Yup . . . This is the AIG that received an $85 billion taxpayer bailout from the federal government and sidestepped a corporate collapse on September 16. Less than a week after being rescued, AIG executives blew through almost $500,000 of taxpayer bailout funds at a week-long retreat at the ritzy St. Regis Monarch Beach Resort in Orange County, California.
This 5-Star, 5-Diamond exclusive beach resort has room rates that average well over $400 per night. Many higher category room types and suites sell well above $1,000 per night. To give you an idea of what the St. Regis Monarch Beach grounds look like, take a glimpse at the video below. Pictures hardly do this property any justice.
While these executives wined and dined throughout the week, many Americans lost their jobs and now struggle to provide for their families. Did these AIG executives somehow miss the whole controversy over executive compensation, benefits, and perquisites? Did they forget that the tax-paying American is essentially a shareholder of AIG (thanks to the bailout), and that the average American is actually paying for their retreat?
So how did these AIG execs rack up such a huge bill? The St. Regis Monarch Beach provided invoices to Chairman Waxman of the Committee on Oversight and Government Reform. You ready for what they dug up? AIG’s charges at the St. Regis totaled over $440,000, including almost $200,000 in room charges, over $150,000 for catered banquets, and $23,000 in spa charges. Wow. Thanks to the Committee for letting the general public see the execs’ bill with our own eyes. I wonder how other corporate executives will end up using our $700 billion bailout funds.
For more details on the investigation, check out this ABC News link.
If you want to experience a fraction of what the AIG execs did (and I’m not talking about guilt), the St. Regis Monarch Beach resort is offering a special family package through the end of the year that includes $100 daily resort credit and reasonable perks for the little ones. At least you deserve it.
Source: USA Today, ABC, Committee on Oversight and Govt Reform
Someone please send those guys in front of the firing squad. Remember to pull their pants down before you shoot.
Comment by ling lig lin — October 8, 2008 @ 8:50 am
And corporate america wonders why there is so much sentiment against it? I don’t know how these people sleep at night. And people criticize the auto industry which is going under because it can’t afford to give it’s employees benefits. Shame on you, AIG.
Comment by pissedofftaxpayer — October 8, 2008 @ 6:34 pm
1,000,000,000,000 dollars ($1 trilliion) – Jail Time
300,000,000 US People and lets assume only 200,000,000 US People are tax paying citizens and / or US Citizens
Divide the 1,000,000,000,000 dollars
among the 200,000,000 US People
that is $5000 per person.
The Bill passed closer to more that closer to $1.7T therefore each person would get about $8500 if it was distrubuted equally to the people
I think that is more fair than a single company to get $0.7T. I have family members who worked for AIG, and my father will stop getting his pension by the end of 2009 even with the bail out. My brothers and sister only has 5 more years to get a pension.
Yet, yesterday (the day after the bail out) AIG executive were in San Diego at a day spa. Someone has to go to jail. One previous exec got $40M for leaving, one current exec who was in san diego is going to get $7M for being in AIG for 3 months.
Oh did I mention One AIG executive and Benjamin S. Bernanke was in China during the Olympics…before Bernanke was said ‘My company will bail you out’ (single quotes means that it is my own interpertation)…His company the US Federal Reserve.
Benjamin and this One AIG executive went to college together. The good old boys club.
http://www.hoovers.com/aig/–ID__10095,target__executive_list–/free-co-samples-index.xhtml
Comment by Bochica — October 8, 2008 @ 7:54 pm
Anyone in the insurance business is familiar with these junkets…and they are completely the opposite of what you were led to believe in the press:
1) they are NOT for AIG executives; they are for independent agents.
2) The independent agents are NOT employees of AIG but are, as the name implies, independent agents who receive 1099′s at the end of the year, NOT 1040′s. In all likelihood, the agents represent 5-10 other insurance companies (assuming they are not captive agents).
3) The St. Regis trip is a common incentive type trip that agents compete for: they have to produce a certain amount of business in a year in order to qualify. Virtually every single insurance company in the United States does it.
4) The trip was probably set up 6-12 months ago. It was an OBLIGATION on the part of AIG to provide these agents with the trip.
5) To renege on this obligation that AIG had towards these independent agents would be TANTAMOUNT TO NOT PAYING THEIR ELECTRICITY BILL.
Comment by Tony Kondaks — October 8, 2008 @ 11:08 pm
[...] — sharkieva @ 6:13 pm AIG sure got a good spanking from the media and the public after news leaked out about the company’s lavish partying at the St. Regis Monarch Beach Resort last…. Turns out the insurance company has been planning a similar ritzy event at another uber-upscale [...]
Pingback by AIG learns from its mistakes and cancels upcoming Ritz Carlton booking « *wood — October 10, 2008 @ 6:14 pm
Tony Kondaks,
I don’t knwo where you got your shit from but no one believes you here…may be it’s because you’re one of them!!
Comment by Erin — October 23, 2008 @ 2:54 pm
God is not asleep, who says ‘Vengeance is mine.’ They sowed their seeds and they will reap what they sowed. Whatever one does to the others, either good or bad, it will go back to that person. Remember, the other person is you. Like the boomerang, it goes back to the one who shoots it away. No running away from God’s law.
Comment by Ellis — October 30, 2008 @ 5:31 pm
[...] is the same AIG that spend nearly $500,000 of our bailout money at the St. Regis Monarch Beach Resort for it’s executives after reviving the bail out funds, the same Bailed-out AIG after pressure [...]
Pingback by AIG Slashes US Debt Under Deal With New York Fed « The Conservative Papers — December 2, 2009 @ 10:32 pm
me and my girlfriend loves to visit the local day spa, it is our weekly routine to get a good scrub*,`
Comment by Cold Remedies : — October 28, 2010 @ 5:02 am
abc news is of course one of the most reputable news sources these days “‘:
Comment by Canister Set · — November 13, 2010 @ 3:51 am
Very Good web …. thanx guy…
Comment by download — March 26, 2011 @ 12:33 am