"I Know For A Fact That Several Key AIG Employees Were Headed Toward The Door 'Til We Put The Facial On The Table"

Posted by Bess Levin, Oct 07, 2008, 10:57am

Picture 110.pngIt's Day 2 of the Waxman Witch Trials! Yesterday Fuld was forced to defend the supposed "fairness" of his compensation over the last several years, today it's AIG execs' turn. Currently, Rep. Elijah Cummings (D-MD) is going to town on the fact that days after the firm's bailout, AIG held a week-long retreat for company executives at the pretty tacky looking but apparently "exclusive" St. Regis Resort in Monarch Beach. Records show that the insurer spent 500k in a week, including $200,000 for rooms, over $10,000 on "leisure dining," and, I shit you not, over $150,000 on "manicures, pedicures, and facials."

Update: Okay, this is truly hilarious. Eric Dinallo's response: "Having been at large, global companies, and knowing what condition AIG was in when the injection occurred, the absolute worse thing that could've happened after the government extended 85 billion dollars would have been for traders and major underwriters to flee the company...there was a thinking that they needed to bring everyone together...this was not a crazy corporate decision."

15Recommend this! 46Comments

Tags: Fuld: "Where's my fucking facial?", morale building facials, trust falls, we needed a little pick me up

Comments

1

Posted by guest, Oct 07, 2008 11:00AM

Unless you are executive material you wouldn't understand.

2

Posted by guest, Oct 07, 2008 11:00AM

Fuck them. They should all be hung by their fucking balls at a gas station - just like Mussolini.

This is why there should never have been a fucking bail out.

Fucking pieces of shit.

3

Posted by guest, Oct 07, 2008 11:00AM

Cummings is from Maryland.

4

Posted by guest, Oct 07, 2008 11:01AM

Fuck them. They should all be hung by their fucking balls at a gas station - just like Mussolini.

This is why there should never have been a fucking bail out.

Fucking pieces of shit.

5

Posted by guest, Oct 07, 2008 11:02AM

I was listening to it on Bloomberg radio... The guy was rabid (Elijah Cummings) thinking he was so great for his detective work.

Starts attacking DiNallo like its his fault

6

Posted by guest, Oct 07, 2008 11:07AM

The conservative blogs are really solving the case:

"Anyone with a clue and some knowledge of history can see that this is a re-engineering of what George Soros did when he broke the Bank of England, only far worse for us, given our national accumulation of debt and our inability to pay it off.

This is being done on a GLOBAL scale, to break down the banking system in order to create a clamorous demand for a global currency and a worldwide central bank, perhaps to give the UN and similar supranational entities the financial bite they have so far lacked."

http://tinyurl.com/3ehlpl

7

Posted by guest, Oct 07, 2008 11:11AM

The gall of these AIG people! Don't they realize that these perks are only for marginally literate Congressmen and provided for by lobbyists.

8

Posted by guest, Oct 07, 2008 11:12AM

You have to be kidding me $150,000 on mani/pedi?

Yes i guess you either have to be an executive or on the government dole to uderstand this expenditure because i sure as hell don't.

9

Posted by guest, Oct 07, 2008 11:17AM

American taxpayers got a facial too.

10

Posted by guest, Oct 07, 2008 11:19AM

oh oh Cabrera on CNBC just said "in the mean time Rome burns". How dramatic, is that supposed to make the populous panic?

11

Posted by guest, Oct 07, 2008 11:19AM

Where exactly are these executives going to go? Competitors are falling apart left and right, I think anyone would be happy for a paycheck, especially the lehman guys.

12

Posted by guest, Oct 07, 2008 11:22AM

Does anything of substance EVER develop from these hearings?

13

Posted by guest, Oct 07, 2008 11:24AM

@12...no, it's congress aka the BIGGEST FUCKING SOAP BOX EVER.

AIG should've failed. All of those fucks should be dumped in Darfur and let them figure it out from there.

14

Posted by guest, Oct 07, 2008 11:24AM

That actually sounds like a fairly spartan corporate retreat.

500k is butt wiping money.

15

Posted by guest, Oct 07, 2008 11:24AM


Bet we could sign up quite a few people to give these jokers facials for a lot less.

16

Posted by guest, Oct 07, 2008 11:27AM

@14...tell that to some poor schmuck who just lost their 75k/yr job.

17

Posted by guest, Oct 07, 2008 11:28AM

I enjoyed the attack on Paulson and conflict of interest. Wether or not a conflict if interest does exist for Paulson, how is that any different than Democrats and Republicans trying to screw each other over in their own partisan quest for power always at the cost of the American public ?

18

Posted by guest, Oct 07, 2008 11:30AM

I'd like to give Hank Greenberg and Marty Sullivan a facial.

19

Posted by guest, Oct 07, 2008 11:31AM

THEY STILL CANNOT GET THE FRICKEN LEHMAN PRONUNCIATION CORRECT.

Do they not watch the news ?

20

Posted by guest, Oct 07, 2008 11:32AM

fuck AIG. i hope they at least got some happy endings for all that money spent.

21

Posted by guest, Oct 07, 2008 11:32AM

Good point 17

22

Posted by guest, Oct 07, 2008 11:34AM

"Ben Bernanke Speaks at 1:15 PM today 17 minutes ago
he will be speaking to business economists about what's happening.

2:00 will be the release of the FOMC minutes from 9/16

3:00 consumer credit for august will be released."

http://tinyurl.com/3khl26

23

Posted by guest, Oct 07, 2008 11:41AM

Why is everyone up in arms about this?
This is trickle down economics...

Don't you think the staff at St Regis got some nice tips via AIG execs?

The AIG execs are not the only winners here...

24

Posted by guest, Oct 07, 2008 11:53AM

Well apparently now they're looking into 'AGI'....

Can't these people get any names right?

25

Posted by guest, Oct 07, 2008 11:55AM

Betty McCollum has referred to AIG as AGI three times. Yesterday she was ranting and raving about "Lay-min"

All kidding aside, can elected officials this high up really be this uninformed ?

Other than Bess, does this really bother anyone else ?

26

Posted by guest, Oct 07, 2008 12:00PM

Facials? Are there a lot of girls in that company or just an over-abundance of metro-sexuals?

27

Posted by RamblinWreck, Oct 07, 2008 12:05PM

@25 Seeing as how something like 50% of the country think a "phone-book" Congress - a Congress consisting entirely of random selections from a phone book - would do a job at least equal to that of the current politicians, I'm guessing most people are bothered by said Congress' lack of understanding.

28

Posted by guest, Oct 07, 2008 12:05PM

"Borrowed from the Campaign for Liberty post --- the lighter side of the New Great Depression:
NEW STOCK MARKET TERMS
CEO - Chief Embezzlement Officer.
CFO - Corporate Fraud Officer.
BULL MARKET -- A random market movement causing an investor to mistake himself for a financial genius.
BEAR MARKET -- A 6 to 18 month period when the kids get no allowance, the wife gets no jewelry, and the husband gets no sex.
VALUE INVESTING -- The art of buying low and selling lower.
P/E RATIO -- The percentage of investors wetting their pants as the market keeps crashing.
BROKER -- What my broker has made me.
STANDARD & POOR -- Your life in a nutshell.
STOCK ANALYST -- Idiot who just downgraded your stock.
STOCK SPLIT -- When your ex-wife and her lawyer split your assets equally between themselves.
FINANCIAL PLANNER -- A guy whose phone has been disconnected.
MARKET CORRECTION -- The day after you buy stocks.
CASH FLOW-- The movement your money makes as it disappears down the toilet.
YAHOO -- What you yell after selling it to some poor sucker for $240 per share.
WINDOWS -- What you jump out of when you're the sucker who bought Yahoo @ $240 per share.
INSTITUTIONAL INVESTOR -- Past year investor who's now locked up in a nuthouse.
PROFIT -- An archaic word no longer in use.
Posted by: seekeronos | Tuesday, October 07, 2008 at 11:05 AM"
http://tinyurl.com/4hofva

29

Posted by KLW, Oct 07, 2008 12:22PM

Tags=Have I told you lately that I love you?

30

Posted by guest, Oct 07, 2008 12:33PM

Re: metrosexuals

They sure as shit aren't going to enter "hookers and blow" on the expense account, now, are they?

Jeesh you people are so naive.

31

Posted by guest, Oct 07, 2008 12:34PM

KLW,

Where have you been? You've become a phantom! How's Muffie?

32

Posted by guest, Oct 07, 2008 12:39PM

I am a taxpayer, so where is my pedicure and facial.

All I seem to get is a screw with no vasaline, and then I do not even get kissed. I guess some of you people like to be savaged but not me.

Life is not fair, waaaaaaaaaaaaaaaaaaaa

33

Posted by guest, Oct 07, 2008 1:11PM

It makes me proud to know that my tax money paid for a reach around.

34

Posted by guest, Oct 07, 2008 1:12PM

A guy named Cummings is complaining about facials?

35

Posted by guest, Oct 07, 2008 1:32PM

If there's one thing AIG knows - it's how to get facials and happy endings.

36

Posted by guest, Oct 07, 2008 9:26PM

WHAT THE REPUBLICANS NEVER EXPLAINED ABOUT TRICKEL DOWN WAS THAT IT MENT ONLY ONE THING , " PISS ON THE PEOPLE".
I THINK IF THESE CROOKS ARE NOT SENT TO PRISON THE A-HOLES IN WASHINGTON BETTER GET READY FOR A REVOLUTION. OFF WITH THEIR HEADS! SNAP ! IT JUST WENT SNAP!

37

Posted by guest, Oct 07, 2008 9:37PM

I'm seeing the first unmistakable signs of panic here. The type that comes when you're worried that life as you know it is about to slip away. Its been a long time since I saw one of those "the people who took out those mortgages were dumb and deserve all that's being thrown at them". Interesting.

38

Posted by guest, Oct 07, 2008 11:32PM

You pretend to be corporate assholes . Having been on both sides of the fence there is no reason what so ever for what they have done . They could have done a moral builder much cheaper.They are lucky to still have jobs . That 500,000 could have saved alot of people. Someone I know said , let them all go to shit . The rest of us know how to survive without anything . They'll drown !!!!!

39

Posted by guest, Oct 07, 2008 11:48PM

To the selfish, self-centered egotistical asshole who made the comment you wouldn't understand unless you were an executive.Hope you are just as supportive of your asshole executives friends like the ones at AIG when you have to collect food stamps ,because of things like this. Won't be so quick to defend them then will you . (Oh NO , How will I ever pay for BEAMER)!!

40

Posted by guest, Oct 07, 2008 11:56PM

If I were a Corporate Executive I would be awfully nervous about my health. Now there are alot of seniors out there who are losing there retirement over greedy CEO's like these. Some guy who has played by the rules working in some factory for 40 yrs is going to lose his retirement over this and conclude his life was a waste and go pay some bailed out exec a visit with his Smith & Wesson. Is that what it will take for Senators and Congressmen to vote the way their constituents have demanded?

41

Posted by Admonkey, Oct 08, 2008 1:07PM

AIG clarified today, and I'm not talking about their using a sea salt scrub:

AIG Clarifies Agent Meeting

Last update: 12:26 p.m. EDT Oct. 8, 2008
NEW YORK, Oct 08, 2008 (BUSINESS WIRE) -- American International Group, Inc. (AIG) Chairman and Chief Executive Officer Edward M. Liddy sent a letter today to U.S. Treasury Secretary Henry M. Paulson to clarify the circumstances of a business event held by an AIG subsidiary which was discussed during an October 7, 2008 hearing by the House Committee on Oversight and Government Reform.
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.
In his letter, Mr. Liddy assured Secretary Paulson that AIG now faces very different challenges, and "that we owe our employees and the American public new standards and approaches." Mr. Liddy assured Secretary of the Treasury Paulson that AIG is "reevaluating the costs of all aspects of our operations in light of the new circumstances in which we are all operating."
Mr. Liddy concluded, that "AIG is focused on doing what is necessary to address our capital structure, repay the Fed credit facility and emerge as a healthy global insurer. In the meantime, our insurance businesses continue to operate normally and satisfy the needs of our policy holders."
American International Group, Inc. (AIG), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.
SOURCE: American International Group, Inc.
American International Group, Inc.
Nicholas J. Ashooh, 212-770-3523
Senior Vice President, Communications

http://www.marketwatch.com/news/story/aig-clarifies-agent-meeting/story.aspx?guid=%7BE435AAE7-CB13-4E78-863E-B7E9F77E176B%7D&dist=hppr

42

Posted by guest, Oct 12, 2008 11:46AM

While many Americans are struggling, I could not imagine taking a retreat costing over 500,000. Many Americans are loosing their homes or cannot afford to feed their children. How could this occur? My only hope is that there are penalties for such a blunder. 500,000 could help many people. Is this not like stealing from America. Someone should be held responsible.

What about people who are serving in the War that do not have enough equipment to keep them safe. To me this is more important than a manicure, food and booze.


Where is my party, when part of this was my retirement??? Should I not be thanked for giving up my money to assist in a bail-out?

Concerned American.

43

Posted by guest, Feb 24, 2009 5:05PM

@9: Amazing

44

Posted by guest, Mar 22, 2009 2:43AM

FUCK that bitch Christina Pretto. The corporate mouthpiece for AIG. I bet she is a big fat nigga.

45

Posted by guest, Mar 22, 2009 2:43AM

FUCK that bitch Christina Pretto. The corporate mouthpiece for AIG. I bet she is a big fat nigga.

46

Posted by guest, Mar 22, 2009 2:43AM

FUCK that bitch Christina Pretto. The corporate mouthpiece for AIG. I bet she is a big fat nigga.

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