1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

AIG Executives

Discussion in 'Economics and Financials' started by dolfan06, Oct 7, 2008.

Tags:
  1. dolfan06

    dolfan06 New Member

    631
    462
    0
    May 19, 2008
    Arkansas
    Looking for a link now, i just saw it on inside edition today, less than one week after the bail out, several execs were seen at a luxury hotel in california. the rooms were $1000 a night and they spent $23,000 at the spa. they spent a total of $440,000. UNBELIEVABLE!
     
  2. azfinfanmang

    azfinfanmang Premium Member Luxury Box

    29,747
    11,512
    0
    Nov 23, 2007
    Let me help you out with this one :up:


    AIG Executives Blow $440,000 After Getting Bailout - FOXBusiness.com


    This preturbs me to NO END!!!!
     
  3. dolfan06

    dolfan06 New Member

    631
    462
    0
    May 19, 2008
    Arkansas
    azfinfanmang likes this.
  4. unluckyluciano

    unluckyluciano For My Hero JetsSuck

    53,351
    23,020
    0
    Dec 7, 2007
    aig execs went before i think it was a house committee this morning, will have to see what happens, if anything to them.

    here you go:

    link
     
  5. Muck

    Muck Throwback Uniform Crusader Retired Administrator

    14,525
    22,244
    113
    Nov 25, 2007
    Sunny Florida
    It's like alimony argument chicks make against their well-to-do ex's.

    They're accustomed to a certain lifestyle. And it is unreasonable to expect them to change it. :rolleyes:

    Somebody needs to go to jail.
     
    Jackson, azfinfanmang and Ronnie Bass like this.
  6. azfinfanmang

    azfinfanmang Premium Member Luxury Box

    29,747
    11,512
    0
    Nov 23, 2007
    With nothing but Icy-Hot for "Easing" the pain IMO.

    These people have NO remorse that the economy is directly down the crapper, and they had MUCH to do about it.
     
  7. dolfan06

    dolfan06 New Member

    631
    462
    0
    May 19, 2008
    Arkansas
    the article says it was after the bailout. it doesn't make too much difference, especially if they expect help!:no:
     
  8. dolfan06

    dolfan06 New Member

    631
    462
    0
    May 19, 2008
    Arkansas
    the bailout was sept 16, the bill was sept 22.:sad:
     
  9. dolfan06

    dolfan06 New Member

    631
    462
    0
    May 19, 2008
    Arkansas
    they definately went after the bailout.

    bailout
     
  10. pocoloco

    pocoloco I'm your huckleberry Club Member

    8,231
    5,261
    113
    Nov 28, 2007
    North Chicago
    if they're not careful, someone's gonna go postal on them
     
  11. CrunchTime

    CrunchTime Administrator Retired Administrator

    23,326
    35,930
    113
    Nov 23, 2007
    Its a bizarro world when executives are rewarded for screwing things up royally.

    It used to be you had to make profit or earn your bonuses.When the company lost money there were no parties or bonuses.

    Whats happened to corporate America ? Its completely out of control and whats worse there is no morality or logic to their decisions .

    Disgustingly inappropiate
     
    azfinfanmang and cnc66 like this.
  12. dolfan06

    dolfan06 New Member

    631
    462
    0
    May 19, 2008
    Arkansas
    can't find the link, but to a lesser degree somebody already has. the person from AIG that was being grilled by congress, he went to a health gym. he was on a treadmill and somebody that was pumping iron came over and punched him in the face and knocked him out.:yes:
     
    azfinfanmang likes this.
  13. texasPHINSfan

    texasPHINSfan New Member

    6,363
    3,740
    0
    Dec 14, 2007
    Bellevue, WA
    you guys are largely misinformed.

    the AIG this is NOTHING like the Bear bailout or anything like that. the AIG company got a loan from the Fed to conduct their normal business, and the loan is at some ridiculous rate, like 11%... so the Fed & the U.S. government are making money off that deal. FYI the loan was to give them time to sell off subsidiaries to pay back the government.

    AIG was never insolvent, but due to the nature of their business, they require massive amounts of lending and credit everyday. the difference between AIG and Lehman/Bear/GS/Merrill is that AIG doesn't over-lever to buy bad debt and subprime loans, and they don't do a huge business in credit swaps. AIG's loan was necessary, the others not. I hesitate to call it a "bailout" because we did not give AIG free money.

    the fact that AIG executives were somewhere spending their money how they want is immaterial to the entire argument. they are not spending money from a golden parachute, they're spending their salaries how they want. nothing wrong with that. now, if you want to argue about their compensation levels in general, i'm right there with you... however EVERY major company has this issue, not just AIG. don't misplace your anger.

    :up:
     
    finswin56 likes this.
  14. HardKoreXXX

    HardKoreXXX Insensitive to the Touch

    20,467
    14,230
    113
    Apr 2, 2008
    Coral Springs, FL
    Tex are you sure this wasn't written off as a business expense?
     
  15. texasPHINSfan

    texasPHINSfan New Member

    6,363
    3,740
    0
    Dec 14, 2007
    Bellevue, WA
    no i don't know either way, actually.... but really that's all immaterial.

    AIG was given a loan by the U.S. Government to pay off.... this isn't a bailout. that word "bailout" is getting thrown around a lot lately.... AIG is going to have to pay back the federal government.... AIG is NOT a poorly-run company, contrary to what people want to believe due to the Fed getting involved.... how their executives spend money is the least of my worries. Now, if this was Lehman VPs, or Bear, or WaMu, or any other company that legitimately went bankrupt due to poor management, i'd be right there with you guys.

    AIG just had capital issues because the normal credit lines they use everyday dried up when banks decide not to lend anymore. AIG was a victim of the credit crunch, kind of apples to oranges to the other insolvencies. :up:

    AIG is a multi-billion-dollar-a-year conglomerate... if the higher ups stay in expensive hotel rooms, it isn't going to even put a dent in the books, really. top executives for every major company travel and spend like that everyday... the fact it's highlighted here i think is just due to the AIG name being in the news... this really isn't news.
     
    HardKoreXXX likes this.
  16. daphins

    daphins A-Style

    5,390
    2,549
    113
    Mar 22, 2008
    Bailout or loan I don't care. This isn't some mom and pop business on down the street. This is a major buisness that is contributing to a global meltdown of our financial systems. If the government gave them an emergency loan as they did I'd immagine it's for a good reason, and thus there should be oversight to make sure that the company isn't pissing away money for one last hurrah before they default leaving tax payers with the bill.

    It's an absolutely SHAMEFUL thing they did with the world in the position it is right now. My dad works for a multi-billion dollar company as well. They used to treat us great, i got all kinds of trips when I grew up. When things started to get bad about 7 years ago they stopped sending workers families on trips, cut back, laid people off and tightened their belts. It was the responsible thing to do, the company is still growing abliet much slower than they were but a large percentage of the workers still have their jobs.

    Yet AIG runs it's business into the ground, needs an emergency federal loan to stop from going under and they go off an piss away half a billion dollars? "it's their business" isn't a justifiable argument at this point. That's the kind of thinking that got us into this predicament. People shouldn't be allowed to run their businesses into the ground if it destabilizes the economies of entire nations.
     
  17. texasPHINSfan

    texasPHINSfan New Member

    6,363
    3,740
    0
    Dec 14, 2007
    Bellevue, WA
    i don't think you even read my posts, or even ONE article on what is going on with AIG. sorry, but that is such a misinformed post dude.

    here's an article about this very issue:
    AIG says lavish event was mischaracterized: Financial News - Yahoo! Finance

    the trip was for independent life insurance agents, not AIG executives.... these are your neighborhood insurance agents that led the country in sales revenue... it was their bonus treat for good work by AIG. they do this every year, to reward the best of the best in the agent field. every insurance company does something along these lines. more importantly, this trip was planned months in advance... the fact it happened that same week is sheer coincidence.

    further, the insurance arm of AIG is one of the cash cows of the company. it's a subsidiary, and its a very profitable subsidiary.... has no bearing on the other issues within the other divisions of the company.

    seriously, you're getting mad at Pontiac because Chevrolet needed a loan? that's what this is like.
     
    finswin56 likes this.
  18. FiN.in.RI

    FiN.in.RI Paul pierced through..

    669
    109
    0
    Dec 3, 2007
    the Heart
    If I understand correctly, AIG's insurance arm is and always has been golden, it's the now defunct investment subsidiary (located in CT if I am not mistaken) that basically tanked the whole conglomerate.
     
    texasPHINSfan likes this.
  19. dolfan06

    dolfan06 New Member

    631
    462
    0
    May 19, 2008
    Arkansas
    it is really immaterial if the junket was planned before or after and it really doesn't make any difference whether there were execs there or not. the bottom line is it took place after the bailout. AIG's salaries that were being paid to their execs were completely out of whack which ultimately caused the companies downfall. knowing the taxpayer was going to foot the bill, it was wrong to spend $440k. the company knew is the bottom line
     
  20. unifiedtheory

    unifiedtheory Sub Pending Luxury Box

    12,363
    7,091
    113
    Nov 24, 2007
    Burnaby, BC, Canada
    And to add to the story, today they hit the "G" up for ANOTHER $37.8 billion....

    Link.

    Damn right someone should go to jail. Fire the entire board and take away their "golden parachutes". I'm sick to death of executives wrecking companies, running up massive debt and walking out with enough money to never have to work again. Someone at some point in time has to just say "you're fired, get the **** out". Let the "executives" take it to court, tie them up for years and break them.
     
    dolfan06 likes this.
  21. dolfan06

    dolfan06 New Member

    631
    462
    0
    May 19, 2008
    Arkansas
    Top Financial News

    AIG, Castigated for Resort Event, Plans Another One (Update2)

    By Erik Holm and Hugh Son

    Oct. 8 (Bloomberg) -- American International Group Inc., castigated by the White House, Congress and Barack Obama for hosting a $440,000 conference days after an $85 billion federal bailout, plans to hold another gathering for brokers next week.



    To contact the reporter on this story: Erik Holm in New York at eholm2@bloomberg.net.
     
  22. texasPHINSfan

    texasPHINSfan New Member

    6,363
    3,740
    0
    Dec 14, 2007
    Bellevue, WA
    you really should read up on what you're talking about before you start making posts like this dude.

    the company's problems have NOTHING to do with the executives salaries.

    and the $440k spent on the trip for the agents was NOT paid for by the taxpayers. where are you guys getting your information from, seriously? you are really confusing Bear Stearns/Lehman Bros with AIG.... apples to oranges. the "taxpayers" are making money off the AIG deal... it was a LOAN. i really wish you'd read what i post, or at least read up on what is going on with AIG & the Fed before posting. :up:

    from padre's article:
    On Sept. 16, the Federal Reserve Board agreed to lend AIG $85 billion, using the company's assets as collateral. The loan is expected to be repaid from the proceeds of the asset sales. Interest on the line of credit is steep

    :up:
     
  23. dolfan06

    dolfan06 New Member

    631
    462
    0
    May 19, 2008
    Arkansas
    i don't care if it was or wasn't. it was morally wrong, bottom line. i'm not gonna argue over this, it wasn't right and there are a lot more people that think so so let it go!

    besides, the article says another one is being planned, where exactly do you think that money is coming from?
     
  24. dolfan06

    dolfan06 New Member

    631
    462
    0
    May 19, 2008
    Arkansas
    the articles from all the sites i've been to say nothing about stearns/lehman, only aig. so wht don't you read what you post.

    look up the definition of castigate and see who was involved and then get back to me.
     
  25. texasPHINSfan

    texasPHINSfan New Member

    6,363
    3,740
    0
    Dec 14, 2007
    Bellevue, WA
    [mod]Please don't get personal[/mod]

    care to post some links to these articles you're "reading" that say that the AIG deal is not a loan and is taxpayers money? i'm interested to see what you are reading that gives you this bad information. dude, i read this crap all day long. I'm not an expert on this topic, but i've read more than i care to regarding it.

    you hear a rumor and post about it in your first post without even posting a link. further, you have blatantly disregarded some facts in your posts. i back everything up with facts and links. the only things you've said that were true were the amount of money spent, and the fact that another one is planned. You finally posted a link on the top of this page, but it doesn't even backup what you're generally saying.

    everything else you said is false.

    for the umpteenth time, the insurance arm is a separate entity from the rest of the AIG operations. the insurance arm is a cash cow and is very well to do. they are fat in their accounts. they are not hurting at all. the fact that this is being paid for by the insurance arm has no bearing on the failing units of AIG. further, you, the taxpayer, are NOT footing this bill. i don't know why you think that. The government is making money on the AIG loan. AIG's insurance arm makes a lot of money. they use some of those profits to reward their best agents. i think you're having problems grasping the idea that AIG is a honest conglomerate... they have many different businesses.

    i fail to see why you have such an agenda toward this company, especially given that you apparently haven't done your homework. i have no problem with you and am not making this personal, but i'm not a big fan of when people direct serious unwarranted ire at a decent company.
     
  26. dolfan06

    dolfan06 New Member

    631
    462
    0
    May 19, 2008
    Arkansas
    AIG

    no where did i say loan or taxpayers. and to top it off, even if it was a loan how do you expect em to pay it back if they throw away money like that junket?

    if you had of bothered to go to the front page you would find a link, and as far as the second, there is a link on the page if you care to read it!!!!!!!!!!!!!!!!!

    http://seattletimes.nwsource.com/html/politics/2008170717_apmccain.html
    http://www.wistv.com/Global/story.asp?S=9023758
    http://www.foxnews.com/story/0,2933,423785,00.html
     
  27. finswin56

    finswin56 Get a mop

    8,281
    1,404
    0
    Dec 3, 2007
    St. Augustine
    Please leave the hostility at the door fellas. You don't need to make things personal or yell at each other. Just make your points.
     
  28. texasPHINSfan

    texasPHINSfan New Member

    6,363
    3,740
    0
    Dec 14, 2007
    Bellevue, WA
    they are going to pay the loan back by selling off some subsidiaries of AIG. Again, if you read any of the articles i posted, you would know that. $440k, as outrageous as that is to spend on a getaway, is not even a tip of an iceberg of the loan that AIG got from the government.

    i read all the links posted in the thread. Again, none back up anything you're saying other than the amount and the fact there is another one planned.

    can i ask (seriously) what your agenda is? were you ripped off by them at some point? i ask because there are people & companies that deserve a lot more negative attention in all this than AIG, including companies who's demise will have & have affected your life a LOT more than anything AIG does....
     
  29. texasPHINSfan

    texasPHINSfan New Member

    6,363
    3,740
    0
    Dec 14, 2007
    Bellevue, WA
    meh, i'm about done with this site anyway. i don't understand what was a "personal attack" about my post. the fact that i don't use excessive smilies? a LOT of double-standards and hypocrisy on here..... and this comment has nothing to do with this thread or dolfan06, whom i have no problem with. :no:
     
  30. dolfan06

    dolfan06 New Member

    631
    462
    0
    May 19, 2008
    Arkansas
    the bottom line is i never said it was or wasn't a loan. you must have got that from another post. the taxpayer is footing the bill, because they put the money up front. with the mismanagement of that company i don't believe they can pay it back.
     

Share This Page