Not only does AIG throw a $440,000 mega-party for it’s executives just one week after their bailout (paid for by you and me) but the Superintendent of the New York State Department of Insurance, Eric Dinallo, said that he sees somes value to the luxury retreat party at the St. Regis Resort & Spa.  He actually stated that the retreat was a sound measure to ensure that it’s employees would not flee the company.  WTF?  They should all be glad they still have jobs and don’t have to shop around a resume showing that at their last job they helped underwrite AIG right into the ground.  Who’d hire an AIG castoff?  They admitted after the bailout that top executives hid a full range of risky financial products from auditors as their ship was sinking.  The investigation continues.  They still got their bailout though.  What would any sane corporation do after being given $85 billion?  Go to the St. Regis Resort, of course.

The fact that the executives from the division that brought the company down were not invited does not make me feel better about it.  The fact that the New York State Insurance Department Supervisor condones this type of behavior makes me wonder how my tax dollars are being spent.

PS – One AIG executive, Joseph Cassano, received more than $280 million in 8 years but was shown the door in February 2008 when many investments went bad.  He was allowed to keep $34 million in bonuses and was also put on a consulting retainer for $1 million PER MONTH which he is still receiving.

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