xcel
10-10-2008, 11:31 AM
Pressing executives to concede mistakes, lawmakers blast them about bonuses. (http://www.washingtonpost.com/wp-dyn/content/article/2008/10/07/AR2008100702604_pf.html)
http://www.cleanmpg.com/photos/data/501/AIG.jpgPeter Whoriskey - Washington Post - Oct. 8, 2008
On top of this outrage, AIG has already burned through $61 Billion of the $85 Billion we gave them and are asking for another $35 Billion :mad: :mad: :mad: -- Ed.
For some people at AIG, the insurance giant rescued last month with an $85 billion federal bailout, the good times keep rolling.
Joseph Cassano, the financial products manager whose complex investments led to American International Group's near collapse, is receiving $1 million a month in consulting fees.
Former chief executive Martin J. Sullivan, whose three-year tenure coincided with much of the company's ill-fated risk-taking, is receiving a $5 million performance bonus.
And 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.
At a House committee hearing yesterday, Rep. Henry A. 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.
"Less than a week after the taxpayers rescued AIG, company executives could be found wining and dining at one of the most exclusive resorts in the nation," Waxman said in kicking off an angry hearing of the House Committee on Oversight and Government Reform. "We will ask whether any of this makes sense." … http://www.washingtonpost.com/wp-dyn/content/article/2008/10/07/AR2008100702604_pf.html
http://www.cleanmpg.com/photos/data/501/AIG_Billfor_440_000_to_St_Regis_1.gif
http://www.cleanmpg.com/photos/data/501/AIG_Billfor_440_000_to_St_Regis_2.gif
http://www.cleanmpg.com/photos/data/501/AIG_Billfor_440_000_to_St_Regis_3.gif
http://www.cleanmpg.com/photos/data/501/AIG.jpgPeter Whoriskey - Washington Post - Oct. 8, 2008
On top of this outrage, AIG has already burned through $61 Billion of the $85 Billion we gave them and are asking for another $35 Billion :mad: :mad: :mad: -- Ed.
For some people at AIG, the insurance giant rescued last month with an $85 billion federal bailout, the good times keep rolling.
Joseph Cassano, the financial products manager whose complex investments led to American International Group's near collapse, is receiving $1 million a month in consulting fees.
Former chief executive Martin J. Sullivan, whose three-year tenure coincided with much of the company's ill-fated risk-taking, is receiving a $5 million performance bonus.
And 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.
At a House committee hearing yesterday, Rep. Henry A. 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.
"Less than a week after the taxpayers rescued AIG, company executives could be found wining and dining at one of the most exclusive resorts in the nation," Waxman said in kicking off an angry hearing of the House Committee on Oversight and Government Reform. "We will ask whether any of this makes sense." … http://www.washingtonpost.com/wp-dyn/content/article/2008/10/07/AR2008100702604_pf.html
http://www.cleanmpg.com/photos/data/501/AIG_Billfor_440_000_to_St_Regis_1.gif
http://www.cleanmpg.com/photos/data/501/AIG_Billfor_440_000_to_St_Regis_2.gif
http://www.cleanmpg.com/photos/data/501/AIG_Billfor_440_000_to_St_Regis_3.gif