Posted on 10/09/2008 4:16:40 AM PDT by Amityschild
NEW YORK - American International Group 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.
The event, at the Ritz-Carlton in California's Half Moon Bay, aims to "motivate and educate" about 150 independent agents who sell AIG coverage to high-end clients, said spokesman Nicholas Ashooh.
White House spokeswoman Dana Perino yesterday called "despicable" expenses from the first gathering, a weeklong conference last month at the St. Regis Resort in Monarch Beach. Those costs included $23,000 for spa services, according to Representative Henry Waxman, chairman of the Oversight and Government Reform Committee.
AIG considered buying advertisements to explain its position, only to be told by public relations consultant George Sard that it would be "a really bad idea."
(Excerpt) Read more at boston.com ...
Reality check.
THIS IS MY MONEY!
I can't afford to stay at the Ritz for breakfast and this bankrupt company can send its employees there for week long junkets on my dime?
I have a right to be pissed.
When they are spending MY MONEY, the answer is yes. That's where I stay.
What would that tell them about the solidity of AIG?
These guys can't read the newspaper?
I do think AIG management should take lessons from Warren Buffet about cost containment, but I won’t bash them for this one.
I will do it for you.
Ya think?
The alternative is that they could adjust to bankruptcy and joblessness, which would have been my vote.
Helloooo. I think the solidity of AIG was made pretty clear when the government had to bail them out to the tune of $85 billion. They should be lucky they aren't booked into a Motel6.
DoD contract officers close billion dollar deals all the time. They travel on GSA rate schedules and stay in Holiday Inn Express.
These idiots are traveling on US taxpayer money. They can have a $120 per day room allowance and a $53.50 per diem allowance.
Bingo. These idiots are no longer a 'private' company. They're a wholly owned subsidiary of the US Government.
How do you like your bailout now, a**hole?
L
If AIG wants to keep talented sales people, they cannot have them sleep out in the barn ala Lil Abner, are they supposed to write 100 billion in sales and go have a cinnabon down at the front desk?
Poppycock.
“Helloooo”
Helloo back, this is not the local Rotary Club meeting.
“e solidity of AIG was made pretty clear when the government had to bail them out to the tune of $85 billion”
Hmmlet’s put on our thinking cap here, the only thing keeping AIG afloat is the idea that they are a International Company that can honor their policies, if you want to see 100 billion in AIG bailout money disappear, let’s have the sales force meet clients at McDonald’s..that’ll work...
“They should be lucky they aren’t booked into a Motel6.”
And the top sales producers would walk, and we would be left holding the 100 Billion dollar bag.
Just returned from a conference at the Ritz-Carlton in Lake Las Vegas. The negotiated room rate for attendees was $190.00. This included access to the spa.
I have no idea what the conference organizers paid for food.
I took my first Pilates class (no extra charge). Quite enjoyed it.
FWIW
Well, good thing we never allowed it.
And how much money do these talented people make selling AIGs products? Will they drop the product if the junket is cancelled? Will they cut off their nose to spite their face? Poppycock.
You miss my point. You justifed the junket by saying otherwise people might not think the company is sound and solvent. I'm merely pointing out that if they don't know by know that the company is not sound and was not solvent then they must be living in a cave.
These people make a lot of money selling AIG services. If they want to drop that income merely because AIG cancels their all-expense vacation then so be it.
Thomas Jefferson was a smart guy, if not a little eccentric.
Since TJ wasn’t a fan of a standing army (he warmed to the idea of a standing navy after Obama’s muslim forebears caused some problems in the Mediterranean), should we disband that too? I mean, if all you can do is post “see I told you so” quotes should we take it all to heart?
Rotten AIGs.
And exactly where are they going to walk to in this market?
Somebody needs to tell these guys that they are government employees now and that the party is over.
This is why bad companies need to go out of business instead of being propped up by the government
If AIG is going to accept an $85 BBBBBillion government bailout, then it should forego holding nearly half million dollar executive conferences for a while.
AID has been nationalized. That means that now they have to get government permission to hold their lavish greedfests. If they didn’t want that oversight, they shouldn’t have stolen money from taxpayers.
AID=AIG
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