Less than a week after the federal government committed $85 billion to bail out AIG, executives of the giant AIG insurance company headed for a week-long retreat at a luxury resort and spa, the St. Regis Resort in Monarch Beach, California, Congressional investigators revealed today.
“Rooms at this resort can cost over $1,000 a night,” Congressman Henry Waxman (D-CA) said this morning as his committee continued its investigation of Wall Street and its CEOs.
AIG documents obtained by Waxman’s investigators show the company paid more than $440,000 for the retreat, including nearly $200,000 for rooms, $150,000 for meals and $23,000 in spa charges.
“Their getting their pedicures and their manicures and the American people are paying for that,” said Cong. Elijah Cummings (D-MD).
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I wonder how quickly this money would be paid back if everyone involved (even if they moved jobs) was banned from their bonuses until same. 35% interest seems fair also.
Mother FUCKERS
Who had the pitchforks?
When will someone stand up to these Lexus-driving welfare kings?
1 – Significant, effective oversight.
2 – No payment of bonuses or dividends or any significant disbursements of any kind without approval from the overseers.
3 – Real likelihood of a return on the taxpayer’s investment in these failing companies.
Lack of any one was a deal breaker for me for approving the
bailouthandout bill.Republicans do believe in redistribution of wealth after all. From the poor and the middle class into the pockets of the rich.
HOW IS NO-ONE FUCKING OUTRAGED ABOUT THIS FUCKING SHIT
Apparently ABC news doesn’t know the difference between “their” and “they’re”
Via John Cole:
Nimrod: I am. I just don’t know what to say except for a long string of obscenities…
I think at this point, mambo, that’s okay. Let fly.
And Waxman and Cummings both voted FOR the bailout? What in holy hell did they think was gonna happen?
I suppose what I really meant was, why is there not a full-scale uprising in the streets? Come on, May 68!
“Any hearing on oversight that does not begin with Fannie and Freddie and [former Fannie Mae CEO] Franklin Raines will be a sham,” said Rep. John Mica (R-Fla.). “This is like investigating a train robbery and only talking to the dining car stewards.”
The mortgage giants, Fannie & Freddie, aren’t part of the five-hearing investigation Waxman is planning for the rest of October, but Waxman said he is looking into their failure. He said committee staffers are reviewing documents and he might call a hearing.
Might… Waxman is a tool.
Fannie and Freddie didn’t cause the current meltdown, william.
Keep wishing, though.
It’s not a nation of suckers. It’s a nation of fools who elect suckers into higher office. Or are they suckers?
I say that we let the whole system crash. Yes, it will be hell for a decade or decade and a half, but the system cannot sustain itself as it is. Why try to push off fate? It’s equally foolish to not just get it done with now, as it’ll be worse later. Nearly a trillion dollars to buy us an extra 2-5 years.
Super.
“We are the docile masses! We are the puppet people, oh put it on our TV, it’s true, put it on our TV, it’s true…”
Why can’t the feds freeze the assets of every company involved in this thing?
Clearly, they need to do that, fast.
In all honesty, I don’t know what to feel about all this. Am I for the bailout or against it? If all it means is that CEOs and bigwigs don’t lose their bonuses for driving their companies into a ditch, I say let the mothafucka’s burn.
Perhaps Wall Street does need a hard reboot, but not like this; not at our expense.