all their money on security, we all need to track these losers down and make them pay. One way or the other!!!

Posted by: tax payer | October 7, 2008 2:45 PM

The United States Congress should order that all assets of Martin Sullivan and Joseph Cassano be seized and placed into trust until a full investigation into how these gentlemen misled the shareholders of AIG is completed. Criminal trials should be conducted and if they are found guilty they should spend a lot of time in jail (a real jail not a resort jail) and their personal assets should be forfeited and returned to the shareholders as compensation. It’s clear that these men through their sheer negligence and incompetence have caused inerrable harm to the shareholders of AIG, its employees and the citizens of the US. They are no better than the terrorists who brought down the World Trade Center, they just have a different cause that they are fighting (and stealing) for, their own self gratification.

Posted by: Steve in CO | October 7, 2008 2:48 PM

With AIG, Bear and Lehman up, we got most of Wall Street covered. Now when do we get to the Washington folks at Fannie and Freddie....oh geez I forgot, the Democrats are in control. Why would anyone ashame their own rich friends???
I guess we all got to say this is all 'coz of Wall Street folks, and nothing in Washington.

Posted by: Ashamed | October 7, 2008 2:51 PM

The biggest joke is the outrage being shown on these boards. No one here will actually take real steps to prevent this in the future.

You'll whine, get drunk, and then beg for mom when the headache is too much to bear...

This country is "the land of the brave but only if we can have it every which way but earned"...

Posted by: Anonymous | October 7, 2008 2:52 PM

This is how we treat the idiots that put us in this mess to begin with? Vaseline please. . . were f*cked.

Posted by: Supreme C | October 7, 2008 2:52 PM

The real solution is to change the law to curb executives pay!!!!!!!!!!

Posted by: John | October 7, 2008 2:53 PM

PIGS.

Posted by: jim | October 7, 2008 2:53 PM

As terrible as the economy and the bailout are, we can't loose perspective on the entire scope of where this country is heading...and each of us HAS to get involved.

We are well on our way to becoming a closed society. We have crisis and panics, illegal wiretapping, secret prisons outside of the country, the 1st Brigade of the 3rd Infantry Division was just deployed in the United States on October 1, and the bailout bill provides for the President to have $100b to use at his discretion.

It's time for Americans to wake up before it's too late. PLEASE watch this video and pass it on to as many people as you can. http://www.youtube.com/watch?v=_XgkeTanCGI

Posted by: EdB | October 7, 2008 2:54 PM

Jesus, Mary, and Joseph! No good, dirty, money hungry $%^&*##$s (fill in as you see fit, speaking out loud if you like). And I sit here worrying about making mortgage payments on a house that is worth less than the mortgage.

Posted by: PGF | October 7, 2008 2:56 PM

That's a fine how do you do! You betcha!

Posted by: Sara Impalin | October 7, 2008 2:59 PM

what a disgrace!!

there must be accountability

Posted by: sb | October 7, 2008 2:59 PM

Can someone publish the names and addresses of these thieves. It's time for some frontier justice.

Posted by: SuperPants | October 7, 2008 3:00 PM

This is disgusting. I feel sick.

Posted by: shl | October 7, 2008 3:00 PM

This is absurd. Who ever is overseeing the bailout in Treasury needs to get that amount of money back from AIG, now, and make it clear to all that that sort of expenditure happens at the risk of immediate removal of all federal assistance.

Posted by: Riddim | October 7, 2008 3:00 PM

You're surprised?

Get used to it. How do you think we got into this damn mess anyway?

Posted by: tony the pitiful copywriter | October 7, 2008 3:00 PM

HILLARY RODHAM CLINTON ANGERED BY SARAH PALIN’S REMARKS

Hillary wants to know if Palin wants to run the United States in the same manner that she and McCain ran their dysfunctional families. With the nomination of hockey mom Sarah Palin, John McCain has official transformed the defunct GOP Republican Party into a circus complete with a lipstick wearing pig clown displaying the IQ of a cockatoo. Hillary added that Sarah Palin’s pathological lies and unprofessional name calling led to the five letter word pertaining to an Arctic hillbilly (P A L I N).

--------------------------------------------------------------------------------------------------------


MCCAIN-KEATING SAVINGS AND LOANS FRAUD / FINANCIAL CRISIS AGAINST AMERICA

MCCAIN-KEATING SAVINGS AND LOANS FRAUD / FINANCIAL CRISIS AGAINST AMERICA

MCCAIN-KEATING SAVINGS AND LOANS FRAUD / FINANCIAL CRISIS AGAINST AMERICA


--------------------------------------------------------------------------------------------------------

The financial system is still in grave peril, despite Congress's approval of an unprecedented $700 billion bailout.

Unemployment is rising, the economy is slowing, and the question isn't whether we're in for a recession but how long and how deep the recession will be.

Meanwhile, U.S. troops are still fighting in two places -- Iraq and Afghanistan -- where foreign occupations end badly.

The terrorists who struck us on Sept. 11, 2001, have been allowed to regroup within the borders of nuclear-armed Pakistan and are busy plotting new attacks.

Rarely have there been bigger or more urgent issues to talk about in a presidential campaign.

Yet GOP Republican McCain / Palin refuse to talk about these vital issues to America. Why?
GOP Republicans caused this mess and have not a clue of how to get us out of this mess.

--------------------------------------------------------------------------------------------------------

The richest one percent of this country owns half our country's wealth, nine trillion dollars. One third of that comes from hard work. Two thirds of that comes from inheritance; interest on interest accumulating to widows / idiot sons; and stock / real estate SPECULATION. It is crap.

Ninety percent of the American public has little or no net worth.

WALL STREET SPECULATORS create nothing. But through SUPER-CAPITALISM (FRAUD), WALL STREET SPECULATORS OWN THE MAJORITY OF THIS COUNTRY. The Super Rich running America are doing it through Las Vegas style gambling. IT IS CRAP!!!

RICH GOP REPUBLICAN WALL STREET SPECULATORS make the rules (news, war, peace, famine, upheaval).

RICH GOP REPUBLICAN WALL STREET SPECULATORS pick that rabbit out of the hat while the American People wonder how WE GOT INTO THIS MESS.

You are not naive enough to think that we live in a Democracy?

IT'S THE FREE MARKET. And you're a part of it.

GOP REPUBLICAN RICH WALL STREET SPECULATORS have that killer instinct. Stick around, GOP REPUBLICAN RICH WALL STREET SPECULATORS still have more stealing to do.


In a Democracy, the AMERICAN PEOPLE suppose to own AMERICA. That's right, the AMERICAN PEOPLE suppose to own AMERICA.

AMERICANS are being robbed by GOP RICH REPUBLICAN WALL STREET SPECULATORS AND THEIR WHITE HOUSE / CONGRESSIONAL STOOGES with their:

Obscenely high salaries,
Tax havens for the rich,
Tax breaks for the rich,
Tax laws for the rich,
Exclusive clubs “Eyes Wide Shut”,
Luncheons,
Hunting trips,
Golf tournaments,
Escort services,
Corporate jets,
GOLDEN PARACHUTES.

Thousands of GOP Republican CEOs and their White House / Congressional Stooges are walking away with over $20,000,000 each of stolen money from the U.S. Treasury (AMERICAN PEOPLE). This Is Treason Against the American People.

Posted by: GOP REPUBLICAN FRAUD | October 7, 2008 3:02 PM

More than half the country's population said: no bailouts, no way, no matter what. Yet our corrupt and ineffective legislators, led by the two major parties' pathetic Presidential candidates, forced through the big bailout bill over our objections.

There's a way we can MAKE all these irresponsible politicians who voted for the bailout pay. Not one of them should be re-elected.

Meanwhile, we need to pick a President. Neither Obama nor McCain has shown himself worthy: a worthy candidate would have looked out for the nation's interests and the taxpayers' interests.

Has anyone looked at the Libertarian candidate Bob Barr? He's a recovering Republican. But he wasn't involved in the cluster-fudge otherwise known as the bailout bill. In fact he's been anti-bailout from the word go, and if he'd been at the helm, the AIG bailout wouldn't have gone ahead either because he'd have vetoed it.

Posted by: Squeaky | October 7, 2008 3:06 PM

ooxomoxoo:
"How can Congress be so indignant when the bailout bill was crammed with garbage pork? Millions! And apparently, that's the only reason it passed, because some individuals had to get their cut (maybe Nancy Pelosi really does need that 757...)."

Uh- talk to your republican members of congress- those are the ones who wouldn't pass the bill without the garbage pork- idiot!

Posted by: harry | October 7, 2008 3:07 PM

I echo several of the posters here...who is not surprised by this? If you are, WAKE UP! These people make the money, they feel like they are above anything...isn't that what we've been raised to do?

Make money so you can do all the things you want to do. Be the best...greed is good...

Sucks when it all comes tumbling down.

Posted by: Nutt World Order | October 7, 2008 3:08 PM

God bless AIG for shareing their wealth with the pleebs.

Posted by: trickle down | October 7, 2008 3:08 PM

My husband and I lost a significant amount of our retirement savings in the AIG debacle, and we worry each day whether the primary income earner in our family will have a job with AIG in the months to come.

Wonder if WE'LL get some R&R on AIG's dime to recover from the stress of all this! LOL

It's simply sickening.

Posted by: ajm | October 7, 2008 3:09 PM

I'd have rented them my modest house for half that amount.

Posted by: jatox | October 7, 2008 3:12 PM

I am sick to my stomach. I worry every day if my small business is going to make it. $400 million to Lehman's CEO?! And I can't even pay myself $400 this month.

Maybe I could call that CEO and ask for a small business loan....

Posted by: sicktomystomach | October 7, 2008 3:12 PM

Pompous jacka**es. Time to take action.

Posted by: Alexandria | October 7, 2008 3:13 PM

Congress is easy to hate, GOP and libs alike, but they had to go for the second version of the bailout with the markets plummeting.

I hope these AIG #%@2%#% burn slowly in hell for all of eternity, so they know the pain of the American taxpayer.

Ron Paul, I would have gone with you over sissified "Look Right" Obama. But McCain and Gramm's disgusting bodyrubs of these financial executives in the past 10 years makes me physically sick.

John when you get to join these friends of yours in the afterlife, remember every day they're why you never were President.

Posted by: pupted | October 7, 2008 3:13 PM

I wanted to cry after reading this article I was so upset. To those executives, we simply do not matter,even worse, we do not exist. I still may cry.

Posted by: Ellen | October 7, 2008 3:13 PM

REMEMBER THAT THE NEXT SAD STORY OF THE WORLD COMING TO AN END IF THE GOVT IS TO ALLOW THE NEXT COMPANY GOING BROKE.

$440,000 ON CELEBRATING HOW STUPID THE GOVERNMENT AND THEIR LEGISLATORS ARE.

DONT KID YOURSELVES. THERE LINNING UP AS WE SPEAK.

LET THEM ALL BURN TO NOTHING.

Posted by: Frank in Sarasota | October 7, 2008 3:14 PM

""Y'know, what's interesting is that people blame the "Replublicans" for all this country's problems..."

Yeah, it's such a shock. I mean, it isn't like we had one-party control of the entire government for six years during which time anything currently breaking down was brewing with the full blessing of the don't-ever-regulate free market folks in the Republican party... oh, wait. WE DID, didn't we?

Maybe that's why everyone blames the Republican party for this, hmm?"

Riiight. That's why the derivatives market was deregulated between 1996 and 1998.

Plenty of blame for both sides of the aisle, since everybody was, and still is, asleep at the switch.

Now enjoy your next "New Deal" - another market correction extended and expanded by bureaucrats. Hey, the longer it lasts, the more job security they have, right?

Posted by: jaydub | October 7, 2008 3:14 PM

These wacko's have a lot of nerve..they want to keep their lifestyles and salaries while the taxpayers have to cut back on everything just to be able to pay for gas and buy grocercies.. Make them pay it back..

Posted by: Linda G | October 7, 2008 3:15 PM

So what are these hearings are for? Just to keep Congress busy. How about some prison time or water boarding these scums?

Posted by: AIGExec | October 7, 2008 3:15 PM


Dontcha luv the way Sarah winks starbursts?

Posted by: Rush Limburg | October 7, 2008 3:16 PM

This is not surprising, though it is revolting. How many Dems and Republicans got a payoff?
------
You're right, see who gets a big fat bundled donation, all with connections to the CEO types at AIG.

And remember, it's tax money they're using to fund themselves and the idiot politicians.

This, btw, another common scheme, I think the most obvious example is Tony Rezko and his IL shenanigans (I'm sure the same is true of McCain, I'd take a closer look at Keating, and any of those war profiteers, to start with...)

A private business entity applies for, and receives tax monies (ex. Halliburton), enriches himself, and the politicians who enable him, without doing any of the real work contracted (ex. Cheney, say).

Isn't this how the "Iraq" war scheme works, or worked?

ROTFLMAO.

Posted by: Anonymous | October 7, 2008 3:17 PM

On second thought, maybe I'm with waterboarding in special circumstances.

Posted by: pupted | October 7, 2008 3:18 PM

Alas, but there is no Peasant Revolt!

Therefore, we must await the Senator and Governor to ride in on their Maverick steeds and weed out the Greed and Corruption.


Tune in tomorrow for another Fairy Tale.

Posted by: Greed Has No Shame | October 7, 2008 3:18 PM

And you are surprized by this why? Until there are Constitutionally mandated term limits for Congress and a true line-item veto to get rid of the pork, entrenched cronyism will continue. Even term limits won't stop it all together but will make it harder. The voter rarely overturns an incumbent. Any one who thinks either of the Presidential candidates will change any of this is a fool. Neither record endorses change (contrary to popular belief) and both were complicit in the bailout. One bent you over and the other didn't even care enough to give you a kiss first!

Posted by: PghGuy | October 7, 2008 3:19 PM

Minimum wage to the Senate and Congres. You got what you wanted now We damn sure need to get the Health Insurance and tax breaks You gave to the ones that didn't need it.

Posted by: Roger | October 7, 2008 3:19 PM

But, but they are Republicans.

And that's why they vote Republican. You see, Democrats want to take away their money...

Posted by: AIG | October 7, 2008 3:19 PM

Similar things happepned in the 1920's under the Cooledge and Hoover revolution. Now we see the non-regulation republicans efforts again screwing Main Street and/or Working Class Ave. What did the non-gegulations get us beside higher costs, it got us a country of haves and have nots. We never learn or we forget easily.

Posted by: Jim | October 7, 2008 3:19 PM

I hope making license plates doesn't mess up their manicures....

This is criminal

Posted by: gmarkross | October 7, 2008 3:20 PM

It is all a joke to these people because they have Bush, Cheney, and Paulson running interference which translates into ZERO accountability. They should all go to prison. Goldman Sachs had leveraged heavily 20-30 billion in AIG and many think that is why Paulson swooped in to help while he let Lehman go bye bye. We have the right to know when we will see this money back from the treasury, otherwise it is pure facism.

Posted by: ssk9 | October 7, 2008 3:20 PM

Why do we pay taxes? Or, better yet, why should we continue to pay taxes?

Posted by: Eric in OR | October 7, 2008 3:20 PM

How do you start an uprising?

Posted by: vjm | October 7, 2008 3:21 PM

OFF WITH THEIR HEADS!!!!

Posted by: Queen of Hearts | October 7, 2008 3:22 PM

Calm down everybody! All the viewpoints here are very one sided. I mean, who of you that's commented has ruined their organization only to be saved by the federal government? Probably only a few. These executives are very stressed! Who can blame them for taking a few mental health days? I know that after I almost ruin my organization, I like to take a few days at a resort to just kick back and relax to clear my head.

Plus, I'm sure they had this trip planned, like, weeks in advance and couldn't cancel or they would forfeit a large deposit. How would we feel if our tax money went towards $20K in deposit wasted? Not too good!

It's like you guys live in the real world or something.

Posted by: Will | October 7, 2008 3:24 PM

Aw come on...it only costs each American $2.00 each for them to take that vacation. Pocket change. What are you so upset about. (!!?!?) These people should be drawn, quartered and shot at point blank range.

Posted by: Cap'n Butt-tard | October 7, 2008 3:24 PM

It would seem that there is only one way left to bring these consummately arrogant parasites to heel. It involves a bucket of tar, a bag of feathers, a number of lamp posts and a good stout rope!

Posted by: ruinedbruin@msn.com | October 7, 2008 3:24 PM

They should be shot in the street...

Posted by: Anonymous | October 7, 2008 3:25 PM

response to million: why are people so insistent that the democrats are responsible for this debacle? BOTH parties had a deal worked out where there was NO pork, serious oversight, and money to be returned to the American people (And I do NOT agree with the bailout). But, a small group of REPUBLICANS held out over some BS "personal slight" reasons, and lo and behold, the amended socialistic corporate welfare bill comes out with pork, less oversight, exec compensation forgiven, interest being paid to industries who we are paying for, and the bell still rings by smiling CEOs on Wall Street. I would also remind you, million, that Paulsen is a lifelong REPUBLICAN who has his own dog in this fight--$450 million dollars worth.
So before you give such a simplistic sophomoric response to such a serious and complicated issue, engage in some self-education, would you please?

Posted by: ibnrn06 | October 7, 2008 3:26 PM

Marx was right

Posted by: Disenchanted | October 7, 2008 3:27 PM

How do you start an uprising?
Posted by: vjm | October 7, 2008 3:21 PM
=========================================
You throw tea in the harbor, you get as many guns as you can find, and then you attack the oppressive government and its agents, knowing full well that you face execution, the loss of your loved ones, not to mention the loss of everything you own. But you pledge your life, fortune and sacred honor. You endure cold winters at Valley Forge with nothing to eat. You escape from Manhattan by the skin of your teeth. You learn to fight in ways that confuse your enemy. And then finally, you beat your opponent by outlasting him/it.

Posted by: Samuel Adams | October 7, 2008 3:27 PM

The Senators and Members of Congress who allowed the bail out of Wall St have clearly shown their contempt for America's taxpayers. My view is that any of them who voted for the bailout should become unemployed next month. About the only thing that MIGHT change my mind would be legislation to tax at 100% the income (and capital gains on stock and options) of any executive of any company that has benefited from a bailout AND a windfall profits tax on oil companies. They passed the bailout in ten days or so; they could pass this legislation with similar speed - if they wanted to.

Posted by: DJR3 | October 7, 2008 3:27 PM

I am sick. I am disgusted. I am all of the above. What can we as a people and a nation do to STOP THIS?? We are so busy trying to make a living, put a roof over our heads and food on the table that we become distracted to what is being done to us. I don't want to hear that SSI, Disability, health insurance, food stamps, welfare are all a distribution of wealth. What we are going through right now is DISTRIBUTION OF WEALTH FROM THE COMMON FOLKS TO THE SO-CALLED ENTITLED ELITE. If I could I would rise a revolution right now!

Posted by: Anonymous | October 7, 2008 3:28 PM

People lose their life savings....what do they do....They party like it's 1999.

Posted by: BAILOUT | October 7, 2008 3:29 PM

Speaking of Bill Ayers, he should do us all a favor and bomb the AIG building. Those loathsome, morally-bankrupt stewards of all that is abhorrent. This is disgusting.

Posted by: c.a. | October 7, 2008 3:29 PM

This is an easy one - just deduct the $400, 000 plus from their salaries, Immediataly!

Posted by: mzbond | October 7, 2008 3:29 PM


All in favor of summary execution, say "AYE"!!!

And the AYE'S have it...

cigarette, blindfold, BANG!!!! Naw..save the cigarette and make the families pay for the bullet--Chinese style.

Posted by: Mike | October 7, 2008 3:29 PM

Free Market Capitalism is a failure! These people have put money above America and patriotism. And all in a time of war! Start reform by punishing these greedheads enough to scare the rest to get in line.

Posted by: Cincinnatus | October 7, 2008 3:30 PM

I'm curious how long you Americans are going to keep tolerating this. Any other country would have had a revolution.

Posted by: capitalist | October 7, 2008 3:30 PM

From the Beatles White Album ...

Piggies (by George Harrison)

Have you seen the little piggies
Crawling in the dirt
And for all the little piggies
Life is getting worse
Always having dirt to play around in.

Have you seen the bigger piggies
In their starched white shirts
You will find the bigger piggies
Stirring up the dirt
Always have clean shirts to play around in.

In their styes with all their backing
They don't care what goes on around
In their eyes there's something lacking
What they need's a damn good whacking.

Everywhere there's lots of piggies
Living piggy lives
You can see them out for dinner
With their piggy wives
Clutching forks and knives to eat their bacon.

Posted by: John Most | October 7, 2008 3:30 PM

This is really not surprising. The very rich do not get it. The government does not represent the non-rich.

Posted by: Larry | October 7, 2008 3:30 PM

If this country were China, these AIG guys and the Lehman Bonus Babies would be taken out and shot.

Is this a great country or what?

Posted by: Spectator | October 7, 2008 3:31 PM

All thanks to Georgie!

McSame, anyone?

Posted by: maphound | October 7, 2008 3:32 PM

I cannot truly express the shame I feel for being a US taxpayer right now. I love this great land of ours. But these individuals behavior is utterly reprehensible.With all that is going on in the financial community, they surely could foresee a backlash to this little holiday. Beware taxpayers, beware. The individuals entrusted with the care and functioning of our free market economy know no boundaries. Like a bunch of drunken fratboys with Daddy's visa and no limit, no morales, no brains and no grown-up supervision. Come on fellas

Posted by: Wayne | October 7, 2008 3:32 PM

As a tax payer I say, take them to trial for miss use of federal funds, find them guilty, lock them up, and make them reimburse the federal government from their personal assets. It congress and the justice department do not do it. Then we as Americans should file a class action suit against them, include all members of congress and the Fed listing them as conspirators.

Posted by: cario | October 7, 2008 3:32 PM

This is total crap! I need a vacation too. How do I get Congress to pay for me to go to the same place.

Posted by: TechRider | October 7, 2008 3:33 PM

I don't see this as AIG execs being bad... I see it as congressional reps grandstanding for votes... Dont worry about what already happened... Try to prevent it from getting worse...

Posted by: Anonymous | October 7, 2008 3:33 PM

The federal government now holds a 79.9% stake in AIG. We should fire the shameless thieves. Then, we should investigate them thoroughly and prosecute wherever possible. If they will not be retrained by shame, maybe they will be restrained by fear.

Posted by: _kt_ | October 7, 2008 3:35 PM

Rome is burning!

Posted by: Anonymous | October 7, 2008 3:35 PM

WHO PUT THESE BUFFONS IN CHARGE??

THE REPUBLICANS, THESE ARE McCAIN'S BUDDIES.

Posted by: Walter | October 7, 2008 3:36 PM

The ability of of these executives to justify their being worthy of exorbitant compensation in the face of monumental failure seems to go beyond mere greed. Have psychologists studied this subspecies of overachieving financial sociopaths?

Posted by: filmlab | October 7, 2008 3:36 PM

And just like the baseball hearings, nothing at all will come of this. Executives will keep their money, American taxpayers will lose theirs. I effing hate this country.

Posted by: juan | October 7, 2008 3:37 PM

What was congress doing last week when this happened? Where were the adults? Why was this not stopped before it happened. They could have made the bailout contingent on running all future expenses through congress?!? Congress has a habit of whimpering after that fact -- like they have no control over events in this country. Where I come from people lose jobs for less.

Posted by: jeannie | October 7, 2008 3:38 PM

Why do these people still have jobs? They should have been fired immediately after the governement bailout.

Posted by: EAF | October 7, 2008 3:38 PM

ahh isnt caiptalism at its best wonderful ... actually this doesnt surprise me .. the whole of America, the management at every level through to the lobby groups, the politicians and the executives, are all about herd mentality, i'm-allright-jack and group think and scratch-my-back.. this is the price you pay for conditioning the people to Fox, daytime TV and sports and beer .. the joe six pack couldnt think to save his life and voted in dumb and dumber every election the Repiblicans won since RR. And if you didnt agree, you were a terrorist, a liberal, a commie, they purged you. even now look at McCain and his chips ... you get what you deserve .... you will get PALIN hurrah ... London Bridge is falling down ..

Posted by: Noor Jivraj | October 7, 2008 3:39 PM

Thanks for the George Harrison lyrics, John. George is the undersung hero of the Beatles, IMHO.
What these Little Piggies need is the skinny end of a firing squad at Gitmo. Keep your powder dry.

Posted by: Rocky Racoon | October 7, 2008 3:40 PM

They need to get off the convention - it was for their top life insurance salesmen, not executives - for guys that millions and millions to the bottom line. They need to put the eye on the London "Casino" (AIGFP) run by Casasno. Greenburg and Cassano are the culprits who created the problem and Sullivan (an inept new CEO) covered it up to shareholders. He inherited a huge problem and did nothing to bring it out and take care of it.

Posted by: Blair | October 7, 2008 3:40 PM

AIG already spent $61B of the alloted $85B go figure where they spent the money like the rest of the investment bankers. On themselves!

Why give criminals purpose?

Patrick

Posted by: Patrick | October 7, 2008 3:42 PM

Did I do anything illegal? No I did not. If readers are so outraged than they should take up this matter with their congressman or senator. Can somebody add this to webster dictionary

Sucker: Hard working poor american who pays for his rich fellow american's life.

Posted by: S.N.Rao | October 7, 2008 3:42 PM

Talkin' about the revolution.

Posted by: Tracy Chapman | October 7, 2008 3:42 PM

This kind of excess paid for by the little guys of the world has got to stop.

Posted by: Sarah B. | October 7, 2008 3:43 PM

So what? We're outraged. So what?

The government, which exists to serve & protect, will do nothing because the senators/congressmen are bought and paid for themselves.

Obama/McCain will wax on and on yet neither will do anything about it. The bailout will increase to way over a trillion dollars with this sort of thing happening all over (& CEO's getting million dollar welfare checks from the tax payer)and our elected officials will still do nothing but brey.

Imagine that, the CEO's who pay little if anything in taxes, grip and complain about "death taxes", demand fat bonuses even though they failed in their duties, having their lifestyle continued/financed by us: The taxpayer.

Obama. Are you paying attention?

Posted by: Jaxon | October 7, 2008 3:43 PM

With AIG, Bear and Lehman up, we got most of Wall Street covered. Now when do we get to the Washington folks at Fannie and Freddie....oh geez I forgot, the Democrats are in control of these hearings. Why would anyone ashame their own rich friends???
We all got to remember that bad mortgage loans were the crux of the problem, and the blame "should" really start from Fannie and Freddie. But I guess our congressmen would like us all to say that this is all 'coz of Wall Street folks, and nothing in Washington.


Posted by: Ashamed | October 7, 2008 3:44 PM

I find it disgusting. I think Congress better start requiring accountability of where the money is going. We can't count on Paulson to do the right thing. He has already brought in one of his Goldman Sachs cronies to oversee the bailout. When my budget gets tight the pedicures are the first thing that gets cut. When working for a pharmaceutical company and the pipeline was crap, the free coffee and free parties were the first to go - followed by the execs. that made the bad decisions. - of course they got the parachutes, but not quite that huge. But in any case, this is becoming a case of white collar welfare. They are on the public dole and we can't afford it. Less talk and more action on the part of congress and the governing agencies. Put them all in jail - take back the money that they stole from their stockholders. Take back the money that they have stolen from the taxpayers directly. The bailout was not a good decision. Never trust anyone who tells you that this is A) a dire emergency and B) that you need to make a decision right away. !@#!@$g liars!! Enough is enough.

Posted by: clives | October 7, 2008 3:44 PM

I have never been more frightened in my life -- and I lived through the 1960s, thank you. This country is out of control, and the rich need to be reined in before we are ALL, including the rich, sink like stones. Absolutely disgusting behavior. Throw them in jail, go after the pols who allowed this to happen, and for God's sake, don't anyone elect any Republicans for a while.

Posted by: Catherine | October 7, 2008 3:44 PM

Okay, guys. When and where are we going to get together to protest? I will be there.

Posted by: evildoc | October 7, 2008 3:45 PM

Anyone with any sense will vote against incumbents across the board - who cares which party the replacement comes from. Permanent incumbency is the biggest threat to American democracy - we must have a constitutional amendment to impose term limits or our permanent political class, protected by jerrymandered districts, will continue to treat us like dogs. Vote for whoever you want for president, but any house member or senator up for election should be removed immediately.

Posted by: UnderPants | October 7, 2008 3:46 PM

Take the money back, and let them fail, they have proven that they deserve to do so.

Posted by: greg | October 7, 2008 3:46 PM

I don't believe anyone in their right mind could expect anything less.We should stop the bailout money and put some funds into letting the FBI find the property and numbered off shore accounts that those companies CEO's ect.have hidden and put it in the Treasury Department coffers.Than put those con-men in JAIL.WE THE PEOPLE Demand it

Posted by: ethanthom | October 7, 2008 3:46 PM

This is exactly why I emailed both of my senators and promised not to vote for them if they voted for this slush fund. Bush hasn't shown good judgement in 8 years and Paulsen is not even an elected official. We just gave the Bush Admin a golden parachute beyond their wildest dreams. And the American people a nightmare.

Posted by: cab50151 | October 7, 2008 3:47 PM

Perp walk, fraud on shareholders. Intentional. Nothing more needs to be said.

Posted by: Palaidn7b | October 7, 2008 3:48 PM

Well, let's put this in perspective. The congress just gave NASCAR $100 million. So, what's $400 k in comparison?

Posted by: Annandale | October 7, 2008 3:48 PM

Such arrogance! The cost of the retreat should be refunded to the taxpayers/shareholders. Bonus should follow, and there should be jail-time.

Posted by: wbware | October 7, 2008 3:50 PM

this makes me ill.

Posted by: Anonymous | October 7, 2008 3:51 PM

"Wwe the People", we have found out, mean NOTHING!

Posted by: Greg | October 7, 2008 3:51 PM

......and the rich get richer.....

Posted by: poorme | October 7, 2008 3:52 PM

OK, we mostly agree that the time is ripe for revolution. WHERE do we sign up? WHO will be in charge of such a thing? WHAT form does it take, bloody or serious? HOW do we pull it off?
I'm sorry. I know we feel angry, humiliated, frustrated, that the capitalists once again have put one over on us. They have shifted our lifeviews so that now we are with them -- we must have things, new things, bigger things, things more special than our neighbors. How can we fight what we ourselves have become?
Some one, some person or group, has to take charge of a revolution. Do you think anyone in our country of things will do that? What? Take on dangerous work with no pay for the sake of our country? And have to give up Monday Night Football and 'our shows' on TV? Not us, not Americans -- we're much too busy getting and having things than we are in a life of good for our fellow man. We no longer are the shining city on the hill. And what's more, we're taking the rest of the world with us into slavery.

Posted by: Van Ness | October 7, 2008 3:52 PM

AIG is a bunch of greedy idiots. Having that retreat after the are bailed out. I think someone needs to go to jail. I hope Congress does something about this. They are crooks. Put that idiot that got $300M in jail for theft. Stupid Idiots!

Posted by: Hot Under The Collar | October 7, 2008 3:53 PM

why are you surprised?

Posted by: roompie | October 7, 2008 3:53 PM

In the immortal words of Henry Ford:

"If the people understood our banking and monetary system, there would be a revolution before tomorrow morning."

Posted by: D. A. Michaels | October 7, 2008 3:54 PM

US people is gonna keep mum too much fear of the new masters the principle: indebt the citizens to own them. The tool fear of every thing: health, terrorist, AIPAC, Depression... In God we trust others pay cash...No today it's: In God we disbelief and others are property...

Posted by: eddy3 | October 7, 2008 3:54 PM

This 17-year veteran, former financial advisor says:

SEND THEM ALL TO JAIL FOR FRAUD!

The act of deliberately excluding an auditor because said auditor is questioning the veracity of your financial statements, your valuations, your process integrity, and your financial transparency is FRAUD.

Posted by: JBE | October 7, 2008 3:55 PM

Why isn't the Washington Post plastering these criminals pictures all over the front page with the amounts they stole and their home addresses.
Then let's see how long justice takes to come knocking.

Then the phone numbers and addresses of every criminal in government that voted yes to give their criminal friends a gift.
Then justice can come knocking on their door too.

After all the knocking was done we would have a new country.

Posted by: Chad Steele | October 7, 2008 3:55 PM

Hahaha suckers!!!

Posted by: Anonymous | October 7, 2008 3:55 PM

These congessional hearings of the fat cats will result in what the oil executive hearings accomplished, NOTHING. Song and dance BS as usual.

Posted by: Frank | October 7, 2008 3:55 PM

Fire them!

Posted by: rcc | October 7, 2008 3:56 PM

What do we do with a lame horse?

REFUSE the 85 BILLION....seize their assets! Their homes....their second homes.....their mountain homes....their beach homes....and their mistresses!

I would like to make a serious comment!:)

Posted by: Sean | October 7, 2008 3:56 PM

Oh PLEASE. Waxman is a sensationalist who likes nothing more than to parade CEOs in front of commmittees to have them roast in front of the press and the cameras.

It's amazing how many people with so very little knowledge of finance or the economy think that we're just handing 700B to Wall Street and getting nothing in return. This is not so much a "bailout" as it is a government investment. AIG was handed 85B and in exchange they handed over 90% of the stake in the company (which incidentally IS the world's largest insurer).

Just the same, the seven hundred billion (which most sane economists believe is far more than will be spent) is being exchanged for securities with VALUE - or if necessary, equity in corporations. It's not simply being handed over for nothing in return. Honestly, I'm getting sick and tired of this schadenfreude and venting about "Wall Street fat cats." Like it or not, these people have always been in control of the financial system. We need them as much as they need us. Chopping a hole in the bottom of the boat we're both in does NOTHING.

Keep in mind that this problem was partially caused by irresponsible Americans living beyond their means (i.e. with no idea how to manage their money). Yet these same Americans somehow have the gall to lecture the money men how to use money. HAH.

Posted by: Joe Sixpack | October 7, 2008 3:56 PM

Wonder where CNN No Bias and No Bull along with Lou Doubbs are on this scandal? Do these clowns know no shame?

Posted by: David Bakody | October 7, 2008 3:57 PM

These people are despicable. This is absolutely unacceptable - okay government, you want the people to maintain confidence?. The ridiculous and morbid fascination that some have had with wealth demonstrated by looking at legitimized criminals ugly mugs on 'have lots of $$$' magazines has now officially turned to utter contempt.

Posted by: Maggie | October 7, 2008 3:57 PM

I changed my mind....I want my 700 billion back.

Posted by: J.W.Dixon | October 7, 2008 3:57 PM

The first thing all of you people need to remember is that the bailout occurred because Congress feared for the downfall that would have occur had AIG collapsed. If anyone knew anything about insurance, then they would know that AIG can insure (because of its size) risks that no one in the world would normally be willing to take on. Without AIG, there would have been massive problems for the everyday Joe who runs a company with exposure they can't insure.

Yes, the corporate level of AIG dropped the ball. But, lets be honest here, in a company of 130,000 poeple not one person in the world is equiped with enough mental wit or time in the world to wrap thier head around the entirety of AIG's operations.

Let's also be clear that not all employees of AIG mislead or took advantage of the Joe Shmoes of the world. Everyone is calling for AIG's head, arms and legs, but in reality only a few greedy people ruined a fundamentally sound company.

I hate seeing all these posts about how corporatations are taking advantage of the tax payers. Certian people are taking advantage of the tax payers, not the entire coporation as a whole. The hard working honest tax paying poeple who work for AIG are now being thrown on the chopping block for someone else's actions.

Also among the concerns of Congress pre-bailout were the number of jobs that would have been lost had they let AIG fail. Everyone forgets that Lehman was nearly 1/10 of the size of AIG. Regardless of the scope, the decision was made for the greater good, something individuals on the whole have a hard time grasping.

Do I condone the fact that they ran up a tab of 500k at a posh resort the week after an 85 billion dollar bailout? No, and there will be consequences, no doubt.

Posted by: kugolfer1 | October 7, 2008 3:58 PM

Why is anybody suprised? Really, wake up people. The power elite do as they please, they always have and always will. Disgusted, yes, but suprised?

Posted by: Observant | October 7, 2008 3:59 PM

They HAD to take the previously planned retreat or lose their money. That's the ticket.

Posted by: Anonymous | October 7, 2008 3:59 PM

on a serious note:)

....and the seeds of Revolution are sown...

Posted by: Sean | October 7, 2008 3:59 PM

Another fine example of the lame Republicans. The stock market took a tumble. Out with the Repubs and old Johnnie and beauty queen too!

Posted by: Anonymous | October 7, 2008 3:59 PM

Jeez - I SO wish we could sue all of these bastids! And I agree with another poster that said the top execs should go to jail since this really is basically fraud.

Posted by: Jeaneene | October 7, 2008 4:00 PM

Hey, the $440,000 in expenses was peanuts compared to the salaries they received for that week. A business retreat is "work" in their books.

Posted by: peanuts | October 7, 2008 4:00 PM

I'm mesmerized by such an arrongance and crimes abroad and home...I can't do anything without the help of my fellow citizens these guys are so powerfull
But I sadly know that all our Info-entertainment-football-TV reality- Hollywood, etc. are gonna push for us another huge dose of fear-fun-sleeping-magic movies, pics, discourses to keep us quiet.

Posted by: eddy3 | October 7, 2008 4:01 PM

Who owns this country any more? It's certainly not its citizens. The 535 scoundrels in Washington, along with the executive branch, have run this country into a ditch. Is it any wonder nobody trusts our institutions any more? The banks don't trust each other (because they all know they've been cheating). The citizens don't trust the government.

This is how revolutions start. We'd better be careful.

Posted by: One of the Founding Fathers | October 7, 2008 4:02 PM

For all you people who voted for bush and are complaining, thanks for helping to screw over the American people.

Posted by: rocco | October 7, 2008 4:02 PM

um.....duh. can someone bail me out of my student loans so I can go to a retreat in Aspen?

Posted by: pagoda | October 7, 2008 4:03 PM

Do you want to really make a statement with your vote? Then vote Nader. Or Bob Barr for that matter. No offense Mr. Obama, I like you, but you're already in the process of being bought by corporate America as a member of the Democratic Party. Republicans, you just plain stink on ice, and your wingnuts are already chanting "Kill the Terrorist", meaning Obama, at McCain/Palin rallies. The system is broken and this time I'm not even sure that socialism can save it like it has in the past.

Posted by: Curt | October 7, 2008 4:03 PM

America is in decline because of the rich people's greed. The politicians are morally corrupt and do nothing to stop all these activities, which if they are not criminal, there should be laws to make them illegal.
I arrived to this great country 44 years ago and it was great to live here then, now it makes me sad to see how life has changed for the worse.

Posted by: Lorenzo | October 7, 2008 4:03 PM

"I've watched this grow and fester for over 10 years now. corporate America has finally succeded in brining the down fall of our great country and the Democratic congress did nothing to stop it."

Nice try dip. Republican's have held majorities in both Houses of Congress and the Presidency for the majority of the past decade. Dolt.

Posted by: croaker69 | October 7, 2008 4:05 PM

(linkback) Shock or Yawn? 1 week after AIG bailout, execs blow $440,000 on blowout party [VOTE] - http://www.thriveorfail.com/c5684

Posted by: Kevin K. | October 7, 2008 4:06 PM

Now you know where all that phantom money went they got from selling one mortgage 10 times over. It turned into real cash, and that cash is no missing.

I bet if you add up the salaries and bonuses of all those executive bastards over the last five years, that's darn near 700 billion.

Posted by: cpwdc | October 7, 2008 4:07 PM

These HUNGRY HOGS don't get it. All come to this world naked and will leave naked. Ok, may be wearing a tux while leaving; but still in the coffin.

Do good deals, good karma.

Congress should seize all their assets and give to charity.


Posted by: So_Sad | October 7, 2008 4:07 PM

Shut up you peasants...our job is to just work for the wealthy!

Posted by: Turner | October 7, 2008 4:08 PM

So George Bush and John McCain's buddies in Wall Street went on a spending splurge AFTER the taxpayer bailout??? No surprise why McCain is sinking fast in the polls. Even bogus Ayers and Wright stories won't help them now. Here's a word of advice Mr. McCain....be a gracious loser, stop the senseless and quite meaningless personal attacks and just retire to Sedona or one of your other twelve mansions.

Posted by: A.Lincoln | October 7, 2008 4:08 PM

Sixpack And kugolfer1 you are much more dangerous the these guys: you want us to be silent and agree with evrything:waht a conformism and deep fear in you: unable ebven tpp recognize sheer crime and unjustice

Posted by: Anonymous | October 7, 2008 4:08 PM

Oh...HELL NO...they did not?

Posted by: shocked dad | October 7, 2008 4:08 PM

I've been thinking about going into business making guillotines... now might be the right time.

Posted by: Rey | October 7, 2008 4:09 PM

Kind of makes you long for the old Soviet solution to corrupt businessmen, they didn't face firing, they faced a firing squad. Not everything about the Soviet Union was bad.

Since 1980 CEO pay has gone from 42 times the average pay to 364 times according to 2007 data (CNN) (This is interesting, one day for a CEO is apparently worth more than a whole year's work for Joe Average). If the 42 times ratio had stuck, the CEO would still have earned more than $1,200,000, but not the $10,800,000 the average CEO took home.

A start would be to bring back the 1960's top tax rates for compensation in excess of 42 times the average person's compensation, in the 90% range, and lets not let the corporations deduct any more than 42 times the average pay. If the corporations and their incredibly greedy executives want to loot their corporations, at least lets not do it at taxpayer expense.

Posted by: rfk | October 7, 2008 4:09 PM

Are you truely surprised? I am just surprised that it happened so blazenly and less discreet. Had they gone to the Virgin Islands- they would have spent much more and not been reported. Stupid??
As far as them being arrested HAHAHAHAHAHAHHAAHHAHAHAHAHa.... how can the patrolmen arrest the chiefs??

Posted by: Smarra | October 7, 2008 4:10 PM

So George Bush and John McCain's buddies on Wall Street went on a spending splurge AFTER the taxpayer bailout??? No surprise why McCain is sinking fast in the polls. Even the bogus Ayers and Wright stories won't help him now. Here's a word of advice Mr. McCain....be a gracious loser, stop the senseless and quite meaningless personal attacks and just retire to Sedona or one of your other twelve mansions.

Posted by: A.Lincoln | October 7, 2008 4:11 PM

we will never see a halt to corruption as long as the president is asleep and corrupt just like the rest. it started with johnson as far as I am concerned . the Blood Draining War in a Little Nation called Viet Nam. they the slick tongued entertainer named Raegan,he missled the country the most of all except for W.
Clinton was just pure filth in Drag. he really set the pace, Pragmatic in ways while he had his special self interest in the center of the filthy under current of the political mob. Now this set the stage for the acceptance of the Good ole boy ,shoot from the hip , non thinking ,beer drinking, flolicker ,non responsible ,non stateman, non prepared emotionally W. the boy who was pushed and pushed to do big things and did big things in a Huge way W. even hell cannot contain all the harm he has caused in the World. we will need men like Obama in the white House for the next two hundred years to get the people out of the gutter that we lived in under W. the entire generation will need to pass and the next 20 generations will need to be given exceptional leaders or we will not make it as a nation. or as a people. we will carry the scar of W. on ours kids kids Great Great Great Great Great Grandchildren and that will still leave a distinct oder in the aire that something very ugly took ahold of the nation at some time or the other, and it will all point back to these Baffooons. it all culminated on W and he was to weak to know what had hit him and to emotionally weak to know how to see thingss squarely ,this left a huge opening to a preditor named Chainnnny .the Darth Vader of the millineum. That is it Folks , that is the way it was. the treasure of the life a Son and Daughter Given over to inherit a life of Hell that cannot even have Words Put To It. This Dark Hole is So Scary that Most People Refuse to See it.
We Would Rather Stay In Deep Denial. The Shock Of What Has Happened To The People Of The Nation Who Has Had Heaps Of Shame Upon Heaps Of Shame On Top Of Shame Has Laden Our People With A Weight So Heavy That Our Souls Are NUMB And OUR Thinking Has Become Dark And Scattered. The Dream that lives inside of the Good Has Been Altered For Ever. The Stuborn Doulfin Has SINNED BY PROXY OF THE SHAME THAT HAUNTS THE NATION. SHAME IS THE MOST SLITHERING SNAKE TO EVER ENTER THE HUMAN SOUL ,IT COMES IN THE DARKEST HOURS AND PRESENTS ITSELF AS HIGH THINKING AND MORALISTIC IN NATURE. NOT MORAL JUST MORALISTIC. THAT IS THE CLOAKE OF A SNAKE. WE HAVE ENTERED THE BOWELS OF LUCIFER. LOOK AT THE word LUCIFER. FEEL THE ABSENTS OF WORTHY CONTENT IN YOUR SOUL OF SOULS.

Posted by: George | October 7, 2008 4:13 PM

That is what Congress gets for listening to BUSH!!!!!! They are so stupid!!! They are supposed to be our leaders!!! This country is in big trouble!!!!!

Posted by: Unknown | October 7, 2008 4:14 PM

Nice job AIG... you have suceeded in making Socialism look reasonable again!

(No, *not* Obama. He represents the path of moderate responsible capitalism that finally defeated socialism, before you guys got greedy and messed it all up again!)

Posted by: Rwolf | October 7, 2008 4:14 PM

yep..I want my money back and let's bill those guys for our time so I can go on retreat. I'm still waiting for my take on that Crysler bailout with Jimmy Carter. Where did that money go? Looks like this 700 bil is peanuts compared to what may be up next..i.e.the fall of the credit default swaps. Hold on...This is going to be a bumpy ride.

Posted by: J.W. Dixon | October 7, 2008 4:14 PM

I want my money back from these crooks. I say force the execs of AIG to reimburse for the cost of this little excursion, and if they misappropriate one more penny, we all become stock holders and vote the bums out. Congress better act on this instead of just holding one meaningless hearing after another. I will vote against any Congressional rep who doesn't advocate for harsh punishment of these crooks - regardless of party. Democrats & Republicans: Consider yourselves on notice.

Posted by: Rod | October 7, 2008 4:18 PM

OH MY GOD!!!

STOP THE CORRUPTION! I do not understand why there aren't raging protests in every single city in America right now!!!

THIS IS AN OUTRAGE1!!

Posted by: Anonymous | October 7, 2008 4:19 PM

I'm so sicken about the whole deal and about to vomit! This congress needs to be shaken up inside out. When the bailout bill was not passed first time, I had some hope, yet Congress dared to bring the bill again for the second time, despite of mass public outcry and revolt, stuffed with pork, which is a total slap in the face of taxpayers, and actually passed. Then, now after they have THEIR WAY with the bailout package, they have a gull to put on a show to prove that they are holyier than any human being including taxpayers and greedy CEO.
PEOPLE! VOTE OUT EVERY SINGLE ONE OF THEM WHO VOTED FOR THE BAIL OUT!

Posted by: ready2vote | October 7, 2008 4:19 PM

i've read the comments and have to put up a comment just to say something needs to be done. if news like this is published and we just read it and don't do anything things will not change... this is disgusting - the ability for executives such as these to completely disregard that the people with less money are lifting up the wealthy. just one example of the lifestyle we are affording them with the $700 BILLION bailout - of course not including INTEREST to us taxpayers and our children.

Posted by: Jen | October 7, 2008 4:19 PM

Why the complaints? A lot of you voted for this! Isn't this what you wanted?


...suckers!

Posted by: Fluxgirl | October 7, 2008 4:19 PM

à la lanterne

Posted by: Helena Montana | October 7, 2008 4:21 PM

I remember what my old friend "Griff" used to say right before blowing up and kicking some butt------------"if you can't listen you are gonna have to feel." It's time to quit talking and start taking names.

Posted by: rusty 3 | October 7, 2008 4:22 PM

And yet, all of this was perfectly legal--and surely tax-deductible as well for AIG. When the rich write the rules, why should anyone be surprised that they play by the(ir) rules?
One thing is certain: regardless of the election results, not that much will change in these rules anytime soon, and citizens are unlikely to mass and set fire to Congress.

Posted by: F.do | October 7, 2008 4:23 PM

so looks like democracy has seen its day?? isnt this what you get mentally fox-handicapped joe six pack a vote??
perhaps a new form of goverment needed where you have to PROVE that you deserve the right to vote. Did i hear someone say "what test" ?? why - simple... being able to read the Washington Post and the NYT/IHT and being able to follow the new argument on PBS !!!!!

Posted by: Noor Jivraj | October 7, 2008 4:23 PM

I can just see our members of Congress tsk,tsking AIG's abuse of taxpayers' money...as they workout in their tax-supported gyms right there on Capitol Hill. Of course, they're not overly concerned since 90% of the Congressional seats are considered 'safe.' Safe, that is, unless we voters send a clear message...Vote them out!

Posted by: NoWayNoHow | October 7, 2008 4:24 PM

The funny part is that many people actually think they are voting for a Commander-in-Chief in November an in addition, some legislators that will express the 'will of the people.'
The AIGs of the world tell all of them what to do. You work for the AIGs and they will take as much of your money as they want, and don't complain too much or they come get you too.
Wake up mutton, you've been warned for years.

Posted by: Cleareye | October 7, 2008 4:24 PM

The really deplorable fact of life in this article is the utter lack of morals that these exec's have. Extreme monetary compensation has been going on for decades. These people make professional athletes look like paupers. When will the idiot masses stand up and force a change?? Or are we all lemmings that will go over the cliff because our leaders tell us so?

Posted by: J. Rozich | October 7, 2008 4:25 PM

So they get fancy hotels, maincures, and filet mignon, and we get to pay the bill, this is BS, please put these people in JAIL, regular people go to jail for things like loitering and shoplifting, yet you can steal billions and not get sh-t, shows you how corrupt this country's leadership is!

Posted by: Anonymous | October 7, 2008 4:26 PM

I agree with the previous poster, it IS time to roll out the guillotine!!

Posted by: Peter | October 7, 2008 4:26 PM

I hope they left some big tips for the housekeepers who had to clean their toilets.

Posted by: Hugh Briss | October 7, 2008 4:26 PM

Eat the rich and take their money.

Posted by: Islamorada Girl | October 7, 2008 4:28 PM

What do you expect when Secretary Paulson(Treasury) fought hard to leave golden parachute intact in the 700 billion bail out. He got it intact with a lame acknowledgment by congress if executive compensation is more than $500,000 the rescued company can not claim it as an expense for IRS purposes. Big deal. The congress men and women are a bunch a wimps who are easily manipulated by lobbysts and some of them are in bed with wall street crooks. So AIG spent a couple hundred thousand thanks to dish washer, waitresses, teachers, cops, drivers blood, sweat and grits. Paulson is now acting as the proverbial fox guarding the chicken den.

Posted by: Unfettered Capitalism is disaster | October 7, 2008 4:28 PM

What do you expect when Secretary Paulson(Treasury) fought hard to leave golden parachute intact in the 700 billion bail out. He got it intact with a lame acknowledgment by congress if executive compensation is more than $500,000 the rescued company can not claim it as an expense for IRS purposes. Big deal. The congress men and women are a bunch a wimps who are easily manipulated by lobbysts and some of them are in bed with wall street crooks. So AIG spent a couple hundred thousand thanks to dish washer, waitresses, teachers, cops, drivers blood, sweat and grits. Paulson is now acting as the proverbial fox guarding the chicken den.

Posted by: Unfettered Capitalism is disaster | October 7, 2008 4:28 PM

No wonder we haven't had any terrorist attacks since 2001. They're probably laughing all the way to their bank with their savings as our top execs have seen fit to destroy our economy and business ethics.

Posted by: BettyB | October 7, 2008 4:29 PM


STUPID. ARROGANT. UNBELIEVABLE GALL.

Are these supposedly "smart" hot-shot executives of AIG so absolutely and totally disconnected from reality they did not realize the audacity of their behaviour less than a week that my and my fellow citizens' hard-earned tax dollars pulled their respective back-sides out of a mess?

Their absolute abject failure to at least conduct themselves publicly with even a modicum of common sense is abhorrent. This is one time I really wish that criminal laws could constitutionally be imposed retroactively. I, for one, would like nothing more than for them to enjoy and compare a jail cell to their recent resort and spa experience.

STUPID & ARROGANT.

As I recall, the U.S. government took an ownership interest in AIG in return for its bailout. The first order of business of the government, as a major stockholder, should be the summary dismissal of each and every one of those executives who apparently found it appropriate to enjoy themselves on the public dime; and, by the way, hot shots, don't let the door hit you in the behind on the way out.

My thoughts.

Posted by: LAWPOOL | October 7, 2008 4:30 PM

How is this possible? If AIG took this Federal bailout, then the CEO's and their board's of cronies no longer get to make these kinds of decisions- about Executive compensation packages, retreat expenditures etc.- in house. It's no longer business as usual, when the shareholders are now the taxpayers. What has happened to people's consciences?

Posted by: Anne | October 7, 2008 4:30 PM

i thought the bailout was actually needed. i let congress talk me into it. ugh what a mistake that was! they were right to vote no the first time because the global economy is still going to sh*t even with our billions of dollars.

and now...now THIS???!?!?!? Good Lord, please let there be an extra special place in hell for these disgusting excuses for humans (Congress AND Wall Street greed hogs!). I am so freaking fed up with this situation...i really am ready for a revolution!

Posted by: around | October 7, 2008 4:34 PM


Un. Friggin. Believable. Incredible. How these people can sleep at night is beyond me. They should let AIG go right down the tubes and they should sue them for this money.

Posted by: monk | October 7, 2008 4:35 PM

Whose fault is this? C O N G R E S S


C O N G R E S S DO YOUR DAMN JKOB, DO IT NOW !!!!

CONGRESS GAVE THEM THE MONEY, CONGRESS NEEDS TO FIRE EVERYONE THERE WHO IS AN EXEC. AND REPLACE THEM, WITH NOONE MAKING MORE THAN 200k PER YEAR


WORHLESS CONGRESS DO YOUR DAMN JOB

Posted by: Greg | October 7, 2008 4:36 PM

Burn 'em at the stake.

Posted by: nothoney1 | October 7, 2008 4:37 PM

As a US taxpayer- I am offering up my personal share in AIG. Do I hear $440,000? What a joke. "If you're at a game of cards and you don't know who the chump is...it is probably you." Gosh golly darn it's us!

Posted by: D F Kirkwood | October 7, 2008 4:38 PM

we will never see a halt to corruption as long as the president is asleep and corrupt just like the rest. it started with johnson as far as I am concerned . the Blood Draining War in a Little Nation called Viet Nam. they the slick tongued entertainer named Raegan,he missled the country the most of all except for W.
Clinton was just pure filth in Drag. he really set the pace, Pragmatic in ways while he had his special self interest in the center of the filthy under current of the political mob. Now this set the stage for the acceptance of the Good ole boy ,shoot from the hip , non thinking ,beer drinking, flolicker ,non responsible ,non stateman, non prepared emotionally W. the boy who was pushed and pushed to do big things and did big things in a Huge way W. even hell cannot contain all the harm he has caused in the World. we will need men like Obama in the white House for the next two hundred years to get the people out of the gutter that we lived in under W. the entire generation will need to pass and the next 20 generations will need to be given exceptional leaders or we will not make it as a nation. or as a people. we will carry the scar of W. on ours kids kids Great Great Great Great Great Grandchildren and that will still leave a distinct oder in the aire that something very ugly took ahold of the nation at some time or the other, and it will all point back to these Baffooons. it all culminated on W and he was to weak to know what had hit him and to emotionally weak to know how to see thingss squarely ,this left a huge opening to a preditor named Chainnnny .the Darth Vader of the millineum. That is it Folks , that is the way it was. the treasure of the life a Son and Daughter Given over to inherit a life of Hell that cannot even have Words Put To It. This Dark Hole is So Scary that Most People Refuse to See it.
We Would Rather Stay In Deep Denial. The Shock Of What Has Happened To The People Of The Nation Who Has Had Heaps Of Shame Upon Heaps Of Shame On Top Of Shame Has Laden Our People With A Weight So Heavy That Our Souls Are NUMB And OUR Thinking Has Become Dark And Scattered. The Dream that lives inside of the Good Has Been Altered For Ever. The Stuborn Doulfin Has SINNED BY PROXY OF THE SHAME THAT HAUNTS THE NATION. SHAME IS THE MOST SLITHERING SNAKE TO EVER ENTER THE HUMAN SOUL ,IT COMES IN THE DARKEST HOURS AND PRESENTS ITSELF AS HIGH THINKING AND MORALISTIC IN NATURE. NOT MORAL JUST MORALISTIC. THAT IS THE CLOAKE OF A SNAKE. WE HAVE ENTERED THE BOWELS OF LUCIFER. LOOK AT THE word LUCIFER. FEEL THE ABSENTS OF WORTHY CONTENT IN YOUR SOUL OF SOULS.

Posted by: George | October 7, 2008 4:13 PM

Posted by: George | October 7, 2008 4:39 PM

Whew! Did you guys get to go down to the bailout celebration at the Regis Resort last week? It was hot!

Posted by: Anonymous | October 7, 2008 4:40 PM

Disgusting

Posted by: Anonymous | October 7, 2008 4:40 PM

Hang 'em high with my Republican rope.

Posted by: JIM | October 7, 2008 4:42 PM

if you're really upset, take your money out of AIG! Let them know you don't appreciate their audacity to mess around and spend YOUR money so frivilously!

Posted by: Anonymous | October 7, 2008 4:42 PM

TIME TO EMAIL YOUR SENATORS AND REPRESENTATITIVES. FOR CALIFORNIA:

Diane Feinstein:
Washington DC Phone: (202) 224-3841
Fax: (202) 228-3954
http://www.congress.org/congressorg/webreturn/?url=http://feinstein.senate.gov

Barbara Boxer:
Washington DC Phone: (202) 224-3553
Fax: (202) 224-0454

Henry Waxman:
Washington DC Phone: (202) 225-3976
Fax: (202) 225-4099

Los Angeles Phone: (323) 651-1040
Fax: (323) 655-0502

Diane Watson:
Washington DC Phone: (202) 225-7084
Fax: (202) 225-2422

Los Angeles Phone: (323) 965-1422
Fax: (323) 965-1113


Posted by: We vote for them | October 7, 2008 4:42 PM

Why is this such a surprise to everyone? This behaviour has been going on ever since George W. Bush gave the $7 trillion federal surplus left to him by the Clinton administration to the rich as one of his first acts in 2001! It will continue as long as the greedy and criminal have a friend in the White House. Remember Enron? That was almost eight years ago and no one has been sufficiently punished. Ken Lay escaped prison by dying. That was a good argument against the death penalty. Those greed mongers should have all their freedom taken away from them and live to suffer it.

Posted by: Tom Simonton | October 7, 2008 4:43 PM

CEO - the only profession where the more you fail the more money and perks you get. No wonder our economy is in the tank the same circle of loosers play musical chairs with our industry in an insane competition to see who can get the biggest golden parachuet and who can drive their company further into the ground. These idiots are traitors to our country!

Posted by: dre7861 | October 7, 2008 4:44 PM

It would be a shame to cut executive compensation and perks at AIG. Then they wouldn't be able to afford to pay the best and brightest to run their company. Their current management has done such a nice job with the place.

As for congress, they're employed by us. If anyone has the guts, I challenge you to vote these clowns out of office, regardless of party affiliation. I personally think term limits are a good idea as well.

Posted by: John B. | October 7, 2008 4:45 PM

Someone should take them out permanently. This is human crap garbage we're dealing with here.

Thanks for the oversights, guys.

Posted by: SteveCO | October 7, 2008 4:45 PM

Nothing getting done in Washington? Tired of big business lobbyists? Simple solution....don't vote incumbent! That way we clean house and hopefully the people get some control over big business again. I will run on a 800 number ticket. I won't make any decisions and will let those who call in decide on everything. The power goes back to the people and Majority wins. Sound stupid? Think about it... I will work for food...uh...and bonuses.

Posted by: J.W. Dixon | October 7, 2008 4:45 PM

This is outrageous! I am assuming since this is now taspyer money that these worthless individuals are spending, I can tell them I will not pay it, would that be correct. What do we have to do to see that people in business that are making these kinds of decisions don't get to do it anymore. This is just taking my breath away!!!!

Posted by: Lane | October 7, 2008 4:46 PM

Just when you think they couldnt possibly go any lower..

Posted by: Lindsay | October 7, 2008 4:46 PM

If they're looking for sympathy, they won't find much coming from my direction.

Posted by: mcleaNed | October 7, 2008 4:47 PM

This wonderful country is held fiscal hostage by a financial mafia, supported by Congress-never having to suffer consequences. PLEASE, dont re-elect any of them, and start taking the system apart, and rebuild it upon sound principles of fiscal regulation with NO loopholes.

Posted by: seagramllc | October 7, 2008 4:47 PM

Uniform reaction from all European readers of that informative article:
What are waiting American judges to install a guillotine?
Really not gentle those Europeans? Or Americans did not yet suffer enough to take charge? Wait for January? May be too late.

Posted by: rivenq | October 7, 2008 4:47 PM

all those exects should be fired, and sent to jail. It is disgusting. I take back the jail part. Put them in a coal mine, or in a field somewhere picking lettuce,...HARD work. NO pay. the rest of their lives. (and i wouldn't mind seeing W. and Lord Cheney there either!)

Posted by: dubyavee | October 7, 2008 4:47 PM

"THIS IS APPALLING!!!! I can't believe this is happening. "

LOL how naive.

Posted by: jfc1 | October 7, 2008 4:48 PM

Grrrr! I'm not surprised.
I'm getting married next week, a small wedding, and we are not going on a honeymoon because we lack the funds (probably because we are in that struggling middle class). A resort and spa treatment in Cali would have been delightful. Damn the man!

Posted by: The future Mrs. | October 7, 2008 4:48 PM

Time to stop paying taxes if this is what they are doing with our money.

Posted by: Dan Johnson | October 7, 2008 4:49 PM

It should be a prerequisite before the taxpayers bail out these companies that executives forfeit their golden parachutes, stock options and other perks.

Disgusting example of what happens when capitalism goes awry.

Posted by: Haven | October 7, 2008 4:49 PM

100 billion here, a trillion here ... another trillion there... and the USA GDP is>> 10 trillion .. write off $2 trillion and that means .. think about it .....sometime this will dawn on the folks .... 20% OF THE ENTIRE USA ECONOMY GAWN ... FINITO .. NEVER TO BE SEEN AGAIN ... so now what does Joe Sick-Pack do...
Next Rescue: the Airlines - too big to go down, then the car companies .. too big to go down ..... another trillion ....
anyone read the piece in the UK Guardian paper that said that the Chinese Banks could, if they wanted to today, now .. BUY OUT ALL THE KEY USA BANKS ?? and we havent even started talking about the Middle Easterns, and the Russians .. so whil USA and GB have been making enemies all over the place and spending money they dont have on wars they dont have a right to fight, teh rest of the world has been quietly setting up business deasl, courting Latin America, Africa etc .... now where does that place super arrogant Cheney and his Republicans .....

Posted by: Noor Jivraj | October 7, 2008 4:49 PM

Cong.Waxman Please don't tell us anymore.
Just let me know what you are going to do about it. I would hope that we would vote out
every member of the house and the Senators
that are up this year. You folks have had
a good life. It has been many years since we have had a decent statesman. We can't do any worse with a clean slate.

Posted by: Anonymous | October 7, 2008 4:50 PM

Uniform reaction from all European readers of that informative article:
What are waiting American judges to install a guillotine?
Really not gentle those Europeans? Or Americans did not yet suffer enough to take charge? Wait for January? May be too late. I don't konow anymore what to think, after those terrible remarks by Europeans.

Posted by: rivenq | October 7, 2008 4:51 PM

Obscene.

Posted by: Mark Tillman | October 7, 2008 4:51 PM

Doesn't this approximate how the French Revolution started? Where's Robespierre when we need him?

Posted by: Kevin Olson | October 7, 2008 4:51 PM

I am serious. Vote for me! I am perfect for the job. I am not very smart, I can't make decisions (so I generally don't), and I would rather someone else take on the responsibility....namely YOU. So, I just set up an 800 number and let you guys make the decisions. That way, every vote in congress is a direct voice of the people. Wouldn't it be great if all our elected officials operated that way. The argument is that we...I mean you...the people are not smart enough to make decisions for the country. Not like them.

Posted by: J.W. Dixon | October 7, 2008 4:52 PM

Vote every incumbent out of office.

Posted by: NBD | October 7, 2008 4:52 PM

"There are Senators and Congressmen who go in poor, and when their term is up, they come out millionaires. I wonder why."

LOL there are very-few freshmen Congressmen and I seriously doubt any freshmen Senators who are poor.

Posted by: jfc1 | October 7, 2008 4:52 PM

"TIME TO EMAIL YOUR SENATORS AND REPRESENTATITIVES."

...dude the bill was signed into law last week.

Posted by: jfc1 | October 7, 2008 4:53 PM

The WP might do a little bit more reporting and look into the exceptions to the compensation limits and numerous loopholes that were slipped into the bum rushed bill. Is this one of those exceptions that Congress put into the bailout and now they are yelling about what they allowed these rotten corporations to do? Did they tell them go ahead and do it and we will act indignant for the cameras?

Posted by: BeBe | October 7, 2008 4:53 PM

"the company held a week-long retreat for its executives at the luxury St. Regis Resort in Monarch Beach.."

The great USA sport - Envy.

Posted by: Gary E. Masters | October 7, 2008 4:54 PM

And so, what will happen to these people responsible for spending tax payer money meant to help them out?!

Oh that's right . . . nothing.

Posted by: Castaneda | October 7, 2008 4:55 PM

This is beyond obscene! This is greed on speed. Why aren't these scumbags in jail?

Posted by: Jim | October 7, 2008 4:55 PM

Seriously...this is disgusting.

Why are we paying for this? I'd like to see these executives deal with the bad decisions they've made just like the average person has had to.

Posted by: Tafarai Bayne | October 7, 2008 4:56 PM

One last thing. Why wouldn't all the CEO's and CFO's just go on a dove hunting trip with Cheney instead??

And as far as revolution (okay 2 more things) it just won't happen. and if it does happen we won't hear about it. and if we do hear about it there will be a spin on how 1 or 2 people tried to blow up white house or congress (insert big place here) and that they went into hidding and 10 years later couldn't be prosecuted because the wire taps were illegal... Just a couple of thoughts from someone who has totally given up.

Posted by: Smarra | October 7, 2008 4:57 PM

May be those execs are the most gentle people in America. May be they deserved those niceties after day hard work at their offices. Stressed people merit indulgence and comfort. I would be ready to organize a collection to alleviate the defamations they may be submitted to in the next day. Send money under their names to the journal.

Posted by: rivenq | October 7, 2008 4:57 PM

When you are dealing with crooks from wall street and dumb heads like congress the public does not have a chance

Posted by: Thomas E. Stamps | October 7, 2008 4:57 PM

Another fine example of the benefits of deregulation. We certainly wouldn't big brother looking over the shoulders of those greedy executives that control the fate of the world economic markets.

Posted by: Baby Boomer | October 7, 2008 4:57 PM

Once again Bush (Robin Hood in reverse) successfully schedmed to take from the poor to give to the rich bankers. Income redistribution? No way!

Posted by: Tampaman | October 7, 2008 4:58 PM

Today, for the first time since all this happened on Wall Street, I mustered the nerve to look at my 401K balance. I have worked hard for my money and to see even a dime in red numbers when those clowns are out having a grand time angers me to no end. It is now time for congress to revise the bailout stipulations so that there will be no more lavish meetings, conferences, retreats, etc. on the taxpayers dime!!! Was the $400,000 tab a finger raised to congress because that was the limit placed on some of the executives compensenttion packages?

Posted by: Sharon | October 7, 2008 5:00 PM

These people were having drinks on us. LOL

Posted by: Suzanne | October 7, 2008 5:00 PM

thanks to the journal for publishing my parody. You are the greatest.

Posted by: ribvenq | October 7, 2008 5:00 PM

The only surprise is that it took them a few days to start celebrating.

If you still needed proof that this crisis is solely the result of greed, look no further.

Disgusting.

Posted by: Enemy Of The State | October 7, 2008 5:01 PM

I said....Vote out all incumbents! Instead, vote for people like me and you can be the boss. Too radical?

Don't give our reps ANY power to vote on anything. Make them work for you by simply parroting your 800 vote. They don't even have to show up....What a novel idea.
Ok. I am done now.

Posted by: J.W. Dixon | October 7, 2008 5:01 PM

Fire the SOBs, take their mansions, fancy cars and boats and vacation homes and give them back to the share holders who lost their retirement savings, put them in shackles and escort them to jail. We do not execute such scums in America, at least not yet.

Posted by: sam | October 7, 2008 5:01 PM

Don't worry, more of this to come from Wall Street execs with our $700 billion.

Posted by: Suzanne | October 7, 2008 5:01 PM

This can not possibly be true, not even in Hollywood is decadence fabricate to these extremes.

When are these executive going to jail and pay back the tax payers, that's all I want to know.

Posted by: WTF? | October 7, 2008 5:04 PM

we seem to pass big packages when big guys need them, let's have Congress pass one that taxes golden parachute $ at 99.9%.
Why and who does Waxman have to ask about fairness? Of course none of this is "fair", now what will you do about it?

Posted by: new californio | October 7, 2008 5:04 PM

And to think these AIG pigs didn't have the courtesy to rub me on before they a$$ raped John Q. Taxpayer!! I wonder why, if the Republicans are so against homosexuals and their lifestyle choices, they so openly let big business buger taxpayers every chance they get?

Posted by: KY JELLY | October 7, 2008 5:04 PM

People!! We need to stop acting surprised at the things these companies do after "we the people" tell congress what we want and don't want and they continue ignore our wishes. "We the people" need to put the blame in the right place "in our congress. Just to give you an example, If you were to rob a bank and the police never came even when the crime was reported by the bank personal, and you did this day after day to the same bank and still no police, then you have a good thing going so why stop. "We the people" need to get rid of all the dead meat in congress and put people in who still believe in the constitution, "OF THE PEOPLE, FOR THE PEOPLE, BY THE PEOPLE". CONGRESS GET OFF OF YOUR DEAD A---s and listen to us and do the job we put you in office to do.

Posted by: Tettie Moore | October 7, 2008 5:04 PM

It is time for the revolution to begin - NOW!!!

Posted by: 1776 | October 7, 2008 5:05 PM

These corporate executives need to be facing JAIL TIME, career humiliation, and the lawyers in Washington need to go. I stated last week "You can't spend your way out of debt."

Posted by: concernedtaxpayer1 | October 7, 2008 5:05 PM

Every last on of these S-O-B-s deserve the gas chamber. Screw all of you who believe this "is what we get" for this that or the other thing ... this kind of unmitigated fraud and theft and greed (at the expense of the tax-payer and the country) deserves the sweet smell of hydrogen cyanide. THE MARKETS WILL NOT CORRECT THEMSELVES WITHOUT THE INTERVENTION OF THE GOVERNMENT.

Posted by: Paul | October 7, 2008 5:05 PM

To those posters who are stating "We got what we paid for/elected"...

Geez - ever consider some of us didn't just keep voting for the same incumbents over and over again? Or that we didn't contact our Congressional representatives and ask for fiscal responsibility?

Or even that we were fiscally responsible ourselves?

And for those saying it's a drop in the bucket...perhaps that's true. But it just shows that Wall Street executives have no concept of sacrifice. And neither do they give a cr@p about the sh*tstorm they've created with their bad choices. They will very publicly engage in conspicuous consumption, and to hell with the crumbling global economy.

Posted by: Chasmosaur | October 7, 2008 5:06 PM

Unfortunately, we have to give AIG so much money every year for our professional liability insurance or we don't practice engineering....we are talking $20,000 to $30,000 a year for one licensed engineer within a small firm. It is a killer financially and then I read this. Congress should bear responsibility for this. And Congress is a Democrat majority and they think they are pulling for the little guy. Yea, right.

Posted by: Patricia Prochnow | October 7, 2008 5:06 PM

These corporate executives need to be facing JAIL TIME, career humiliation, and the lawyers in Washington need to go. I stated last week "You can't spend your way out of debt."

Posted by: ConcernedTaxpayer1 | October 7, 2008 5:08 PM

The first thing, congress should do, is to lay off all these incompetent executives...We dont want these loosers anymore ,who put american economy in trouble!!!
we need to re-structure the board room!!!!

Posted by: Scorpio | October 7, 2008 5:09 PM

This is why I'm not a Republican anymore. They are the ones defending these criminals....who trashed our economy while living it up.

Posted by: John | October 7, 2008 5:09 PM

CONGRESS AND SENATE ARE THE ULTIMATE HYPOCRITES. THEY GET ANGRY ON CEOS's AT EVERY HEARING AND DO NOTHING AFTER. THE LAST TWO YEARS THEY HELD 4 HEARING WITH OIL EXECUTIVES BUT NO ACTION WAS TAKEN. I AM SICK AND TIRED OF WORKING AND PAY TAXES FOR A CORRUPT GOVERMENT. I AM STARTING A "PONZY SCHEME".

Posted by: Piranha | October 7, 2008 5:11 PM

I AM DEMANDING THAT THEY TAKE EVERY SINGLE PENNY BACK FROM AIG IMMEDIATELY!!!

Posted by: Nate | October 7, 2008 5:14 PM

Why am I wasting my time paying taxes???

I think we should organize and refuse to pay taxes until we get our money back from this bailout!

Posted by: Anonymous | October 7, 2008 5:14 PM

Sign me up for the next flight to the moon. Maybe they have a better deal up there.

Posted by: toejam | October 7, 2008 5:15 PM

AIG issued a clarification to their "retreat." They said that only 10 executives attended.

Oh, now that's better. That's only $44,000 per person.

I HOPE THEY CRASH AND BURN.

Posted by: Frank in Sarasota | October 7, 2008 5:15 PM

a week-long retreat for its executives at the luxury St. Regis Resort in Monarch Beach, Calif., running up a tab of $440,000

Well, it's not as though they went to a foreign country.

Posted by: Marie Antoinette | October 7, 2008 5:15 PM

And what do I dream about? A complete collapse of the system.
Why? Because it is all based upon the greed of individuals.
I am not adverse to punishing the greedy ones as other readers have suggested but let's talk straight; included with those executives are all the people who have been realizing huge (and perhaps less huge) profits from the sale of their homes. It wouldn't have been possible for this whole thing to happen if people hadn't bought in to artificially set prices (enabled only by false evaluations based upon loans being available to enable the transactions.
The bailout will do nothing unless Americans continue to borrow more and spend more than they are earning. And that's why things must collapse. Sooner or later.
Are you ready to enter a real economy or do you want to continue the artificial economy where americans have benefitted from false property values, slave labor in third world nations, stealing oil rights, war etc?
I'm not really a California dreamer, all you crazies who ever believed that all this paper was ever real are the dreamers.
And to finance it, Bush and Cheney sold America to China.
Republicans, Democrats and citizens of the U.S.A.: YOU ARE ALL THE GUILTY ONES.
Let's bring change to the system and learn to take care of each other instead of trying to profit off of each other in immoral ways.

Posted by: california dreamer | October 7, 2008 5:16 PM

Uh...What is a Ponzy Scheme? ....is that like my 800 number idea? Oh and By the way...

DON'T VOTE INCUMBENT!

Posted by: J.W. Dixon | October 7, 2008 5:16 PM

If this is what they think of the rest of us, they should be turned out on the street without a cent!

Posted by: bullmountaininc | October 7, 2008 5:18 PM

A Ponzi Scheme is another name for a Pyramid Scheme.

Posted by: look it up in your Funk & Wagnall's | October 7, 2008 5:19 PM

Why didn't Waxman release this last week?

The flim flam continues.

I heard that justice wasn't going to charge any of these executives who criminally lied. OJ may get life for taking his own property, these people steal billions from the American people and go to the spa.

Posted by: faithfulservant3 | October 7, 2008 5:19 PM

Uncle Sam bail me out...PLZ 440K for a vacation on you...

American's you are a bunch of dumb asses....lol Stupid dumb butt Americans..

Posted by: Bill | October 7, 2008 5:19 PM

Oh, the nerve of that socialist Waxman to question the patriotism of Republican executives who get 1,000,000 dollars a month for doing nothing.

How DARE he!

Posted by: madman | October 7, 2008 5:20 PM

Ok...I Googled Ponzy Scheme.. (see, I told you I wasn't very smart). and it is nothing at all like my (now patented) 800 number method of government.

Don't vote incumbent...

Posted by: J.W. Dixon | October 7, 2008 5:21 PM

In the $800+ bailout we at least will own the securities and over time they should be worth something. This, though, is obscene -- a big slap in the face to us and our representatives that saved their asses because they were convinced that AIG was "too big to fail." I wish we had that one back.

Posted by: JG | October 7, 2008 5:22 PM

The new AIG: American Idiotic Government

Posted by: madman | October 7, 2008 5:22 PM

This is an outrage. The "fat cats" on Wall Street and government regulators / rescuers must understand the depth of public disgust for this kind of corporate arrogance.

Posted by: V Wang | October 7, 2008 5:23 PM

Let the revolution begin!

Posted by: Anonymous | October 7, 2008 5:23 PM

I DID more research and found the FONZY SCHEME....whereas folks put on leather jackets, grease up their hair and converge on Washington. The plan didn't work.

Posted by: J.W. Dixon | October 7, 2008 5:24 PM

I agree with not paying taxes. Lets all stop and see if Wall Street, AIG etc. bail the U.S.A????? LOL

Posted by: toejam | October 7, 2008 5:24 PM

Wow. If a regular employee ran their company into the ground they would get fired and would be living off of oatmeal for a few year. When a highly-paid CEO runs his company into the ground, he gets a golden parachute and a million-dollar-a-month retainer. Nice.

It's enough to make you believe the free market is an inherently flawed machine.

Posted by: middle70 | October 7, 2008 5:24 PM

This bailout does nothing for the common man. Ask your congressman what it does for you now, 3 6 9 12 months out, they can't tell you. But we can see what it does for Wall Streeters.

The bailout should be repealed. It crashed the market more than anything else. Let market forces and free enterprise prevail.

Obama-Biden '08!

Posted by: mad as hell | October 7, 2008 5:25 PM

u r all jus so jelus of thes hardwerkeing biznessmen.

Posted by: luvaig | October 7, 2008 5:25 PM

Why only $700 Billion bailout for Wall Street?

Cause that's all that was left from Bush's handling of the economy.

But seriously, in previous administrations that had some mental capacity the money would go to the creation of jobs on Main Street (infrastructure rebuilding etc.), because that is where revenue is generated - NOT from Wall Street.

Posted by: George | October 7, 2008 5:26 PM

Want change, keep voting both sides out every time. If not, enjoy you government benefits...boot you our of your house as big exec gets millions on u.

Get ride of all for change....

Posted by: Bill | October 7, 2008 5:27 PM

When about 10-15 million protesters of ALL political stripes converge on Washington to throw out the Congress - now then they just might start listening.

Posted by: madman | October 7, 2008 5:27 PM

OK...First order of business...stop paying taxes until things get straightened out...and FREEZE all salaries to our congress until things are fixed. That will be the first issue on my (now patented) 800 number method of government. I'll post the 800 number as soon as I can find some money to pay for it.

Posted by: J.W. Dixon | October 7, 2008 5:28 PM

Why should it be any different for AIG executive, whn the megalomaniac, compulsive-obsessive, sociopath, with his divine religious mandate, being the messenger of his god flies around in that 747 with an entourage of escort jet fighters, needs a over 100 SUV fleet and that bullet proof limo transported by a special Air Force plane all amounting to over $100,000 per hour.

Then there are all these not for profit SOB mega church SOB control freak religious mostly right wing self interests and self righteous who live high on the hog. That includes that Papal SOB with vast Catholic Church holding. A state within a state, with all the diplomatic immunity, but pays not a cent of taxes.

On top of all Washington DC it self has over 1/2 the businesses that are all not for profits, full of fat as*** of the same variety.


Posted by: winemaster2 | October 7, 2008 5:28 PM

Seems like some people forgot that Bush and Paulson came up with the brilliant idea of the bailout. Sure Congress stuffed some pork into it to get "bi-partisan" support. I suppose some one could look into who voted no the first time that could be bought cheap. That would be interesting.

If you thought about it for a bit, it would be Republicans who sold out for some pork.

Maybe some would prefer that Waxman not hold any hearings and just shove this under the carpet as quick as possible?

Posted by: Jim | October 7, 2008 5:29 PM

I agree with Paul. "Its time to roll-out the guillotine".

In fact, I agree with all of the comments I had time to read. People need to be SCREAMING about this to their congressperson.

I will be.

Posted by: Heather | October 7, 2008 5:29 PM

I agree, tell your senators and congressman, find out what they vote for. All this blogging will be useless otherwise. Greed has consume America! It is bad enough that Wall St has their hands on investor's money, now they've move to the bigger POT, taxpayer's money! Our children and grandchildren will pay for it! BTW, did you know that Sec Henry Paulson was a Goldman Sacks CEO? That the former number 2 Treasury guy is now a Wall ST CEO? heard from 60 minutes

Posted by: cgdonovan2 | October 7, 2008 5:29 PM

This arrogance, this hubris. They never learn.

Posted by: Bern | October 7, 2008 5:31 PM

Wouldn't it be great if someone asks McCain and Obama re this during tonight's town hall debate?

Posted by: commoner | October 7, 2008 5:31 PM

Now that I am a partial owner of AIG, I'm going to look through my mail each day for the airline tickets and resort reservations and look forward to getting MY massages and facials.

These people are beyond shame. They are sociopaths.

Posted by: MN USA | October 7, 2008 5:33 PM

Not sure why people make such a big deal over a lousy $440K. While you're looking at that this has been going on.....

Debt to the Penny Ending FY 2008: $10,024,724,896,912.49
http://www.treasurydirect.gov/NP/NPGateway

Interest Expense on the Debt Ending FY 2008: $451,154,049,950.63
http://www.treasurydirect.gov/govt/reports/ir/ir_expense.htm

Who remembers .....December 28, 2000

The United States on Track to Pay Off the Debt by End of the Decade

Today, President Clinton will announce that The United States is on course to eliminate its public debt within the next decade. The Administration also announced that we are projected to pay down $237 billion in debt in 2001. Due in part to a strong economy and the President’s commitment to fiscal discipline, the federal fiscal condition has improved for an unprecedented nine consecutive years. Based upon today’s new economic and budget projections for the coming 10 years from the Office of Management and Budget (OMB):

* The United States can be debt-free this decade. By dedicating the entire budget surplus to debt reduction, The United States can eliminate its publicly held debt by FY 2009. The next Administration and Congress will need to decide what priorities to address: eliminate the public debt by FY 2010 and still use part of the surplus for responsible tax cuts, prescription drug benefits for Medicare recipients, and investments in key priorities like education and health care.
* The national debt is projected to be paid down by $237 billion this year. Under the budget President Clinton and Congress completed two weeks ago, the U.S. is projected to pay down $237 billion of the national debt in FY 2001.
* The 4 year total debt paydown will be $600 billion. Over the last three years, we have already paid down $363 billion in debt. Therefore, The United States is on track to reduce the debt by $600 billion over four years, the largest four-year debt pay-down ever.
* Record deficits have become record surpluses. This Administration has have moved the country from a deficit of $290 billion in FY 1992 to an expected surplus of $256 billion in FY 2001. Eight years ago, the Congressional Budget Office projected a $513 billion deficit in FY 2001. Thus, the fiscal picture is now projected to improve by $769 billion in FY 2001 alone.
* Nine consecutive years of fiscal improvement. FY 2001 will be the fourth year in a row of overall surpluses and the second year in a row of a surplus without counting Social Security or Medicare. It will be the ninth consecutive year of fiscal improvement, the longest such period in history.

ON TRACK TO ELIMINATE THE DEBT THIS DECADE

* The U.S. is on track to eliminate the publicly held debt this decade. Under OMB’s new baseline projection, the public debt would be eliminated in FY 2009. This budget "baseline" by definition includes no new initiatives or policy changes and therefore the entire budget surplus is dedicated to debt reduction (including the Social Security, Medicare, and on-budget surpluses). A fiscally responsible budget that includes new investments in moderate tax relief, a Medicare prescription drugs proposal, and key domestic priorities could eliminate the public debt by FY 2010.
* Pay down of $600 billion in debt over four years. In FYs 1998, 1999, and 2000, the debt held by the public was reduced by $363 billion. The U.S. government is projected to pay down an additional $237 billion in debt held by the public this fiscal year alone (FY 2001). That will bring the total debt pay-down to $600 billion—the largest four-year debt pay-down in American history. In contrast, under the 12-year tenure of Presidents Reagan and Bush, the debt held by the public quadrupled.
* The debt held by the public will be cut in half ($3.2 trillion lower) in FY 2001 than it was projected to be when President Clinton took office. In 1993, the debt held by the public was projected by the Office of Management and Budget to balloon to $6.4 trillion by FY 2001. Instead, shrinking deficits—and then the growing surpluses of the last four years—will bring the debt down to $3.2 trillion in FY 2001, $3.2 trillion less than projected in 1993. In FY 1993, the debt held by the public was 50 percent of GDP and projected to rise to 68 percent of GDP in FY 2001. Instead, it will be slashed to 31 percent of GDP this year and can be completely eliminated this decade.
* Interest payments on the debt will be $166 billion lower than projected. In 1993, the net interest payments on the debt held by the public were projected to grow to $376 billion in FY 2001. Tough choices in 1993 and 1997 and a commitment to fiscal discipline have slashed this figure by $166 billion, a 44 percent reduction.

LARGEST UNIFIED SURPLUS EVER

* Instead of a $513 billion deficit, there will be a $256 billion surplus this year. In 1992, the deficit in the federal budget was $290 billion—the largest dollar deficit in American history. In January 1993, the Congressional Budget Office projected that the deficit would grow to $513 billion by FY 2001. In fact, the unified budget will be in surplus by $256 billion in FY 2001—the fourth consecutive surplus and the largest surplus ever, even after adjusting for inflation. Over 10 years, the non-Social Security surplus alone is estimated to be over $2.4 trillion. Not including Social Security and Medicare surpluses, the surplus is projected to be $1.9 trillion.
* Largest unified surplus as a percent of GDP since 1948. The 2001 surplus is projected to be 2.5 percent of the Gross Domestic Product (GDP)—the largest surplus as a ratio to the GDP since 1948.
* The fourth consecutive year with a surplus for the first time in over 70 years. The FY 2001 surplus of $256 billion follows surpluses of $237 billion in FY 2000, $124 billion in FY 1999, and $69 billion in FY 1998. The last time The United States had four surpluses in a row was over 70 years ago, during 1927-30. The FY 2001 surplus will mark the ninth consecutive year of fiscal improvement. This is the longest run of consecutive years of improvement in American history, surpassing the pre-Clinton-Gore best of five straight years.

REDUCING SPENDING WHILE CUTTING TAXES FOR MIDDLE-INCOME FAMILIES

* Federal spending as a share of the economy is the lowest since 1966. Spending restraint under President Clinton has brought federal spending down from 22 percent of GDP in 1992 to 18 percent of GDP in 2001, the lowest since 1966. At the same time, President Clinton has increased strategic investments in education, technology, and other areas that are vital to growth.
* The smallest federal civilian workforce in 40 years. The Federal civilian workforce increased from the time when President Reagan took office to the time when President Bush left office. In contrast, since President Clinton and Vice President Gore took office, the Federal civilian workforce has been cut by 377,000—by nearly a fifth – and is now smaller than at any time since 1960.
* While balancing the budget, running large surpluses and paying down the debt, the Clinton-Gore Administration has provided tax relief for working families. The tax cuts signed into law by the President in 1993 and 1997—including the expanded Earned Income Tax Credit, the $500 child tax credit, the $1,500 Hope Scholarship Tax Credit, and expanded IRAs—have cut taxes for American working families. Federal income taxes as a percentage of income for the typical American family have dropped to their lowest level in over 30 years.

What Fiscal Discipline Means For The United States

* Lower interest rates cut mortgage payments by $2,000 a year for families with a $100,000 mortgage. As a result of President Clinton’s policy of deficit and debt reduction, it is estimated that a family with a home mortgage of $100,000 might expect to save roughly $2,000 per year in mortgage payments, effectively a large tax cut.
* Lower interest rates cut car payments by $200 a year for families with a car loan.
* Lower interest rates cut student loan payments by $200 a year for someone with a typical student loan.
* Lower debt will help maintain strong economic growth. With the government no longer draining resources out of capital markets, businesses have more funds for productive investment. This has helped to fuel average real annual increase of more than 13 percent in private investment in equipment and software since 1993, including eight years in a row of double-digit growth. This compares to a 4.7 percent annual growth rate from 1981-92, a period that saw the debt held by the public quadruple.
* Rising investment has contributed to an increase in productivity growth. Non-farm business productivity has grown at a 3.1 percent average annual rate for the last four years and 4.8 percent over the last year. This compares to 1.4 percent growth from the 1970s through the early 1990s.
* Interest payments would be eliminated on the publicly held debt. Currently, we spend 11 cents of every federal dollar on interest payments. These payments, which were once projected to grow to 23 percent of all federal spending in 2010, could be eliminated by that time under a fiscally prudent budget.
* Prepare for the retiring baby boomers. Paying off the debt will create room in the budget for the increased Social Security and Medicare costs when the baby boomers retire. It will also free up funds for investment, help keep interest rates low, and boost workers’ productivity and incomes. This fiscal discipline is the best way to prepare the government and the nation to meet the challenge of the retirement of the baby boom generation.

http://clinton4.nara.gov/WH/new/html/Fri_Dec_29_151111_2000.html

Makes you all giddy wondering what President Bush will do before he's finished.

Posted by: Jim | October 7, 2008 5:33 PM

Previous posters are correct:
The AIG executives just don't get it. They cannot see how their extravagance angers the common people who were forced to bail them out.

The Wall Street executives are so arrogant that they still imagine that they are the smartest kids on the block, and they think that they deserve to live in luxury. They cannot believe that they are the stupidest kids on the block, bumbling fools who lost 85 billion dollars through moronically stupid, incompetent gambling.

Posted by: Terrance H. | October 7, 2008 5:33 PM

how much did they spend for the call girls?

Posted by: kelargo | October 7, 2008 5:33 PM

Makes you all giddy wondering what President Bush will do before he's finished.

Posted by: Jim | October 7, 2008 5:33 PM

But we can guess how Bush and Cheney want to live after they leave office.

Posted by: commoner | October 7, 2008 5:34 PM

Let's borrow a few guillotines, with dull blades, from France.

The AIG executives will be first, Lehman etc and let's not forget all those who voted for the bailout.

The unmitigated gall by these executives defies imagination.

Posted by: Irma | October 7, 2008 5:36 PM

Unacceptable behavior by any standards, even AIG's:
http://media.corporate-ir.net/media_files/irol/76/76115/AIGcoconduct.pdf

Let the company's board know what you think:
boardofdirectors@aig.com

Posted by: txjack | October 7, 2008 5:39 PM

OUT-F***ING_RAGIOUS!

CONGRESS BETTER RECOUP THE MONEY AND FAST! OTHERWISE WE MAY JUST VOTE THEM ALL OUT!

Posted by: Outraged | October 7, 2008 5:39 PM

It was mentioned before here...DO NOT VOTE FOR AN INCUMBENT!! This Congress is probably going to pat them on the back of the hand and say "Probably not a good thing to have done." and that will be the end of it. Is Waxman and his fellow California Speaker on the dole also??

It is time for the voters in this country to stand up and VOTE!!! Not for a "party line" but for the very future of this country!!

Posted by: Homebull | October 7, 2008 5:40 PM

Take all their finances from home and abroad, then JAIL them right away.

The trial has been on-going in real life and right to the end they have buried the laws and the truth.

The courts we have is not a real court, is it?

People, it's about time we throw out the Rich along with those in Power and JAIL them.

Trial is Over and they are all Guilty as you have seen them having been exposed through Unstoppable Corruption.

Only the Punishment needs to be Meated Out to them and Not the Rehablitation as many want to put it.

Posted by: JLH | October 7, 2008 5:40 PM

Kill them all... If you see one on the street just walk up and cap him/her. Make the world a better place

Posted by: grimreaper | October 7, 2008 5:41 PM

Forget prison, reinstitute the public whipping post.

Posted by: KS | October 7, 2008 5:43 PM

Why are they still allowed to screw with us???Everyone needs to go there & protest LOUDLY!!!!

Posted by: Lynne | October 7, 2008 5:44 PM

A typical incumbent in a typical election has only an eight percent chance of losing. That's why they don't care what you want. They do the bidding of their corporate masters and are concerned with your vote on one day out of every two years. The rest of the time, they couldn't care less about your concerns - unless you show up with a big check. This means that incumbents have to be replaced - as a first step - if you really want to save the country. And then we have to agree on an effective way to eliminate influence peddling in government. I'm open to ideas on that...

Posted by: Chas James | October 7, 2008 5:44 PM

Some who have, and who will, read this article about AIG and other Wall Street types would say this is appalling, ridiculous, outrageous, etc. . . However, I will take another route to explain this situation. To me, this is the biggest con game EVER played on the American people! The fact that the legislative branch of government wrote this $700 billion bailout bill, the executive branch of government endorsed and implemented this bill, and the judicial branch of government--well most of those guys on the Supreme Court were taking a nap while this was taking place (most are over 70 years old with guaranteed salary). As Gordon Gecco said in the movie "Wall Street", "Greed . . . for the lack of a better word is GOOD!" I guess AIG and others have proven this to be right. Americans wake up! Everyone that WE have entrusted with handling the economic affairs in this country have let us down. WE must take back our country and make it a country for the people and by the people again as the founding fathers intended. The question is, "Who is going to bail you out when YOUR economic situation gets unbearable and you cannot pay YOUR bills?" According to most economicists this economic situation is just the beginning. No doom and gloom, just fact. This puts everyone, except the 1% of the population who owns 80% of the wealth in this country, in a very tight financial ordeal. I'm sure some will still say, "Pull yourself up and participate in free enterprise". The only problem with this concept is it no longer exists because our government has socialized the very principles that this nation was built on.

Posted by: SURPRISED? | October 7, 2008 5:45 PM

It's time for a armed revolution, If Congress and Senators can't abide by the constitution they swore to uphold, then its time for the citizens to take whatever means necessary to oust these law breakers,
What they did is criminal, they broke the law by taking the publics money to bail out Companies and corporations.The Constitution states that the treasury cannot take public monies to bail out private or public corporations.Why should anyone abide by the laws anymore?

Posted by: Steve Bradshaw | October 7, 2008 5:46 PM

This madness won't stop until we no longer look at Uncle Sam as a big nipple that provides everything to everyone. I don't agree with bailing out Wallstreeters. I also don't agree with bailing out Mainstreeters. Free markets and true capitalism our counter to what's going on.

They don't get saved, and you don't get saved. They lived outside their means, and so did you. They should live with the consequences and so should you.

Smaller government, less taxes and personal responsibility (oh, and less socialism). That's how to fix this mess we call the United States.

Posted by: Bart | October 7, 2008 5:48 PM

Where is Eliot Spitzer when you need him?? His indiscretions don't seem so bad now in comparison, do they you hypocrites.

Posted by: October Surprise! | October 7, 2008 5:48 PM

If they went to prison they could associate with a better class of people...

Posted by: Chas James | October 7, 2008 5:50 PM

We are getting f...d.

Posted by: Uliart | October 7, 2008 5:50 PM

Where is the judge? Why can't they be indicted?

Posted by: jerry rubin | October 7, 2008 5:51 PM

Isn't this white collar crime? Can't these crooks go to jail for exorbitant, fraudulent, extortion from the taxpayers?
Where is our outraged prosecutor? Sic Guiliani on these jerks.

Posted by: Betsy Donahoe | October 7, 2008 5:52 PM

$1 million a month for driving a company into the ground? To the barricades mes amies!

Posted by: Tom M | October 7, 2008 5:53 PM

I guess we taxpayers are suppose to eat cake?

Posted by: L Ridinger | October 7, 2008 5:56 PM

""They were getting their manicures, their pedicures, massages, their facials while the American people were paying their bills,""

Well, what would you do if someone handed you 700 billion dollars? eat at MacDonalds? Ridiculous to pretend surprise or shock now that the deal is done. jeez

Posted by: Me | October 7, 2008 5:56 PM

I want some of this unfettered capitalism for myself and my First Dude!

Posted by: Sarah Palin | October 7, 2008 5:56 PM

what happened to this country? when are we going to take it back?

these greedy execs belong in jail with ALL their assets confiscated.
at what point does their greed and incompetence become treason? the rest of us lose our pensions, IRA's and 401k's after a lifetime of hard work while these a**holes are getting pedicures?!?!?!?

break out the guillotine indeed.

Posted by: matt | October 7, 2008 5:58 PM

I guess we taxpayers are suppose to eat cake?

Posted by: L Ridinger | October 7, 2008 5:56 PM

Qu'ils mangent de la BRIOCHE!

Posted by: Marie Antoinette | October 7, 2008 5:58 PM

Everyone who attend this event should be sent on another retreat held at The Federal PEN!

Posted by: CashNDC | October 7, 2008 6:00 PM

Oops, I just noticed my comment was essentially posted several hours earlier by someone else. Sorry.

Posted by: L Ridinger | October 7, 2008 6:02 PM

Hang them, a la Il Duce

Posted by: Schwartz! | October 7, 2008 6:02 PM

why weren't you people speaking up when the industry was being deregulated to the point that these guys could do what they did to the economy? NOW you're upset?

Wake up idiot america. This is as much your fault as anyone elses. Time to PAY ATTENTION and put people in office who might actually give a damn about YOUR MONEY.

Posted by: hacksaw | October 7, 2008 6:02 PM

Sunlight is said to be the best of disinfectants. Judge Brandies had it right.I am not concerned by Waxman's motives. This information is very very scary and sad

Posted by: Anonymous | October 7, 2008 6:02 PM

Sunlight is said to be the best of disinfectants. Judge Brandies had it right.I am not concerned by Waxman's motives. This information is very very scary and sad

Posted by: David Rosenberg | October 7, 2008 6:02 PM

why weren't you people speaking up when the industry was being deregulated to the point that these guys could do what they did to the economy? NOW you're upset?

Wake up idiot america. This is as much your fault as anyone elses. Time to PAY ATTENTION and put people in office who might actually give a damn about YOUR MONEY.

Posted by: hacksaw | October 7, 2008 6:02 PM

Sunlight is said to be the best of disinfectants. Judge Brandies had it right.I am not concerned by Waxman's motives. This information is very very scary and sad

Posted by: David Rosenberg | October 7, 2008 6:02 PM

Hang them, a la Il Duce

Posted by: Schwartz! | October 7, 2008 6:02 PM

Sunlight is said to be the best of disinfectants. Judge Brandies had it right.I am not concerned by Waxman's motives. This information is very very scary and sad

Posted by: David Rosenberg | October 7, 2008 6:02 PM

Hang them, a la Il Duce

Posted by: Schwartz! | October 7, 2008 6:02 PM

Bart ... hows Homer .... hey Bart .. you and Joe Sick-pack are gonna save this country with statements like less taxes .... ever felt like a parrot for the Republicans??

Posted by: Noor Jivraj | October 7, 2008 6:03 PM

What the HELL else do you expect from republicans?

-- faye kane, homeless brain
Read more of my smartmouth opinions at http://blog.myspace.com/fayekane

Posted by: faye kane, homeless brain | October 7, 2008 6:06 PM

These execs did the same thing, only on a larger scale, that the people who bought homes they knew they couldn't afford. Then they pulled out the equity and used them as credit cards. We wouldn't be in this mess if people didn't buy homes (with the aid of Congress) that shouldn't own homes. It's that simple.

Now we're bailing out the AIGs of the world and those that couldn't afford a home. It's crazy ... and criminal.

The great social engineering experiment did not work.

Posted by: S. Lawler | October 7, 2008 6:06 PM

Congressman Waxman and his colleagues need to move beyond hearings and determine how wall street executives are to be held accountable. Reports of luxury offsite meetings, post-bailout, are appalling and unexceptable- these people should experience time in prison, not luxury resorts. When does congress plan to hold financial executives accountable? One might argue that these people are financial terrorist's; their greed and inattention, all by intent, have severely compromised the interests of working American's. I want to see executives from AIG/Lehman/Bear's and other failed and soon to fail financial institutions, that have saddled American taxpayers with untold future debt, stripped of their wealth and sent to prison. When will congress understand that amoral wall street executives are without integrity and that they should be treated as common criminals. Let them rot in hell.

Posted by: steven ledbetter | October 7, 2008 6:12 PM

Our elected officials fooled us again! Let's pass a bailout plan with lots of pork spending and no oversight.

Of course those in charge with creating this crisis will put themselves in charge of investigating it, and we KNOW their findings will be truthful.

When voting yes for the plan, they gambled that we will forget the next time their office comes up for re-election. Will YOU remember in November? Will you remember two or four years from now for those up for re-election then? Most politicians think the average citizen does not have the fight in them, and that they are forgetful after many years. I hope they are wrong.

In the upcoming election, both choices are far from ideal, but one team gives us hope (McCain/Palin), while the other secretly seeks to do us harm. They place all the blame on Wall Street when they pressured banks (with threats of fines, and costly investigations which would shut down the business for a period of time) to make loans to those who would mostly likely be unable to meet the payment obligations. The Democrats seek to socialize our county, which has been shown over time to completely fail and lead to worse things. They want to silence those who speak against them, and want to take away your right to bear arms. They want to grow government control and stifle free enterprise and capitalism. Their track record is very poor, yet we rush to help them along.

Even though some will disagree with my position and opinions, I respect their right to express themselves freely too.

Posted by: Track Collectors | October 7, 2008 6:17 PM

I want my money back. I want the CEO's SFO and anyone that was at that retreat to be held accountable for the tax dollars that they have just wasted. Any senator or congressman who are just sitting there and not doing anything should be voted out of office. I am tired to this mess. I want action now. Write to congressman and let them know where we the taxpayer stand.

Posted by: Van | October 7, 2008 6:18 PM

Internal auditors were not allowed to view information material to their work.

External auditors were warning of "material weakness relating to these areas" that is, their sketchy, illiquid paper.

It is very likely some of these executives were breaking the law.

Jail time?

Posted by: Neal Anderthal | October 7, 2008 6:21 PM

I agree with the sentiment that this action by the executives was really unwarranted and unwise on their part. There really isn't any reason why the can't just utilize their own conference center and board room for a meeting and order in like any other reasonable run company would do.

What concerns me though is the tone of a lot of these posts. A strong majority is advocating vigilante justice and overthrowing of our government. If these voices are representative of the underlying feeling of America right now, we have much more to fear than just an economic recession or prolonged depression. If America wants to survive this fiscal disaster, then overthrowing the only mechanism to save it would be worse than throwing out the baby with the bathwater.

I, too, am angry at the actions of these executives (and many others in the industry). But justice will be served to them in good time. The chances are very good that the wealth that they have accumulated in their lifetime won't last to their own deaths or even as an inheritance. Such grossly negligent selfish behavior is ultimately self destructive. As citizens, we need to focus on how to repair the situation so we can pass an inheritance to our children of a more secure future.

Crisis and corruption will always be around us. Whether we chose to give in to it at any level through vigilante justice or governmental revolt is up to us individually. The Constitution of the United States was written to protect us. If you want justice, then you need to go through due process. Otherwise, we might as well pick up our arms right now and take a page from the books of Al Quaeda - this is what they have been trying to do for the past decade in various countries. Now is the time to choose your path. Choose well.

Posted by: P Chu | October 7, 2008 6:27 PM

jim, that just makes me want to cry...

IMHO, the guillotine is too kind for GWB and his CEO courtiers.
Maybe I'll take up knitting.

Posted by: educmom615 | October 7, 2008 6:28 PM

f this ....
gimme babies, jesus and guns ..... as Herbert von Karajan said famously .. the rest is Gaslight he he .. back to gas light .....
so ... now how does this add up ... lower taxes ... uum.. yes.. the Govt is in severe debt to the Chinese and the Middle Easterns.... and has to find x zillion to finance the Regis Execs and the Joe Sick pack mortgage Einsteins ... and will have to borrow at higher rates ... and where does this money come from ?? I know Gawd is a Republican he he but he aint gonna make math outta this one ....

Posted by: Noor Jivraj | October 7, 2008 6:34 PM

Let's not forget who's bailout plan this really belongs to, before we start revising history so soon:

This is Bush's bailout plan, as told to by Paulson and Bernanke. You don't have to believe me, just look it up on google going back further than 2 weeks ago. Just search for Bush + bailout + 700 million.

Oh, wait, I can do it for you:

http://www.google.com/search?hl=en&q=Bush+bailout+700+million&btnG=Google+Search

Just keeping it real, before the revision/spin gets out of control.

Posted by: NoRevisionistHistory | October 7, 2008 6:47 PM

I think it is time that we voters take back control of our country from the greedy politicans. Our elected officials on the state and federal levels should be representing the will of the people. Looking at the polls, people were overwhelmingly against the bailout but our elected officials ignored us and voted for it anyway. I say we should vote them all out of office the next election. Make the senate and the congress understand that they are in office to do our will, not their own and if they don't listen to us, we vote them out. No second chances. We need to make our government "of the people, by the people and for the people" once again.

Posted by: Donna J. | October 7, 2008 6:53 PM

does one find it surprising at all when a nation will obsess about a president's affair (by the way in some countries it is a minimum requirement to have at least a couple of mistresses before you can even think about being the President) and will not impeach and even dare discuss that about a President reponsible for not only this mess but countless others and continous lying and distortions that we now see carried forward to the next generation. The hypocracy of it all ... moralizing to the world, republicanising God, and then conducting affairs in the most corrupt and vile manner ... and yet and yet ... if you area brainless wonder and can communicate to audince with the average IQ of 23, you are IN man ... and cos dear einstein-on-the-beach cannot even read the National Enquirer let alone a comic like the USA today, you have a free hand. Smarties these repubs.. Joe Sick-Pack .. its all your doing .....200 years from now it will be remembered that it will have been the working classes that gave the CEOS, lobbyists and the Repulsives the blank cheque ....

Posted by: Noor Jivraj | October 7, 2008 6:56 PM

This whole thing sucks! I owned a small business, a deli, and I was put out of business precisly because of high taxes. Everytime I got a little ahead it would be time to pay the taxes and the other overhead. I blew through my life savings trying to stay in business. Sure, we only had three employees so what did the government care?

Posted by: Henry | October 7, 2008 7:01 PM

If I did something like this, I know I would be jumped on by the gov. in a flash and end up having my salary garnished. Why can't the government do that to thses AIG S.O.B.'s? Just sue them for the money they took and freeze thier bank accounts till they pay it back. The State of NY had no qualms about doing that to me over a measly $7000 I owed, why not them?

Posted by: Henry | October 7, 2008 7:05 PM

This is a joke. The implications of this will affect the general public for years to come and the powers that be sit on thier hands due to the kick-backs and revenuve generated by this type of criminal activity. That most of these CEO's and thier minions aren't in jail already has to make us all go what the ??

Posted by: John Q. Public | October 7, 2008 7:19 PM

Were there not two bail outs? One for AIG and one for the financial institutions? If congress wants to really help tax payers, they will go after the executives with more than a hand slap and some embarrassing scolding. Why wasn't there more accountability for all of these executives? I would love to know just what they do all day to warrant any of them even making a tenth of what they make. WE ARE the people of the United States and WE can make a difference. If we do not make a big enough stink about this, it will get pushed under the rug like everything else. We can not let that happen, this is a violation of the tax payers! Sickening just sickening!

Posted by: D in GA. | October 7, 2008 7:59 PM

Shooting them point blank is the easy way out. Cutting them to pieces with a dull knife, little at a time, that will be the ultimate solution. How about life in prison with the general population?

None of it surprised me. Here comes the 700B

Posted by: Anonymous | October 7, 2008 8:08 PM

In all fairness, we must assume that the travel arrangements were made (and fixed in stone) months ago.

The executives involved, however, could personally reimburse the appropriate entity as a show of "good faith", I suppose?

Posted by: Edda R. Pittman | October 7, 2008 8:20 PM

To all the people who are angry enough to go out and make all these executives pay, REMEMBER THIS, IN EVERY STATE FEMA HAS WIRE FENCED CORRALS WITH LARGE PLASTIC COFFINS AWAITING YOU AND YOUR FREINDS AND FAMILY.Each coffin is large enough to hold 3-4 people depending on their size. Be careful freinds.

Posted by: Blacktiger | October 7, 2008 8:26 PM

I have got to say that this really takes the cake. I am a conservative republican, and do not feel class envy. However, I do know robbery when I see it. "The unlawful taking by force or fear." AIG used fear to get US the taxpayers to foot the bill for their shenanigans and then go to a spa and get pedicures?? Right now, this right winger would vote for Che Guevara IF he promised a good old fashioned Castro style firing squad for these thieves!

Posted by: Goldwater'08 | October 7, 2008 8:29 PM

And Congress wonders why it has a single digit approval rating?
Screw Obama and McCain, at this rate I think we need a President Darth Vader to go around and just kick everyone's asses for us. Not in Iraq or Afghanistan, but in places like the damned AIG corporate offices.

Posted by: Ticked Off at Washington | October 7, 2008 8:29 PM

Every MF'in executive that went to this resort should be fired and forced to return every dime on their tab.

Folks wonder why the market continues to sink like a rock??? No more crap shoots for me. This government is in the tubes.

"Socialism is the equal sharing of misery"
Sir Winston Churchill

Posted by: Tdog | October 7, 2008 8:47 PM

BUSH'S BUDDIES TAKEN CARE OF! I sense a revolution coming, like the one in 18th century France, when their "Main Street folks" (aka "Joe Sixpack") had had just about enough of the excesses of the king and queen.

Posted by: SLB | October 7, 2008 8:51 PM

Email and complain to AIG directors and VP's via this list! I did!

Stephen.Bollenbach@aig.com
ANASTASIA.KELLY@aig.com
DAVID.HERZOG@aig.com
Edmund.Tse@aig.com
Edward.Liddy@aig.com
ERIC.LITZKY@aig.com
Frank.Wisner@aig.com
Fred.Langhammer@aig.com
George.Miles@aig.com
JACOB.FRENKEL@aig.com
James.Orr@aig.com
Jay.Wintrob@aig.com
Kristian.Moor@aig.com
Martin.Feldstein@aig.com
Michael.Sutton@aig.com
MICHAEL.ROEMER@aig.com
Morris.Offit@aig.com
NICHOLAS.WALSH@aig.com
RICHARD.BOOTH@aig.com
RODNEY.MARTIN@aig.com
Steven.Bensinger@aig.com
Suzanne.Johnson@aig.com
Virginia.Rometty@aig.com
Win.Neuger@aig.com

Posted by: Frank | October 7, 2008 8:55 PM

We have no idea whether or not this was a "junket" or maybe it was an EARNED trip for AIG agents from sales in lieu of commissions. The news outlets are very irresponsible in reporting details.
Instead they prefer SENSATIONALISM

Posted by: motiger | October 7, 2008 9:17 PM

This is not a bail out....this is a HAND OUT with MY money!!!!! This is an outrage!!! No wonder I have to watch every penny....the government certainly isn't help!!!!

Posted by: countrygirl | October 7, 2008 9:23 PM

My father worked for the feds. He managed millions for an army base here. After he died, the government denied any of our family to his retirement because a 'legal form' was missing. So they kept it all...yet, millions can be sent to the fat execs and they can blow it profusely. I am sad today to call myself an American. The very greed from these people will be the demise of our economy. Time to start working under the table, and saving my money in the matress. Bush had to do one last big 'Hooo Rah' for his pals before he left office. All on our dime.

Posted by: Outraged | October 7, 2008 9:30 PM

....And these execs thought they were going to get away with this? Rather than have them payback the money out of their own pockets, they should be forced to work off the gross spending with community service, helping the needy, or even cleaning toilets...how do you like them apples!

Posted by: Livid | October 7, 2008 9:36 PM

We should really ask McCain how many houses he got and how did he pay for them while we the people can't keep up with our bills.

Posted by: Nelson M. | October 7, 2008 9:56 PM

THE MOST IMPORTANT LETTER ALL CEO’s SHOULD RECEIVE

A NEEDED FIX IN ALL BOARD ROOMS

Isn't it time the system went in for some much needed repair?

Due diligence and oversight long ago slid out the window. No one was watching.

Time to do something about it.

Here's a huge one they all missed.... The dramatic change that swept through all of North America's boardrooms over the past 30 years. It is one of the underlying causes of the headache the economy is now feeling, but more importantly, it has resulted in the general feeling of "disconnect" by most Americans.

"WE THE SHAREHOLDERS OF YOUR COMPANIES......

http://pacificgatepost.blogspot.com/2008/03/letter-to-ceos-of-fortune-1000-cos.html

Posted by: PacificGatePost | October 7, 2008 11:10 PM

This is a terrible betrayal of the public trust. We need the media to doggedly expose this kind of behavior...

Posted by: Elizabeth S | October 7, 2008 11:22 PM

Fire the duopoly of sleeze, favors, back-slapping, degenerate moral reprobates. Punish every and all existing members of Congress. Do you really believe that party affiliation makes any difference what-so-ever? These guys laugh at you every day for your supine complicity; your starry-eyed, goofy, irrational beliefs just feed their insurmountable hubris and their insatiable lust for power over other people's lives and money. Wake up. Vote libertarian.

Posted by: Scannon | October 7, 2008 11:49 PM

What if...?

This is exactly what "they" want? Just like some Orwellian double-speak, like, "War is Peace" but instead the new motto is, "Failure is Success."

To normal Americans, failure would be a recession, depression, economic meltdown, loss of jobs, unemployment, closing banks, and civil unrest.

To these power hungry people, these failures are their successes. Why?

The more our economy collapses the more "emergency" rules, regulations, and bail-outs "they" can concoct. Failure to them IS success because it is exactly what they are after as it allows tighter control of this nation through the economy, financial structure, federal government, state government, and ultimately, the people.

Why else would the voice of the American people over the past few weeks be so totally ignored? Why else are we offered only one solution, to throw more debt at an already debt-ridden system? This/these are the best ideas our brightest leaders and expert economists can come up with?

Why else are top executive of "failed" corporations receiving millions in severance packages on top of vacations at posh resorts? It seems to me these are percs and rewards, and you reward someone for a job well done.

Just a thought.

Posted by: Andrew | October 8, 2008 12:05 AM

I have never seen the media distort a story as much as this one. This convention was an award to the salemen and women who sold American General Life Products. The same thing all insurance companies do. This has zero to do with the "Wall Street Execs." I bet the majority of the agents there were middle to middle-upper class at best.
This might be the best case of Media Sensationalism out there. Wow, I am just shocked.
Again people, the people at this convention were indepdnet agents who had zero to do with the credit crisis. It was there reward. Should it had been cancelled, probably. Should independent sales producers who had zero to do with this mess get linked with the Wall Street Execs, NO!

Posted by: Mike | October 8, 2008 12:25 AM

We need to send a message:
Guess what idiots, you loose the bailout $!
This is getting ridiculous.

Oh by the way, I love that resort. Can't afford to stay there, but have hung out there for drinks. SWEET.

Funny, ConocoPhillips meet there as well. I guess the BIG dogs part on the taxpayer dole in every way!

Posted by: Anonymous | October 8, 2008 12:59 AM

The writer of this piece, like most of the people commenting, is an idiot.

This event was a reward for salespeople. Such events are a necessary thing; most sensible companies with large sales staffs have such events. Most of these people weren't even AIG employees, they were independent salespeople, and they were all from AIG's life-insurance division.

Furthermore, most of the "spa" expenses were for the wives of salesmen, who will now go home and nag their husbands into being more effective salesmen.

So basically, AIG's life-insurance division-- which has nothing to do with the bailout-- spent 0.021% of its annual revenues to help encourage its sales force to sell more life insurance.

You've all been tricked by Henry Waxman. I hope you're proud of yourselves.

Posted by: Peter G. | October 8, 2008 2:27 AM

The Clinton administration and the Republicans agreed to deregulate the US financial system back in 1999. Both of the political parties are responsible for this mess!!

http://www.wsws.org/articles/1999/nov1999/bank-n01.shtml

Posted by: just me | October 8, 2008 3:45 AM

There was a kernel of truth in this "joke"

I'm against the $85,000,000,000 bailout of AIG.

Instead, I'm in favor of giving $85,000,000,000 to America in

a ''We Deserve It Dividend''.

To make the math simple, let's assume there are 200,000,000

bonafide U.S. Citizens 18+.

Our population is about 301,000,000 +/- counting every man, woman

and child. So 200,000,000 might be a fair stab at adults 18 and up..

So divide 200 million adults 18+ into $85 billon that equals $425,000.

My plan is to give $425,000 to every person 18+ as a

'We Deserve It Dividend'.

Of course, it would NOT be tax free.

So let's assume a tax rate of 30%.

Every individual 18+ has to pay $127,500.00 in taxes.

That sends $25,500,000,000 right back to Uncle Sam.

But it means that every adult 18+ has $297,500 in their pocket.

A husband and wife has $595,000.

What would you do with $297,500 to $595,000 in your family?

Pay off your mortgage - housing crisis solved.

Repay college loans - what a great boost to new grads

Put away money for college - it'll be there

Save in a bank - create money to loan to entrepreneurs.

Buy a new car - create jobs

Invest in the market - capital drives growth

Pay for your parent's medical insurance - health care improves

Enable Deadbeat Dads to come clean - or else

Deduct any IRS back taxes.

Remember this is for every adult U S Citizen 18+ including the folks

who lost their jobs at Lehman Brothers and every other company

that is cutting back. And of course, for those serving in our Armed
Forces.

If we're going to re-distribute wealth let's really do it...instead of
trickling out a puny $1000.00 ('vote buy') economic incentive that is
being proposed by one of our candidates for President.

If we're going to do an $85 billion bailout, let's bail out every adult

U S Citizen 18+!

As for AIG - liquidate it.

Sell off its parts.

Let American General go back to being American General.

Sell off the real estate.

Let the private sector bargain hunters cut it up and clean it up.

Here's my rationale. We deserve it and AIG doesn't.

Sure it's a crazy idea that can 'never work.'

But can you imagine the Coast-To-Coast Block Party!

How do you spell Economic Boom?

I trust my fellow adult Americans to know how to use the $85 Billion

'We Deserve It Dividend' more than I do the geniuses at AIG or in
Washington DC.

And remember, The Family plan only really costs $59.5 Billion because
$25.5 Billion is returned instantly in taxes to Uncle Sam.

Ahhh...I feel so much better getting that off my chest.

Posted by: johno | October 8, 2008 8:32 AM

Bastille = Wall Street

Posted by: Robespierre | October 8, 2008 8:50 AM

Allons z'enfants de Main Street ...

Posted by: Marseillaise | October 8, 2008 8:54 AM

They're going to need more than 1 brigade domestically to keep down the coming insurrection if this keeps up. I'm ready to start lopping off heads Congo style....

Posted by: Mike | October 8, 2008 9:18 AM

I am ready to suffer hard times as a result of the credit crisis if it means teaching these greedy Wall Street suits a valuable lesson about the power of the people. Are you ready to suffer for the cause?

America - stand up against this greed and the selfish, underhanded practices - pull the rug out from under these executive by destablising these corrupt institutions. Cancel your insurance policies with the likes of AIG, the banks running the hedge funds, remove your cash from these banks and they will feel the wrath of the man on main street!

Posted by: Man from down under | October 8, 2008 9:23 AM

I'm sure we all remember the TYCO scandal... and the former CEO is sitting in prison for what he did. The only differences are that TYCO execs recieved millions in bonuses before the end of the year (so they pulled out their crystal ball and predicted what if any bonus they would get and decided to take it early), while AIG execs recieved millions in bonuses after the finally years numbers showed a LOSS of $5 million... Also, the money taken by TYCO execs was actually the companies money (stolen from employees), and the lovely $500,000 resort weekend the AIG exes just gave themselves, AFTER we, the taxpayers, bailed them out with $85 BILLION, was apparently on us too. SO TELL ME THIS... does anyone else agree that someone needs to be bunking with Mr Tyco in his cell? Or are they going to get nothing but a mere slap on the wrist by the government? What can the government say? AIG screwed taxpayers out of $85 billion, and the government got us for $600 TRILLION? Would be nice to come up with a plan and stand up for ourselves at some point. I can't get a loan for my son to go to college because someone at AIG's manicure was more important..... hmmmm. I don't like cold weather but Canada is looking pretty good. :/

Posted by: Sonja | October 8, 2008 9:59 AM

My cup is full

Posted by: Boston Tea Party | October 8, 2008 10:13 AM

Go ahead elect the Maverick and the Beauty Queen and you'll get more of this. This is a systemic problem that has never been addressed,capitalism running amuck. Keep deregulation going and thinking the Market can actually police itself. I have a beach resort near Billings I'd like to sell you.

Posted by: meanfish | October 8, 2008 10:51 AM

This is a total joke! This is slap in the face to all taxpayers!

Posted by: usiff | October 8, 2008 11:12 AM

I enjoyed watching the frustration of the committee in trying to get just one of these scoundrels to admit some kind of wrongdoing or accept any blame. I'm really glad they stonewalled Ol' Henry and his outraged committee members.

Why? Because for just a short period of time, Chaiman "Porky Pig" Waxman experienced what many of us feel about our government. There's no way to assign accountability, to ascribe blame, to elicit an admission of wrong doing, etc.

Aside from SEC Commissioner Chris Cox recent admission that his group hadn't done all it could, I can't recall ANYONE in government, be it Executive, Judicial, or Legislative branches ever accepting responsibility for anything bad. Has Henry Waxman, during his many years in Congress, delivered only wonderful things to us? I doubt it.

Posted by: curmudgeon10 | October 8, 2008 11:18 AM

I think the execs that treated themselves to a posh california resort after our hard earned tax dollars bailed their butts out, should be jobless. Their names and photos posted all across the media. No severence, no golden parachutes.. nothing!! Let's see how their "reputation" allows THEM to provide for themselves. We struggle to feed and clothe our children ( the next generation of America).. for this?? It's disgraceful!! I can't even begin to type words that relay how obscene and wrong this was.

Posted by: Rebecca Leach | October 8, 2008 11:19 AM

We never learn do we?

“Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That my be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out and by the Eternal God I will rout you out. If the people only understood the rank injustice of our money and banking system, there would be a revolution BEFORE MORNING.” — Andrew Jackson (7th President of the United States (1829-1837) Nickname: “Old Hickory” Religion: Presbyterian, Occupation: Lawyer, Soldier, Political Party: Democrat).

Posted by: Steve | October 8, 2008 12:08 PM

If the house hadn't ignored all of their constituents and let these institutions fail like they should have, we wouldn't have to worry about this. I'm sorry, but this bailout package isn't going to help anyone except the fat cats on wall street.

Posted by: AJ | October 8, 2008 12:32 PM

Posted by: John | October 8, 2008 12:44 PM

CASTRATION, By sledge hammer!!!

Posted by: Anonymous | October 8, 2008 12:55 PM

They should firstly freeze all spending, all the executive's personal assets. They should then liquidate and recover all these expenses from indivisuals and not allow it as a business expense.

Posted by: Amex | October 8, 2008 1:01 PM

Appalling to say the least. This is capitalism for you. We need to go back to socialism.

Posted by: Kevin | October 8, 2008 1:12 PM

Posted by: John | October 8, 2008 1:14 PM

This kind of culture, the abnormal love for money, less taxes for the rich, no regulations....Isn't that bred by conservatives and Repugs?

Posted by: GreedNoMore | October 8, 2008 1:15 PM

I was at the St. Regis that weekend. On Sunday was the Concours d'Elegance car show at the hotel. At the spa on Saturday all the spa employees were talking about what pigs the AIG people were and to quote the lady at the spa, "WE HAVE NEVER SEEN A GROUP SPEND THIS MUCH MONEY AT THE SPA BEFORE!"

Absolutely ridiculous!

Jake

Posted by: Jake Adams | October 8, 2008 1:17 PM

One word comes to mind - sickening. These people ought to be jailed and ordered to give back every penny they spent to the tax payers. I'm worried about buying groceries to feed my children while my money is bailing out criminals. Sickening.

Posted by: ANM | October 8, 2008 1:37 PM

One word comes to mind - sickening. These people ought to be jailed and ordered to give back every penny they spent to the tax payers. I'm worried about buying groceries to feed my children while my money is bailing out criminals. Sickening.

Posted by: ANM | October 8, 2008 1:39 PM

Alright...so I'm reading everywhere that this happened, but so far not word one of a penalty for the indiscretion. I've read elsewhere that this was an appropriate boost for employee moral - spare.me.

What NEXT? How will the funds be reclaimed and how will the company be handled? This can not be swept under the carpet, time to set an example.

Posted by: PSG | October 8, 2008 1:47 PM

With all the comments from people wanting revolt or revolution, have you ever heard of the Posse Comitatus Act? Big Brother is aware of our anger and outrage and is taking action. Read this:

Why is a U.S. Army brigade being assigned to the "Homeland"?

For the first time in 100 years, and contrary to a long-standing legal prohibition, an active duty military unit is permanently assigned inside the U.S.

http://www.salon.com/opinion/greenwald/2008/09/24/army/

Posted by: Anna W | October 8, 2008 1:51 PM

I swear to Almighty God these thieves deserve to be strung up in central square and lashed.

While they are off celebrating a job well done there are countless Americans who can't afford to stock their pantries and will have decide between food and heating this upcoming winter.

I hope Congress realizes that if every homeowner in America had a firearm as the Swiss do, there would be major revolt happening soon.

Posted by: Angry | October 8, 2008 1:57 PM

Who should be punished and Jailed? It is amazing the sheep we have in this country. There were no execs were there!!!! This is media distortion at it's greatest.
Let's lump indepdent sales agents with the Wall Street Execs.
That is the same as saying a Wal-Mart greeter is the moral equivalant of those in charge of health care benefits for its workforce.

Shame on you media, shame on the sheep who dohn't read the facts!
Here is the story
The writer of this piece, like most of the people commenting, is an idiot.

This event was a reward for salespeople. Such events are a necessary thing; most sensible companies with large sales staffs have such events. Most of these people weren't even AIG employees, they were independent salespeople, and they were all from AIG's life-insurance division.

Furthermore, most of the "spa" expenses were for the wives of salesmen, who will now go home and nag their husbands into being more effective salesmen.

So basically, AIG's life-insurance division-- which has nothing to do with the bailout-- spent 0.021% of its annual revenues to help encourage its sales force to sell more life insurance.

You've all been tricked by Henry Waxman. I hope you're proud of yourselves.

http://www.marketwatch.com/news/story/aig-clarifies-agent-meeting/story.aspx?guid=%7BE435AAE7-CB13-4E78-863E-B7E9F77E176B%7D&dist=hppr

Posted by: Mike | October 8, 2008 2:03 PM

Where are all the promises that executives would be accountable? I guess their definition of a retreat is different from mine. The motel conference room with motel food. This is exactly why we as Americans should have received the 700 billion and distributed equally would have helped to revive the economy. Bush-good bye.

Posted by: Debbie-Huntersville NC | October 8, 2008 2:09 PM

Did you read the posts aove Debbie, you have been dupped by our National media. Get the facts!
Here is info from another post:

All of the listed companies below, are “AIG”, according to the media. Which one did the spending? Which one received the “bailout” money? FYI—It wasn’t American International Group that “partied it up in the O.C.”…It was American General…an insurance company…NOT a recipient of the “bailout” cash.

COMPANIES:
American International Group, Inc
AGFC Capital Trust I
AIG General Insurance (Taiwan) Co., Ltd.
AIG Life Holdings (US), Inc.
AIG Retirement Services, Inc.
American General Capital II
American General Finance Corporation
American General Institutional Capital A & B

Capital Markets subsidiaries:
AIG Financial Products Corp.
AIG Matched Funding Corp.
AIG-FP Capital Funding Corp.
AIG-FP Matched Funding Corp.
AIG-FP Matched Funding (Ireland) P.L.C.
Banque AIG

Mortgage Guaranty subsidiaries (second-lien and student loans):
United Guaranty Commercial Insurance Company of North Carolina
United Guaranty Residential Insurance Company of North Carolina
American General Finance, Inc.
American International Group, Inc.
AIG Edison Life Insurance Company
AIG Financial Products Corp.
AIG Funding, Inc.
AIG Liquidity Corp.
AIG Matched Funding Corp.

AIG SunAmerica funding agreement-backed note programs:
AIG SunAmerica Global Financing Trusts
ASIF I & II, ASIF III (Jersey) Limited
ASIF Global Financing Trusts

AIG SunAmerica subsidiaries:
AIG SunAmerica Life Assurance Company
First SunAmerica Life Insurance Company

SunAmerica Life Insurance Company:
AIG UK Limited
American International Assurance Company (Bermuda) Limited
American Life Insurance Company

Commercial Insurance Group subsidiaries:
AIG Casualty Company
AIU Insurance Company
American Home Assurance Company
American International Specialty Lines Insurance Company
Commerce and Industry Insurance Company
National Union Fire Insurance Company of Pittsburgh, Pennsylvania
New Hampshire Insurance Company
The Insurance Company of the State of Pennsylvania

Domestic Life Insurance & Retirement Services subsidiaries:
AIG Annuity Insurance Company
AIG Life Insurance Company
American General Life and Accident Insurance Company
American General Life Insurance Company
American International Life Assurance Company of New York
The United States Life Insurance Company in the City of New York
The Variable Annuity Life Insurance Company

Mortgage Guaranty subsidiaries (first-lien loans):
United Guaranty Mortgage Indemnity Company
United Guaranty Residential Insurance Company

ILFC E-Capital Trusts I & II
International Lease Finance Corporation
Transatlantic Holdings, Inc.
Transatlantic Reinsurance Company
American General Finance Corporation
CommoLoco, Inc.
AIG Capital Corporation

Apologies should be sent to all those who attended this convention. These were all innocent insurance producers who are getting characterized as AIG.
This group should take it to the National Media and Congress for misreprentation.

Posted by: JIm | October 8, 2008 2:33 PM

Jim and Mike are the only people, as it seems, that are not sheep like the rest of you. It is quite remarkable, however, that the media has so much power over the Sheep Americans who actually consider the media credible. Sometimes they are, I guess, but now they certainly are wrong. I've been saying it on this post all afternoon, that all of you commenters are just reacting to a made up story. Ha! You all must feel really silly now...

To find out what really happened at this 'retreat' click here: http://www.marketwatch.com/news/story/aig-clarifies-agent-meeting/story.aspx?guid=%7BE435AAE7-CB13-4E78-863E-B7E9F77E176B%7D&dist=hppr

Posted by: John | October 8, 2008 2:42 PM

Guantanamo

Posted by: Next week end | October 8, 2008 2:51 PM

Where is the outrage over reporting. People, READ THIS STORY!!! This story was basically made up to make a company look bad!!!! Every company has these conventions and American General is just one out of thousands. AIG American General is completely different from the AIG Wall Street Execs and the bail out. I believe in the American public and believe we are not this nieve.
The only people there were independent agents and a few company employees.
If I am that company I am outraged. This is slander at it's best.
WOW, just wow!

Posted by: Mike | October 8, 2008 2:57 PM

This is an outrage! Since when do we get rewarded for doing a bad job? Since when do you get a major bonus when the company you work for tanks????????? How do these people sleep at night?

Posted by: Johnny | October 8, 2008 3:13 PM

Johnny did you read all the facts? AIG American General was a different entity than AIG responsible for this mess and none of the bailout money was used.
Here is a quirp from another responder:

Didn't you pay ANY attention to the details of the bailout package and the details of the event that took place? There were only 10 AIG employees in attendance. The remainder of the people were independent insurance agents who sell AIG products. This is the exact time that a company would need to ensure that their key distributor relationships are intact. AIG needs to instill confidence in its distribution network.

Further, the taxpayers did NOT pay for the event. As has been reported, the insurance entities are walled off from the holding company which is where the liquidity problem started. The insurance entities have the cash to conduct their businesses and the event was paid for out of the insurance entity. The bailout money went to satisfy collateral calls and to settle securities lending transactions.

You should get your facts straight before posting negative and destructive comments.

Posted by: Mike | October 8, 2008 3:20 PM

What I find most disgusting is the commentaries I am hearing and the justification for them. If you are hungry then get to work, if you're working already then work harder. I've worked hard all my life and now I can relax in luxury and immerse myself in every form of exotic indulgence. And the best part....it's all at the taxpayers expense.Ha Ha, forget your Congressman, he's bought and paid for. In fact he's probably the clown that's getting a pedicure and foot massage right next to me. Losers, you've voted away $800 billion to finance the biggest party in history. I hope you get your moneys worth.

Fat Cat and proud of it!

Posted by: AIG EXEC | October 8, 2008 3:33 PM

This is what the Saint Regis at Monarch Bay looks like,440K expenses on your nickelhttp://www.stregismb.com/

Posted by: Ric | October 8, 2008 3:33 PM

I'm so upset!! I just don't understand how these people can just walk away with this and with millions... laugh at us. We the hard working americans have to suffer and congress doesn't do nothing about it. They are as gulity as those jerks. SHAME ON ALL OF YOU!!!

Posted by: NS from Rock Tavern, NY | October 8, 2008 3:34 PM

This is about greed. Pure and simple. Unfortunately the bail out is not going to the families who lost their homes. Instead it is going to these J holes who are getting away with stealing. There is something systematically wrong with our executives and our government. It clearly shows by the failure of our soon to be ex president and the financial system crashing.

Posted by: pissed off american | October 8, 2008 3:57 PM


The Miserables

Posted by: Victor Hugo | October 8, 2008 4:03 PM

Hey, great party, wish all of you could have been there. You paid for it, you earned it.

http://i.cdn.turner.com/trutv/thesmokinggun.com/graphics/art4/1007083aig1.gif

Posted by: AIG EXEC | October 8, 2008 4:39 PM

If any of us "regular" tax payers did this we would be in jail--exactly where these follks should be.A crook is a crook no matter what their monetary status is--until we get that straight the economy will continue to fall down the tubes.

Posted by: Kathleen Green | October 8, 2008 6:00 PM

how many of the same politicians who voted in favor of the bail out were also invited to the resort?

Posted by: garry | October 8, 2008 7:54 PM

Obama mentioned this during his debate last night & said they should be made to pay it back, be investigated & put in prison, Mc Cain never mentioned it. This is our money that they used to enjoy themselves, they stole from us the taxpayers & they should be investigated, made to pay it back & send their A--es to jail.

Posted by: Patricia Nigro | October 8, 2008 8:43 PM

I cant blelieve all the ignorance and arrogance on this blog. Only a couple on this blog recongnized the media misinformation and the dooping they like to cause to create such a frenzy. Those on the trip were mostly independent biz owners that done biz with a div of AIG that were given a reward for doing well selling product. If you piss off the distribution channels of any company you no longer have a company period. The bail out and this trip are seperate issues but most on here wont realize that.

Posted by: Independent Agent | October 8, 2008 10:58 PM

Put those executives behind bars for enjoying public money.

Posted by: Chirs | October 8, 2008 11:17 PM

I've been homeless for about six years now and it's not so bad. Seems bankers and their "employees" in congress want to bankrupt America. You best believe your next. Better to be on the street than in those FEMA camps we've been hearing about. That's exactly where you'll end up if you start violence. They want you to. So relax. Quit your job, sell everything you got and join the homeless. It's amazing how our ranks have been swelling lately. All are welcome.

Posted by: homeless joe | October 9, 2008 4:06 AM

speechless...
that's just ridiculous

Posted by: Anonymous | October 9, 2008 4:50 AM

"Let them eat cake..." She said, before her appointment with Madame Guillotine.

Posted by: critical | October 9, 2008 9:31 AM


Independent Agent speaks the truth here. As I relaxed in the hot tub last night with my favorite call girl, sipping an excellent Remy Martin Louis XIII Cognac ($1450/bottle) it suddenly dawned on me that this is a simple case of jealousy rearing it's ugly head. So what if I helped shipwreck a giant company through reckless investments while enjoying wild cocaine parties at shareholders expense. Given the opportunity, you would have done the same. We are the haves and the have mores, we are Bush's base, we are the ruling elite. Get used to the abuse taxpayers, it's going to get a lot worse.

AIG FAT CAT

Posted by: AIG EXEC | October 9, 2008 9:48 AM

line them all up shoot everyone of them they are wasting our oxygen and our childrens future by the way bush and cheney death to them too

Posted by: mtn. rebel 56 | October 9, 2008 10:27 AM

Dolts and simpletons all, do you still not get it? We are the ones that will give the orders to the firing squad. Why do you think Bush/Cheney/Bernanke et al are protecting us? It is not a conspiracy, the elite has always taken care of itself. Nothing is going to change.

Posted by: AIG EXEC | October 9, 2008 11:19 AM

What is wrong with all you people? Stop saying the government and treasury departments should do something!!! We the People should do something and until We the People stand up and start making a little noise this will only get worse!!!

Posted by: FED-UP | October 9, 2008 11:43 AM

I only hope that the congress has guts enough to make these executives repay this money from their pockets. It is a shame that those in high places think they are untouchable.

Posted by: Norman from Alabama | October 9, 2008 11:45 AM

Okay, obvious some do not want to read the entire story so here are the facts:
Fact 1 - This event was for business owners/independent agents who sold American General products, not execs
Fact 2 - The event was paid for by a profitable subsidary, no tax dollars were use. If they would have cancelled the event, same amount of money spent
Fact 3- The worst thing at that time would be to not have held the event, scare off the sales force who make the company money.

Every and I mean every company in the U.S. holds these conventions to reward those who sell their products.
These were independent producers who were on this trip, NOT AIG Wall Street Execs who are in charge of this mess.

People, please please take your anger out at the media for distorting this story. That is the real crime.

Posted by: Mike | October 9, 2008 12:05 PM

Congress? Guts? Ha Ha...what planet are you from? Look how quickly the Great Giveaway.....errr Bailout passed after Congress got their skids greased with $150 billion in pork lard. Who do you think Congress is? They're all millionaires, do you think they care about you or what you think? Bought and paid for every one. Remember the Golden Rule....those of us that have all the gold get to make all the rules.Instead of sniveling about what we have and what you don't, get out and steal a bundle for yourself, then you get to call the shots. It's the American way baby!

Posted by: AIG EXEC | October 9, 2008 12:18 PM

We must protest the St Regis and the Ritz Carlton Half Moon Bay (next weeks AIG retreat) for taking this money and hosting these greedy pigs.

I have spent many vacations at these resoets and they won't see me there anymore. Or if they do, it will be me carrying a sign that says "No AIG Luxury retreats. GIVE THE MONEY BACK"

This is BAD press for these resorts and I hoe they will see protesters at any AIG function they host. Let AIG have these meetings in their corporate Basement. Bring their OWN coffeee. No more TREATS for greedy and corrupt AIG!

Posted by: Sarah | October 9, 2008 12:21 PM

Big business as usual. Remember Niel Bush
and Silvrado? it stinks. The corruption in the U S is disgusting!

Posted by: Rob | October 9, 2008 12:56 PM

We have the same problems here in Canada. CEOs and their cronies, as well as some government officials believe in a culture of entitlement. Ordinary citizens and shareholders are left holding the bag because of their uncaring decisions etc. Greed is their primary focus.

The system is corrupt ... it must change. Their inexusable actions are certainly the antithesis of the beliefs our founding fathers espoused to and held sacred to their hearts in the US and Canada. Today, our young women and men are dying for those fundamental beliefs and those at the trough have the audacity to make a mockery of their patriotic and selfless sacrifices. May Divine Providence protect our troops.

Posted by: Caperboy | October 9, 2008 1:40 PM

I am with the others who are more outraged over our media covering(or making up of this story) then a convention for top sales producers from main street.

From what I have read, there were no Wall Street execs present at this resort, but agents who are not employed, but sell American General Products.

Now if this was a getaway for the Wall Street Execs then I would be outraged, but it wasn't, and it was an entire different entity that has made money.
I for one now have total distrust of our media.

Posted by: Rob | October 9, 2008 3:30 PM

Surely, if this was made up as some suggest, the Post would not be so obtuse as to use Congressmans Waxman's and Cummings names. This would leave them wide open to a law suit. Besides, I don't care who was at the $440,000 bash, some people are hurting in this country.... badly... and this display of hedonistic orgy thrown in their faces by the over indulged when they can't feed, clothe or provide shelter for their families......well... unless you are incredibly stupid you get my drift.

Posted by: Jon | October 9, 2008 5:22 PM

Its been known for years about wasteful government spending, and this is just another great example of it.

Posted by: cordeye | October 9, 2008 8:26 PM

Its been known for years about wasteful government spending, and this is just another great example of it.

Posted by: cordeye | October 9, 2008 8:28 PM

Hearings are a joke,congressmen like hearings as well as their staff it is a time for overtime pay comptime and party time

Posted by: Jose Carmona | October 9, 2008 9:50 PM

votenader.org

Posted by: catchingon? | October 10, 2008 1:39 AM

The rest of the world thinks we are all idiots in the US. If nothing is done to punish AIG we will prove them right!

Posted by: US Ex-pat in Taiwan | October 10, 2008 1:55 AM

A vote for NADER is the only reasonable, responsible vote to restore democracy and SANITY to our nation.

LET NADER DEBATE.

Posted by: Stand4Something | October 10, 2008 2:14 AM

We the people got what we deserve, we keep electing and sending to office the same crooks. So please this is not time for whining and crying, this is time for action.

Posted by: Zak | October 10, 2008 8:31 AM

Who voted for this bill? Obama and McCain.
Who warned of this type of thing happening, had a plan ten years ago and wouldn't have voted for this bill? Ralph Nader.
You have a choice people. Don't just angry, get votey!
www.votenader.org

Posted by: Val | October 10, 2008 8:49 AM

I've heard rumours that the U.S. government has a top secret plan in the event of a civilian insurrection. They'll simply schedule a football game or American Idol and everybody will stay home.

Pity what we have come to in this nation.

Posted by: Jon | October 10, 2008 10:06 AM

What an insult to every American taxpayer. Still going to vote for a "business as usual" politician like McCain or Obama? Not me. It is time to fight back. The Democrats and Republicans are corporate controlled puppets. We now have taxation without representation. We need an honest man at the helm. Someone who has dedicated his life to helping American citizens and defending Democracy and the Constitution of the United States. A man of impeccable integrity who will stand up to the Wall Street crooks and the greed infested corporations. A true American hero, Mr. Ralph Nader. Now is the time. We will decide.

Posted by: William Koldys | October 10, 2008 10:25 AM

The AIG Gang certainly executed their delivrance plans very well!

Now we should do the same to THEM!

Posted by: Minookajoe@AOL.com | October 10, 2008 2:06 PM

And who voted in the 'tax and spend' crooks? Taxpayer revolt - it's time!

Posted by: Anon | October 10, 2008 2:21 PM

Notice in this article its been DEMOCRATS discovering, exposing & blowing the whistle on this outrage.
Why no REPUBLICANS? Oh thats right, the republicans were too busy trying to pin an phantom scandal on Barack Obama, or trying to tell us what good gullible christian SHEEP we should be. AIG and REPUBLICANS, how similar these two groups of COMPLETE SCUMBAGS are. If you vote McCain/Palin, you deserve EVERY piece of heartache you get. Do us all a favor on election day REDNECKS and BEEHIVE HAIRDOO HAGS, stay home on this election day your hounddogs and cold ll bottles of Colt 45.

Posted by: Chuck Glisson | October 10, 2008 3:18 PM

Quotations from Thomas Jefferson:

"If once the people become inattentive to the public affairs, you and I, and Congress and Assemblies, Judges and Governors, shall all become wolves. It seems to be the law of our general nature, in spite of individual exceptions.”


“Every generation needs a new revolution.”


“Experience hath shewn, that even under the best forms (of government) those entrusted with power have, in time, and by slow operations, perverted it into tyranny”


“Dissent is the highest form of patriotism.”

Posted by: Anonymous | October 10, 2008 3:58 PM

Now I understand the French Revolution.

Posted by: Juan Luc | October 10, 2008 5:07 PM

Time for real change Vote for Ralph Nader.
www.votenader.org

Posted by: Joe E. | October 10, 2008 8:34 PM

WE THE PEOPLE OF THE UNITED STATES...
ARE YOU AWAKE YET?
The 2 CORPORATE Candidates OBAMA & MCCAIN
Voted for this Bailout. Without any time alloted for decision making FOR THE AMERICAN PEOPLE. These 2 candidates could care less about you.
The ONLY person who cares about the American Citizen is Ralph Nader and he has been doing work for you for over 40 years.
Seat Belts, Air Bags,Safe Drinking water Act,OSHA,EPA,Wholesome Meat Act,Nutrition Facts on Food, The list goes on...
The ONLY Man running on 45 State Ballots
and a write in on 4 States that wants
NO WALL STREET BAILOUTS, $10 HOUR LIVING WAGE,END THE IRAQ WAR,PROVIDE SINGLE PAYER HEALTH CARE,INVEST IN RENEWABLE ENRERGY,REPEAL THE PATRIOT ACT,ENACT A WORKERS BILL OF RIGHTS,REFORM ELECTIONS,CRACKDOWN ON CORPORATE CRIME,END CORPORATE PERSONHOOD,END CORPORATE WELFARE, THE LIST GOES ON.
www.votenader.org
OBAMA & MCCAIN have SOLD YOUR DEMOCRACY at the cost of $850 Billion Dollars.
THINK OUTSIDE THE CORPORATE BOX. BE-AWARE.
YOU HAVE A CHOICE.

Posted by: Alan Good | October 10, 2008 9:23 PM

I want my money back!!!! I'm not out getting my nails done and all that fancy stuff. They better make them all pay it back and then go to jail!!!!! It makes me sick that the president and all the people in congress are set for life and get away with murder, while I'm busting my butt off to pay my bills and live. If the Americans were smart they would not vote and stand up and fight. I'm sick and tired of all the lies while they sit back and live it up and party, they are partying on our money how come I'm not invited? This country is a joke!!!!

Posted by: GEM | October 10, 2008 11:44 PM

People THINK!!!as long as we keep on letting them get away with this,no jail time,not returning the money,THEY are going to keep right on doing it,and others are going to be tempted to do it---why not,everything to gain(steal)and nothing to lose.I don't know about you but i'm getting really tired of working hard and going without and then having to dig even deeper into my pockets to not only bail out these CROOKS but even continue to let them collect bonus' that they don't deserve AND NOW TAKE THE BAIL OUT MONEY AND GO TO A RETREAT!

Posted by: broken taxpayer | October 11, 2008 11:11 AM

sat around the tv talking with my boys and they both said they don't want to rob banks or hold up trains and always be looking over their shoulders for the law.all the news on tv lately,they want to be a ceo at some big company and get a big bonus for running it into the ground and ruining alot of peoples lives and then get some bailout money from the taxpayers and go on a vacation to some expensive retreat and don't have to always be looking over their shoulders for the law. yep I' proud of my boys.

Posted by: proud father | October 11, 2008 11:39 AM

you#@$%^%$#&^$#* ceo's.you got us, you sure did.BUT GUESS WHO IS GOING TO GET YOU ON JUDGEMENT DAY SURE HOPE IT'S WORTH IT

Posted by: Anonymous | October 11, 2008 11:49 AM

I read these angry and resentful comments, and I know they are all warranted. The problem is, what are any of you going to do about it?

You can sit at your computers and fume while it all comes down around you.

The illusion of freedom through democracy: vote for one of two corrupt (or soon to be corrupt) candidates just waiting to sell you and yours down the river.

Posted by: Human Being | October 11, 2008 2:17 PM

We as a people are smarter than this are we not?

Now that the facts are coming out, this is a whole different story than what the media and congress led us to believe.

There were no Wall Street Execs at this retreat. This was not even a retreat, but a convention to independent insurance agents who acutally brought a subsidary money.
There was a contractional obligation to reward the clients of AIG and this was paid for and planned over a year ago.

Way to go media and congress!!!!!! Get us mad at a bunch of 1099 insurance agents who were rewarded with this trip.

Oh yes, the real people to blame, congress and AIG Product division that got us into this mess are simply laughing at us sheep.

People please get the facts on this story!

Posted by: Greg | October 11, 2008 4:15 PM

Good to see what you normal people can do for this in a democratic country, I'm from China, and I feel I don't need to listen to your democracy storys anymore, we are same!

Posted by: watermelon | October 12, 2008 2:45 AM

I'm an indian & i have more money in my pocket right now than US govt & FED reserve put together!

It's time for a revolution otherwise this govt will guarantee you decade of inflationary depression that makes depression of 30's look like a picnic. Get on the streets & do something.

Posted by: TIME IS NOW | October 14, 2008 6:04 PM

The comments to this entry are closed.

 
 
RSS Feed
Subscribe to The Post

© 2010 The Washington Post Company