Unsurprisingly but still disappointingly to those of us who know the incalculable value of a good facial New York Attorney General Andrew Cuomo got on his high horse today and wrote in no uncertain terms that AIG's board must stop "unwarranted and outrageous expenditures and recover any past ones that were unreasonable. Obviously, outrageously, we all know what he's referring to. The company's retreat to the "exclusive" St. Regis Resort in Monarch Beach the week after the government bailout, during which executives spent a few thousand on "facials, manicures, and pedicures." But! Andy also goes on to ban a whole bunch of other stuff we didn't even know was going down at the insurer, including but not limited to "golf outings" and "overseas hunting parties." No hunting? No facials? You, Andy just blew AIG's chances of scoring a would-be very senior hire come November 5.
AIG Bonuses, Retreats Violate State Law, Cuomo Says [Bloomberg]
Related: AIG Canada still killing it.
Posted by guest , Oct 15, 2008 3:18PM
who are these party people? they only mention cassano.
is he the only employee there? or do i have to drive up to wilton with my camera phone?
Posted by guest , Oct 15, 2008 3:24PM
hypocrite living the high life under the guise as a man for the people. Makes me sick. Liberal tree hugging do nothing bastard.
Posted by Investorcluzo , Oct 15, 2008 3:25PM
in the words of jc: "he can't be serious!" anyone who knows anything about the insurance business knows that client entertainment is the ONLY way to get business. it's like you have to have a low handicap to work at those places (hello: nationwide tour). if there's one business that is still a bunch of good ol' boys, it's insurance...
Posted by guest , Oct 15, 2008 3:28PM
Any correlation between Nancy Reagan's pelvis and the stock market? The timeline is ominously similar. if so...recovery in 6 to 8 weeks!
(sorry, running on my last bit of sanity here)
Former First Lady Nancy Reagan Recovering From Pelvis Fracture
By Ryan Flinn
Oct. 15 (Bloomberg) -- Former first lady Nancy Reagan will
remain in the hospital for a few days after fracturing her pelvis
and sacrum, a bone at the base of the spine, according to a
spokeswoman.
The 87-year-old widow of President Ronald Reagan experienced
persistent pain after falling in her Los Angeles home last week,
said spokeswoman Joanne Drake.
She admitted herself to the Ronald Reagan UCLA Medical
Center for tests which revealed the injuries. She is expected to
recover in six to eight weeks with physical therapy and a
modified schedule, according to the statement.
Posted by guest , Oct 15, 2008 3:29PM
For an explanation of the 'hunting parties' bit, see the british tabloid story at
http://www.newsoftheworld.co.uk/news/article43510.ece
Posted by guest , Oct 15, 2008 3:33PM
When he was secretary of whatever he was secretary of didn't he refuse to give a public accounting or something?
Posted by guest , Oct 15, 2008 3:38PM
Gaparino is saying that "offshore fund money" is "treated differently". what are you saying Charlie?
Posted by guest , Oct 15, 2008 3:39PM
@3 Exactly. Since when is [client entertainment] limited to the insurance business? It's a marketing cost. Perhaps AIG should stop all sales expenses whatsoever - marketing materials, sales calls, advertising..... If the company is going to be liquidated, then probably they should keep the profitable businesses in the black.
(Disclaimer: I work for AIG, and even I think we should be broken up, but this storyline can die anytime now).
Posted by guest , Oct 15, 2008 3:48PM
8 here: What is it about the NY AG office and AIG anyway? Sell 70 Pine to someone and incorporate the leaner, meaner AIG in a different state.
Posted by guest , Oct 15, 2008 4:00PM
AIG got at least one guy in as NY govenor. Cuomo (same type) is trying for a double.
Posted by Phobos , Oct 15, 2008 4:04PM
must be said:
"those of us who know the incalculable value of a good facial"
... the double entendre is genius.
Posted by guest , Oct 15, 2008 4:06PM
Shoot, Bush just said that Mickie D lunch to Goldman was illegal under the terms of the 10 billion government compulsory stock purchase.
Posted by guest , Oct 15, 2008 4:19PM
Thank you @11. I didn't want to be the first to say it but it had to be said. Im surprised more of you IBers aren't crying about your 100 hour weeks and subpar bonuses this year.
Posted by Investorcluzo , Oct 15, 2008 4:26PM
bonus, what bonus? spode is the new up...my apologies to the real "SPODE".
Posted by guest , Oct 15, 2008 4:37PM
Nancy Reagan could give a good facial in her day.
Posted by guest , Oct 15, 2008 5:13PM
This is a good article on pawnshops. They are very profitable and seem to offer customers a better deal than the predatory pay day loans.
http://www.msnbc.msn.com/id/27121805y
Posted by guest , Oct 15, 2008 7:59PM
AIG, Smells like shit
Posted by guest , Oct 15, 2008 8:00PM
AIG, Smells like shit
Posted by guest , Oct 15, 2008 8:00PM
AIG, Smells like shit
Posted by guest , Oct 21, 2008 12:55PM
Cuomo smells more like shit than anybody. Have you read on numerous news blogs how he's breaking the law for his own egotistical reasons and harrassing this woman, a yoga teacher, because she won't play games with him and chase him? Who can chase him when he's always chasing the press for headlines? He works for the state, thinks he's privy to functioning outside the law, and acts like its his job to be a fed. AIG stinks, but Cuomo smells the worst of all! What a jerk!!!!
Posted by guest , Oct 21, 2008 12:57PM
Cuomo smells more like shit than anybody. Have you read on numerous news blogs how he's breaking the law for his own egotistical reasons and harrassing this woman, a yoga teacher, because she won't play games with him and chase him? Who can chase him when he's always chasing the press for headlines? He works for the state, thinks he's privy to functioning outside the law, and acts like its his job to be a fed. AIG stinks, but Cuomo smells the worst of all! What a jerk!!!!