Since the markets have been tanking and the taxpayers have been bailing, the Captains of Industry have begun developing a public relations problem. It keeps getting out that executives from failed companies aren’t destitute. It doesn’t matter that the money being discussed is a “drop in the bucket” or if the stories are somehow out of context. We The People just aren’t in the mood to hear any rationalizations. When we’re told that companies need $700 billion NOW NOW NOW and when our elected officials give it to them and when we watch our 401(k)s being decimated, we want to see hair shirts and remorse; not pedicures and manicures:
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.
. . .
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.
At this point, I’d suggest that the luxuries the public will tolerate these folks enjoying might possibly extend to video games and cheap domestic beer. So, my advice to these guys is to fire up the XBox, crack open a Pabst, and stay the hell away from the public eye. Otherwise folks might add rope to the list when they’re out shopping for torches and pitchforks.
At this point, I think the luxuries the public would like to extend to these folks is “3 hots & a Cot.”
Roe Conn talked about that tonight.
I had a church meeting tonight and stayed after to talk to one of my members who works in the mortgage field. He used to work for American Ganeral, which was purchased by AIG. He was not a bit surprised to hear this story.
BTW he also is abandoning the repubs to vote for Obama-and this is one of the most conservative guys I’ve ever met! I mean this is a guy who wishes that women still knew their place-and HE IS VOTING FOR OBAMA! Thank you W! (He and I had a great discussion for an hour after the meeting).
Earlier today, AIG announced an important policy change – one that we wanted to be sure you knew about.
A short time ago, our Chairman and CEO Ed Liddy said that he has ordered the immediate cancellation of all outside meetings, conferences, and recognition events across AIG, except those that are required by law or that are deemed absolutely critical to sustain our ongoing business needs.
Given AIG’s commitment to our customers, business partners, regulators, and American taxpayers, coupled with the new and very different challenges our company now faces, we take these responsibilities extremely seriously. Their trust is critical to our success. We recognize the need to be sensitive about all company expenditures.
As we move forward, we will continue to focus our efforts to pay back the $85 billion loan from the Federal Reserve Bank of New York as quickly as possible.
The other day, I was listening to the radio, and some guy was going on and on about how “rich” had become a four-letter word, and wasn’t it a shame that people were getting all uppity on others who were just benefiting from the “work hard and earn your success” American dream.
I got a bit peeved, and said back to the radio that the reason that I figured that most people didn’t like rich people (or at least the reason that I have a basic mistrust for some of the super-rich) is that they figure that they’re cheating.
I would say that most (i.e. > 50%) of Americans are hard-working. So, if the American ideal were paying off, > 50% of Americans should be rich. Right?
I’d be interested in seeing what percentage of the top 1% wealthiest people started out life below the top 5%.
My problem is, and I’d be happy to be wrong, I don’t get the sense that the very, very wealthy — with a worth above, say, $100 million, got there by keeping their noses to the grindstone.