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Tuesday, November 11, 2008

AIG Splurges… AGAIN!

AIG is begging the government for another $40 billion and yet they are out partying it up and still splurging like thier corporation has a bottomless checking account. While most companies in the same position as AIG would be cutting spending, reducing staff, and basically gutting the corporate budget, AIG executives are having the time of their lives. Over at ABC News they have this to say about the latest AIG spendathon…

Another AIG Resort "Junket": Top Execs Caught on Tape

KNXV Discovers $343,000 Secret Gathering, AIG Signs and Logos Hidden

November 10, 2008

Even as the company was pleading the federal government for another $40 billion dollars in loans, AIG sent top executives to a secret gathering at a luxury resort in Phoenix last week.

Brian Ross investigates the insurance giant's "seminar" at a posh resort.

Reporters for (KNXV) caught the AIG executives on hidden cameras poolside and leaving the spa at the Pointe Hilton Squaw Peak Resort, despite apparent efforts by the company to disguise its involvement.

"AIG made significant efforts to disguise the conference, making sure there were no AIG logos or signs anywhere on the property," KNXV reported.

A hotel employee told KNXV reporter Josh Bernstein, "We can't even say the word [AIG]."
- ABC News

It takes some audacity to beg for cash with one hand and pass out hundred dollar bills with the other. We covered the first smack in the face to taxpayers back on October 8th. That little party cost AIG almost $500,000 at a posh hotel in Monarch Beach California.

You can check out the confrontational video from the reporters on this issue with the top executives here.

*****Reuters has picked up this post... Thank you!

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Anonymous Cris Cohen said...

They must have a brilliant marketing team. I hear for Thanksgiving they are planning an event where they burn wads of cash in front of a homeless shelter.

8:26 AM  
Blogger Papamoka said...

I can picture the CEO from AIG with a sign on his chest "Will Junket for Food".

Welcome to Papamoka Cris!

3:52 PM  

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