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AIG Bailout....hahahaha!!

Discussion in 'Uncategorized Threads' started by GunDr, Oct 7, 2008.

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  1. GunDr

    GunDr Well-Known Member

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    AIG spent US$440,000 on spa, resort after bailout, lawmakers say...

    Read the rest at the above link
     
  2. Dove Commander

    Dove Commander TS Member

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    Thats because the gov't didn't stipulate how they could spend the money. I'd like to see the contract. Oh ya, I want the government in charge of my healthcare....sure. Their such good managers.
     
  3. bigdogtx

    bigdogtx Well-Known Member

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    Name one thing that the government HAS done that worked out the way it was supposed to. (the U.S. Mail is not a direct government entity now) They just throw OUR money at it and HOPE it works out ok.
     
  4. Dahaub

    Dahaub Active Member

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    I'm listening to the debate right now and I'm glad I own muck boots. Brokaw is taking his roll serious. These guys are trying to answer their questions in the short amount of time given to answer and McCain always seems to take some of his time to point the finger to the Democrats for this financial mess. Oh well it's his minute he's spending. I personally would like to see the government start to regulate health care costs. It's bullsh** that someone goes to school for 8 years and expects a five hundred thousand dollar a year job. America is the only country in the world where Dr's of medicine are rich. I have one friend whose only brother retired from the service and went to live in the Phillipines and in a town of 12000 people he was the largest bank depositer each month. This was off the military pension of a sargent. AS for this bailout I believe that criminal charges should be brought against those that squandered our money like that. Dan
     
  5. Rico46

    Rico46 TS Member

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    Gundr, AIG's sales conference is for the top producing sales people nationwide, not their CEO's or Corporate Officers. The top 5% of the sales people bring in around 65% of the revenue of a company. Although, the timing of this trip seems bad, these sales trips are offered to the sales force a year ahead of time.

    Nearly every insurance company offer awards for Top Producers. Trust me they deserve it. I spent 22 years as a sales person selling property & casualty insurance, qualifying only 4 times in a 22 year career.

    Rick
     
  6. Dove Commander

    Dove Commander TS Member

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    I haven't seen McCain do anything that Barry hasn't already done. He's running against McCain, not Bush. He alsways seems to forget that. Brokaw let Barry break the rules early by allowing him counter a McCain statement. Why does the US have the best doctors and equipment in the world? Cause we can afford the best, and there is incentive to be here. I had Cancer a few years ago, and was damn glad to be in America.
     
  7. widomaker

    widomaker TS Member

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    Oh please you have got to be kidding me with this crap !!!!!!! They deserve nothing just like the rest of us what they deserve it to be FIRED !!!!!

    WASHINGTON - Days after it got a federal bailout, American International Group Inc. spent $440,000 on a posh California retreat for its executives, complete with spa treatments, banquets and golf outings, according to lawmakers investigating the company's meltdown.
     
  8. Rico46

    Rico46 TS Member

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    Widowmaker read above! Your misinformed about the AIG issue! Read it so you won't continue to spread misinformation. Thanks

    Rick
     
  9. R.Kipling

    R.Kipling Well-Known Member

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    Rick,

    While I recognize your point, most of us would take exception, anyway. Given the total circumstances, spending a half million that you really don't have just doesn't make sense.

    These top-earners should have the character to fore-go such an expenditure, and not a one of them did. Ethics is NOT a 'situational' venture. This event wasn't part of a living salary, it was a big, expensive perk from a bankrupt employer spending taxpayer money.

    Kip
     
  10. Rico46

    Rico46 TS Member

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    Kip, when you walk in my shoes for the last twenty-two years and sell financial security to working men and women you can tell me about sales perks! My days start around 5:15 and end when they end. I drive 45 to 50 thousand miles a year to make a living and I do it well. Those salesman earned that perk!! With all due respect, unless your a salesman or a salesman who sells property & casualty insurance you really have no idea what your talking about it. Thanks

    Rick Brohmer
     
  11. Rvator97

    Rvator97 TS Member

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    The issue is NOT whether or not they "deserved it"... the co was BANKRUPT...! And it was TAXPAYER'S MONEY! I would like my $$ back!
     
  12. SeldomShoots

    SeldomShoots Active Member

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    Just goes to show you how the majority of Democrats and Republicans have screwed us again. Thanks Washington!!!! John E.
     
  13. BIGDON

    BIGDON Well-Known Member

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    Why don't some of you try and at least act like you have some common sense. First of all AIG was not bankrupt. The Govt. didn't give them a dime. AIG got a letter of credit from the Govt. for which they put up 70% of the company as collateral. AIG as a whole is worth over a 1 TRILLION dollars. AIG is made up of many sub companies, one of which held a junket for 100 of their Independent Agents and 10 employees of the subsidiary. This was planned and promised months in advanced, with goals that had to be reached by those 100. Now that works out to be $4,400 per agent to cover his and spouse's expenses for ?? days at a yes plush resort. Those agents will get a 1099 for the $4,400 and pay the taxes on it as compensation. As it is a reward/compensation for an outstanding job. They worked their asses off for the reward only to have a bunch of no nothings come on here and say they should give it back. BS, why don't you give back a part of your paycheck, you didn't work any harder than they did.

    The Media made a big misinformed deal out of it just to make another BIG comapany look bad and prop up their candidate. Many of you took it hook, line and sinker then built it up even bigger. Don't you get tired of being duped??

    Don
     
  14. Rvator97

    Rvator97 TS Member

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    Thanks Don, your post inspired me to do some further research.After searching the web re this event, these are the facts:
    1) The Feds loaned AIG. $$ to save it from certain bankruptcy. The US Gov now owns 79.9% of the co.
    2) The junket was condemed by George Bush, John McCain & Barack Obama.
    3)AIG is NOT "worth 1 trillion $.... AIG has assets totalling a trillion $... Big difference! Apparently the other side of the balance sheet, (liabilities) was a bit more ....hence "bankruptcy"!
    4) Just seems like common sense that when a Corp is on the path to bankruptcy, the first thing to do would be to cancel these types of expenses... Especially when they were funded by $$ that were BORROWED by the Fed , then loaned to AIG!
    IMHO it appears to be a case of poor management on top of even poorer judgement. Hence the outrage... that I feel is justified.
    Walt
     
  15. BIGDON

    BIGDON Well-Known Member

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    Walt; I suggest you do some more research. The Line of Credit was needed as colateral for outstanding loans, which was needed when their credit rating dropped it created the need for more colateral instantly. Don't meet the colateral limits and then the loans are due instantly creating financial crisis for AIG. The Govt. doesn't owned 79% unless AIG fails to repay the loans. I suggest you look at how the companies that AIG owns operate and you will find that they operate independently. It was one of these companies that compensated their Independent agents with this trip, key word compensation. Promises made and promises kept. Don't keep them and the 100 top salespersons look for another company to give their business to hence the AIG sub company now is in finacial trouble for no new sales and loss of policyholders who will follow the agents. Hence this was a sound business decision. The Web doesn't tell you everything. Did the WEB tell you that it was reported wrong as "a junket for top AIG executives", if that was true I would agree with you but it wasn't and I therefore disagree. Does it surprise you that the Media got it wrong AGAIN.

    I work with several of the AIG sub companies and let me assure you that they are financially sound and could be sold off if needed at a handsome profit. I was initially going to move our clients out of these companies but have determined that they are safe and protected by the various Ins. Depts. that regulate the individual companies. I don't agree with the way that AIG the holding company does business but the sub companies are a different story and fortunately work independently.

    Don
     
  16. dbcook

    dbcook TS Member

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    i hear AIG received another 37.8 billion dollar loan on top of what they already received. dwain
     
  17. Rico46

    Rico46 TS Member

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    Walt, you need to listen to Don. AIG was given a line of credit. If any organization can come back and will pay every dime back it will be AIG. As far as the junket goes I don't care if Bush, Cheney, McCain and or Obama criticize it, those sales trips are offered a year in advance. The sales people shouldn't be punished for corporate screwing up. They work ungodly hard all year just to qualify!

    I've seen thread after thread saying "AIG's Execs went on this luxury junket." The fact is the Corporate Execs at AIG didn't go on it! It was the sales people that sell their product. Talk about misinformed! They hear Barack Obama or John McCain say something about the junket and now its the gospel! No wonder why we can't elect decent candidates we have an electorate that is ignorant and misinformed!

    Rick Brohmer
     
  18. Rvator97

    Rvator97 TS Member

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    thanks for the inside info guys....very interesting. Walt
     
  19. Bisi

    Bisi TS Member

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    Just heard on the news AIG was going to cancel that spa/conference outing in Half Moon Bay.
     
  20. Bisi

    Bisi TS Member

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    Now I guess we will have to bailout the resort.
     
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