AIG executives spent thousands during hunting trip

[Newsjock]

Source: Associated Press

CHARLOTTE, N.C. (AP) — A handful of top executives from American International Group Inc. spent thousands of dollars during a recent English hunting trip, even as the New York-based insurer asked for an additional $37.8 billion loan from the Federal Reserve.

The news comes as New York Attorney General Andrew Cuomo on Wednesday told the insurance giant to do away with golden parachutes for executives, golf outings and parties while taking government money to stay afloat.

Cuomo said he has the power under state business law to review and possibly rescind any inappropriate AIG spending as long as the Federal Reserve is propping up the huge insurer with almost $123 billion in loans announced since Sept. 16.

... AIG officials declined to say which AIG executives attended the trip, which reports have said racked up an $86,000 tab. News of the hunting trip surfaced just days after AIG received an additional $37.8 billion loan from the Federal Reserve, on top of a previous $85 billion emergency loan granted last month.

Read more: http://ap.google.com/article/ALeqM5g3InVeHoYnmXZnM2ACXSgjG0-nIQD93R69002

[geckosfeet]

1. This is what burns my ass about handouts for these bastards.

[muntrv]

2. Wher'e Cheney when you need him?

[Nevernose]

12. Nicely done. (n/t)

n/t

[aquart]

3. I really need them to suffer egregious harm.

Like, say, foreclosure on ALL their houses.

[Robbien]

4. The AP does a lousy job of reporting, a simple google gives up more details

There were at least three New Yorkers in the group - Jeffrey Malkovsky, a senior director at AIG's Manhattan office, Hilary James, the general manager of the luxurious Bristol Plaza Hotel, and her pal, John Roberts, who also advises AIG, sources said.

In interviews with undercover reporters, the AIG honchos said they were aware that the markets were crashing back in New York - but were more interested in bagging birds.

"The recession will go on until about 2011 - but the shooting was great today and we are relaxing fine," AIG honcho Sebastian Preil was quoted as saying.

http://www.nydailynews.com/money/2008/10/14/2008-10-14_aigs_lords_and_lady_of_the_hunt_may_find.html

They dined on pigeon breasts and halibut with "the finest wines taxpayers' money can buy," the London-based News of the World newspaper reported.

more details on who attended:

Another AIG executive, Alvaro Mengotti, "slurped fine wine" while dispensing advice on surviving the financial crisis. "Invest your money in gold," he reportedly said.

The AIG hunting party stayed at Plumber Manor, a 17th century country house in scenic Dorset, southwest of London. In four days, they racked up a $17,500 bill for food and rooms.

Priel and a German businessman identified by the paper as Stefan Nill flew in from Frankfurt by private jet costing another $17,500, the paper reported.

Mengotti flew in from Spain and was driven to the hotel in one of the fleet of limos that cost $8,750, the paper said.
Also with them was a client of Preil's identified by the paper as "Herr W. Underburg."

[Kalifornia.Kid]

5. AIG's reasoning for the event is pure hogwash ...

"This was an annual event for customers of the AIG property casualty insurance companies in the U.K. and Europe, and planned months before the Federal Reserve Bank of New York's loan to AIG," company spokesman Peter Tulupman said Wednesday morning.

[dmr]

6. Gee, I remember having to cancel a vacation when I didn't have the money to spend

and I wasn't about to run up my credit and interest charges just to placate my need to play.

And I wasn't going to take money from others, who could ill afford it, so I could look good to others by paying my bills while I use borrowed money to vacation, either.

I have skimped to loan money to relatives who were having a tough time only for them to renege on repaying me. Yet they turned around and squandered money because they thought they worked so terribly hard they they 'deserved' treating themselves.

And, these same relatives wondered why I wouldn't lend another dime, or sign my name to their car note, especially when there is still an outstanding debt. Makes you wonder who else they may have hit up along the way.

It's all the same thing when you get right down to it. Greedy and the self-entitled are all the same. While they enrich themselves taking little to no responsibility, they keep screwing others out of hard-earned dollars, while actually not believing in sacrifice - all because they are 'deserving'.

Good for Cuomo.

[madmom]

7. do away with golden parachutes hell, give back the freakin money!

[geomon666]

8. So now that they've recklessly wasted our money....

does this mean we get to go out and hunt them? Turnabout should be fair play here.

[pokerfan]

9. k&r

I see they're spending that $85B wisely... :eyes:

Country's in the worst crisis since 1929 and these assholes are partying like it's 1999.

[Nihil]

10. I'm sure someone will be along in a few minutes ...

... to claim that they weren't really "executives" but were poor, hard-working
honest traders or agents or ashtray cleaners and so totally deserved every
taxpayer dollar lavished on them. Or maybe the usual suspects are still on
their boat cruise?

:eyes:

[LostinVA]

11. Actually, the resort trip really was for agents, not executives

My wife works in the insurance industry, and that poster was telling the truth. Haruka doesn't work for AIG or as an agent, just in the industry, so she doesn't really have any personal interest in lying about it. We both agree that it looks bad to have sent them on the trip, but it was a bonus incentive for independent agents, not for the executives. Also, their life insurance sector is very profitable. The parent company is in trouble.

I have no idea about this trip.

[Marrah_G]

14. Thanks Lost

I put that pathetic, smarmy little turd on ignore.

[Nihil]

17. Waaaah waaahhh ... some non-entity has put me on ignore ... wahh!

There again, maybe I don't give a shit. You've already proved my point.
:shrug:

[Nihil]

16. It *could* have been for ashtray cleaners for all the difference it makes.

I wasn't claiming that the tantrum-thrower was lying, just that he/she was
making excuses for inappropriate behaviour ... hence expected on this thread
too and, surprise, surprise ...

Thanks anyway.

[Marrah_G]

13. This trip wasn't for independant agents, the other was. Stop being a jackass.

I am all for the arrest and conviction of these criminals. The leadership at AIG crossed alot of lines.

I like FACTS. The article about the resort trip was misleading and WRONG. I corrected it. I gave you the facts.

You and your snarky, smarmy little comments can go the fuck onto ignore now.

[Nihil]

15. Maybe it's time to stop being such an arsehole yourself?

:nopity:

[Thor_MN]

18. The team that does expense reports for AIG is likely less than 30 people

Those that process executive expense reports probably less than 5. This is the one time that I think that something should be outsourced - the expense reporting for organizations that are making use of bailout money should be outsourced to an independant company, which makes the information freely available to the public. I've seen my share of expense reports with ridiculous amounts claimed as legitimate business expenses, but nothing like what these people are getting away with.

In this climate, no company needs to lavishing luxury resorts on employees in order to keep them. Just having a job is enough for most people. Those that require exorbitant perks to stay with a company are likely to make decisions that line their own pockets one way or another - and not worth the extra expense.