Outrageous...AGI resort trip...AFTER BAIL OUT

Yea, seen this earlier......nut hanging is probably a good starting point...
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and it ain't over yet:

http://www.bloomberg.com/apps/news?pid=206...&refer=home

Oct. 8 (Bloomberg) -- American International Group Inc., the insurer facing criticism for hosting a $440,000 event at a California resort less than a week after a federal takeover, plans another gathering for its brokers at a Ritz-Carlton hotel next week.

The event, in Half Moon Bay in northern California, is designed to ``motivate and educate'' about 150 independent agents that sell AIG coverage to high-end clients, spokesman Nicholas Ashooh said. ``These sorts of sales meetings are an essential function,'' he said. ``We have them around the world all the time.''

About 50 AIG employees will also attend the meeting. Ashooh said he didn't know the cost of the event or whether the agents AIG is hosting would stay overnight.
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can't they hold like a picnic or something instead?

 
I heard on the news this morning some big-wig with one of these now defunct companies is back on the pay-roll again making $1mil.....a FREAKIN' MONTH!!!!!
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http://www.nydailynews.com/money/2008/10/0...california.html

Still smarting from their spanking for blowing $500,000 at a swanky resort after getting an $85 billion taxpayer bailout, AIG execs have cancelled a planned spa weekend at a posh California hotel.
The conference for AIG agents at the Ritz-Carlton in Half Moon Bay next week was scrapped "after a re-evaluation of the costs under the new circumstances," AIG spokesman Joe Norton said Thursday.

Among other things, Norton cited "the need to repay the fed while still serving the needs of our policyholders."

AIG pulled the plug on plans for a weekend of pampering for a privileged few after the feds agreed to lend AIG another $37.8 billion to stay afloat - on top of the $85 billion the troubled insurer received just last month.

"I cannot fathom how in the same day - the very same day that AIG asked the government for another $37.8 billion loan, the company would even consider moving forward with plans to host another large conference at another large luxury resort," said Rep. Elijah Cummings (D-Md.), a senior member of the House Oversight and Government Reform Committee, which is probing the Wall Street crisis.

This means that AIG will have to figure out another way to "motivate and educate" 150 top agents who were expecting to stay in an ocean front hotel 30 miles south of San Francisco where the cheapest rooms go for $400 a night.

Among other things, the hotel features candle lit spas and Roman style mineral baths, two championship golf courses, and restaurants that have a tasting menu with wine that costs $167 per person.

Norton did not return an e-mail asking if AIG has cancelled any other expensive junkets for employees and top executives.

But an e-mail mistakenly sent to Bloomberg News revealed that AIG had the chutzpah to consider launching an ad campaign to justify the high-priced junkets.

That's "a really bad idea," AIG's public relations consultant George Sard wrote.

"To spend the taxpayer's money on an expensive ad campaign to apologize for how you used taxpayer money leaves you open to further attacks," Sard wrote to AIG flak Nicholas Ashooh.

Revelations on Tuesday that AIG execs blew $500,000 at the St. Regis resort in Monarch Beach, Calif. drew nationwide condemnation. White House spokeswoman Dana Perino called it "despicable."

Democratic presidential candidate, Sen. Barack Obama, said in his debate with GOP rival, Sen. John McCain, that AIG should repay the U.S. Treasury for spending taxpayer money at the resort.
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