AIG again, sorry!

What could be more outrageous than this?

more about “AIG again, sorry!“, posted with vodpod

AIG — the most assured insurance company in the world

Was AIG’s executive compensation fair?

In March, the board approved a new compensation contract for [ex-AIG CEO Martin] Sullivan that gave him a golden parachute worth $15 million. We will ask why that was in the interests of the shareholders….

The federal bailout occurred on September 16. Less than one week later, AIG held a week-long retreat for company executives at the exclusive St. Regis Resort in Monarch Beach, California. A photograph of the resort is on display.

Rooms at this resort can cost over $1,000 per night. Invoices provided to the Committee show that AIG paid the resort over $440,000, including nearly $200,000 for rooms, over $150,000 for meals, and $23,000 in spa charges.

Average Americans are suffering economically. They are losing their jobs, their homes, and their health insurance. Yet less than one week after the taxpayers rescued AIG, company executives could be found wining and dining at one of the most exclusive resorts in the nation.

via Ex-AIG Executives Questioned in Congress – The Home Front (usnews.com).