You would think that a company like AIG, which was about to go under, would have the common sense to watch their spending after the government agreed to bail them out with $85 billion to keep them from collapsing. Apparently, the executives in that company see it as a 'give away', and they don't have to protect what they have.
This is going on while the average taxpayer is losing money on their 401K's, losing their jobs and their homes. Apparently, the average Joe doesn't matter to these executives, just as long as they continue their high living! They need to get a grip! This nation is in a crisis!
Last month, the taxpayers bought out AIG in an $85 billion bailout. This was a direct result of the mistakes made by Mr. Cassano. Yet even today, he remains on the company payroll, receiving $1 million a month.
The federal bailout occurred on September 16. Less than one week later, AIG held a week-long retreat for company executives at the exclusive St. Regis Resort in Monarch Beach, California. A photograph of the resort is on display.
Rooms at this resort can cost over $1,000 per night. Invoices provided to the Committee show that AIG paid the resort over $440,000, including nearly $200,000 for rooms, over $150,000 for meals, and $23,000 in spa charges.
Average Americans are suffering economically. They are losing their jobs, their homes, and their health insurance. Yet less than one week after the taxpayers rescued AIG, company executives could be found wining and dining at one of the most exclusive resorts in the ation.
If the government buys out a company, the executives need to be removed and put in some reliable people in their place. When a company like AIG just blatantly refuses to buckle down and reduce unnecessary expenditures (of which these were), they need to just collapse! With the same people in the driver's seat, they will never be a truly responsible company.
Linked at Conservative Cat