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AIG - 10/9/2008 8:16:23 AM
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deliveredarling
Posts: 1935
Joined: 8/30/2007
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Anyone else absolutely appalled that AIG sent their thanks to the bailout in Congress's and the taxpayers face by celebrating their "rescue" to the tune of $400,000 at a spa?
Makes me really grateful that Congress has our (the taxpayers) best interest at heart, doesn't it you?
_____________________________
"Now no one after lighting a lamp covers it over with a container, or puts it under a bed: but he puts it on a lampstand, in order that those who come in may see the light."
Luke 8:16
http://www.myspace.com/egaip
Come visit
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RE: AIG - 10/9/2008 8:38:48 AM
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rlj
Posts: 2138
Joined: 4/14/2005
Status: offline
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quote:
The CEO of the giant AIG Insurance Company, Edward Liddy, today defended spending $440,000 on a retreat at a luxurious California resort as "standard practice in our industry" because it rewarded independent insurance agents who were top performers for the company. The event, at the St. Regis Resort and Spa at Monarch Beach, California was held less than a week after the federal government saved AIG from bankruptcy with $85 billion in loans.
http://abcnews.go.com/Blotter/story?id=5987363&page=1
Oh yeah AIG is also getting more from the $700,000,000,000:
quote:
The Federal Reserve Board said Wednesday that it would provide up to $37.8 billion to the embattled insurer the American International Group to help it deal with a rapidly dwindling supply of cash.
http://www.nytimes.com/2008/10/09/business/economy/09insure.html?_r=2&hp&oref=slogin&oref=slogin
Ah, I absolutely love Dubya's bailout plans. How nice it must be to be a rich failure under Dubya. : )
_____________________________
-Roger
This is who I'm voting for. He is from the same party I voted for last time. This is consistent with my belief in the failure of the two party system and my disgust with it.
http://www.baldwin08.com/#
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RE: AIG - 10/9/2008 10:53:51 AM
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letusreason
Posts: 807
Joined: 8/30/2008
Status: offline
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quote:
ORIGINAL: rlj
quote:
The CEO of the giant AIG Insurance Company, Edward Liddy, today defended spending $440,000 on a retreat at a luxurious California resort as "standard practice in our industry" because it rewarded independent insurance agents who were top performers for the company. The event, at the St. Regis Resort and Spa at Monarch Beach, California was held less than a week after the federal government saved AIG from bankruptcy with $85 billion in loans.
http://abcnews.go.com/Blotter/story?id=5987363&page=1
Oh yeah AIG is also getting more from the $700,000,000,000:
quote:
The Federal Reserve Board said Wednesday that it would provide up to $37.8 billion to the embattled insurer the American International Group to help it deal with a rapidly dwindling supply of cash.
http://www.nytimes.com/2008/10/09/business/economy/09insure.html?_r=2&hp&oref=slogin&oref=slogin
Ah, I absolutely love Dubya's bailout plans. How nice it must be to be a rich failure under Dubya. : )
So how about manning up to your post.
Do you plan on voting out those in congress who voted for it?
If you do you and others do , it will be mostly democrats being voted out. Including Biden and Obama.
Or are you just spouting off with no clear purpose except to smear?
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RE: AIG - 10/9/2008 11:26:51 AM
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Pat-rebel_lady
Posts: 669
Joined: 4/12/2005
Status: offline
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quote:
ORIGINAL: letusreason
quote:
ORIGINAL: rlj
quote:
The CEO of the giant AIG Insurance Company, Edward Liddy, today defended spending $440,000 on a retreat at a luxurious California resort as "standard practice in our industry" because it rewarded independent insurance agents who were top performers for the company. The event, at the St. Regis Resort and Spa at Monarch Beach, California was held less than a week after the federal government saved AIG from bankruptcy with $85 billion in loans.
http://abcnews.go.com/Blotter/story?id=5987363&page=1
Oh yeah AIG is also getting more from the $700,000,000,000:
quote:
The Federal Reserve Board said Wednesday that it would provide up to $37.8 billion to the embattled insurer the American International Group to help it deal with a rapidly dwindling supply of cash.
http://www.nytimes.com/2008/10/09/business/economy/09insure.html?_r=2&hp&oref=slogin&oref=slogin
Ah, I absolutely love Dubya's bailout plans. How nice it must be to be a rich failure under Dubya. : )
So how about manning up to your post.
Do you plan on voting out those in congress who voted for it?
If you do you and others do , it will be mostly democrats being voted out. Including Biden and Obama.
Or are you just spouting off with no clear purpose except to smear?
I'm spitting angry!! If I was a man, or even a younger women, I'd be out there taking on as many of these AIG Anti-Americans on with my bare hands, in fact I'd be in the face of everyone who had a part in this bailout; dragging them by their sows ears to the woodshed --- and that includes McCain for voting for it the second time around; But nooo...., we can't do that, it's considered politically-incorrect or even terrorism these days --- it don't matter I'd love to dance on their faces anyway.
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RE: AIG - 10/9/2008 11:32:53 AM
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letusreason
Posts: 807
Joined: 8/30/2008
Status: offline
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quote:
ORIGINAL: Pat-rebel_lady
quote:
ORIGINAL: letusreason
quote:
ORIGINAL: rlj
quote:
The CEO of the giant AIG Insurance Company, Edward Liddy, today defended spending $440,000 on a retreat at a luxurious California resort as "standard practice in our industry" because it rewarded independent insurance agents who were top performers for the company. The event, at the St. Regis Resort and Spa at Monarch Beach, California was held less than a week after the federal government saved AIG from bankruptcy with $85 billion in loans.
http://abcnews.go.com/Blotter/story?id=5987363&page=1
Oh yeah AIG is also getting more from the $700,000,000,000:
quote:
The Federal Reserve Board said Wednesday that it would provide up to $37.8 billion to the embattled insurer the American International Group to help it deal with a rapidly dwindling supply of cash.
http://www.nytimes.com/2008/10/09/business/economy/09insure.html?_r=2&hp&oref=slogin&oref=slogin
Ah, I absolutely love Dubya's bailout plans. How nice it must be to be a rich failure under Dubya. : )
So how about manning up to your post.
Do you plan on voting out those in congress who voted for it?
If you do you and others do , it will be mostly democrats being voted out. Including Biden and Obama.
Or are you just spouting off with no clear purpose except to smear?
I'm spitting angry!! If I was a man, or even a younger women, I'd be out there taking on as many of these AIG Anti-Americans on with my bare hands, in fact I'd be in the face of everyone who had a part in this bailout; dragging them by their sows ears to the woodshed --- and that includes McCain for voting for it the second time around; But nooo...., we can't do that, it's considered politically-incorrect or even terrorism these days --- it don't matter I'd love to dance on their faces anyway.
McCain is following the lead of the democrats under Pelosi, so yea he gets no points there, but he get's massive points for trying to sponser legislation in 2005 to avoid this mess while Obama stayed silent being the 2nd biggest recipient of Fannie Mae donations - FACT. GWB wanted to do it in 2003 but democrats blocked efforts. Every step of the way. I have suggested a military tribunal for Barney Franks, the biggest mouth who said Fannie Mae nad Freddie Mac were financially sound.
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RE: AIG - 10/9/2008 11:35:51 AM
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StephK
Posts: 2341
Joined: 4/11/2005
From: Southwest Louisiana
Status: offline
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Too bad we can't go back to the good ol' days.
_____________________________
Stephanie
The heart of the wise inclines to the right but the heart of the fool to the left.
Even as he walks along the road, the fool lacks sense and shows everyone how stupid he is. ~ Ecc. 10:2-3
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RE: AIG - 10/9/2008 12:29:00 PM
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stamper_ben
Posts: 10985
Joined: 4/11/2005
From: Lone Star State
Status: offline
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quote:
ORIGINAL: StephK
Too bad we can't go back to the good ol' days.
Did you see my thread about the Greatest Generation's participation in an election in Tennessee after WWII? It's in the Election folder, probably on page 2 now.
_____________________________
We will be known as His by the love we show one another.
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RE: AIG - 10/9/2008 1:55:45 PM
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rlj
Posts: 2138
Joined: 4/14/2005
Status: offline
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quote:
Do you plan on voting out those in congress who voted for it?
I plan on voting Baldwin for President and voting against the incumbent in the House. I'm new to this district so I don't know much yet about our state representatives.
_____________________________
-Roger
This is who I'm voting for. He is from the same party I voted for last time. This is consistent with my belief in the failure of the two party system and my disgust with it.
http://www.baldwin08.com/#
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RE: AIG - 10/9/2008 4:01:17 PM
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GroupW
Posts: 2911
Joined: 11/16/2007
From: Up in the hills of Colorado (very BIG hills...)
Status: offline
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FYI - it was a client conference that they agreed to sponsor months earlier. They would have had to spend most of that money regardless as it was a contract issue.
_____________________________
“For every problem, there is a solution that is simple, elegant and wrong.” -H.L. Mencken
"Most people would rather die than think; in fact, they do so." -Bertrand Russell
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RE: AIG - 10/9/2008 4:34:47 PM
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Pat-rebel_lady
Posts: 669
Joined: 4/12/2005
Status: offline
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quote:
ORIGINAL: GroupW
FYI - it was a client conference that they agreed to sponsor months earlier. They would have had to spend most of that money regardless as it was a contract issue.
If you want to allow them to get away with that much of yours and my money, you go ahead; But,
I don't care what kind of a "conference" it was, or what they agreed to do; there are millions of Americans at one time or another who worked without a contract; NOBODY needs to spend that kind of money on a conference (a cow field wouldn't have cost a penny)--- It's Greed!!! And guess what, if there is anyway to do it; even if I have to go to jail; I'M NOT PAYING FOR THE BAILOUT without a Knock-down fist flying FIGHT FIRST!!
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RE: AIG - 10/9/2008 4:56:35 PM
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GroupW
Posts: 2911
Joined: 11/16/2007
From: Up in the hills of Colorado (very BIG hills...)
Status: offline
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quote:
ORIGINAL: Pat-rebel_lady
quote:
ORIGINAL: GroupW
FYI - it was a client conference that they agreed to sponsor months earlier. They would have had to spend most of that money regardless as it was a contract issue.
If you want to allow them to get away with that much of yours and my money, you go ahead; But,
I don't care what kind of a "conference" it was, or what they agreed to do; there are millions of Americans at one time or another who worked without a contract; NOBODY needs to spend that kind of money on a conference (a cow field wouldn't have cost a penny)--- It's Greed!!! And guess what, if there is anyway to do it; even if I have to go to jail; I'M NOT PAYING FOR THE BAILOUT without a Knock-down fist flying FIGHT FIRST!!
When you schedule large conferences like that, you generally have to agree to pony up for a certain minimum amount of cost. They would have likely been forced to pay a significant portion of the $440k regardless of who was in control. It's not allowing them to get away with anything. I thought as Christians, we're supposed to encourage people to abide by the terms of their contracts.
It's possible to be penny-wise and pound-foolish here. A fair amount of business gets done as a result of conferences like this. If you likely would have had to pay 3/4 of the 4440k anyway, it's not too hard to cover the additional $100-140k with just one or two deals that come as a result of it.
It makes a great ugly sounding news story, but like most everything else you hear in the news, it's just not as simple as they make it sound.
BT
BT
_____________________________
“For every problem, there is a solution that is simple, elegant and wrong.” -H.L. Mencken
"Most people would rather die than think; in fact, they do so." -Bertrand Russell
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RE: AIG - 10/9/2008 5:11:21 PM
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Pat-rebel_lady
Posts: 669
Joined: 4/12/2005
Status: offline
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quote:
When you schedule large conferences like that, you generally have to agree to pony up for a certain minimum amount of cost. They would have likely been forced to pay a significant portion of the $440k regardless of who was in control. It's not allowing them to get away with anything. I thought as Christians, we're supposed to encourage people to abide by the terms of their contracts.
It's possible to be penny-wise and pound-foolish here. A fair amount of business gets done as a result of conferences like this. If you likely would have had to pay 3/4 of the 4440k anyway, it's not too hard to cover the additional $100-140k with just one or two deals that come as a result of it.
It makes a great ugly sounding news story, but like most everything else you hear in the news, it's just not as simple as they make it sound.
BT
Yes, abide by the terms of their contract; they need to pay it out of their own pockets!!! Because I, nor the rest of my fellow Americans, made NO such contract. Besides, I'm fresh out of giving in order to help out another --- It's my turn to get something in return; besides "your reward will be great in heaven"; for all these years of putting others first --- I'm done!
YES, Too bad we can't go back to the good ol' days.
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RE: AIG - 10/9/2008 8:07:01 PM
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deliveredarling
Posts: 1935
Joined: 8/30/2007
Status: offline
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quote:
When you schedule large conferences like that, you generally have to agree to pony up for a certain minimum amount of cost. They would have likely been forced to pay a significant portion of the $440k regardless of who was in control. It's not allowing them to get away with anything. I thought as Christians, we're supposed to encourage people to abide by the terms of their contracts.
It's possible to be penny-wise and pound-foolish here. A fair amount of business gets done as a result of conferences like this. If you likely would have had to pay 3/4 of the 4440k anyway, it's not too hard to cover the additional $100-140k with just one or two deals that come as a result of it.
It makes a great ugly sounding news story, but like most everything else you hear in the news, it's just not as simple as they make it sound.
BT
How this can be justified in any way I do not understand.
What is there not to get that it is our tax dollars paying for it? We have elderly living in their cars because they no longer have a house. We have victims of a natural disaster who can't get anything for all that they have lost.
And here, we have just another justification of the greedy doing business. Because we want them to honor their contracts.
How about doing what is right? How about not rubbing it in Congress's face that they got the money and got away with it, laughing as they left to enjoy a wonderful spa.
What is the government going to do when the people get so irate that they absolutely refuse to pay taxes? Who's going to bail them out?
Patting these greedy men on the behind and telling them to have a great time is not going to cut it with America. We are mad and getting madder by the day, as we should be.
This is injustice to the fullest extent. Justifying their behavior with petty excuses and telling people they really don't understand and it's just not that simple is not a forgiving attitude, it's one of placating and condescension. Basically, it's calling us stupid as if we can't see what is happening to us.
May I suggest the removal of blinders and how about some de-brainwashing for those who haven't seen the light, yet.
Some in these forums haven't been effected, YET.
Know what yet means?
YOU are ELIGIBLE TOO, and it's coming.
_____________________________
"Now no one after lighting a lamp covers it over with a container, or puts it under a bed: but he puts it on a lampstand, in order that those who come in may see the light."
Luke 8:16
http://www.myspace.com/egaip
Come visit
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RE: AIG - 10/9/2008 8:26:40 PM
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StephK
Posts: 2341
Joined: 4/11/2005
From: Southwest Louisiana
Status: offline
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quote:
ORIGINAL: GroupW
FYI - it was a client conference that they agreed to sponsor months earlier. They would have had to spend most of that money regardless as it was a contract issue.
Isn't the way they blow through other people's money part of the problem? Sorry no dice here. Wall Street needs to get a clue.
_____________________________
Stephanie
The heart of the wise inclines to the right but the heart of the fool to the left.
Even as he walks along the road, the fool lacks sense and shows everyone how stupid he is. ~ Ecc. 10:2-3
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RE: AIG - 10/9/2008 11:59:39 PM
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Pat-rebel_lady
Posts: 669
Joined: 4/12/2005
Status: offline
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quote:
ORIGINAL: stamper_ben
quote:
ORIGINAL: StephK
Too bad we can't go back to the good ol' days.
Did you see my thread about the Greatest Generation's participation in an election in Tennessee after WWII? It's in the Election folder, probably on page 2 now.
No I had not seen it, but I have now; Thank you, that was great!!!
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RE: AIG - 10/10/2008 8:11:19 AM
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stamper_ben
Posts: 10985
Joined: 4/11/2005
From: Lone Star State
Status: offline
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quote:
When you schedule large conferences like that, you generally have to agree to pony up for a certain minimum amount of cost. They would have likely been forced to pay a significant portion of the $440k regardless of who was in control. It's not allowing them to get away with anything. I thought as Christians, we're supposed to encourage people to abide by the terms of their contracts.
It's possible to be penny-wise and pound-foolish here. A fair amount of business gets done as a result of conferences like this. If you likely would have had to pay 3/4 of the 4440k anyway, it's not too hard to cover the additional $100-140k with just one or two deals that come as a result of it.
It makes a great ugly sounding news story, but like most everything else you hear in the news, it's just not as simple as they make it sound. What is simple is the fact that almost my entire years wages were spent on SPA treatments! 
Here's the invoice!
_____________________________
We will be known as His by the love we show one another.
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RE: AIG - 10/10/2008 8:46:20 AM
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Lady_of_Faith
Posts: 81
Joined: 9/18/2008
Status: offline
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I was outraged! but what can you do?
That St. Regis Resort is a very nice hotel, however to spend money on spa treatments for executives in these hard economic times is deploritive to say the least. People with stock, policies and anything else with AIG should drop them. The money they received could've benefited so many other things, like education, health care, etc. There are still people starving to death here in the States you know.
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RE: AIG - 10/10/2008 10:46:43 AM
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10SNE1?
Posts: 179
Joined: 4/19/2005
Status: offline
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quote:
ORIGINAL: deliveredarling
quote:
When you schedule large conferences like that, you generally have to agree to pony up for a certain minimum amount of cost. They would have likely been forced to pay a significant portion of the $440k regardless of who was in control. It's not allowing them to get away with anything. I thought as Christians, we're supposed to encourage people to abide by the terms of their contracts.
It's possible to be penny-wise and pound-foolish here. A fair amount of business gets done as a result of conferences like this. If you likely would have had to pay 3/4 of the 4440k anyway, it's not too hard to cover the additional $100-140k with just one or two deals that come as a result of it.
It makes a great ugly sounding news story, but like most everything else you hear in the news, it's just not as simple as they make it sound.
BT
How this can be justified in any way I do not understand.
So I can assume that none of you feed your kids from wages earned in the personal services industry? Because I'm pretty sure that there are a couple nail stylists and hairdressers who appreciated the business.
AIG is guilty of much and, apparently not hiring great PR people can be added to the list.
HOWEVER, as GroupW said...that money was mostly already spent and to pull out at the last minute would have only hurt the "little guys" in the consumer services industry.
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RE: AIG - 10/10/2008 11:23:25 AM
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stamper_ben
Posts: 10985
Joined: 4/11/2005
From: Lone Star State
Status: offline
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quote:
So I can assume that none of you feed your kids from wages earned in the personal services industry? Because I'm pretty sure that there are a couple nail stylists and hairdressers who appreciated the business. Then they can get their business from corporations that aren't feeding at the public pig trough.
_____________________________
We will be known as His by the love we show one another.
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RE: AIG - 10/10/2008 6:48:13 PM
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deliveredarling
Posts: 1935
Joined: 8/30/2007
Status: offline
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quote:
HOWEVER, as GroupW said...that money was mostly already spent and to pull out at the last minute would have only hurt the "little guys" in the consumer services industry.
You do realize that YOU are going to pay for it? It's not about the little guys, I mean they are going to pay for it too. It may come in in one hand and it's going to go out in the other...Income taxes....
it was bad business. If a company is struggling so badly that they need a bailout, obviously they do not need to add clients to the list because they are going to fail and they did with or without the client conference.
Point being is it is us, the taxpayer paying for their poor decision making, and also paying for them to bite the hand that just fed them.
_____________________________
"Now no one after lighting a lamp covers it over with a container, or puts it under a bed: but he puts it on a lampstand, in order that those who come in may see the light."
Luke 8:16
http://www.myspace.com/egaip
Come visit
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RE: AIG - 10/10/2008 10:00:23 PM
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iluvatar
Posts: 1934
Joined: 4/12/2005
Status: online
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Here's the text of a letter recently sent by Edward Liddy, CEO of AIG to Sec. Paulson regarding this matter:
quote:
October 8, 2008
The Honorable Henry M. Paulson, Jr.
Secretary of the Treasury
1500 Pennsylvania Avenue, N.W.
Washington, D.C. 20220
Dear Secretary Paulson:
I am writing to clarify an issue that was discussed at a hearing held yesterday by the House
Committee on Oversight and Government Reform. At the hearing, a recent business event held
by an AIG subsidiary was mischaracterized as an “Executive Retreat” held right after receiving
the $85 billion loan credit facility from the New York Fed.
The event in question was held by one of AIG’s insurance subsidiaries for independent life
insurance agents – not for AIG employees – who were top business producers for the company.
The vast majority of the attendees were independent business people and their guests, not AIG
employees. Indeed, of the more than 100 attendees, only 10 were employees of one of our
insurance subsidiaries who attended to represent their company. Not a single corporate executive
from AIG headquarters attended.
While this sort of gathering has been standard practice in our industry for many years and was
planned many months before the Federal Reserve's loan to AIG, we understand that our company
is now facing very different challenges – and that we owe our employees and the American
public new standards and approaches. Let me assure you that we are reevaluating the costs of all
aspects of our operations in light of the new circumstances in which we are all operating.
Mr. Secretary, I want you to know that AIG is focused on doing what is necessary to address our
capital structure, repay the Fed credit facility and emerge as a healthy global insurer. In the
meantime, our insurance businesses continue to operate normally and satisfy the needs of our
policy holders.
Sincerely,
Edward M Liddy (signed)
PM me if you want a copy of the pdf.
-Dan.
_____________________________
Well, I've been to one world fair, a picnic, and a rodeo, and that's the stupidest thing I ever heard come over a set of earphones.
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RE: AIG - 10/10/2008 10:25:50 PM
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stamper_ben
Posts: 10985
Joined: 4/11/2005
From: Lone Star State
Status: offline
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quote:
ORIGINAL: iluvatar
Here's the text of a letter recently sent by Edward Liddy, CEO of AIG to Sec. Paulson regarding this matter:
quote:
October 8, 2008
The Honorable Henry M. Paulson, Jr.
Secretary of the Treasury
1500 Pennsylvania Avenue, N.W.
Washington, D.C. 20220
Dear Secretary Paulson:
I am writing to clarify an issue that was discussed at a hearing held yesterday by the House
Committee on Oversight and Government Reform. At the hearing, a recent business event held
by an AIG subsidiary was mischaracterized as an “Executive Retreat” held right after receiving
the $85 billion loan credit facility from the New York Fed.
The event in question was held by one of AIG’s insurance subsidiaries for independent life
insurance agents – not for AIG employees – who were top business producers for the company.
The vast majority of the attendees were independent business people and their guests, not AIG
employees. Indeed, of the more than 100 attendees, only 10 were employees of one of our
insurance subsidiaries who attended to represent their company. Not a single corporate executive
from AIG headquarters attended.
While this sort of gathering has been standard practice in our industry for many years and was
planned many months before the Federal Reserve's loan to AIG, we understand that our company
is now facing very different challenges – and that we owe our employees and the American
public new standards and approaches. Let me assure you that we are reevaluating the costs of all
aspects of our operations in light of the new circumstances in which we are all operating.
Mr. Secretary, I want you to know that AIG is focused on doing what is necessary to address our
capital structure, repay the Fed credit facility and emerge as a healthy global insurer. In the
meantime, our insurance businesses continue to operate normally and satisfy the needs of our
policy holders.
Sincerely,
Edward M Liddy (signed)
PM me if you want a copy of the pdf.
-Dan.
Oh well then... That just makes EVERYTHING okeydokey. 
_____________________________
We will be known as His by the love we show one another.
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RE: AIG - 10/10/2008 10:32:03 PM
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iluvatar
Posts: 1934
Joined: 4/12/2005
Status: online
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quote:
ORIGINAL: stamper_ben
Oh well then... That just makes EVERYTHING okeydokey.
I didn't say that. But as GroupW has pointed out, this isn't the big deal that it was initially made out to be. AIG is a large company with a lot of different, financially sound subsidiaries. Their trouble stemmed from one relatively small financial services office in London essentially writing insurance policies for other securities (that's a simplification, but that's the jist). Because AIG was such a large company, they didn't have to put up collateral on these policies and because the policies were so profitable, this subsidiary kept writing more and more of them. When it came time to pay out on the policies, that portion of the company didn't have the money, so the parent company was on the hook to pay off the debt. The rest of the company was more-or-less as stable as ever.
-Dan.
_____________________________
Well, I've been to one world fair, a picnic, and a rodeo, and that's the stupidest thing I ever heard come over a set of earphones.
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