Oct 08 2008

AIG executives whose luxury vacation YOU just paid for!

Published by at 5:00 am under I Don't Get It,Jerks

Let’s see if I can get through this without finally having a hate-fueled heart attack.

Guess who just spent half a million dollars on a vacation? You don’t know? You should because if you are an American tax payer you picked up the tab.

Less than one week after the federal government forked over $85 billion to bail out AIG, executives of AIG headed for a week-long retreat at a luxury resort and spa, the St. Regis Resort in Monarch Beach, California. Looks nice huh? I wish I could take a week off and relax with a massage and a leisurely dip in the pool but I’m too busy paying for AIG CEO Robert Willumstad’s vacation. I paid for Robert Willumstad’s vacation and all I got was his lousy dick up my ass!

How much is enough? I can not relate to this level of greed. While the rest of the country starves these guys have the nerve to ask for our food and then spit it back in our faces. Pure evil.

ABC News
Washington Post

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16 comments so far

16 comments to “AIG executives whose luxury vacation YOU just paid for!”

  1. Creature of Habiton 08 Oct 2008 at 7:32 am

    Sickening.

    Best story I’ve read in weeks, was the story of the Lehman CEO who got punched out on the treadmill in the company gym after the bankrupcy was announced. AWESOME. I would love to meet the guy who punched him. That is a national hero.

    http://www.businessandmedia.org/articles/2008/20081006150152.aspx

  2. You Just Made My List!on 08 Oct 2008 at 11:47 am

    I had not heard about this! Awesome. I would have gone for his old man balls though.

  3. Munchieson 09 Oct 2008 at 1:41 am

    One more shot to the ass for the American public.

    Can we bend over just a little more?

    Fuck, fuck, fuck, fuck, fuck.

    How did it get so bad, and why are we just sitting back and watching it all happen?

    I’d say our system of checks and balances is failing us miserably.

  4. MalaSuerteon 09 Oct 2008 at 5:29 am

    What a helluva thing to have on your resume.
    Oh, I was formerly the CFO of a major insurance company… what? oh, uh…. well, AIG… yeah….
    Why did I leave my last job? Hey, that’s a GOOD question… well, basically…. uhh…. The company was in trouble, and the rest of the execs and I decided we needed to go get our balls waxed and we kinda sorta chargedthecompanyforitwhileitwasgoingthroughrestructuring. Yeah.
    Damn, these people went to COLLEGE and NONE of them thought this retreat was a bad idea?? None?!?!?

  5. You Just Made My List!on 09 Oct 2008 at 9:06 am

    Mala, they spent $23,000 in the spa – that’s a lot of ball waxing. I guess that makes sense because you gotta have a giant pair to do something this evil and stupid.

  6. Saraon 09 Oct 2008 at 12:37 pm

    This is the most valid and necessary statement that I have seen you make. Reading this made my ass hurt, ow.

  7. Bennon 10 Oct 2008 at 4:39 am

    I cannot remember who stated that our government would only last 250 years and I do believe he was right. It’s lasted approx. 222 years (our country is 222 years old.) Our government is falling apart as we speak and there is nothing we can do about it. Soon, hopefully after before I die, I can see our Democracy fall and I can see the rise of a new world and all that jazz.

  8. You Just Made My List!on 10 Oct 2008 at 9:53 am

    Benn, there is something we can do about it. We can hold our government accountable and vote responsibly. The people are in control as long as we get our heads out of our asses and stop worshiping fucking idiots like George Bush and Sarah Pailin because they are “Folksy.”

  9. Willon 11 Nov 2008 at 3:40 pm

    This commentary is grossly un-researched and overblown.

    “The event, mischaracterized as an “Executive Retreat,” was held by one of AIG’s insurance subsidiaries for independent life insurance agents, not for AIG employees. These agents were top business producers for the company, and of the more than 100 attendees, only 10 were employees of the AIG subsidiary who were there to represent their company. No AIG executives from headquarters attended. The meeting was planned months before the Federal Reserve Bank of New York’s loan to AIG.”

    The retreat was for their independent contractors, their agents (not company execs). These same agents also represent many other companies other than just AIG. The company rewards them for selling well and making money for AIG. Many agents expect this and will stop selling for a company that does not award the expected bonuses. If AIG agents were to stop selling AIG policies, do you think AIG would be in a worse, or better financial condition?

  10. You Just Made My List!on 11 Nov 2008 at 3:51 pm

    Will, I guess every single news organization reported it incorrectly and I’m just the huge asshole who repeated it.

    Just out of curiosity, what are your sources?

  11. Willon 11 Nov 2008 at 4:30 pm

    “AIG, once the world’s largest insurer, disputed Waxman’s characterization of the conference. Spokesman Nicholas Ashooh said the event had been scheduled a year earlier by AIG’s American General life insurance subsidiary as a way to reward independent agents who sell the company’s products.

    “This is very standard in the industry to reward the top 5 to 10 percent of top sellers,” he said. “In the insurance business, it’s as basic as salary as a means to reward performance. It was not AIG executives running away to California.” ”

    source: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aVbSGJ0EQTYA

    “American International Group Inc. (AIG) CEO Edward M. Liddy said that the $440,000 California excursion that was castigated during a House committee hearing Tuesday was for top independent agents and not employees.”

    source: http://www.legalinfo360.com/2008/10/aigs-ceo-clears-the-air-on-440k-california-retreat/

    I’ll post more if you really want me to.

  12. Willon 11 Nov 2008 at 4:37 pm

    It’s so easy for most people to believe everything they read. Some people above are saying “did NO ONE think this was a bad idea??” That is because the way you presented it, no sane person would spend $440k on an “executive retreat” while at the same time going belly-up. So what… either AIG execs are insane, or the retreat was a reward (read: bonus (read: most agents consider this “salary”)) for top agents? Hmmmmm… anyway, I challenge you to find even ONE insurance company with premiums over $50 million a year that doesn’t send their top agents on trips.

  13. Willon 11 Nov 2008 at 5:49 pm

    Oh, and wait… $85 billion bail out? Check your facts; this was recently reduced to $65 billion and it was a LOAN, not a “bailout”, which AIG has to pay back in two years. At 8.5% (which is verging on punative, meaning the US taxpayer is going to make a tidy profit off of this loan).

  14. You Just Made My List!on 11 Nov 2008 at 6:15 pm

    Jesus Christ Will, take a moment to breathe. Its going to be OK.

    1) Did you actually that first article other than the quote you pulled? It makes them sound like the douchebags they are.

    2) What the fuck is “legalinfo360” and why am I listening to them? They are about credible as MY BLOG which isn’t saying much.

    I’m not going to argue this with you. if you think their actions were justified and it’s ethical for AIG executives to spend “$139,375.30 on rooms, $147,301.71 for “banquets,” and $1,488 at the resort’s Vogue Salon, which offers manicures, pedicures and hairstyling. The group spent $6,939.09 on golf, $2,949 for gratuities, $5,016.32 at the StoneHill Tavern and $3,064.71 for in-room dining and the lobby lounge” while other people are laid off in the company, then great, you are awesome.

    What is with your love affair with these assholes anyway?

    By the way, have you noticed you are arguing with a person who mostly writes about Pizza Hut and people who wear baggy pants? Calm down or read another blog.

  15. Willon 12 Nov 2008 at 10:01 am

    The point is, the $440k was essentially an expected part of these producers’ commission. Whether it was handed to them as cash or spent on a vacation is irrelevant. It is no different from the way any other insurance company operates–AIG just happens to be the largest insurer in the world, and nothing makes the news media happier than whipping the public into a frenzy about executives wasting money. So the news organizations wrote their articles first, and checked facts later.

    I fully appreciate the fact that you mostly write about Pizza Hut, people who wear baggy pants, and Halloween (back in the day). That just makes it all the more perplexing when you blog about a topic you ripped from a sensationalist headline and spew a hate-filled tirade of non-truths without getting your stories straight.

    $440,000 divided by the 100 producers that attended… $4400 per person… for one week… for producers that make @$100k per year, or more, that’s a nice bonus, but not exactly earth shattering. Where is the outrage at hip hop artists who spend $80,000 on a necklace (bought with your $15 that you spent on their album) and then appear toothless and broke under some bridge 3 years later, on Where Are They Now?

  16. You Just Made My List!on 12 Nov 2008 at 10:24 am

    Will, what makes you assume I am not outraged by rappers covered in diamonds? A what makes you think I even pay for music anymore? And what makes you think I am buying contemporary rap music?

    The point is, this AIG story is a perfect example of the overblown privileges and excessive waste in the upper end of corporate America. We can argue over the details (although neither one of us know the complete truth) but it’s hard to argue with the basic premise. Nobody in a failing company needs to be spending needlessly, I don’t care if it’s only $100! Have you ever owned a business? I have for over 10 years and EVERY PENNY has to be accounted for. Even if it’s only for show, these jerks should not be flaunting and wasting money when their company is bankrupt and the fucking tax payers are bailing them out. Yes, it’s a bail out. How can you not understand this basic concept?

    Lastly, and this is the LAST thing I will say about it. I don’t know where you get your news but to accuse me of getting my topic from “sensationalist headlines” is just silly. It was a news story covered by EVERYONE in the media. I didn’t pick and choose my info to fit my argument.

    Who gives a shit what I have to say anyway? If you think I’m an idiot you should go read one of the billion other blogs out there. I might just be too awesome for you anyway.