AIG Gets More Government Bailout Cash

Only one day after it was revealed that AIG had sprung for a $440,000 spa vacation shortly after getting an $84 billion government-loan bailout comes this report: The government is loaning AIG another $38 billion.

AIG, the world's largest insurer, said it has already drawn down $61 billion on its $84 billion line of credit from the government. AIG's financial products division got into the mortgage-backed securities market and incurred billions in losses, sending the entire company teetering toward bankruptcy. The $84 billion loan was meant to help prop up AIG.

The New York branch of the Fed Reserve will borrow $37.8 billion in investment-grade securities from AIG in exchange for the cash.

During a hearing before the House Oversight committee on Tuesday, it was revealed that just last week, about 70 of the company's top performers were rewarded with a week-long stay at the luxury St. Regis Resort in Monarch Beach, Calif., where they ran up a tab of $440,000, The Post's Peter Whoriskey reported today.

Oversight committee Henry Waxman (D-Calif.) showed a photograph of the resort, which overlooks the Pacific Ocean, and reported expenses for AIG personnel including $200,000 for rooms, $150,000 for meals and $23,000 for the spa, Whoriskey wrote.

Today, AIG chief executive Edward Liddy defended the vacation by pouring gasoline on the fire.

Such trips "are standard practice in our industry," Liddy said, no doubt thrilling every other major insurance company.

In a letter to Treasury Secretary Hank Paulson, obtained by ABC News, Liddy said the vacationers were largely independent insurance agents who had sold well for AIG.

"Let me assure you that we are re-evaluating the costs of all aspects of our operations in light of the new circumstances in which we are all operating," Liddy wrote. "We understand that our company is now facing very different challenges -- and that we owe our employees and the American public new standards and approaches."

-- Frank Ahrens

October 8, 2008; 6:34 PM ET  | Category:  business
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Comments

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What a bunch of weasles. This is precisley why the bail out plan was flawed. It rewarded failure and practices like this.

The government should have simply bought shares of the company and taken over the board and start to clean house.

Posted by: Anonymous | October 8, 2008 6:43 PM

So much for the lawmakers being upset about AIG 440,000 party at tax pauor expense. The Lawmakers are so upset tht a day, ONE DAY, after the hearings our beloved goverment gives them another 36 BILLION. That will show AIG that the tax payor has had enough. You Betcha. Why don't the just empty the treasury and put us out of our misery

Posted by: Robert | October 8, 2008 6:43 PM

Their complaints are fueled by nothing but envy.

Posted by: Gary E. Masters | October 8, 2008 6:48 PM

The systematic financial destruction of the American people continues unabated..I'd hate to have kids and mortgages in the coming years, the propped up economy will drop like a rock after the elections, just watch..

Posted by: frak | October 8, 2008 6:50 PM

Are you serious? Really? 'Such trips "are standard practice in our industry,"'

We bailed them out so they can vacation? I don't really care if they are the company's top performers...obviously they didn't perform well enough if the company needed us to bail them out.

This is B.S.!

Posted by: Andrew | October 8, 2008 6:55 PM

we can't give the American people that can't find jobs another unemployment extension but we can give more to AIG
God Bless America and Jo Six Pack

Posted by: bb | October 8, 2008 6:55 PM

I for one am not angry about the financial trouble we are in, so much as I am about the fact that I know that government would do nothing to hold anybody accountable... which is exactly what happened in AIG's case I see. Now the financial and political elite wonder why we hard-working Americans are so pissed about bailing these criminals out with our hard earned money.

Hey Mr. Paulson, can I get a 400k luxury trip? I fight to survive law school with 100k in debt, while trying to find a job and take care of my indigent, sick mother too. I guess I won't because me going broke won't cripple the economy.

Posted by: Anonymous | October 8, 2008 6:55 PM

Standard practice huh? Like in ripping off taxpayers like they used to rip off shareholders. Take the $440,000 out of the CEO's compensation and see how long these grand thefts remain "standard practice for the industry."

Posted by: Dave P | October 8, 2008 6:56 PM

All we needed to know about punishing bad behavior--AIG is too big to punish. Ah, if Thomas Nast was alive.................his cartoons about the Tweed Gang could be published today. Look up the one on "Justice, Wholesale and Retail."

Posted by: rusty 3 | October 8, 2008 6:56 PM

Apparently AIG feels no punitive actions are likely, despite taxpayer outrage. What an arrogant, out-of-touch group.

Posted by: cmarie | October 8, 2008 6:57 PM

Not to defend any one involved but they got money from different places. Congress gave them the $81 bil and the Fed gave them $37 bil

Posted by: 13th St S.E. | October 8, 2008 6:57 PM

Who is paying for the "reteat" in a luxury hotel that cost over $400,000?

Posted by: Nelson | October 8, 2008 6:57 PM

Where is our important leader in chief? The weasely little pathetic do nothing. Come on bush get a back bone - this is too sickening even for you to not find a sutiable punishment for. These people need to be punished and the moneies refunded and take back this last bail out to boot . Let them fail - no one is too big to fail - no one!

Posted by: Janet | October 8, 2008 6:58 PM

now is the time americans


IN CONGRESS, July 4, 1776.

The unanimous Declaration of the thirteen united States of America,

When in the Course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature's God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.

We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.--That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, --

That whenever any Form of Government becomes destructive of these ends

(it is the Right of the People)

to alter or to abolish it, and to institute new Government,

laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness. Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn, that mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security.--Such has been the patient sufferance of these Colonies; and such is now the necessity which constrains them to alter their former Systems of Government. The history of the present King of Great Britain is a history of repeated injuries and usurpations, all having in direct object the establishment of an absolute Tyranny over these States. To prove this, let Facts be submitted to a candid world.

He has refused his Assent to Laws, the most wholesome and necessary for the public good.
He has forbidden his Governors to pass Laws of immediate and pressing importance, unless suspended in their operation till his Assent should be obtained; and when so suspended, he has utterly neglected to attend to them.
He has refused to pass other Laws for the accommodation of large districts of people, unless those people would relinquish the right of Representation in the Legislature, a right inestimable to them and formidable to tyrants only.
He has called together legislative bodies at places unusual, uncomfortable, and distant from the depository of their public Records, for the sole purpose of fatiguing them into compliance with his measures.
He has dissolved Representative Houses repeatedly, for opposing with manly firmness his invasions on the rights of the people.
He has refused for a long time, after such dissolutions, to cause others to be elected; whereby the Legislative powers, incapable of Annihilation, have returned to the People at large for their exercise; the State remaining in the mean time exposed to all the dangers of invasion from without, and convulsions within.
He has endeavoured to prevent the population of these States; for that purpose obstructing the Laws for Naturalization of Foreigners; refusing to pass others to encourage their migrations hither, and raising the conditions of new Appropriations of Lands.
He has obstructed the Administration of Justice, by refusing his Assent to Laws for establishing Judiciary powers.
He has made Judges dependent on his Will alone, for the tenure of their offices, and the amount and payment of their salaries.
He has erected a multitude of New Offices, and sent hither swarms of Officers to harrass our people, and eat out their substance.
He has kept among us, in times of peace, Standing Armies without the Consent of our legislatures.
He has affected to render the Military independent of and superior to the Civil power.
He has combined with others to subject us to a jurisdiction foreign to our constitution, and unacknowledged by our laws; giving his Assent to their Acts of pretended Legislation:
For Quartering large bodies of armed troops among us:
For protecting them, by a mock Trial, from punishment for any Murders which they should commit on the Inhabitants of these States:
For cutting off our Trade with all parts of the world:
For imposing Taxes on us without our Consent:
For depriving us in many cases, of the benefits of Trial by Jury:
For transporting us beyond Seas to be tried for pretended offences
For abolishing the free System of English Laws in a neighbouring Province, establishing therein an Arbitrary government, and enlarging its Boundaries so as to render it at once an example and fit instrument for introducing the same absolute rule into these Colonies:
For taking away our Charters, abolishing our most valuable Laws, and altering fundamentally the Forms of our Governments:
For suspending our own Legislatures, and declaring themselves invested with power to legislate for us in all cases whatsoever.
He has abdicated Government here, by declaring us out of his Protection and waging War against us.
He has plundered our seas, ravaged our Coasts, burnt our towns, and destroyed the lives of our people.
He is at this time transporting large Armies of foreign Mercenaries to compleat the works of death, desolation and tyranny, already begun with circumstances of Cruelty & perfidy scarcely paralleled in the most barbarous ages, and totally unworthy the Head of a civilized nation.
He has constrained our fellow Citizens taken Captive on the high Seas to bear Arms against their Country, to become the executioners of their friends and Brethren, or to fall themselves by their Hands.
He has excited domestic insurrections amongst us, and has endeavoured to bring on the inhabitants of our frontiers, the merciless Indian Savages, whose known rule of warfare, is an undistinguished destruction of all ages, sexes and conditions.


Posted by: david,veteran | October 8, 2008 6:59 PM

How much are those over compensated weasels who ran AIG into the ground kicking in to clean up the mess they made? Nothin?

Posted by: BlueTwo1 | October 8, 2008 7:00 PM

david.veteran is right on. The words given to us by Thomas Jefferson roing true in 2008.

Posted by: john | October 8, 2008 7:05 PM

Is AIG going to return the more than $450,000.00 they spent for a party in Los Angeles after the first bailout? We as a nation have been criticizing Blacks, Hispanics, and low income Whites for years about welfare. What these people got was chump change compared to AIG. We know know America is about helping in a big way those who already have.

Posted by: truth1 | October 8, 2008 7:07 PM

This is ridiculous. Not one more taxpayer cent to any company with its hand out, until the CEO is sent packing with NOTHING. No golden parachute, no severance package, and withhold the last paycheck on the way out, too. I'm sure they can survive by selling one or two of their mansions or Learjets.

Posted by: Lila | October 8, 2008 7:19 PM

I was at the party

Posted by: Sancho | October 8, 2008 7:19 PM

Read Kevin Philips and cry

Posted by: Peter | October 8, 2008 7:19 PM

It's all over in 25 days you elite Republican snobs.

Posted by: Pat | October 8, 2008 7:20 PM

seriously?


we need a revolution in this country

Posted by: rick | October 8, 2008 7:20 PM

I wanted to put in my bid for vacation funds. I know I haven't really lost any money, and I'm really quite responsible with my debt, but I own a small company, and since Congress is handing out money to the irresponsible and criminal, how about I run up my American Express card to it's $100,000 limit.

I promise I will go on vacation at an overpriced resort. No Days Inn for me ... no I'll even do better than the AIG executives: I'll shoot for the President's suite at $5,000 per night.

Ok ... I know I need to have my grubby hands in to more than just my company debt so Lets just bail out my home mortgage that I used as an ATM to fund my extravagances.

WAKE UP AMERICA!

Dominick A. Leone
A voice of reason and true conservativism

Posted by: Dominick Leone | October 8, 2008 7:20 PM

First, no tax deduction for the expense of this trip. Second, deduct this cost from any money given to them in the bail out. Third, charge the individuals who went on this trip knowing the financial problems with the company. Just add it to their income tax payment.

Posted by: steve jacobson | October 8, 2008 7:21 PM

Hmmm...looks like Sarah Palin has been shooting the wrong wolves.

Posted by: Bob22003 | October 8, 2008 7:24 PM

I am sure they will be happy to return the money, just as soon as the Fed gives them additional money to cover the repayment.

Posted by: Kit | October 8, 2008 7:24 PM

The Very People Responsible For Setting The Fire That Is Rapidly Burning Our Economy To The Ground Are Going Free.

They Are Being Helped By Henry Waxman Who Is Putting Up An Effective Smoke Screen To Shield The Guilty Parties.

You Have Jamie Goerlick, Franklin Raines, Daniel Mudd and Jim Johnson at the heart of the meltdown.

They Were Aided By Chris Dodd, Barney Frank, Chuck Schummer, Henry Waxman, Maxine Waters, Artur Davis, Harry Reid, Lacy Clay, Gregory Meeks, and Nancy Pelosi.

http://www.youtube.com/watch?v=_MGT_cSi7Rs

These people owe the American People an explanation, an apology, and at the very least some jail time.

Don't take your eye off of the ball. These are the people who lit the match. Jamie Goerlick is set to be our next attorney General.

We simply CAN'T let this happen or the crooks will all go free.

http://www.wnd.com/index.php?pageId=67068

Posted by: GeraldD | October 8, 2008 7:27 PM

This is one time I wish I had been wrong. At the beginning of this whole financial bailout plan from Paulson/Bush, I argued with my fellow workers that we should not bail Wall Street out of this mess. They thought I was crazy...after all the sky was falling!!!

As a parent and teacher, I'm mortified and embarrassed for our legislators. Here at a time of crisis, they should be leading us with the same principles I try to instill in my children as well as my students, of upstanding moral convictions. But what are they doing...they're running around like a bunch of chickens with their heads cut off.

Where is the accountability? Where is the remorse? WHAT THE F__K ARE THEY DOING???

Instead of giving billions and billions of dollars to the same crooks over and over again...why don't they give each United States citizen $1 million? It would only cost around $350 million. Just think what that would do? Us 95% of Americans, that Obama has continually said he would not have their taxes raised, would be able to payoff their mortgages, school loans, afford health insurance, etc. Not to mention the spending spree that would occur...Gosh!...What a concept.

Let the AIG boat sink! It's time we start sending those emails and making those phone calls again to our representatives, reminding them that we have the power...the power to vote them out of office!

Posted by: Pam | October 8, 2008 7:28 PM

Well I am quite glad I have to search at the bottem of my purse just to buy bread... I for one hope they enjoied every moment of thier massages... I am sure they have more stress in thier lives than what i am worried about... LIKE FEEDING MY CHILDREN!

Posted by: trying to survive | October 8, 2008 7:29 PM

You will see more market revolt. They are taking it too far and it's going to go to the point where things just collapse beyond their control or beyond being bailed out. They think they have all of this control, when in reality things only go to a certain point and break. I believe we are near the breaking point. Find shelter and go private. We are just at the start of this. We have local towns going broke that need public funding.

Posted by: Anonymous | October 8, 2008 7:31 PM

Maybe they need the money for another weekend party.

Posted by: John | October 8, 2008 7:32 PM

So, let me get this straight-- the AIG have people who report to it or work for it who are, uh, "top performers?" In what league do they play? Get the subpoenas ready. America. Its time for war.

Posted by: J. Martin Smith | October 8, 2008 7:32 PM

What a Non-surprise! Sounds like the BUSHIES are building job-security for after when they get booted out of the White House. These arrogant bozos at AIG need a lesson in economics that teaches that you don't spend what you don't have. It's hard to break bad habits after 8 years of wreckless government.

George B continues to build his legacy as the dumbest President in US history

Posted by: Johann Wagener | October 8, 2008 7:33 PM

Convict the principals and send them here. We have Enron felons who'd love to show them around the prison........

Posted by: Patty in Houston | October 8, 2008 7:33 PM

The fundamental lesson here is... we don't need any more government's regulations. All these government input only cause us to go deeper into a hole-- look at F. Mae and F. Mac. Politians don't even understand economics 101, we need to deregulate the free market and allow all those B**S*** companies to go down because they can't run a business. Stop making the regular tax paying citizens be slaves to the rich and the poor.

Posted by: loo | October 8, 2008 7:33 PM

This bailout B.S. is a hoax raped in a deception.

Posted by: Old Coot | October 8, 2008 7:34 PM

I love the people who blame Republicans when the congress is run by Democrats. The republican president cannot pass laws only sign them. So who is to blame. . .

The criminals of these companies should be held responsible for their actions. The blame should not be put on people that could not and still do not control these companies actions.

Posted by: Sense of Reason | October 8, 2008 7:35 PM

It's not bad enough that mismanagement has made it a necessity to be bailed out in the first place, but, now the 84m isn't enough? Now they want another 38m? After we find out about their "standard industry practices"!

Lehman fell and the world is still spinning! Let AIG fail too! Nobody's bailing joe six-pack out.

Posted by: lks | October 8, 2008 7:35 PM

If you think this is fun, wait until losses on their credit default swaps start to mushroom.

Posted by: tiggerman | October 8, 2008 7:36 PM

Hey, these are probably incentives for all those top sales people that sold policies for these jerks.

This should be taken from the pay of the top
executives like someone said.. as those executives are FIRED.

And then they get another 37 Billion.

As a taxpayer... we might as well bend over and kiss or as-.. good bye.. because the democrats will cripple us so much under OBAMA that we will not be able to bend over. I bet by the time he is in six months... we will not be able to bend over OR walk because of all the debt.

Posted by: MILLER51550 | October 8, 2008 7:37 PM

AIG must have a lot of fraud in the closet.
Time for the feds to clean house.

Posted by: hhkeller | October 8, 2008 7:38 PM

Great! More money to send @ the spa.

Posted by: AIG Guy | October 8, 2008 7:39 PM

Wake up taxpayer.

Posted by: Mike | October 8, 2008 7:41 PM

Par for the course they get to live it up spending bigtime money out of our pockets. makes me wanna grab my gun and revolt

Posted by: rhanson | October 8, 2008 7:41 PM

While we are struggling to pay for our homes & gas to get back & forth to work, these %&*(^$#( are getting special treatment at some ritzy resort. I think they should have to pay this money back and then go to jail. Usually, people that do this are dressed in jumpsuits and belong to the county!!!

Posted by: barb | October 8, 2008 7:42 PM

How much for the girls AIG Execs?

If you are throwing a $400,000 bash at a exclusive California resort you of course are going to need some Spitzer style girls.


Posted by: Jacqueline | October 8, 2008 7:42 PM

Business as usual. Americans need to recall all of Washington. AIG is laughing their asses off at us stupid tax payers.

Posted by: SuckItTrebek | October 8, 2008 7:43 PM

Seriously, what the hell is going on?

Posted by: BR | October 8, 2008 7:43 PM

Where is regulators on this?Anyone should know that dirty executives after cheating the people of America in dirty sneaky ways and doing this to the economy and having tax payers bail them out that you shouldn't just had them a blank check and expect them to do the right thing!!! Didn't we learn anything about handing out blank checks to people up to no good,(REMEMBER BUSH & CHENEY)

Posted by: Gail | October 8, 2008 7:43 PM

THIS IS EXACTLY WHAT WE ALL KNEW WHAT WOULD HAPPEN. AIG IS JUST THE FIRST OF A LONG LINE OF COMPANIES THAT WILL MISS USE,STEAL,AND USE AS BRIBES. I WONDER HOW MUCH EACH OF OUR WONDERFUL PUBLIC SERVANTS ARE GETTING FROM ALL THESE COMPANIES, YOU KNOW ALL OF THEM WILL EITHER TAKE A SLOT ON THEIR BOARDS OR A CEO POSITION EITHER THEMSELVES OR FAMILY MEMBERS. IT SHOULD BE A LAW THAT ONCE YOU ARE IN GOVERMENT THAT YOU CANNOT TAKE A JOB OR MONEY OF ANY KIND FOREVER. AND NOT YOUR FAMILY EITHER. HOW CAN YOU TRUST THESE THIEVES??? ALL THEY DO IS LIE CHEAT AND STEAL FROM US, OUR FAMILIES, AND FRIENDS. I WOULD LOVE TO SEE A REAL CHANGE IN HOW WE ELECT OUR OFFICIALS. HOW ABOUT YOU START IN THE CITIES, GO UP A RUNG TO COUNTY,AND THEN STATE,THEN 1 TERM FEDERAL.AND THEN THEY GO HOME,NO LOBBIES,NO TAKING JOBS FROM ANYONE YOU PASSED A LAW OR DID FAVORS FOR. WE HAVE TO DO SOMETHING THIS SURE CANNOT GO ON.

Posted by: CAROL1747 | October 8, 2008 7:43 PM

Pam, please check your math.

I believe $1 million to every citizen would be around $350 TRILLION.

With that said, I am sure the irresponsible people who started this mess by not paying their mortgages and buying houses they cant afford would find someway to do it again, even with $1 million.

Personal accountability.

Nothing is free in this country.

Lets face it, the real problem here is with the people who took out mortgages they could not afford.

Maybe those people who stopped paying their mortgage should be responsible for paying back these bailouts and the rest of us who didnt take out something we couldnt afford can get off the hook.

Any takers on that boat?

ITS CALLED CAPITALISM.

Something we apparently have gave upon.

To all of you who are in foreclosure, walked away from your house, in over your head in debt.... please understand that you are the driving force in this mess.

All the financial sector did was TRUST THE PEOPLE PAY THEIR DEBTS. WHAT A CONCEPT!!

Posted by: teacher_2 | October 8, 2008 7:44 PM

Hey Patty in Houston ... I live in H town as well. Actually worked right across the street from the Federal Bldg where Lay and Skilling got convicted. The sense of calm and justice overwhelmed downtown on the days they were found guilty.

GET THIS!

FOUND SEVERAL VERIFIED STORIES THAT KENNETH LAY IS ACTUALLY ALIVE (RUMORED PLASTIC SURGERY) AND LIVING AT GEORGE W BUSH'S PROPERTY IN PARAGUAY!

These people are extreme criminals ... Paulson leads the pack now ... Only one thing would make world markets actually rise ... many severed heads dripping blood on top of the fence around 1600 Pennsylvania Avenue.

Posted by: Brian | October 8, 2008 7:44 PM

THIS COUNTRY IS SO F'D UP, I WISH I HAD SOME PLACE ELSE TO LIVE.................

Posted by: Thom perlmutter | October 8, 2008 7:44 PM

Read the letter:

The event in question was held by one of AIG’s insurance subsidiaries for independent life
insurance agents – not for AIG employees – who were top business producers for the company.
The vast majority of the attendees were independent business people and their guests, not AIG
employees. Indeed, of the more than 100 attendees, only 10 were employees of one of our
insurance subsidiaries who attended to represent their company. Not a single corporate executive
from AIG headquarters attended.

Posted by: fact finder | October 8, 2008 7:45 PM

Standard practice?! in a standard failure?
It was standard before, but not today. Other people are struggling on the foods!

Posted by: AIG, you should die | October 8, 2008 7:45 PM

I sold insurance for a large company (which I still work for, just in a different department)and although I was a top performer, I never got sent on such a vacation; neither did the management. Hmmm....I guess that is why our company is still in business without any help from a bailout. It's disgusting how ethics have gone to Hell in a handbasket with some of these formerly well-respected corporations. I am very lucky to work for an entity that values both its customers and employees. That $400,000 should have gone to AIG's clients who have suffered due to its bad business practices. Note to AIG-if you can afford these vacations, you do not need the bailout. GIVE THE MONEY BACK!!! What you have done is akin to food-stamp fraud...

Posted by: ghostygirl | October 8, 2008 7:46 PM

Are these "producers" selling policies that have heavy loads to consumers? Or ones that have no loads, hidden or otherwise? Do customers understand the loads? Could customers pass a written test that explained how the sales compensation works, the level of loads, and whether these policies are fair compared to a no load mutual fund in a stock index?

The government as owner of insurance companies has no interest in selling policies that have high loads and giving the money to the sales person. Maybe the government should keep these companies and eliminate loads and high sales commission and these parties and sell insurance policies with no loads or frills, just plain insurance at rock bottom cost. Do it in every state and let everyone know it.

Posted by: Old Atlantic | October 8, 2008 7:46 PM

Nobody is more crookeder than me and my company AIG!

Posted by: Edward L | October 8, 2008 7:49 PM

Just because we can party and you guys can't does not mean we don't appreciate it.

Best Wishes,
The AIG Family

PS Cant wait for the Christmas Party

Posted by: AIG | October 8, 2008 7:49 PM

where do i go to give the last of my savings to help that poor misjudged company, aig?

Posted by: herbert-de-turbot | October 8, 2008 7:50 PM

Vote OUT ALL incumbents.
This handout for Wall Street is just too much.
9 out of 10 Americans opposed this handout and Congress ignored us in favor of their big cash donors.
Enough is enough.

Posted by: DWayne | October 8, 2008 7:50 PM

This is why the American people do not trust government. Where is the governance? Who is monitoring what these companies are doing? There should be NO rewards for anybody! Without the bailout they wouldn’t have jobs, so the reward was the bailout. Issues like this are why the “wealthy” think they deserve everything even if they didn’t do a good job!!!

Posted by: Anonymous | October 8, 2008 7:50 PM

Pam! A teacher who cannot multiply, Yikes.

350 million...try again (clue trillions) J.

Posted by: john | October 8, 2008 7:50 PM

Revoke the bail out plan. Make them fix their own problems.
American companies are heartless SOB's!!!

Posted by: Nowell | October 8, 2008 7:50 PM

There is absolutely NO excuse for this type of irresponsible behavior!!! Here, the economy is taking a dump and these richard-heads are going to a 'spa' which is standard practice?? What the heck is THAT about?? Buying MILK for my 2 children is STANDARD PRACTICE but tell me why the heck I can't do that without ASSISTANCE!!! I don't care who these jerks think they are! I don't care if they 'used to be poor' the point is, they may have worked hard throughout their lives to get where they are---so what?? Millions of American's do the EXACT same thing and get NOWHERE!!! They are stupid, irresponsible scumbags who don't deserve their positions. They obviously can't handle the responsibility. They could have handled their business in a conference room just like the rest of Corporate America instead of at a freaking SPA! The government needs to take all that money back and just distribute it amongst the AIG investors. If I belonged to AIG, I would have already withdrawn my policies! Way to watch out for fellow Americans, jerks!

(and, NO, this is FAAAAR from ENVY as some may seem to see it. This is exactly what the government needs to say to those executives at AIG!!)

Posted by: Lisa | October 8, 2008 7:51 PM

Are you serious? Really? 'Such trips "are standard practice in our industry,"'
----------
I honestly think they're suffering from a type of SEVERE post traumatic stress disorder, who knows what is really happening in the subconscious of those clueless, self styled elite?

Kinda reminds me of the bourgeois as the rest of pre revolutionary France was preparing to murder them, doesn't it?

Glad it's not me, and glad we're not living in prerevolutionary France.

All that money, all that corruption, and absolutely NO SENSE OF CONTROL, at all, for those currently trying to squeeze blood out of a turnip, via the US Treasury.

Posted by: KOO-MO BEAN | October 8, 2008 7:52 PM

The vacation for these insurance agent's were warranted since there were many of them and they are the top sales people for the company. These people had nothing to do with AIG needing to be bailed out. They were not the ones investing in bad mortgages and securities and forcing the company to be overleveraged. They were the ones bringing in the money. Any good business person knows that you need to treat your top sales earners the best.

Also, this vacation was probably planned last year. It was not like they received the bailout and decided to take a vacation because of it.

Posted by: Think | October 8, 2008 7:52 PM

Teach 2 is right on.

john

Posted by: John | October 8, 2008 7:53 PM

Wow, Pam. I was pretty sure there were more than 350 Americans, but if giving everyone a million dollars would only cost us $350 million, we're a much smaller country than I thought. Actually, I thought there were more people in Congress than that, even.

A million dollars for every American would be about $300 TRILLION.

You should write spam.

Posted by: UncleSim | October 8, 2008 7:53 PM

Will somebody in our Government let AIG die. This company is corrupt and should be allowed to fail. If nothing else NO MORE MONEY should be lent these scumballs!

Posted by: dre7861 | October 8, 2008 7:53 PM

Should have saved Lehman and let AIG fall...

Crap!

Posted by: cb | October 8, 2008 7:53 PM

The comments to this article reflect the dumbing down which is so prevalent in our society. First there was no "bail out" of AIG.
It was a bridge loan. The interest rate AIG has to pay is steep. 8.50% over three month LIBOR. The arrangement fee that AIG had to pay the government immediately was $1.85 billion.
AIG got the loan because they are a good risk. They have over a trillion dollars in assets. This trip was attended by independent insurance agents that write business for a variety of companies. Only ten AIG employees were in attendance and the trip was planned in 2007. The government is going to make ALOT of money off of this loan. Lehman did not get a government loan because they were a bad risk. They had no assets. The CEO at Lehman made $440 million while the past CEO of AIG turned down his $20 million golden parachute because it was the right thing to do. People really should think twice before commenting on a subject they know nothing about.

Posted by: Andrew Roche | October 8, 2008 7:54 PM

Will somebody in our Government let AIG die. This company is corrupt and should be allowed to fail. If nothing else NO MORE MONEY should be lent these scumballs!

Posted by: dre7861 | October 8, 2008 7:55 PM

Well, at least these weasels spent the money in the US so someone still get jobs and paycheck. Until we throw them all out, don't be too hard on them or they will go party in Europe or somewhere no one know. BTW, don't we, the people owned 80% of AIG share now; Sec Paulson should fire the board and the Executive staff. They do not deserve to have jobs.

Posted by: James Nguyen | October 8, 2008 7:56 PM

It appears that nothing will change, just get worse. The crisis already affects the rest of the world markets and our elected officials have poured more money on AIG. When will the FBI finish investigating AIG? Lets hope it dosen't take as long as Enron did. When all is said and done we will have a new administration lead around by the leash of the corporations and lobbyists and a congress that will be 90 percent the same as it is now. Let's not forget that Clinton balanced the budget and in no time at all this administration plunged this country into deep, long term debt. Remember that this war was supposed to pay for itself....
I still think that the oil producers have us right where they want us. This is the effect that the terrorists wanted after 9/11. PLEASE get out there and vote for the people that will get us out of this hole.

Posted by: Bankrupt | October 8, 2008 7:56 PM

Since when does 350 million times one million equal 350 million. AND YOU'RE A TEACHER!!! That's the joke!

Or maybe I'm wrong and onlyh 350 people populate the U.S.

Posted by: michael | October 8, 2008 7:56 PM

Where are the monies coming from to bail out AIG? Is it, per chance, coming out of our Social Security funds? I think that our government needs to make sure there is a definitive repayment plan with these losers. I am certainly not envious of what I consider corruption. If you want a vacation, pay for it on your own time and with your extremely large salaries.

Posted by: Connie | October 8, 2008 7:57 PM

These people had nothing to do with AIG needing to be bailed out.
--------
Yeah, nice man on TV was explaining how he lost 100, 000 in the Indy Bank failure.

He had nothing to do with the sub Prime mortgage crisis, he had to take his financial hit, because of someone's elses actions.

Can you see the bigger picture, yet?

Posted by: KOO-MO BEAN | October 8, 2008 7:58 PM

All I want for Christmas is these crooks to all go to prison for life!!!! It would be nice to replace all of Congress too as they are are all in on this corrution,wake up!!!!

Posted by: J.Smith | October 8, 2008 7:58 PM

Edward Liddy, shame, shame, shame....and now I see why my AllState insurance is also worthless.

Posted by: KyLewis | October 8, 2008 7:59 PM

Andrew Roche, good call.

This discussion forum is filled up with ignorant comments.

Posted by: teacher_2 | October 8, 2008 7:59 PM

Well as I scramble to pay my INSURANCE BILL this month to AIG...they are getting money for free from the American Public! Why should they care if EVERYONE employed by them takes a $400,000. dollar vacation it's not thier money right???
And the fed's will just give them more...right?
I agree with the comment about taking it out of Mr.Liddy campensation.....

Posted by: KittyCovello | October 8, 2008 8:00 PM

If every citizen of the USA (300 million population) received 1 million US dollars from the US Treasury, that would equal 105 trillion US dollars. Gosh, what a concept!

Posted by: Preschool Teacher | October 8, 2008 8:01 PM

The executives of Enron, WorldCom and others were prosecuted and convicted for "cooking the books", irreparably harming their employees, and causing their shareholders to walk away with only a few cents on the dollar for their original investments.

Sarbanes-Oxley was enacted to put the clamps on the accounting profession, requiring that everything be done right and above board. Whistle blower laws and policies are on the books of government agencies and virtually every business in the US.

Now we have a small percentage of the population, sitting in executive suites, who perverted our financial system for their own pleasure and to satisfy their lust for money. This small population of wealthy executives, and the members of their senior management teams have hurt every American and even those abroad who are now suffering the "after shocks" of their wheeling and dealing.

These senior executives should most definitely be required by the US Government to return their wealth to the US Treasury. They not only should be prosecuted for "white collar" crimes, but should also be tried for treason. Treason is the act of selling out your nation, and injuring your fellow citizens. What clearer example of treason can there be than the current economic chaos and pain casued by a handful of selfish, greedy executives - who put their own interests before the interests of their neighbors and their country?

In addition, the SEC should be disbanded and a new organization should be formed to assure that these abuses do not occur again. The SEC has "looked the other way" for years while these abuses and the individual greed of these wealthy few has run unchecked and unabated. Any SEC official who is found to have known key facts about the abuses and excessive risks taken by these large financial firms, and failed to pursue a thorough investigation, should at minimum be relieved of their duties. They should also be denied any accrued benefits or retirement funds that were part of their employment package. They too should be brought before Congress, under oath, to testify to the specifics of how we got to where we are now.

Let us return to the basic principles that fueled our economy for so long. Let's return to "an honest day's pay for an honest day's work". Let us return to fair and reasonable compensation for company management. "Golden Parachutes" should be made illegal. Stock Options, if they are to exist at all, should be limited to a small percentage of the total shares outstanding that an executive may own. These stock options should also be offered the "rank and file" of the company. Let us return to giving jobs to American citizens first, and then employ foreign labor only as a last resort.

Posted by: BobJ | October 8, 2008 8:01 PM

If I sit a bucket of money in my front yard and somebody steals it, that makes them a thief. And it makes me an idiot. Jail the thieves, get rid of the idiots, and STOP DOING THE VERY THING THAT CAUSED THE PROBLEM IN THE FIRST PLACE!

BTW, the Federal Reserve is NOT the government. It's a freaking bank that loans out money it doesn't even have! Why doesn't congress make a law against that? Is it so hard to understand that this would eventually cause some serious problems?

Posted by: Firebird | October 8, 2008 8:02 PM

Congress won't let AIG die. Pelosi has $500,000 of investments in that. Can you say conflict of interest? Anybody notice how enthusiastic she was in getting the thing passed? You can thank the bailout package for bailing out Pelosi, not the average joe who's just lost his home.

Posted by: TL40 | October 8, 2008 8:02 PM

ttttttt were in more debt now

Posted by: popppo | October 8, 2008 8:03 PM

No more "bailouts" or "rescues"--let these companies fail.

Posted by: dee | October 8, 2008 8:03 PM

Only ten AIG employees were in attendance and the trip was planned in 2007.
-------
AIG paid for the trip, right, with tax payer money.

At the very least etiquette would demand they at least APPEAR to understand their a$$es were spared, at least for the moment.

Apparently, that didn't quite sink in.

Do you really think they will survive?

I don't.

Posted by: Anonymous | October 8, 2008 8:03 PM

Most of the comments posted seem to eminate from ignorance - did anybody notice it is AIG lending securities to the Fed? All of you need to go back to 3rd grade and learn to read.

Consider remedial math while you're at it. No wonder you complain about being poor.

Posted by: Another Bob | October 8, 2008 8:04 PM

This story really is disgusting. "Standard Industry Practice" is a self-fulfilling prophecy. Everyone can point to their peers and say, look, they're doing it too. AIG if your peers jumped off a bridge would you do that too? Please? Maybe you should try thinking for yourselves instead of being lemmings like the rest of the financial industry. They all followed each other right off the cliff carrying our money.

Two other points: 1. Pam, if you just handed a million dollars to every American (all 305 million) that would be 305 trillion dollars, you were off by a few decimal places. Plus you can't just give everyone a wad of money, that would cause insane inflation.

2. Both parties share the blame. To the imbeciles trying to say the dems are to blame, what about all those years when you had a Republican congress and president? (2003-2007) That seems like plenty of time for them to have fixed Fannie/Freddie and whatever other talking points I hear reiterated by the less educated.

Posted by: Whitey | October 8, 2008 8:05 PM

I have a feeling that Mexico and Canada will have to be protecting there border in the future, not the United States.

Posted by: Mike | October 8, 2008 8:05 PM

AIG will come out of this fine. Give it a few years they will be in great shape.

They have a consistent flow of cash into the company, which as you can see by the remaining banks (Citi, BOA, JPM), if you have consistent cashflow, you will turn out alright.

It will just be the shareholders equity that is going to take a hit by the investment restrictions they will take (and in turn, your retirement annuities with them will give you a lower return as well).

Posted by: teacher_2 | October 8, 2008 8:06 PM

If fraud was involved, all these bums should spend some quality time in the slammer. We saw justice at Enron when both the CEO and CFO were sent to prison. But, nothing happened to the bums at Fanni or Freddie, although fraud was rampant and the books were cooked in order for the top officers to receive millions in undeserved bonuses. Franklin Raines was the CEO of Fanni when it folded, and he's obviously one of these bums that needs to go to jail. Mr. Raines received well over $100 million in bonuses from Fanni for booking, packaging, and selling trillions of dollars worth of subprime mortgages. This represents the bulk of the toxic loans that has caused the current global economic crisis. But like so many others, he wasn't even prosecuted. Might have something to do with the Government's heavy handed encouragement to book as many of these sub-quality loans as possible.

Posted by: tiggerman | October 8, 2008 8:07 PM

I have a feeling that Mexico and Canada will have to be protecting there border in the future, not the United States.

--------
From kooky Wall Street executives and Washington politicians, on the lam?

Who can blame them?

Posted by: Anonymous | October 8, 2008 8:07 PM

Well I don't know about anyone else but when I can't afford a vacation I cancel it! AIG has knowed for MONTHS they were in trouble, they should have cancelled their plans to save money. Where is the oversight committee now? When is someone going to protect the people paying for this? When is the government going to start looking out for the tax payer? AIG needs to be investigated and someone needs to be held accountable for the financial mess they are in. Something needs to be done NOW!

Posted by: Sandra A. | October 8, 2008 8:08 PM

Don't ever forget inflation.

Posted by: Preschool Teacher | October 8, 2008 8:08 PM

I agree with Nowell-let 'em sink! All of the other businesses have to eat it up and declare bankruptcy when they fail. The government does not step in for them-why should they for big corportations?

Posted by: ghostygirl | October 8, 2008 8:09 PM

I think it's time for all American's to band together and revolt. Maybe Washington would grasp the concept of how we, as the People, feel THEN!!! And, to those who are criticizing those who are in foreclosure, if you own a credit card, SHUT UP! No one should or would be approved for a mortgage that they can't pay back! However, the losses of income create the inability to pay! Small companies down-sizing to ensure that they don't go belly-up does NOT ensure job security to those being let go!!! Take your credit card and BUY A CLUE!!!

I'm all for taking down the entire freaking government. Screw the big companies. Everyone take your money OUT of them, sell ALL your stocks and bonds, collect on any insurance policy you can. Let all the companies go belly up. We'll start from scratch. It's time for the Bill of Rights to be subjected into focus. Now is OUR time. We hold these truths to be self evident..........

Something HAS to be done. And we as American's have the power, if we can all band together to bring these jackasses down, America can belong to the People again-as it SHOULD be!!!!

Any takers? usmc33girl@yahoo.com
(that's right....i'm MILITARY!!)

Posted by: Lisa | October 8, 2008 8:10 PM

Most of the comments posted seem to eminate from ignorance - did anybody notice it is AIG lending securities to the Fed? All of you need to go back to 3rd grade and learn to read.

Consider remedial math while you're at it. No wonder you complain about being poor.

--------

This, from people who can't run a business?

You ARE delusional.

Posted by: Anonymous | October 8, 2008 8:10 PM

You don't need math to figure this all out. The taxpayers are giving hundreds of billions of dollar and being fed to the wolves. You might want it to seem more complicated. It's simple.

Posted by: dropout | October 8, 2008 8:10 PM

Yeah, I would like a $6000 vacation, please.
Send the money to me, tomh@nih.gov, only
don't say it's for any government thing, that
would be unethical.

Posted by: Tom Holroyd | October 8, 2008 8:10 PM

Yeah, our legislators are lame and the insurance company executives are crooks, and yadayada. But who is going to do anything about it? And when? And how? Just save this article, and re-read it while you are standing in a breadline next April. You may be able to answer the who, when and how then.

Posted by: Brian | October 8, 2008 8:12 PM

Listen, don't tell us this sh$t if nothing will be done about it. You are just adding another slap in the face to the American people.

Posted by: paul | October 8, 2008 8:12 PM

If you look at the reality here its nothing more than a legalized and supported pyramid scheme. those at the top walk away with millions while the rest of us pay into the scheme that we will never reach the top... when and how do we stop this????

Posted by: Alexander Perez | October 8, 2008 8:13 PM

I'm with Lisa. All this talk isn't solving a thing. It's time to stop this once and for all. Wall Street needs blocked and sealed off.

Posted by: dropout | October 8, 2008 8:14 PM

Gerald D,

How conveniently partisan of you...

Not enough blame to go around...?

Wow...

You'd get taken a little more seriously if you weren't quite so ridiculously laughable...

Posted by: c earl jr | October 8, 2008 8:14 PM

We have all lived life large and loose. When things were going well..stock booms, rising salaries..we were all gung ho and starry eyed for Wall St.
I work as a hardware design engineer and what I do results in something tangible..a chip that sits somewhere and helps someone do something useful hopefully and I get paid nothing like what these Wall St fat cats get paid for doing nothing other than providing "analysis" AFTER the fact (any dumb idiot can do data fitting) or pulling wool over people's eyes with all this securities dicing and bundling. Outright fraud and now we have to bail them out because our future is all tied up with stocks..so they have made themselves indispensable. What I yearn is a return to a simpler life..dont gamble on the stock market so much, respect a days hard work with a good wage and dont fall for gloss..stick with substance. Bring back manufacturing..Being such a service oriented economy seems great when the times are good..let those folks in the far east make our goods for us..we dont want to get our hands dirty, right? America prides itself on capitalism, right. Anyone that can say that going forward with a straight face should be smacked! Its pretty pathetic that we have been told that $700 billion dollars NEEDS to be spent to help save all of our financial lives but we would still have endless angst about insuring the uninsured amongst us for a fraction of that amount. We want the market to play itself out and good intentioned social programs to stay out. WOW! With values like these, I think we all deserve whats coming. The chickens are coming home to roost. Hopefully we will learn something from all this.

Posted by: AB | October 8, 2008 8:16 PM

I don't deserve what's coming to AIG AB.

Posted by: dropout | October 8, 2008 8:19 PM

Didn't these folks get the memo? These common practices must change.

This is not a time for self-indulgent forms of "...standard practice."

Posted by: Anonymous | October 8, 2008 8:19 PM

Why do we allow this to go on?

They don't even pull the wool over our eyes anymore.

Americans - we need to stop acting like house-trained dogs and cats.

It was ridiculous in 2000 - more in 2004...

Fool me once...like the wise man once said. I guess we are a nation of fools. We deserve to sink IF we don't stand up for what is right and fair.

Posted by: Kate, Atlanta, Georgia | October 8, 2008 8:19 PM

Pam from up above, I hope you aren't a math teacher. 350,000,000 (350 million) X 1 million each would be.

3,500,000,000,000,000

I don't know my values but I think that is 3.5 Quadrillion which is the same as 3500 trillion. I have a hard time comprehending numbers that large.

Posted by: Joe | October 8, 2008 8:19 PM

Standard practice for such a blantant misuse of goodwill should be jail

Posted by: Sam | October 8, 2008 8:20 PM

Telling us about the crimes of our government employees, and their pimps, works toward weakening the criminal system, even if said criminals think they own the courts, and the judges, and justice.

Which they don't.

I'd say the whole thing is in a bit of self inflicted chaos about now, their own doing.

And if they knew anything about the structure, and function, of totalitarian systems, they would know this, but, again, we're not dealing with the brightest and the best, here, are we?

I mean, really, they're not 'tupid.

Posted by: Anonymous | October 8, 2008 8:20 PM

Shame, disgust, horror.
WAKE UP AMERICA, WAKE UP EUROPE!
Who is leading the world?!?!

Posted by: Seesaw | October 8, 2008 8:22 PM

I would think even in terms of self incrimination the last thing AIG would want is to draw attention to it's activities.

Stupid stupid move, almost like they were conned into it.

Posted by: Anonymous | October 8, 2008 8:22 PM

We have a communications post established here. Next they'll want to shut down the Post to stop our communications to speed up the feeding of the wolves. People in NYC should all drive to Wall Street and jam up traffic in the morning. Block everything. Park up on the sidewalk at AIG and block the entrances.

Posted by: dropout | October 8, 2008 8:23 PM

In last night's debate, Obama shared how appalled he was at the audacity of these AIG executives. He plans on having these people pay back the money and having them fired. Why didn't McCain say anything about it. Do he and George Bush not feel the same way? What's wrong with these people? Well, I guess the Republican party platform is what's wrong.

Posted by: GPK | October 8, 2008 8:23 PM

Who is leading the world?!?!
---------
Ostensibly, Vladimir Putin.

Posted by: Anonymous | October 8, 2008 8:24 PM

Waxman is the ultimate hyocrite and traitor.He voted FOR the bailout and now puts on his dog and pony show for the taxpayers.

Posted by: Joe | October 8, 2008 8:24 PM

Give Liddy a cell next to Bernie Ebbers'. What an outrage!

Posted by: Anon | October 8, 2008 8:25 PM

Totally unbelievable. More money for these crooks? T - 25 days and counting.

Posted by: Kerry Berger | October 8, 2008 8:25 PM

Unbelievable !

I am speechless !

Posted by: Umakant | October 8, 2008 8:25 PM

As Lisa pointed out, the time for speeches is over. We need action. We won't survive letting AIG do this.

Posted by: Anonymous | October 8, 2008 8:28 PM

teacher_2 - man. you are such an arrogant fool. AIG will always be OK, because we just give them a chunk of our children future.

The chances that the tax payer see any money back is very slim. AIG will lobby congress to give them tax credit, etc. to erase any thing they pay for what they borrow. As for AIG equity vaporized into thin air, a lot of 401K will be ding hard for this.

Someone also mentioned AIG lend to the Fed as if the Fed worked for the tax payers. Wake up! The Fed worked for the banks cartel (read their charter). They do what the bankers tell them to do.

Posted by: AIG's #1 enemy | October 8, 2008 8:32 PM

Put these idiots in jail. What kind of behavior is this and why is it allowed.

My tax money at work. My tax money isn't working for me but seems to do just fine for these idiots.

Put them all in jail, sort the mess out later. Vote out all in office and show government that we won't take this crap any more.

Posted by: MrDana | October 8, 2008 8:32 PM

We have a communications post established here. Next they'll want to shut down the Post to stop our communications to speed up the feeding of the wolves
-------
I was thinking about this very thing this morning, someone made the point Americans are lazy, are not in the street, protesting this cr$p.

But we have the Internet now, and even the extent by which those, like Cheney, say, or Rove, or even some corporate rep for Lucent, would try to overun adn control a site is always limited as they can only play catch up, always.

They're not creative, intelligent people.

Like Iraq, and Petraeus, isn't it? Always the Pillsbury dough boy.

Those who try to contain information clog up one site, and the posters move on, even if censored, as in China, say, people find another way.

I was reading a story in the New Yorker, in it, a teacher who rode the subway started cutting down placards placed by the city, filled with the poetry of great writers.

So, I thought it would be cool to just post up Buddy Holly lyrics, next time I'm by a bus stop.

Just paper and tape, nothing more, no spray paint, or anything silly like that.

You just can't stop it, the kooks can't grasp this.

Posted by: Anonymous | October 8, 2008 8:32 PM

OK, I need a bailout too. Will the government loan me $38,000? Will it be OK for me to use some of that money for a lavish vacation?

The truth is, the corporations that are "too big to fail" just keep stealing from the taxpayers while the average American struggles to make ends meet.

Posted by: spotfoul | October 8, 2008 8:32 PM

Soooo... now that the people who have asked America to trust them to be for us gonna do something about this, like kick some ass or are they proving once again that they are out of control.

Posted by: rob | October 8, 2008 8:32 PM

Lets see, $1.5 trillion bail out divided by 350 million residents of the USA is $4,285.71 for every man, woman and child in the USA. $17,142.86 to a family of four.

That seems better than $1.5 Trillion to the billionaires in the USA.

Posted by: John Smith | October 8, 2008 8:35 PM

I believe that your accusations are not nice, I work for AIG and I worked hard for this little vacations. So maybe it seems a lot for your guys but comparing to my bonus and my planes tickets and other expenses 400'000 that's not much. give us a break, we already lost a good part of our 401K it this crash so we deserve a little bit of pleasure! I am sure that you will understand.

Posted by: Prefere not to say. | October 8, 2008 8:35 PM

AIG wants to bankrupt everything, the nespapers, the Treasury, the whole works and then take over using power against the people. Now the rest of their gang is licking their chops for a chunk of the 700 billion fraud package. They have all these politicians bought and we are sold out. The whole market is seizing up from the frauds and we get to watch boring debates. It's pathetic. Wall Street needs closed down for good. Don't pay your mortgages, it just feeds them more cash.

Posted by: Anonymous | October 8, 2008 8:37 PM

Why?

Posted by: little ute | October 8, 2008 8:39 PM

Did I just hear someone in Washington (or was it Wall Street) say "Let them eat cake"?

Posted by: 5IN5 | October 8, 2008 8:40 PM

This is the very reason that the money should have been given back to the tax paying Americans so that they could pay off their debts to these banks and created new jobs and boosted the economy. Instead just give the GREEDY SOB'S our money so they can go to spas, this sickens me!!

Posted by: American | October 8, 2008 8:41 PM

They have all these politicians bought and we are sold out. The whole market is seizing up from the frauds and we get to watch boring debates.
------
Well, OK, for the sake of argument, say this is true, some oil company kook, in conjunction with some kook government.

Now find the holes in their silly little scheme.

Posted by: Anonymous | October 8, 2008 8:41 PM

Lisa-

"The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants."- T. Jefferson

But I wouldn't be cavalier where I said it. Consider it a recon, not a raid. There are more like us out there than you think...

Posted by: SFC (ret) | October 8, 2008 8:41 PM

Having been in the insurance industry for over 25 years, pleas let me shed some light on this "travesty, outrage, boondoggle," whatever. This trip was paid out of profits from insurance policies written/sold by top-producing independent agents from around the country--commission-only, self-motivated individuals that probably work harder and longer than many of the whiners on this board. Considering the number of agents in attendance, the economic benefit of this trip per agent amounted to approximately $5000 per, which is in essence an annual bonus for being productive. Certainly a lot less than is paid to corporate executives. While the timing of this event was at most insensitive to current events, it is not an event that costs the tax payer or the government any funds earmarked for the financial arm of AIG, the entity which precipated the need for $$$ due to unwise participation in the credit default swap market.

Posted by: Anonymous | October 8, 2008 8:42 PM

Thieves - all. From the top of the political ladder to the bottom; from the most powerful of CEO's to the marginal wanna-bes, and yet I have the IRS hounding me for the lousy $300 bucks I couldn't pay when I was collecting unemployment insurance! You'd think by now the IRS would have found a pond with bigger fish in it.

Posted by: kathy10520 | October 8, 2008 8:42 PM

I'll get shouted down because this is a decidedly unpopulist comment. I am sickened by the entire AIG affair. Marty Sullivan, the former CEO, is uniquely lacking in charachter in taking his money and running. There are certainly many other CEOs who fit the same mold

However, this $400,000 was marketing expense, which went to entertain agents who sold AIG products. Frankly, we as taxpayers need them to sell even more insurance, so that AIG can be profitable and pay the Treasury's loan back. Liddy is not kidding when he says this is industry practice.

Posted by: Anonymous | October 8, 2008 8:43 PM

"The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants."- T. Jefferson
-------

And those who died in WW2, among other wars, were fighting for the survival of this nation, against the Hitler types.

It doesnt just belong to those silly, stupid Tim McVeigh types, so besotted they can't even function, much less SEE, reality.

People who think like that function in a childhood fantasy, don't they?

People get in, way, way over their heads when they pretend.

Posted by: Anonymous | October 8, 2008 8:45 PM

The art of war is simple. Locate the enemy. AIG in this case. Hit him hard and move on.

Posted by: Anonymous | October 8, 2008 8:45 PM

It's time for a REAL REVOLUTION...

WRITE IN RON PAUL NOVEMBER 4TH!!!

Posted by: bakedpie | October 8, 2008 8:47 PM

However, this $400,000 was marketing expense, which went to entertain agents who sold AIG products.
-------

They're hanging on for dear life, already they're showing WHY they're bankrupt.

They can't run a business, now can they?

Posted by: Anonymous | October 8, 2008 8:48 PM

Hit him hard and move on.
--------
Well, no.

Who is financing your enemy, who is secretly supporting your enemy, is your enemy baiting you into a trap?

Best to scope it out.

But by smart people.

Posted by: Anonymous | October 8, 2008 8:50 PM

Forget about terrorists, these are the people that will bring America down.

Posted by: Anonymous | October 8, 2008 8:50 PM

What does G.W. Bush have to say , he said that this would not happen . The lawmakers were going to ensure that the bailout organizations would watch this. They MUST pay this back

Posted by: Dale Behling | October 8, 2008 8:51 PM

"Most of the comments posted seem to eminate from ignorance "
Posted by: Anonymous | October 8, 2008 8:10 PM

Isn't it spelled "emanate"?

Posted by: casper milktoast | October 8, 2008 8:51 PM

I am also a sales agent of a subsidiary of AIG in ASIA And as i read about the luxurious rewards that was given to the sales agents of the company after the bailout dismayed me immensely. Since my mother company brought so much upheaval to the entire world they could have cancelled the rewards. As an agent i would have understand if they did cancel. So sad.

Posted by: binky | October 8, 2008 8:51 PM

Forget about terrorists, these are the people that will bring America down.
--------

Good thing is, it's Dick stinking Cheney, and the neocons.

Not exactly a record of success there, now, is there...

Posted by: Anonymous | October 8, 2008 8:52 PM

Excellent/ACCURATE/TRUTHFUL/FACTUAL/ARTICLE/.

Yes I couldn't agree more, "Old Man River/Millionaire/McSame, attacked repeatly and he didn't look good doing it.

I saw "Barack Obama whom as a registered Voter/Vet USAF, I'm VOTING FOR WORKING FOR/WRITING FOR."

..."America folks cannot afford another four years of "DISASTEROUS/REPUBILCAN/RULE/MESS/FACT/CRIMINAL/RECORD/REPUBLICANS/HAVE/PERIOD."

As a Professional Graduate Student, in debt like the country is in Debt I see it's the "MIDDLE CLASS who needs the help, and I see its the "REPUBLICANS HELPING THE RICH/WALL STREET/BEAR STEARNS/AIG/BANKS/PLUS the $700 BILLION DOLLAR REPUBLICAN BAIL OUT OF WALL STREET!

..."The republicans have Broken U.S. Law and International Law/FACT.

....ONe more fact...

..."True Patriotism Hates Injustice In Its OWn Land, "MORE,
Than Anywhere Else."
--Clarence Darrow

Sincerely, Yours,
Tommy Birchfield,
Master's Program,
East Tennessee State
University, fall 2008.

Posted by: Tommy Birchfield/Master's Program, ETSU/Voter/VET USAF | October 8, 2008 8:52 PM

Totally disgusted

Posted by: Outrage | October 8, 2008 8:52 PM

Along time ago, AIG bought the largest corporate insurer in the world, Marsh & McClelan. Marsh is at the crux of the FEDS protectionist actions.
The FED needs to split Marsh out of AIG, then AIG can die.

Posted by: Spine Bob | October 8, 2008 8:54 PM

Blaming all this on, "people who took out loans they couldn't afford," is too easy.

I've had problems taking out loans I could afford, and I have a high credit score.

The above excuse passed along by the talking heads on TV doesn't account for the people who were laid off or had their income clipped because their employer wanted to save their own enormous paychecks.

I'm sure some people did sneak through and get loans above their means, but I don't buy that everyone did.

Fixing blame doesn't do anything but make people upset.

Telling people it's their fault because their employer decided to can them and have fewer people doing more work is a shortcut to thinking. Obviously, these companies have some overspending to account for too.

This financial "crisis" didn't happen overnight. It's been slowly building up to boiling point for a very long time.

Bail-outs without alteration of practices are like placing a band-aid over a severed artery.

Posted by: G.G. | October 8, 2008 8:55 PM

I certainly hope that one of the conditions for the additional loan is a group of refund checks for a total $440,000 written on the personal accouts of the executives envolved in the infamous party.

Posted by: Brain Scientist | October 8, 2008 8:55 PM

AIG can't run from the losses and they can't make us pay for them. Nercy to the guilty is cruelty to the innocent. The whole bailout package is a giant fraud. There are 2 trillion in lost retirement funds. It's the old bad days, they're back and it's not going to be easy for the people who caused the losses. Say that somebody ripped off the Post for $50 million. Do you think Uncle Sam is going to write the Post a check for $50 million? No, they are not. Why should AIG get a dime? They're global, so they get a pass. Screw them.

Posted by: Anonymous | October 8, 2008 8:55 PM

There is plenty of righteous anger here, but not much knowledge.

The people who participated in this trip were independent agents - not AIG employees. Independents choose to sell products of AIG (like life insurance). The standard practice is to reward the top performers with a trip like this.

Without the trip, the independents sell other products from other companies. If they do that, then AIG becomes less valuable. If that happens, then AIG cannot repay the 85M loan and the option on the 80% stake that the govt gets for the loan is devalued.

I think AIG made the correct call by continuing to reward the independent agents who sell their products. If AIG's business deteriorates then we - the taxpayers - will end up with an 85M+ bill. If AIG can shore up their base business, then they can sell assets to fund repayment of the loan.

Posted by: Jim | October 8, 2008 8:56 PM

Dear Government,

The following is my contract with you.

I would like to start a failing business, buy a couple Rolls' and well basically not work anymore, perhaps I could borrow just 40 billion.. Please sign here___________. By the way, I will need an additional 20 Million ah, just because. Thank you.

Posted by: Leo Cleversley | October 8, 2008 8:56 PM

This is beyond commenting now. How many people need to go to SPA at this company at Tax payer's expense.

Just go to the SPA and send us the bill and ...............

Posted by: Suhas Pharkute | October 8, 2008 8:57 PM

Why don't you people in congress just take those unrepentent nit wits out and shoot them? And then for good measure, resign from congress citing individual and collective incompetence. Didn't one person, with a brain, see this coming?

Posted by: trasilico | October 8, 2008 8:58 PM

Un - effing - believable.

Posted by: waterfrontproperty | October 8, 2008 8:59 PM

Thank you, Jim, for your balanced response

Posted by: Anonymous | October 8, 2008 8:59 PM

Send the good ole' boys packing. Golden parachutes deemed null and void. How can thes a&*holes look themselves in the mirror.

Posted by: Ridiculous | October 8, 2008 8:59 PM

There is plenty of righteous anger here, but not much knowledge.
--------

Good to know, Jim, thanks.

Posted by: Anonymous | October 8, 2008 8:59 PM

Obama is a corrupt politician just like those criminals Barney Franks and Chris Dodd who caused this economic mess! Go watch the YouTube video "House of Lies: How Congress Failed Our Economy".

watch?v=Z5z9lD4C2Io

I have been a life long Democrate and Hillary supporter but I will be voting for McCain/Palin this election!

Posted by: OBAMA CAUSED THIS ECONOMIC MESS! | October 8, 2008 9:00 PM

AIG needs that extra $38 billion, for the Christmas party!

Posted by: Peter | October 8, 2008 9:00 PM

Face it...It's a big s**t sandwich and we're all going to have to take a bite.

Posted by: 44 magnum | October 8, 2008 9:00 PM

The government should fire the entire board
and CEO from AIG now,This people like maggots.

Posted by: Bijend Kumar | October 8, 2008 9:00 PM

Pelosi wants another 150 billion to "fix" the fix...is'nt she a DEMOCRACT? The congress was in there controll when this went down. Look past your hemp smoke and pray for a cleansing of America

Posted by: mugwawapi | October 8, 2008 9:00 PM

The elite wealthy will be surrounded by many poor minorities. The best security guards and fire power will not protect them all the time. The days of the white race are numbered.

Posted by: Anonymous | October 8, 2008 9:02 PM

The government should fire the entire board
and CEO from AIG now,This people like maggots.
-----
Someone made the point Pelosi has half a million invested with AIG.

I have no reason to doubt the veracity, if it's true, you can see the problem.

The corrupt stumps who make up our CURRENT government are invested in AIG, and their individual investments come before the welfare of the nation.

That, and they're stupid.

Posted by: Anonymous | October 8, 2008 9:03 PM

Who in their right mind would buy a policy or anything from AIG? Get real. It's like buying energy from Enron.

Posted by: Anonymous | October 8, 2008 9:04 PM

To all agents who defend this practice... I don't care where you "think" the money came from to pay for this posh vacation. I don't care how many Americans you ripped off with your lousy life insurance to claw your way into the "inner circle" of the top performers. Here's the bottom line. The money you made by selling those policies is GONE. It was spent by your illustrious leaders on useless securities. IT. IS. GONE. Your efforts did not pay for this trip, and will not be paying for future trips. WE, the taxpayers are. The biggest mistake made here was not by AIG, but by a naive government who said "yes".

Posted by: Anonymous | October 8, 2008 9:05 PM

jerk their franchise! I'd say that it is time for the Federal Government to call in their loan and to nationalize this outfit. Of course, with the way that the Bush administration has run FEMA and everything else, maybe nationalization isn't the best alternative at this time.

Posted by: majorteddy | October 8, 2008 9:05 PM

Unbelievable. This system needs to be exposed and changed NOW! This is going to keep going on if we the people do not uphold the truths and liberties that we know to be true. It makes no since to reward bad behavior, unless this is the behavior that we want more of. This system is teaching everyone to be corrupt and selfish. Just think of all the money that has been wasted this year and what it could have done for humanity, the people of today and the future generations. The priorities at the top must change and then trickle down. Every law and system stems from the guiding principals and systems enforced from the top. This is a pyramid and we must realize that as long as it is, there will always be a few with all the power and a lot with very little. This is completely backwards. There are so many solutions to the problems we face today that are just simply being ignored because they do not represent PROFIT on a Profit & Loss statment. There is a revolution and there is no stopping it, only to choose which side you will be on. Think about the distant future and how un-meaningful most of what people are doing on a daily basis today will seem. It is totally up to us how long we will keep playing the game once we realize that it never ends and we cannot win with the rules that are established.
We need truth and solutions, not lies and stupidity.


We know there are problems.
Now lets take action on solutions

www.zeitgeistmovie.com

www.wecansolveit.org

www.ronpaulforpresident2008.com

www.campaignforliberty.com

www.campaignforliberty.com

Posted by: Shawn | October 8, 2008 9:05 PM

I certainly hope that one of the conditions for the additional loan is a group of refund checks for a total $440,000 written on the personal accouts of the executives envolved in the infamous party.

Posted by: Anonymous | October 8, 2008 9:05 PM

"Congress gave them the $81 bil and the Fed gave them $37 bil"

Which means the United States gave them $118 billion. Which means the taxpayer has forked more money over to AIG than was requested in the 2008 federal budget for the Department of Veterans Affairs ($39.4 billion), Homeland Security ($35.2), Justice ($20.2), Interior ($10.6), and Treasury ($12.1) COMBINED.

Here's an idea: any outfit that takes more money from the feds than a federal department gets -- the top brass go on the SES pay schedule. If they don't like it, let them ride their disaster down.

Posted by: Norwegian Blue | October 8, 2008 9:06 PM

Who is going to bail me out when the bank comes to take my house???? this is total BS what this country needs is for jo six pack to stop paying taxes for a year and see how they like that... Its a crime

Posted by: mike | October 8, 2008 9:06 PM

this is total BS what this country needs is for jo six pack to stop paying taxes for a year and see how they like that... Its a crime
-----

They would just "print" more money, they truly don't understand economics, or the result of flooding the economy with too many dollars.

They're stupid people, no fooling.

Posted by: Anonymous | October 8, 2008 9:09 PM

We need to start a new family tradition here and make an example out of AIG and the rest of them. More power shifts need made. The whole market is now in meltdown. We don't need a bailout, we need to turn up the heat instead of rewarding the fraud.

Posted by: Anonymous | October 8, 2008 9:10 PM

It's simple to fix guys - just stop using AIG and its sub companies for your insurance. All the govt. money in the world won't save them if they have no customers.

Posted by: Anonymous | October 8, 2008 9:10 PM

These guys need jail time. Yet, they smugly collect billions from me and you, and feel they deserve it. Elect Obama and pull the plug on these crooks.

Posted by: Anonymous | October 8, 2008 9:11 PM

coorporate crooks! you should all be fired!

Posted by: CROOKS~! | October 8, 2008 9:12 PM

All the govt. money in the world won't save them if they have no customers.
-------
Much of their business is also tied into Iraq, which makes the Pelosi angle a lot more itneresting.

So, really, if they were to fall, it would affect the war, or if the war to end, it could also affect AIG.

(And democrats supported the bailout, an Obama election would make no difference).

They got fat on what I would think are highly corrupt contracts, the usual that goes with unregulated war profiteering.

To suddenly cut that line would be an interesting factorial.

Posted by: Anonymous | October 8, 2008 9:15 PM

Don't ever forget inflation.

Posted by: Preschool Teacher | October 8, 2008 8:08 PM

------

Even Bernanke admitted that inflation is a tax. The Fed gets to dump all the fake money it wants into the system, and when the overinflated bubble starts collapsing, they try to fix it by creating more inflation. The super rich profit, and the rest of us suffer.

TAXATION WITHOUT REPRESENTATION IS TYRANNY!

Posted by: Firebird | October 8, 2008 9:15 PM

Which means the taxpayer has forked more money over to AIG than was requested in the 2008 federal budget for the Department of Veterans Affairs ($39.4 billion),

That's part of the plan. The number of homeless Vets is rising and these AIG scum are living the high life on public dollars, driving around in new luxury cars. It's time to bring this house of cards down and down hard.

Posted by: Anonymous | October 8, 2008 9:16 PM

WTF!

Posted by: Ashamed GOP | October 8, 2008 9:17 PM

short of the guillotine, can we put sterility droplets in their mimosas?

fascism


fascism.


rampant undeniable fascism.

kinder, gentler, and in your joecrackpipe faces.

Posted by: bloggod | October 8, 2008 9:17 PM

IMAGINE IF YOU WILL, A NATIONAL CAMPAIGN. A CAMPAIGN BY ALL AMERICAN HOMEOWNERS WHO STILL OWE MONEY ON THEIR HOMES, MONEY ON CREDIT CARDS, BANK LOANS.

TAKE A 3 MONTH VACATION

BANKS WON'T LEND YOU MONEY, BUT THEY'LL GLADLY TAKE YOUR LOAN PAYMENTS. YOUR HOUSE ISN'T WORTH WHAT IT'S ON THE BOOKS FOR, YOUR NEW CREDIT CARD RATE HAS JUMPED TO 30%.

THIS IS HOW THE FINANCIAL INSTITUTIONS ARE THANKING US FOR OUR $700 BILLION.

LET'S THANK THEM RIGHT BACK, AND NOT MAKE ANY PAYMENTS ON ANY LOANS OR CREDIT CARDS FOR 90 DAYS.

WILL THAT WAKE ANYONE UP? WHERE'S T. BOONE WHEN WE NEED HIM?

Posted by: AMERICAN HOMEOWNER | October 8, 2008 9:18 PM

We need an AIG client list Posted. Figure out who the rest of the crooks and frauds are.

Posted by: Anonymous | October 8, 2008 9:20 PM

The only sensible thing to do in this situation is to vote Nader for president. Obama and McCain have shown they in cohorts with these crooks. Republican/Democrat doesn't matter these days.

Posted by: atomic | October 8, 2008 9:25 PM

Approved by Obama. More largess to come.

Posted by: Juan | October 8, 2008 9:25 PM

Hey, it's just money. What about this imperialistic war this nation got bamboozled into? Oh gee, forgot all about that. I'm sure the Iraqi people feel very much like the "merciless Indian Savages" who were being terrorized into submission. Revolt? Be real. For what reason? Not getting enough in the way of dividends on your investments? The Patriot Act, which denies basic liberties, passed easily, and Americans did nothing. The Military Commissions Act, which protects those US agents that stoop to the use of terroristic tactics, passed easily, and Americans did nothing. The Earth is being destroyed by irresponsible consumption and destruction promoted by the American Corporate Government, and the response is "Drill, baby, drill! But give an American the notion that his wallet just got lighter, and he totally freaks. Just go woof down another double-whopper with bacon, and you'll feel much better. Better Biggie size those fries too.

Posted by: Mark from Planet Earth | October 8, 2008 9:26 PM

death to enemies of the people!

Posted by: leo trotsky | October 8, 2008 9:28 PM

You guys wanted the feds to bail them out first time, keep execs their millions for breaking the law, send the crooked exec on vacation to get a manicure on you. Congress had a million dollar hearing to tell aig exec 440k on a field trip was not good. But, not really written plans for change, fines, etc... Just a show...

This is another war without end...a war on tax paying Americans. I heard on tv 30% of the rich pay no tax and 35% pay under 5% of what the rest of us pay.

The rest or the 35 that pays taxes are dumb asses for voting the same old congress in time after time. Vote all incumbents out. Both sides have failed.

Posted by: Bill | October 8, 2008 9:29 PM

Thanks for validating my point Leo!

Posted by: Mark from Planet Earth | October 8, 2008 9:31 PM

where in the hell is this money coming from? after an over $400 thousand retreat taken recently and another reportedly planned.no wonder foreign countries laugh at americans and hold us in contempt.

Posted by: ron | October 8, 2008 9:31 PM

The firefighters are being fired out my way. Now the AIG terrorists are being rewarded for fraud. It won't hold water. After 911 DHS was running around handing out cash for first responders. Now the system has shifted and Paulson is handing out cash to Wall Street frauds. Then he's saying the cash can't be given away fast enough. He needs to be stopped or at least the cash needs to be stopped. The guy is out of touch with reality.

Posted by: Anonymous | October 8, 2008 9:36 PM

Revolt? Be real. For what reason? Not getting enough in the way of dividends on your investments? The Patriot Act, which denies basic liberties, passed easily, and Americans did nothing. The Military Commissions Act, which protects those US agents that stoop to the use of terroristic tactics, passed easily, and Americans did nothing.
------------

Don't confuse Congress, and Washington, with the American people.

That's like thinking the US turned to the right, because the Supreme Court, and James Baker helped to fix an election, for Bush.

It didn't.

And all the measures Cheney took to "insure" his little war on terror seemed to have fallen apart, or ARE falling apart, he doesn't understand how the system works, he doesn't understand much at all.

He's like one of those guys who really considers himself a genius, but everyone else considers him a stupid, easily conned and manipulated fool.

You know the type?

It's like tricking the fat boy into thinking he's skinny, -- at 300 pounds, he's convinced he's Lance Armstrong, but everyone else sees the truth.

Posted by: Anonymous | October 8, 2008 9:37 PM

Our government is pathetic.
They will do everything to save a few thousand of "very important workers" at AIG, or any other big-greedy company; however, they will not do anything to save the rest of us - some 300 millions people living in this country.
Mell Brooks was right when he said that Life Stinks.

Posted by: goran | October 8, 2008 9:38 PM

Teacher_2. How dare you call "everyone" losing there houses-irrisponsible. Apparently you and your family were spared your jobs suddenly being sent overseas, or the business just closing all together. And how very fortanute for you that your family hasn't suffered any serious medical problems/conditions to keep you from being able to work. The finacial sector did not seem too concerned about risking loans to these people who you call the "driving force" of this mess. The financial sector did eagerly help them get their houses and loans. I do believe they still check you financial records when you buy a house to make sure of a persons ability to pay. I agree there has to be personal responsibility and that everyone should try to make their house payments. But lets face it. The finacial sector is just as, if not more guilty. They are supposed to be the financial wizards. The financial sector prayed upon consumers. I am sure you have had to destroy just as many random charge cards as I have that just can in the mail without my request. They preyed on the people's weaknesses. So while your sitting so high on your throne, I hope you too don't fall into misfortune.

Posted by: Rhonda | October 8, 2008 9:38 PM

aren't they being investigated by the FBI?

aren't all the swindlers being surveilled?


fascists!

may their moneyclips turn like beartraps on them.

Posted by: bloggod | October 8, 2008 9:41 PM

This BS didn't just happen the last 15 months. It's been going on for a long time under a Democratic President, and now a Democratic House. There use to be a "joke" with a CEO asking his finance manager, "How many employees do I have to let go to make my bonus an even 2 mil from 1.8 mil.?" How about start the cuts from the top instead of firing the person who can run/fix the machines, work the lines, etc. People say it's the working class that keeps the economy going. If that's the truth, then why fire (with no severance pay, well maybe 2 weeks???) the class of people that keep this nation going?

How about the CEOs and top executives sell all but one of their houses, maybe a few cars, boats, jets, furniture, and bling put that money back into their company. I would feel responsible and obligated to my employees to sacrifice my "wants" before putting an employee out of work.

It really saddens me to see my parents in their 80's, who worked hard all their lives, served in the navy and was a volunteer during WWII, to see their life savings being shot to nothing because of non-responsible, money hungry, greedy, SOB's. These SOB's should have their accounts frozen and funds given back to the company, before any more funds are given to them. My parents lived by the rule, if you don't have the money to buy it, save until you can. Sure it took a little longer but you ended up with the purchase. Thank goodness they passed that practice on to their children, and we have passed that trait to our children. We had to have 20% of the purchase price as a down payment to buy our first home, when did that practice end???? Also, had to have a down payment for a purchase of a vehicle. The economy was not hurting at that time. The insurance companies keeps on taking blood money, one way or the other. You are damned if you don't have insurance and your are damned if you do.


Posted by: Ticked Off | October 8, 2008 9:43 PM

The market is going to punish them all before the week ends. They'll then spend all weekend meeting and deciding how to keep splitting the losses up. If you aren't going private, you'll end up toast with the rest of the smouldering ruins coming. It's only a matter of time. The Wall Street market economy is finished. They are playing games, pretending wealth is what it is not. Who wants a career managing toxic assets for a bunch of frauds? Spend the next 20 years shuffling bad money around to keep idiots floating. Big fun!

Posted by: Anonymous | October 8, 2008 9:45 PM

For those of you who conceder us old Americans dumb a//es for apposing the US government propping up private companies and industries, let me remind you what the difference is between capitalism and fascism. In capitalsm companies and industries are aloud to excel or fail on their own agenda. In fascism the companies and industries run the government and dictate their own agenda. (Sound familiar?)For rhe most part the US has moved from capitalism to fascism in the last forty years. The only exception is agriculture that has been transformed from free interprise to socialism; every thing the farmer does is controlled and subsidized by the US government. I wish that the US would run the health industry the way it runs the farmers with the3 Department of Agriculture.

Posted by: Old Coot | October 8, 2008 9:49 PM


To offer a different perspective (as unpopular as that is in this society), sales performance travel awards are standard compensation in the financial services, automotive, pharmaceutical and many other industries both in the US and abroad.

It's well documented that travel awards are one of the most effective means of motivating performance and enabling management to recognize top performers.

As this is standard motivational practice, the objective perspective would raise concern if AIG didn't in fact utilize such a common, proven and effective means of driving increased revenue over the absence of such programs. It's disappointing to have to let this one go as it's so easy to spin, but the reality is travel programs are a highly common means of reward/recognition utilized across all industries both domestically and abroad.

This location, Dana Point, is in fact quite conservative for such programs. Budgets generally range in the $10-15K per couple and generally target the most exclusive and remote destinations in the world.

Dana Point is/was probably AIG's bottom tier trip. Also happens to be off season for this location.

Personally would be disappointed if I was in the top 10% of my peers and this is where they sent me.

So as much as we all want to collectively express our anger against this industry for the crimes they've committed, funding a sales incentive in Dana Point California is in no way, shape or form inappropriate or inconsistent with standard business practices.

I know we don't have the capacity to accept this so expect nothing but "you idiot" responses from everyone.

Posted by: objective guy | October 8, 2008 9:52 PM

The Feds are loaning AIG another 38 billion??

Yes, indeed, folks, the inmates are running the asylum!

We need a revolution. Or we should borrow some guilotines, with dull blades, from France. We'll use them on the AIG executives first.

Then we'll tackle Wall Street and let's not forget King Henry.

Posted by: Amers | October 8, 2008 9:53 PM

Sincerely, considering the real danger for USA I prefer that AIG staff at Guantanamo than the 12 chinesse muslims

Posted by: Samsa | October 8, 2008 9:55 PM

Some thoughts here:

1. I was roundly attacked for my opinion on this bailout (which was and is a NO vote). I ranted and tiraded for days-and no one listened. Now, after the fact, someone is finally actually publishing my comments as an op-ed letter here in New Mexico. I believe the words that started my op-ed letter were "So the financial house of cards has come tumbling down...." It got nastier from there.

2. To the person publishing the Declaration of Independence-bravo. And funny thing, although I sent a number of letters to several national newspapers quoting the Declaration and recommending that this country simply vote EVERY incumbent out, no one would publish them. Pleased to see I'm not the only one seeing this. Oh-my recommendation is to write in the name of your next door neighbor for every position. I've always wondered what would happen if they threw an election and we refused to vote for them...

3. I'm sort of wondering-how many of us are "liberal" and how many are "conservative" in terms of the "we've had it" group. Maybe we've just found the solution to the polarization of our country carried out by politicians-make THEM our enemy. I say we sit down in a small group, find a compromise on the hot button social issues we can all agree to live with for the next several years, call a truce, and t hen FIX THE REAL PROBLEMS-starting with OUR GOVERNMENT.

4. As for AIG-refuse to give them the additional loan they've requested and LET THEM FALL. Yes, I know the economic consequences. But if "We the People" are ever going to take back control of our lives, our fortunes and our sacred honor as a country, then we MUST accept that hard times are a consequence of real change-and demand the changes anyway. This country survived the depression in large part because of the efforts on neighbors to help one another-and the people can do that again-without the government stealing billions from us to feed Wall Street greed. (Pity neither Presidential candidate appears willing to tell us this ugly truth-but then, given both individuals' ties to various industries (and yes, if you're honest it is BOTH of them), this is unsurprising.

5. Finally-90 days is insufficient. I think the whole country should just stop paying on their credit cards. Permanently. Trust me, they can't sue two hundred million of us all at once, can they. CREDIT CARD STRIKE. They didn't take THEIR lumps, so why should we?

Posted by: Political Cynic | October 8, 2008 9:56 PM

Until the average man is willing to stand up and keep these people from doing this, it will continue to be "standard practice".

Posted by: david | October 8, 2008 9:58 PM

We can only hope and pray that AIG officials are brought to justice and criminally prosecuted for FRAUD. Too often we allow CEO's to walk away with the earnings of hard working people, with no consequences.

In addition, there should be term limits imposed on every congressman and senator. There is a reason that we have term limits on President, Vice-President and local officials (i.e. Governors, County and City officials, etc). If there were term limitations then lobbyists and other special interest groups would not be able to influence the decisions of our congressional and senate officials.

WE MUST DEMAND CHANGES NOW!

Time is of the essence.

Posted by: Reginald | October 8, 2008 10:00 PM

Does this mean they are now gunna have an $800,000 party?

Posted by: Anonymous | October 8, 2008 10:01 PM

I agree with the message above, talking about an installment loan holiday. NO LOAN OR CREDIT CARD PAYMENTS FOR 90 DAYS!! I'll pick them up again in January 2009. Maybe.

Posted by: Anonymous | October 8, 2008 10:12 PM

//Such trips "are standard practice in our industry,"//

Gee, maybe decadence one cannot afford is the problem. Too many executives have been treating the companies they run as if they were personal candy stores. Tell me again why these super salaries are justified?

Posted by: Sara B. | October 8, 2008 10:13 PM

When can we start making life really miserable for CEOs - for sport? And please put me on a 'terrorist' watch list for exercising my free speech like you Government spies seem to be so good at.

Posted by: GT in Orlando | October 8, 2008 10:13 PM

This bailout is the tip of the iceberg. It is designed to treat the symptoms of this crisis but the real ponying up is gonna come when people succumb to the reality that, after spending trillions to bail out Wall Street and the banks, their "cash cow" of a home sweet home won't sell for any price. As "homeowners" are forced to walk away from these underwater loans by the millions; there won't be anything, or anyone, left to BAIL THEM OUT!

Posted by: magellan1 | October 8, 2008 10:14 PM

To objective guy's point: it's only $1,000-1,200 per day per "top agent." That's not unreasonable as far as sales incentives go.

Anyone here actually tried SELLING insurance? If you can perform highly enough to make that cut, this is not a big deal.

People plan these things a long ways in advance. You can't just suddenly turn and say "remember that vacation inventive we held out to you all year so you'd make your numbers?" Well, we changed our mind because in the past 14 days the entire American public-- the same folks railing at "Wall Street" because they supported their stupid spending habits-- are now all economics experts.

Molly McMansion and Freddie the Flipper calling hard-working salespeople earning their incentives greedy?

Spare me.

Posted by: Bix Dugan | October 8, 2008 10:16 PM

The credit card company merged, went bust and merged again. People can't pay the credit card bill or mortgage because they ratched up interest as value dropped. People have a mortgage for more than the house is worth. You end up owing $40,000 on the deal and have $40,000 of less value. Then you call a realtor to sell and the only way to sell is to take a beating because you got beat on the deal to begin with. Now everybody gets beat out of more money that nobody has to save a company that nobody want to deal with. It's all financial suicide and if you aren't doing it yourself, they have this bailout that will do it for you. Basically if you avoided the wolves, you are being fed to the wolves now to keep them solvent. Going out of business is now illegal and staying in business illegal. You need a lawyer to sort it out while you are firing all your employees because you can't make payroll happen. Get ready for the bread lines and soup kitchens. AIG will be rolling in dough thanks to Washington. They're giving Fannie more money so more people can buy the empty houses. Maybe you'll be able to get insurance from AIG while you are at it. It's a big rat trap and about the only thing moving on Wall Street are the rats with bailout money and a deal you can't pass on. I'll pass.

Posted by: Anonymous | October 8, 2008 10:18 PM

People, You need to get a grip on reality. The trip was an incentive trip for non-AIG employees, but independent agents selling AIG insurance. This trip included only 10 actual AIG employees....none of which were executive level people. It's sad how people jump on any sensationalism of the media. Get a grip!

Posted by: Anonymous | October 8, 2008 10:18 PM

I have a much better idea - how about compulsory military service, like NOW, for ALL CEO's? Ship them ALL off to Afghanistan NOW as enlisted military personnel so they can finally do SOMETHING productive for America!!!!!!!!

Posted by: GT in Orlando | October 8, 2008 10:19 PM

Is Objective Guy totally insane or just insanely stupid??? Dana Point Ritz Carlton HAS no "off-season"!! You'd be "disappointed" to go there??? You apparently have never been ANYWHERE to say something that bizarre. That is one of the finest resorts in America. Period. The views are spectacular, the weather - except maybe 3 days a year - is spectacular. It is certainly NOT below average, average or even "pretty nice". It is insanely expensive as is every good hotel in Newport, Laguna, Dana Point etc.

Is everyone aware the AIG thieves are doing it AGAIN next week in Half Moon Bay? And if "Objective Guy" doesn't think THAT is a nice enough hotel, I'll pitch him from one of the cliffs.

Posted by: Maralago | October 8, 2008 10:19 PM

Liddy, you've flipped your liddy. We want the money BACK, Liddy. We are hard-working taxpayers who expect that money to be put to good and positive use towards rebuilding the economy. We don't give a G**-D***ed if YOU consider it "standard practice" or NOT!!!
Do you remember Marie Antoinette, Mr. Liddy?
Do you remember what the people of Paris did to Ms. Antoinette after she flippantly told them that if they had no bread to eat CAKE?

Posted by: Alexandria | October 8, 2008 10:20 PM

$440,000 for 70 jerks. That comes to $6285 per person! Print the names!
A man robs a banks and gets years in prison with his name in the paper. A jerk robs the USA and nothing happens!

Posted by: Dave | October 8, 2008 10:21 PM

I work for the government and I only get $35/day.

Posted by: rubdel | October 8, 2008 10:25 PM

Sure, Liddy, I could use a vacation, too! My morale sucks!! But I have to work everyday to pay for your "errors in judgment" when you, the CEO, are so out of the loop, the d****d business you GET PAID MILLIONS to run goes bankrupt!!!!!!!!!! What the h*** do you do all day in your ivory tower????????????????

Posted by: Noname | October 8, 2008 10:28 PM

"We understand that our company is now facing very different challenges -- and that we owe our employees and the American public new standards and approaches."

Libby, sign everyone here up for your next vacation trip!

Send them all to MAXIMUM SECURITY PRISON for LIFE.

Posted by: Anonymous | October 8, 2008 10:29 PM

Weak.
Naive.
Vague.
Arrogant.
Deceitful.
Confused.
Narcissitic.
Dishonest.
Incompetent.
Inexperienced.
Will raise taxes.
Married to Michelle.
Will punish success.
Will expand government.
Will weaken national security.
No record of bipartisianship. Ever.
Longtime supporter of hard-left hate.
More popular in France than in America.
Clapping in Jeremiah's pews for 20+ years.
Likes to play race games to paint himself a victim.
Takes both sides of every issue, stands for nothing.
Friend of Capitol and Pentagon bomber Willam Ayers.
Calling every question about his associations "a smear".
Loved by terrorists and America-haters around the world.
Cancels visit with wounded soldiers for hoops at Ritz Carlton.
Full of socialist ideas for change and ready to roll on day one.
Registered as a muslim by his mother at his Indonesian School.
Lied on his law application when asked to list alternate names used.
Speaker for AAAN which supports Palestinian Terrorists against Israel.
Not ready to be President according to Hillary, Bill, AND Senator Biden.
Supports partial birth abortions, for his daughters babies and for your babies.
Took a deal for lowering his own home price from convicted felon Tony Rezco
Have former Freddie & Fannie Executives that ruined credit on his campaign staff
Helped fund (AAAN) Rashid Khalidi director of WAFA, the terrorist PLO's news agency.
Ayer's wife Bernadine Dorn, another Weather Underground member is a co-worker with Michelle.
Role as an Acorn “leadership trainer” in their agenda of anti-capitalism and illegal voter registration.

Posted by: Anonymous | October 8, 2008 10:30 PM

As a taxpayer it makes me sick that while I am working so hard to keep my family not ahead but barely surviving, these people wiouthout principles or values can get to spend my hard earn dollars. I work three months our of a year for the goverment. That is how much taxes take from almost every american. I would like to have a good fairy mother that would come and give me money so I can go on a luxurious vacation at a spa resort. This shows how little these people think of their country men/women. They probably think that they are entitled to this because we are the idiots that let them. After all we, americans, were the idiots that elected Bush for a second term. It is sad to see had the government thinds of their people. We the people have been reduced to slaves that give three to four months our of a year of hard earn earnings to a goverment that doesn't give a rat's ass about their citizens. How low can we go. I'm sure all these people sleep at night without even a tought of what they did. They should all go to jail. No-one should be allowed to ta get away with it. If I don't have money to pay my bills I certainly would not be able to take vacation, not to a luzury resort. Its obscene and it makes me sick. I would have like for the goverment to let AIG drown, he don't need that kink of garbage around.

Posted by: Liliana | October 8, 2008 10:32 PM

This just shows why you should not buy from any insurance sales agents, especially one from AIG. For those who sold well, 15 percent of your premiums will go towards their commissions. The rest they speculate. If they make a lot of money, they pocket the upside; if they loss money, they just go into bankruptcy or let your tax money bail them out.

Michael Z
http://www.mzcap.com

Posted by: Retirement Investment Advisor | October 8, 2008 10:33 PM

Well the NEOCON, Supply Sider, Voodoo Economic Enronite Wizzards are getting their trickle Down Economics..

HEY AIG..your in debt and you are not cutting expenses. Which is suppose to be common practice in business.

What abunch of silver spoon let them eat cake arses.

ISA

Posted by: ISA | October 8, 2008 10:33 PM

If AIG went broke based on its frauds, the idea of keeping it alive will only produce more fraud. The sales people are not peddling insurance, they are peddling fraud. Anybody buying from AIG is going to end up with problems. It's like the guys selling the cribs that killed the baby. To them it's just a loss. The losses just lead to more losses and then it's time for all-gone. There are plenty of business failures ahead. See the market for proof of how all-gone works. It never changes.

Posted by: Anonymous | October 8, 2008 10:34 PM

It is time for CHANGE!! If that is not more and more clear each day that passes, I am not sure what is.

Posted by: Anonymous | October 8, 2008 10:34 PM

We all need to calm down. As was recently demonstrated there is nothing the middle class can do to get Congress to listen to us. Unless your last name is Bank or your middle name is Insurance forget it. Even then they will expect a 6 or 7 figure contribution to their war chests.

Posted by: popp | October 8, 2008 10:36 PM

To anonymous at 10:18. It doesn't matter who went on the trip. Who, the hell, picked up the tab?

Posted by: Keith | October 8, 2008 10:37 PM

I think all the crooks in washington and the state houses were history drop outs, this is the things that cause a revolt and rolling of heads.

Posted by: robert mad as hell | October 8, 2008 10:40 PM

The Post is all-write even when it's wrong.
They might not be trading soon, but hey nobody might be trading soon. It looks worse and with these bailouts it's not looking better. Good night.

Posted by: Anonymous | October 8, 2008 10:40 PM

This sounds like Mr. Nice Guy.
The more mean the more rewarded. The more nice the more miserable.
Maybe we need a revolution. We are really in a modern slavery.
Why do many of us have to work two jobs and make less than the 44K average of our GDP while some master CEO are being paid thousand times that average?

Posted by: Msha | October 8, 2008 10:41 PM

US Congressional testimony has confirmed the securities liability incurred by American taxpayers from the Bush & democratic bailouts (Bear Stearns + AIG + Fannie Mae & Freddy Mac + $700 BILLION giveaway) to be $63 TRILLION or more. Why were the debates limited to senator John McCain and senator Barack Obama who were responsible for the greatest robbery in the history of the world? They have just robbed 300 million americans of $63 TRILLION. The only way america can be saved is to elect Ralph Nader who is an honest american and would go after these crooks. Bush and the political crooks have ruined the global economy and threaten Russia and Germany. The only way to save Germany and Russia from the Bush infection is to isolate America like a deadly disease.

Posted by: Billy Hewitt | October 8, 2008 10:41 PM

I got your bailout cash right here.
Arming the Left: Is the time now? --by Charles Southwell 21 Oct 2003 As long as we pose no REAL threat to the powers-that-be, to what is shaping up into [is] a dictatorship, we will continue to be ignored. Right now, we are ignored because we present no organized power to fight this onslaught of anti-democratic, totalitarian government that we are up against...
http://www.legitgov.org/essay_southwell_arming_the_left_is_the_time_now_102203.html

Cheers,
Lori R. Price
Citizens For Legitimate Government
http://www.legitgov.org/

"Hi, mom, this is Mark Bingham... you believe me, don't you?" Mark Bingham - Sept. 11, 2001
http://www.legitgov.org/9_1_1_oddities.html

Posted by: Lori Price | October 8, 2008 10:42 PM

Paulson should be in Guantanamo jail as an enemy combatant. This crook is head of the Bush Bank Robbers gang. This crook stole $6 TRILLION from 300 million americans. He deserves aggressive interrogation and daily waterboarding for the next 25 years. McCain put this crook in Guantanamo jail and you will be elected.

Posted by: Billy Hewitt | October 8, 2008 10:50 PM

The Amercian People needs to make a stand and deman all our Money back.And all that was Involed needs to be Fired.If we can post Dead Beat Dad's and Child Molester .Then we should Beable to Post all People that are Theif,on Wall Street and Goverment

Posted by: Cindy | October 8, 2008 10:53 PM

Interesting argument that it is the fault of people buying houses they could not afford that put us in this mess. It had nothing to do with greedy loan officers, mortgage broker's and mortgage bankers wanting to make their commissions to buy their martini's, luxery cars and overpriced suits. I sell real estate and I saw first hand how they worked. Do whatever you have to do to get them in the house, collect your commission, and who cares if they can't make the payment when we jack their rates up to 18% in two years. We'll tell them not to worry, they can refinance later. And when they can't, we'll take the house back and sell it again and make more money. THE BUYER'S DON'T MAKE THEIR OWN LOANS AND MORTGAGES, THE GREEDY BANKS AND MORTGAGE COMPANIES DO. (See Countrywide) Now the greedy republican conservatives want to pass the blame again on the husband and wife with their 3 kids for wanting to have their own house. If you ever came down off the ivory throne and meet the average American family, you might understand. When some hotshot mortgage broker in his expensive suit and new BMW tells you that there is nothing to worry about and you too can have the American dream and own your own home, just like he does, most middle income and lower income American's will believe them. These mortgage lender/bankers are very pursuasive. So to blame people for taking out mortgages they couldn't afford for the mess we are in is like saying Bush and Cheney have nothing to do with the price of gas. Totally ignorant. By the way, how come the price of gas driven up by the greedy specualtors, OPEC and most of all, the puppet masters themselves, Bush and Cheney, doesn't get any blame for the mess we are in. Seriously, who do you think pulls the strings in the oil business. And finally, I think the AIG exec's should have their assets siezed and they should be put in prison where the other thieves are.

Posted by: Nole | October 8, 2008 10:55 PM

I think we are fighting our war in the wrong place. These are the peoples we should be spending our billions to do away with.

Posted by: Leonard Rosenbaum | October 8, 2008 10:55 PM

I am a non executive AIG employee. Having read the comments that say "let AIG sink" makes me wonder about how well read most of you are. What you all fail to understand is that:
-If AIG sinks, many employees will be out of work and you the tax paper will have to support them.
-AIG has a multitude of business interests - too many to list here. If AIG sinks it will affect all of the businesses it has dealings with. That means it will effect you even more in other ways.
-AIG is primarily in the insurance business which is doing well. If AIG sinks, all the policy holders (individual or company)who have claims with AIG will not be able to recover their losses, or will be without coverage. Guess what? All those claimants will want to be bailed out as well.

I totally disagree with the partying bit that AIG and others enjoyed in California, while the common man - including me - suffers financially - having to chose to either pay for groceries or gas. I face the day not knowing if there will be employment tomorrow, while I listen to disgruntled customers insult and cuss me out as if it is my fault that AIG is in the situation that it is now. My savings through stock is now worthless. Supposedly the 401K plans are stable. Really? I don't know. I wonder if you the tax payer will have to support me next.

How many of you that want AIG to sink even knew of AIG prior to the news breaking out? Likely not many. However, you have no difficulties in expressing your uneducated views - trying to sound intelligent while actually sounding totally stupid, political views and solutions that will go nowhere but a dead end street.

What has to be fixed in America is corruption on all ends - A to Z - companies, CEO and executive pay, government, welfare, healthcare, partisanship and so on. Treating the symptoms don't solve the problems.

Posted by: AIG employee | October 8, 2008 10:55 PM

Maralgo

Spent 15 years selling incentive trips to these companies and have been to all continents except anatrica (although I do know a car company that had an incentive cruise to antartica).

Check the rates on line moron. Laguna is a Memorial to Labor Day season. Mid season in Sept/Oct/Apr/May. check avg temps, water temps, etc.

You have no clue. Carribean, Hawaii, etc, etc, etc are all exceptionally nicer than this hotel. Great hotel obviously but peanuts in this space.

Assume you must be a ramada, clarion or motel six premier member so can see how you would be so clueless.

Posted by: Objective guy | October 8, 2008 10:57 PM

It's compensation you idiots. Same as you're annual bonus, bi-weekly check, free coffee, 401K match, etc.

I hope none of you are registered to vote.

Posted by: Anonymous | October 8, 2008 10:59 PM

TOTALLY OUTRAGEOUS!

ALL OF THESE JERKS SHOULD BE MARCHED TO JAIL.

Posted by: Bill | October 8, 2008 11:02 PM

Bring back Maurice "Hank" Greenberg. He got the boot in 2005 for trying to keep AIG on a conservative course.

Posted by: Steve M. | October 8, 2008 11:02 PM

Guess what - AIG plans to hold yet ANOTHER gathering for brokers next week at the Ritz-Carlton in California's Half Moon Bay. (Per Bloomberg.com, 10/8/08)

I guess that is why they need the $38 billion advance.


Posted by: cookie | October 8, 2008 11:04 PM

Schmucks! It is YOU the taxpayer that is footing the bill.
I find it hard to believe that there is a conflict surrounding the justification of this spending.
You deserve to loose.

Posted by: Leon Redbone | October 8, 2008 11:04 PM

The mindlessness and sheer f#@king gall of the 'freemarketeer", supply side mentality on shameless display again for any and all to see. So, what else is new?

Posted by: Doowadiddy | October 8, 2008 11:06 PM

WHAT! More of our $$ - for more SPA treatments and whatever else? I would hope to see immediate audit/review of AIG's books.

Posted by: Sheila Leonard | October 8, 2008 11:11 PM

Why wasn't I invited?? I don't mind being screwed, but I like to get kissed with it.
Even I could have led them to bankruptcy.

Posted by: Justified Joe | October 8, 2008 11:11 PM


if the federal gov't gives ONE MORE PENNY to AIG....

THEN EVERY SINGLE TAXPAYER IN THE COUNTRY SHOULD STOP PAYING THEIR TAXES.

ENOUGH IS ENOUGH.


Posted by: BOB | October 8, 2008 11:12 PM

This is really ridiculous. White-collar criminals deserve life in prison, not taxpayer money. The system works for the rich. It's a sad world you guys have left us. (and I mean those of us who won't inherit billions from our daddy's rich companies....)

Posted by: Youth of our Country :( | October 8, 2008 11:14 PM

Whoever "anonymous" was above with the cutesy little effort at geometrically constructed prose railing against Obama should realize that he/she at least got one thing right, their choice of a name. Because that's exactly what he/she is going to be in just thirty days, absolutely "anonymous".

Posted by: Doowadiddy | October 8, 2008 11:15 PM

People who were generally struggling to buy their first home deserve some help.

But people who thought they could keep making $100k on every flip because they spent two weekends putting in some granite countertops they charged at Home Depot do not. They can flip burgers for a while, do them good. Many of these "investors" financed their flipping using their existing homes as ATM's.

And we should pay for this get-rich-quick scheme because....?

I missed the part where Lord 'n' Lady Lifestyle up the street had a gun held to their empty heads by their realtor when they tripled and quadrupled their mortgage buying their starter mansion. They even managed to option that new GarageMahal with his 'n' her Escalades purchased with their home equity because the price was just going to keep going up and up and up, and there would always be a bigger fool to sell it to.

And we should finance their stupidity because....?

It's OK to believe in personal responsibility.

Posted by: Anonymous | October 8, 2008 11:19 PM


the u.s. government TOOK my tax dollars for this g*d d*mned bailout. i did NOT have a choice.

I WANT MY MONEY BACK!!!

F*CK YOU BUSH.

F*CK YOU PAULSON.

F*CK YOU PELOSI.

I WANT MY MONEY BACK!

I'M FRIGGIN SERIOUS.

Posted by: BOB | October 8, 2008 11:19 PM

While I understand this is a loan rather than a bailout, I have one problem with this as well as all of the other messes resulting from poor loan distribution/decision making. No matter what the amounts are that are involved where do the funds come from? We are already living so beyond our means so to speak as a country. When you live beyond your means or make poor business decisions this creates the need for a loan. If I as an individual aquired a loan I would have to repay it with interest and fees. I think it is fair to say it becomes a bailout when the American People are paying for these poor business practices. If AIG is repaying the loan with interest and or fees because of their sterling reputation and the tax paying Americans are sporting the bill then we should benefit from the interest as well. When or if these debts are repayed we won't see a dime. While I am sure many people involved with AIG are feeling as if business should go on as usual many other businesses are making appropriate cuts to remain profitable as should they. Joe Six Pack or whatever you call the middle classed American has taken it up the A** long enough. Tell me this Joe Six Pack...Does this make your label turn blue?

Posted by: Tami | October 8, 2008 11:21 PM

Please read related article titled: "It's Not Always The Pork. The Cows All Have To Be Fed Too." at http://www.cliffyworld.com/blogs

Posted by: cliffyworld | October 8, 2008 11:21 PM

Just A ONE QUESTION: HOW MUCH LONGER WE HAVE
TO WITNESS THESE DOUBLE STANDARDS.

Posted by: MarkJJ | October 8, 2008 11:21 PM


george w. bush. what a man...

i've seen barbie dolls with bigger nuts.

Posted by: BOB | October 8, 2008 11:24 PM

But people who thought they could keep making $100k on every flip because they spent two weekends putting in some granite countertops they charged at Home Depot do not. They can flip burgers for a while, do them good. Many of these "investors" financed their flipping using their existing homes as ATM's.

And we should pay for this get-rich-quick scheme because....?

I missed the part where Lord 'n' Lady Lifestyle up the street had a gun held to their empty heads by their realtor when they tripled and quadrupled their mortgage buying their starter mansion. They even managed to option that new GarageMahal with his 'n' her Escalades purchased with their home equity because the price was just going to keep going up and up and up, and there would always be a bigger fool to sell it to.

---------
Actually, you're describing the behavior of the Wall Street executives who spent us into this mess, right?

So, where is the rage toward them?

Secondly, again, those people you mention are losing their homes, losing their investments, the Wall Street people aren't.

And I could relate the horror stories about the pressure applied to homeowners by loan officers, wholly unqualified, the pressure applied to the homeowner to accept a loan they were unqualified for, constant phone calls, lies, the whole nine yards.

Truly, I can't take it seriously when main street is blamed at the expense of the wall street cretins.

And we wont' even get into the power disparity.

Posted by: Anonymous | October 8, 2008 11:32 PM

I am a non executive AIG employee. Having read the comments that say "let AIG sink" makes me wonder about how well read most of you are. What you all fail to understand is that:
-If AIG sinks, many employees will be out of work and you the tax paper will have to support them.
----------

In a nutshell, your arguements are specious, so you look kinda stupid questioning the literacy of others.

In case you didn't know -- kinda of like having a b**ger in your nose, while out in public, unawares.

HTH.

Posted by: Anonymous | October 8, 2008 11:34 PM

to "teacher_2"

Please refrain from generalizing; not everyone who is unable to pay their mortgage/facing foreclosure took out mortgages they could not afford as you seem to think. What ridiculous comments. My situation for instance - I am struggling because I unexpectedly lost my job earlier this year - up until then I was able to afford my mortgage payments quite easily thank you. I know of numerous other people in a similar situation. Secondly, the lenders and brokers are supposedly educated, licensed professionals who should not have allowed this to happen but were driven by greed and their commission checks - they did not care if people were borrowing more than they could afford and often encouraged this (I know this for a fact from my own experience and those of others where the broker would lie on the application form).
Your comments are ignorant and out of touch and frankly hurtful. No one likes losing their job and life has been one hell of a struggle this year as a result. The bailing out of mismanaged companies like AIG is just a further insult - wake up teacher, these are the real culprits that have delibrately destroyed the economy. All these crooks knew exactly what they were doing and that it was wrong but they did not care, all they thought about was money for themselves. If thats your idea of capitalism then you can shove it.

Posted by: mushypea | October 8, 2008 11:35 PM

wHAT'S ALL THE FUSS ABOUT..... I DIDN'T LOSE A CENT SO FAR..... IT'S ALL STILL UNDER MY MATTRESS !!!!!!!!!!!!!!!

Posted by: jb | October 8, 2008 11:36 PM

You have no clue. Carribean, Hawaii, etc, etc, etc are all exceptionally nicer than this hotel. Great hotel obviously but peanuts in this space
-------
Actually, it's pretty nice, I think it's kind of a boutique hotel, known for it's reputation, I remember reading about the famous Hollywood people who stay there, on occasion.

Posted by: Anonymous | October 8, 2008 11:37 PM

Can you believe that Pam is a school teacher "hopefully not math" because 1 million to every American is not 350 million, unless we just give 1 million to only 350 people, Must be that new rithmatic.

Posted by: 2+2='s ? | October 8, 2008 11:39 PM


what's interesting...

it looks like there are going to be a LOT OF REPUBLICAN CONGRESSMEN out on their A$$ES come november 5th...

a 60 dem majority in the senate this year?

it's looking really, really good..

LOL

:D

Posted by: BOB | October 8, 2008 11:46 PM

Out-of-his-rageous Pea-mind Bob -
I don't have to check the rates for Ritz Dana online. I live in Beverly Hills. I am an executive at Warner Bros. I put top producers - MOVIE producers, not insurance or sales wienie nobodies like YOU - at the Ritz all the time. You apparently have no clue about southern California weather or the environs of the south coast. The homes rival Malibu in cost and beauty & this hotel sits smack in the middle. By the way, if it's NOT so nice then how the H-ll did those morons manage to spend 1/2 a million dollars on just 70 PEOPLE????? I see guys like you ALL the time. You have nothing, you are nothing, you are a little guy who LIVES for that freakin' sales trip. I don't need to pretend to be a somebody once a year, I know who I am and live and work in a place you could only dream of except you're a sales guy - no imagination, just. BS. Why else would you defend this outrageous behavior?

Posted by: Maralago | October 8, 2008 11:46 PM

Truly, I can't take it seriously when main street is blamed at the expense of the wall street cretins.
______________________________________
So they both deserve "I'm with stupid" t-shirts. If comprehending that "what goes up must come down," and "don't buy what you can't afford" is too much, maybe voting isn't such a good idea either.

BTW, one does not see too many streets with "Main" or "Wall" up past the gates at Casa Costaplenti or Rancho Moolah. One does see a lot of signs that say "foreclosed" or "bank owned," however.

It's OK to practice personal responsibility.

Posted by: Anonymous | October 8, 2008 11:48 PM


you know... it's not that i hate republicans.. but they have NO CLUE and DON'T CARE.

don't believe me? just look at who is representing you in this election.

if mccain cared.. he wouldn't have selected who he did.

seriously. think about it.

Posted by: BOB | October 8, 2008 11:51 PM

While the USA is busy licking its wounds from the continuing economic crisis, China is busy sending men into space and we will soon be building a city on Mars.

Posted by: Chinaman | October 8, 2008 11:52 PM

Maralago, please stop pretending you work for us. We're sorry the interview didn't work out but you need to let it go at some point.

Thank you.

Posted by: Warner Bros. | October 8, 2008 11:54 PM


Maralago? others?

remember.. these posts you are replying to are from TROLLS.. they just try to get people upset... get a rise out of them.

half of these morons posting right now that claim to be AIG employees can't even complete one sentence without misspelling one out of every three words... think they are fortune 500 material? lol! you betcha!

just let em post.. and look foolish in doing so... scooby doo comes on soon, and they will be off to catch the latest episode of "mister williams took my d*ck!"

the republicans are on their way out.

r.i.p. republicans... r.i.p.


Posted by: BOB | October 8, 2008 11:59 PM

This morning, I sent the following letter to my congressional reps and to the editor of our local Colorado paper. Now, I read that AIG was given another $38 billion. I am simply stupefied...and friggin' incensed...I am posting the letter in case anyone wants to use parts to voice a complaint of their own. We've have GOT to pressure the people who are up for re-election to respond to this crap. They ignored our good common sense, and they need to grow or go. This is my personal last straw.

"The reward from AIG of an extremely expensive retreat for the company's "high performers" is an outrage. It reiterates the attitude that big biz takes about the citizens and the government that have undertaken its support. This is a very important time for overseers under the Paulson plan to kick into gear right NOW."

"We have trusted Congress with our financial futures on the premise that they will do their best to protect us. Immediate and meaningful punitive action toward AIG is a must if both constituents and the companies who may benefit from the bailout are to take seriously Congressional intent on oversight. This is a prime opportunity for Congressional members who voted for the bailout to ease any concerns the public may have about those intentions. It may be a relatively small amount of money, ($440,000) but it will be very symbolic in terms of the esteem in which Congress hold itself and its people. I urge readers to contact Musgrave, Allard, and Salazar on this. We need to let them know we are dead serious about the public trust."

Posted by: freelyb | October 9, 2008 12:00 AM

Amazing how rampant ignorance is, and what typical behavior people exhibit towards a giant in distress.

It's also amazing how this article left out that the letter from the CEO of AIG clarified that the 1-week event at a resort was planned long in advance of the bail-out, and only 10 of the 100 attendees were AIG personnel representing AIG, none of which were AIG executives.

Posted by: Lance | October 9, 2008 12:06 AM

My situation for instance - I am struggling because I unexpectedly lost my job earlier this year - up until then I was able to afford my mortgage payments quite easily thank you. I know of numerous other people in a similar situation.
________________________________________
mushypea, you are the type of responsible homeowner that many of us feel should be helped out. The bailout plan should have addressed the homebuyers instead of the lenders, and separated the responsible ones from those who binged on credit to satisfy their house envy or get rich quick.

Posted by: Anonymous | October 9, 2008 12:09 AM

I'm trying to keep up here...

AIG directors are living on luxury estates maybe even have more than one home, fancy cars, trips around the world, Harvard education for the kids and most likely the grand kids...the business is faltering on a market downturn and some poorly thought through decisions. Ok, that's too bad.

Now they need my tax dollars to fix their ills. My so-called representatives gave my tax dollars away without really knowing how it was going to re-invigorate the business. AIG gets a boat load of my money, goes on a little trip sends a lot of the money… Here is where it gets sticky, now they need more of my money?

I’ll tell you what AIG directors, you can have some of my hard earned money that I’ve rat-holed for the Brown’s family vacation we take every three years, but you have to come to my home, knock on my door and explain to my two kids why they can’t go to Disneyland next year.

Did I mention you should bring your work clothes (if you own any) I also need my lawn mowed, fence built, weeds pulled, and my 1999 Volvo washed.

Posted by: Chris Brown -Dad of 2 | October 9, 2008 12:10 AM

To JB:
Money under your mattress is only viable until a sack of potatoes
and the like is worth much more.
Our currency is soon to be worth no more than the match it takes to ignite it for its' heat.

Posted by: Realistic Really | October 9, 2008 12:17 AM

they were estimating every man, woman, and child would be taxed about $2000 to fund the bailout of $700 Billion (estimating 350 million taxpayers!).

I don't know that any of my neighbors have an extra $2000 to fork over. I know I don't have an extra $2000 to help with the bailout. That would be $4000 from my family (two taxpayers). We got a $1200 stimulus check from Bush, but now I guess he wants it back?

So where does the $2000 bailout taxpayer money come from?

Posted by: Richard | October 9, 2008 12:21 AM

THEY R JUST LIKE MCCAIN& BUSH DONT KNOW WHAT THEY DOING

Posted by: ALEX | October 9, 2008 12:21 AM

People just LOVE casting stones at giants don't they! Too bad that ignorance is the public's enemy--not AIG. Did anyone bother to get the facts before casting stones and over-sensationalizing? People inherently love drama, even if they have to make it themselves.

If you read the *entire* clarification from AIG on this matter (there is even a link in the article), only 10 of the 100 people attending the retreat were employees of an AIG subsidiary representing AIG at the event (none of which were the AIG corporate executive evil-doers we so want to be able to throw stones at) which was planned far in advance of the economic crisis. The rest of the attendees being independents not employed by AIG.

Even if the event had been for AIG executive evil-doers, what is $440K to a group of 100 executives? It's not uncommon for a top executive to bring home $1M a month. So, 100 hypothetical top-performing executives on a 1-week retreat?

Was it an opulent retreat? I'll be it was.

Can you and I afford such things, even with all the hard work we do? Absolutely not.

Does this mean that a group of 100 top-performing agents have no right to receive such a nice reward? Hardly.

Would AIG executives plan and enjoy such an event frivolously and without regard for budgets and economic issues amidst an economic crisis? You would like to think so, but believe me you would be quite mistaken.

Posted by: Anonymous | October 9, 2008 12:33 AM

NO.. ENOUGH IS ENOUGH.. WE SEE THIS AND STILL THEY WANT TO TAKE OUR TAX DOLLARS.. IT IS TIME FOR AMERICANS TO HAVE A SERIOUS REVOLT. AND BELIEVE ME THIS IS NOT JUST ALL THE MONEY THEY HAVE USED.. I AM VERY SURE THEY HAVE PADDED THEIR POCKETS AND OTHERS WILL ALSO.. FREE MONEY FROM OUR POCKETS

Posted by: E. White | October 9, 2008 12:37 AM

Damn the wealthy and successful. Damn them, whoever they are! I should be the privileged one--I deserve it more than they! I have two children who will be going to college soon, and a mortgage payment that I can barely afford, an indigent mother, and a dog who needs back surgery. They have no right to be more successful than me. They don't deserve rewarding--*I* do! Let them burn! Let them suffer!

Thank God for due process.

Posted by: Anonymous | October 9, 2008 12:43 AM

Mr. Anonymous (above two)

You're an idiot.

Posted by: Anonymous | October 9, 2008 12:45 AM

Bailouts by our elected officials, and you will continue to elect Republicans or Democrats expecting change each time?

How can you ignore that many who lost homes, did so, because they were laid off when their company decided to outsource or move production out of the United States.

There is only one Independant Candidate running for President that will stop this.

You all have until Nov. 4th to make sure what your candidate is going to do, to return jobs to America. Stop giving your money to those who don't care if you are solvent or not as long as they live the good life.

It is sickening to see at least 1.6 million Americans homeless, living on the street because they lost everything when their company left America. Do you want more of this for our nation?

Do you want "Change you can believe in?" or do you have the Courage to elect someone who will Restore America to the Pride we use to have, to offer everyone a chance to succeed?

On Nov 4th don't make a mistake, unless you want to see more of this treason happening.

You keep electing one party or the other, and you are expecting "Change"? I have a bridge in Brooklyn for sale, Cash only. That makes just as much sense.

Study what candidates are really offering to you. Don't buy a Pig in a Poke, examine those campaign promises, and elect someone who is telling you the truth that you don't want to believe in. You can't afford Free Medical Care, some one pays for Free.

Posted by: Don Cordell | October 9, 2008 12:45 AM

Once again, A I G just does not get it! No excuses! No reasons!
This is stupid. Ed Liddy should have issued a moratorium on all outgo for non essential purchases and expenditures - and he failed!

He should be ashamed. For being such a bright man, the letter he issued poured gas on the fire, it was a poor attempt to say... "it was not me"... and it failed. It would have been better to say nothing than to say something stupid.

Ed Liddy, lead! No excuses, no mistakes. AIG is a strong company and worthy of saving but do not do anything so stupid.

Posted by: Richard in Seattle | October 9, 2008 12:46 AM

For the people out there who think this whole crisis is the faulted mortgage holders doing,do you even realize how much of your mortgage payment goes into the banks pocket.On a $1,000 mortgage about $200 goes to principal,the rest,well,how else could these corps afford to pay Execs the Millions they are getting.The bottom line is this, Yes home owners agreed to pay for there homes.You are at the mercy of the Banking institutions,but it's the only way to put a roof over your familys head,it's the 'American Dream',Right? Without straight cash you can't get a home without a mortgage.So the consumer gets backed into a corner. After all, about 85 percent of Americans are in debt.The banking institutions have been taking advantage of our situation for far to long.It's greed an corupt politicians who MUST be cleansed from our government.We need a revolution every one-hundred years to keep government clean and in our best interest.We are long overdue! If the Big Wiggs can't fix this,the people will.It's still ''WE THE PEOPLE'',Right??? I love this country with all my heart,but am saddend by the reflection that has been cast by those elected into power.' Revolution', F*#k yeah, Bring it on!

Posted by: Jason K. | October 9, 2008 12:46 AM

The Federal Reserve should absolutely NOT be run by the huge private megabanks- they are fascist at heart and the source of the current engineered financial crisis, just like JP Morgan and the Elites have engineered crises before in mid 1900s and in 1929: to buy up assets at junk rates and consolidate power... JFK had signed onto a bill abolishing the Fed shortly before he was eliminated..Following WW2, the Nazis found abode in these big corporate entities attached to gov't: the current financial crisis is just the wolfen preying on the weak, unsuspecting American people, previously successfully assaulted on 9-11 by essentially the same NWO entities...One must harden their sensibilities in order to comprehend the naked lunch on the end of the fork...

http://aconstantineblacklist.blogspot.com/search?q=AIG

Posted by: frak | October 9, 2008 12:56 AM

I thought AIG was American liquidation Group, but now I see that it is American Ingrate Group.

Posted by: williambanzai7 | October 9, 2008 1:03 AM

Hey - I can't believe that some of you are defending AIG. It doesn't matter that the vacation was planned a year ago, or who was being rewarded, or if they were connected to a different division than the one that lost all the money.

That vacation was an unnecessary expense - and when your business is facing bankruptcy you cut unnecessary expenses. If another division has money to spare, then AIG should be borrowing that money from itself, not pissing it away and then borrowing it from us.

I agree with American Homeowner - Mortgage Strike!! I'm not eligible for any of the measly perks being offered unless I fall 2 months behind anyway. Why should I struggle to make my payments? Only bad behavior gets rewarded. The American dream is dead.

I don't want to hear anyone blaming "irresponsible borrowers" either. I had to sign a tome of documents when I purchased my home in 2002 - I'd need a Realtor license to understand it all. When you pay a professional for a service you expect them to give you advise that is in your interest, not to rip you off. If I ran my business they way those Realtors did my reputation would be in the gutter and I'd lose all my clients

I don't have one of those flaky loans - I proved my income, paid a downpayment and all of that, but now my house is with 60% of what it cost in 2002. I can't refinance, I can't sell, I just have to keep paying... on time.

People who bought higher than me are in worse shape. They are walking away from house payments that they CAN afford because it doesn't make sense to pay 500k for something you can now buy for 200k.

Let's show those bastards and all get 2 months behind AT THE SAME TIME!!!

Posted by: Gretchen Z | October 9, 2008 1:16 AM


certainly hope that AIG does NOT receive this new loan...

i would EXPECT the white house to DEMAND ed libby to decide what to do.

my suggestion?

FOR ED LIBBY TO RESIGN WITHOUT A SEVERANCE PACKAGE.

let's just see how big ed libby's balls are... is he so above us little people that he will NOT take one for his own team?

after all.. he IS the CEO.. and after all.. this WAS a top executive decision for this vacation boondoggle even AFTER they had received over EIGHTY BILLION DOLLARS of OUR TAXPAYER MONEY..

screw AIG.. and people? if you don't know the ENORMITY of a B*I*L*L*I*O*N dollars... i sure wish you would read a little bit about 1 x 10 to the 9th power... a BILLION DOLLARS is a H U G E amount of money... my GOD people.. you don't know...


Posted by: BOB | October 9, 2008 1:19 AM

PS: Think of a mortgage strike as dumping tea into the harbor

Posted by: Gretchen Z | October 9, 2008 1:37 AM

NO MORE MONEY UNLESS THE SPENDING STOPS A D THE EXECS ARE FIRED. Thtats just plain and simple!

Posted by: joe sr | October 9, 2008 2:04 AM

Since Wall St now has its hands on our $800 Billion, we may well ask ourselves if they or if we have learned our lesson at all. Not that we are out of the deep dark woods yet, but there is a saying that goes, "My Father once taught me that if you see a man in a Rolls Royce, you can be rest assured he's only a gentleman, so long as he's the chauffer." It is also said that "Every generation considers itself smarter than the one that comes before it and wiser than the one that comes after it", and a generation seasoned by the Great depression had the wisdom to know a wolf in a pin-striped suit when they saw one. But while generations since have worshipped at the altar of materialism, bankers, brokers and CEOs were canonised to a status so revered, that the rorting and extraordinary excess that is now coming back to haunt us, was considered justified. Those of the great unwashed who questioned this hedonism were mocked for being churlish, out of touch, even branded as Socialists. Ridicule is the last but extremely effective refuge of a scoundrel, but events of late have indeed vindicated the heretics.
Here are the top CEO salaries in America, according to the 2007-2008 Forbes.com special report on CEO compensation (in $mil)
1 Lawrence J Ellison-Oracle: 192.92
2 Frederic M Poses-Trane: 127.10
3 Aubrey K McClendon-Chesapeake Energy: 116.89
4 Angelo R Mozilo-Countrywide Financial: 102.84
5 Howard D Schultz-Starbucks: 98.60
6 Nabeel Gareeb-MEMC Electronic Mats: 79.56
7 Daniel P Amos-Aflac: 75.16
8 Lloyd C Blankfein-Goldman Sachs Group: 73.72
9 Richard D Fairbank-Capital One Financial: 73.17
10 Bob R Simpson-XTO Energy: 72.27
11 Richard S Fuld Jr-Lehman Bros Holdings: 71.90
12 Steven Roth-Vornado Realty: 71.85
13 Marijn E Dekkers-Thermo Fisher: 69.00
14 Steven A Burd-Safeway: 67.17
15 Gregg L Engles-Dean Foods: 66.08
16 Nicholas D Chabraja-General Dynamics: 60.26
17 Leslie H Wexner-Limited Brands: 56.06
18 David C Novak-Yum Brands: 54.91
19 John T Chambers-Cisco Systems: 54.77
20 William R Berkley-WR Berkley: 54.60

Edmund Burke famously said; "All that is necessary for the triumph of evil is that good men do nothing". As long as ordinary people continue to turn a blind eye to this sickening gluttony, we the taxpayer and the shareholder are, were and will be culpable ourselves. Time to clean house.


Posted by: Liam O Neill | October 9, 2008 2:05 AM

" The vacation for these insurance agent's were warranted since there were many of them and they are the top sales people for the company. ...
Also, this vacation was probably planned last year."
( Think)

Sure and how many of us working stiffs break OUR backs to keep the companies we work for afloat ? How many of us had to cancel OUR vacations due to layoffs, gas prices and air transportation costs. These CEO's , and their entire staff belong in jail.

M.Brooks
Island Creek Productions
Steubenville, Ohio

Posted by: Brooks , Ohio | October 9, 2008 2:10 AM

If you liked the past eight years under Boosh , you're gonna LOVE the next four under McCain.

Posted by: Robert | October 9, 2008 2:16 AM

Interesting seeing some supposed insight trying to explain "the other side" in amongst all the outrage clamor. I don't believe a person can fully trust anything they read. All I really know is that I don't really know. What I do believe is eventually, good people will do insane things. Watch out Fat Cats, the revolution is a brewing.

Posted by: Concerned | October 9, 2008 2:59 AM

Thank you David,Veteran! It's time for the American people to wake up. This country was founded "by the people, for the people". Already we've allowed our Government to go unchecked and take away our civil liberties in the name of "freedom". It seems to me too many of our freedoms have been taken away. You can't say anything in this country regarding distaste in what our Government is doing without being called a "terrorist" or "un-American". We need to hit the proverbial reset button so clearly spoken of in the Declaration of Independence; it is our right as the people of this great nation to take a stand against the dictatorship our unchecked Government has become. The American Government is no longer by the people for the people, but by the Government for the Government and American people be damned.

Posted by: C | October 9, 2008 4:12 AM

I worked for an insurance company and this is not standard practice. When the budget needed to be cut, the first then to go was the rewards trips that AIG is speaking off.

I can't believe that additional money is giving to them. I hope people who have insurance with AIG takes a stand and start to move their business to other insurance companies.

Posted by: Anonymous | October 9, 2008 7:37 AM

every single comment is "BS"...why doesn't our government see this? WHAT THE HELL?!?


I have 3 diapers left and $20 bucks in my bank account till friday....Where my billion dollar loan ?

fu, i'll tear your hearts out

Posted by: wow | October 9, 2008 7:43 AM

Where I'm from the battle for American freedom was begun by the thousands of farmers and tradesmen who made up the Minute Men -- citizens who were ready to defend their liberty at a moment's notice. Today we need a nation of minute men; citizens who are not only prepared to take up arms, but citizens who regard the preservation of freedom as a basic purpose of their daily life and who are willing to consciously work and sacrifice for that freedom. The cause of liberty, the cause of American, cannot succeed with any lesser effort.

It is this effort and concern which makes up the New Frontier. It's that time again.

Posted by: a-g | October 9, 2008 8:16 AM

So Andrew Roche did you enjoy the trip?

Posted by: Anonymous | October 9, 2008 8:35 AM

The People Who Struck The Match, Set The Fier and fanned the flames Which Is Burning Our Economy To The Ground Are Conspiring To Shift Blame And Avoid Jail Time. And One Of Them Is Set To Be Our Next Attorney General.

The Major Players Including Jamie Goerlick, Franklin Raines, Daniel Mudd, and Jim Johnson are at the heart of this meltdown.

Aided By Chris Dodd, Barney Frank, Chuck Schummer, Henry Waxman, Maxine Waters, Artur Davis, Gregory Meeks, Lacy Clay, Harry Reid, John Kerry, Barrack Obama, and Nancy Pelosi.


http://www.youtube.com/watch?v=_MGT_cSi7Rs

These people owe the American People an explanation, an apology, and perhaps some jail time. Don't take your eye off of the ball. These are the people who lit the match and fanned the flames. One Of The Players, Jamie Goerlick is set to be our next attorney General. We simply CAN'T let this happen or they will all go free.

http://www.wnd.com/index.php?pageId=67068

Posted by: Anonymous | October 9, 2008 9:00 AM

I hear a lot of reaction to AIG's new 38 Billion dollar "gift." How about some pro-action? Why can't Henry Waxman, et al find out who, in the government authorized this additional payment, who at AIG gave the go ahead to spend $440,000 on frivolities then fire those people and demand the money back. The fox is in the hen house and he's having a wonderful time.

The apologists from AIG know it's much easier to ask for forgiveness than it is for permission and apparently they don't think there will be any consequences for this egregious abuse of the PUBLIC'S money.

I implore the Congress to show some leadership and take action not sit on a panel on television and spout about rightious indignation.

Quit talking and name names and get the money back!

Posted by: Richard LaBree | October 9, 2008 9:35 AM

I hear a lot of reaction to AIG's new 38 Billion dollar "gift." How about some pro-action? Why can't Henry Waxman, et al find out who, in the government authorized this additional payment, who at AIG gave the go ahead to spend $440,000 on frivolities then fire those people and demand the money back. The fox is in the hen house and he's having a wonderful time.

The apologists from AIG know it's much easier to ask for forgiveness than it is for permission and apparently they don't think there will be any consequences for this egregious abuse of the PUBLIC'S money.

I implore the Congress to show some leadership and take action not sit on a panel on television and spout about rightious indignation.

Quit talking and name names and get the money back!

Posted by: Richard LaBree | October 9, 2008 9:36 AM

A couple of you think you are so much smarter than the rest of us because you know the "real" facts about AIG. So, the govt gave AIG a loan and not a bailout. What are the chances they'll actually pay it back? So, the party for the independent agents was planned in 2007. Even if it was planned in 1997 it was inappropriate for them to go through with it. I'm sure the independent agents would have understood. In fact, they should have refused to go. Doesn't anybody have honor anymore? Or even a conscience??!!

Posted by: Not so ignorant | October 9, 2008 9:59 AM

Ignorance is bliss, unless you're not aware of your ignorance, in which case it now seems to foment financially suicidal rants.

AIG is a solvent company. It's problem is liquidity, which is what our bridge loan gives them. The chances they not only pay off the loan but also pay the interest that would make a loan shark proud are very high. This should be the best investment our government has made in years.

One of the ways this might not happen is if AIG's very profitable insurance businesses that they're selling off do not keep doing what they do well, thereby deteriorating their value. Selling insurance is what they do well, and rewarding the high-performing independent producers is crucial to keep that going. If this company reneges on promised rewards, what's going to happen--these producers will walk away and sell for other companies. And right now, there's only one insurance company that is owned by us. You don't have to be incredibly enlightened to understand this.

The people complaining here, and Obama and so many of the politicians are complaining about just that--that our own company (we, the American taxpayers, now own about 80% of it!!) should stop doing what it does to make it valuable so we put at risk our ability to recoup our loan....unbelievable.

We need to be protected from ourselves.

There should be some kind of minimum test before people can register to vote, or at least be able to run for office. Making everyone vote is how Venezuela ended up with Chavez, and letting anyone vote is how we ended up with Bush...

Posted by: rtd | October 9, 2008 10:55 AM

Apparently these top performers are not so top if the company needed to be bailed out in the first place. I can not believe they can live with themselves and sleep at night in their fancy resort rooms after what has happened! AIG should have to pay it back and the so called top performers should be penalized! What about the worker bees at the bottom of the company who keep the business running...did they get a paid vacation?? The top performers might bring in the business, but it is up to the others to keep the business!

Posted by: April | October 9, 2008 11:02 AM

I really think the management, most of them, belong in Jail.

They used money belonging to the people to have extravagant parties without permission of the people (government did give money with which they partied). They have committed Theft of Government property and Defrauded the United States Government and its people.
US Attorney should have Already Indicted All of Management and those who participated in partying with people's money. Are they in Jail, yet? Did they quietly bail out of custody?

These D'RT B'GS just doesn't have any human decency and really doesn't deserve to breath the air, at least not of Earth.(Are they even Human?).

Posted by: JLH | October 9, 2008 11:29 AM

Dudes, the party was a blast.

Posted by: Hank Greenberg | October 9, 2008 11:30 AM

this is sickening.

Posted by: umd terps 08 | October 9, 2008 12:10 PM

it may have been already said in this comment section but i'll say it again. these trips are part of a compensation package given to agents if they sell x amount of business. companies give them a trip in lieu of paying them in additional dollars. i guess they believe that the trip will generate more business than just handing the customers a check.

Posted by: dan stevens | October 9, 2008 12:49 PM

I'm just waiting for someone to say, "let them eat cake."

Posted by: Mr. Angry Pants | October 9, 2008 12:58 PM

My husband just got layed off the lumber mill he's worked at for 35 years after learning we lost $40,000 of our 401K.. No one is buying lumber, the economy is a disaster.. but there is 1/2 million to provide these executives with spa vacations. Bail outs? They should be sent to prison. Who is bailing my family out?

Posted by: Sad | October 9, 2008 1:15 PM

Hey! I have a better idea! Instead of bailing out the BOZOS that made the mess we're in, why don't we take our hard-earned taxes and buy every man, woman, and child a weekend junket to some ritzy holiday resort?

Posted by: Johann Wagener | October 9, 2008 2:26 PM

I guess the party's over. For all of us.

Posted by: John B. | October 9, 2008 3:27 PM

For all the taxpayers who are fired up and upset, I have a brand new idea for you to explore.

STOP PAYING TAXES!!!

Perhaps then, we the people, can be injected back into the discussion regarding what to do, or not do, with our money.

Just a thought. Do you like how your money is being spent?

Posted by: doc | October 9, 2008 3:35 PM

I have problem with AIG homeowner's insurance. I filed a hail-damage claim last year (2007), but it hasn't been resolved. AIG's examination last year was postphoned because it as close to Winter even though I filed the claim on August 2007. They were supposed to come out to my house this year. They canceled two appointments in September (15th and 19th of September) this year (2008), and they have not explained or contacted me again since then.
I need help to resolve this.

Posted by: Kim | October 9, 2008 4:21 PM

GET SOME ROPE!

Posted by: Tom | October 9, 2008 8:28 PM

"Too bad that ignorance is the public's enemy--not AIG. Did anyone bother to get the facts before casting stones and over-sensationalizing?"

Too much. They deserve what they get and are going to get it. This is like some guy from NASDAQ saying if they are smart they would be rich. The AIG issue is not who is the enemy. The issue is how deep and wide is the fraud. That leads to the question of how such fraud should be dealt with. You could say it's all a series of mistakes and AIG was ignorant. There are controls in place, so these large losses could only happen if those controls were avoided. The losses, or some of them, had to be the result of intentional action. Who robbed AIG? How was this done? Why are the losses now transferred to the government side? The losses will multiply and the public will suffer. It's not good for the country. We have a war and more war to pay for, so this poisons the government and creates security problems.

Posted by: A-G | October 9, 2008 9:42 PM

I am outraged!!! Evidently AIG does not appreciate the sacrifice the tax payers are making for them to be able to still have a job!! I would love to be able to go on a well deserved vacation - but here in the real world that is not possible because we are all working to bail out officials that can not manage their money. Maybe they should take some lessons!! The government would have been better giving taxpayers money to just pay off their mortgages and debts!!

Posted by: Karla | October 9, 2008 9:52 PM

revolution ?? I'm In

Posted by: Anonymous | October 10, 2008 9:16 PM

We, American citizens, are all top performers in saving AIG. What kind of reward could we get as a standard practice in the industry?

Posted by: No Way | October 12, 2008 10:59 PM

REVOLUTION IS THE SOLUTION!

Posted by: cjmichael,madison,wi.53711 | October 13, 2008 1:14 PM

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