AIG Sucks

Photo Source: HeatherBullard

I’ve been following the government bailout and how it may affect consumers, retailers, and the American public as a whole. The banks are suffering, the mortgage industry has tanked, the housing market crashed and many Americans have been left with homes in foreclosure and increased taxes to boot. So much for the IRS Stimulus huh? Seems like the only thing it boosted was our economic meltdown.

So, I’m a tax-paying citizen and, like everyone else, I like to be savvy especially in these unique economic times. When the government started bailing out companies, I believed it would help the American public in the long run. But, when I saw on the Orange County Register report that AIG had just spent over $400,000 for an executive party at the posh St. Regis Monarch Beach Resort, CA. I couldn’t help but question what other companies are doing with our money, money that was suppose to help the companies, help this country, and help us. This is not an attack on the government, its more an attack on companies who simply have no regard or concern about their responsibility.

Here’s the article from the OC Register:

-Begin-
Less than two weeks after Uncle Sam gave American International Group (AIG) an $85 billion loan – staving off financial collapse – execs from one of its insurance subsidiaries, AIG American General, gathered
for a conference at the uber-swank St. Regis Monarch Beach Resort, billed as “California’s only Mobil Travel Guide Five-Star Resort,” where ocean-view rooms start at $565 a night and “world class luxury” is the rule.

On Friday, before the presidential debate got under way, caterers for the St. Regis were setting up dozens of tables on the grounds of Mission San Juan Capistrano for AIG American General’s sumptuous off-site dinner. Tables were draped with soft Tuscan-gold tablecloths that cascaded to the grass; elegant fresh flower centerpieces graced each table; and what appeared to be fine crystal stemware, at least from a distance, glistened in the fading light.

Workers set up a lengthy bar stocked with bottles of liquor. A half-dozen tall space heaters stood sentinel in case the evening turned cool. There was a large center stage with lighting and a sound system, and once the sun went down, the whole scene took on a magical patina as tiny white lights twinkled in the trees.

For more of the article: AIG subsidiary parties in style in OC, two weeks after bailout.

-end-

Here’s the AIG’s St. Regis blowout bill: $443,344 broken down: (Copy of the St. Regis Bill)
AIG American General spent:

• $147,302 for banquets
• $139,375 on rooms
• $23,380 for spa services
• $6,939 for golf
• $5,016 at the Stonehill Tavern
• $3,065 for in-room dining and the lobby lounge
• $2,949 for gratuities
• $1,901 at the Monarch Bayclub
• $1,488 at the resort’s Vogue Salon

So, folks, there you have it. Our hard-earned money at work. Wait, our hard earned money at play, but we don’t get to reap the benefits. It’s for the executives – you know, the same guys who performed poorly, who we entrusted with our money.

You know, I don’t even have a closing line. No two words can even explain it.

What do you think?

Update:

White House: AIG execs’ $440,000 retreat ‘despicable’

“The White House said on Wednesday it was “despicable” that American International Group Inc. executives spent hundreds of thousands of dollars on a posh California retreat just days after getting a federal bailout.

Lawmakers investigating the meltdown of AIG said the retreat didn’t include anyone from the financial

“It’s pretty despicable,” White House press secretary Dana Perino said.” products division that nearly drove the company under, but they were still enraged that executives of AIG’s main U.S. life insurance subsidiary spent $440,000 on the retreat, complete with spa treatments, banquets and golf outings.”