After Bailout, AIG Execs Head to California Resort

Hey I'd be celebrating too if I just convinced tax payers to take care of all my bad debt. No matter how bad they mess up they have a $700 billion slush fund that can be refilled when needed, it's insurance at no charge to them.

Gee, what a surprise! NOT...

This is what is so absolutely WRETCHING about this...The gov is handing these fraudulent scum obscene amounts of our tax-payer dollars to allow them to CONTINUE their luxurious lifestyles they created from FRAUD! We are being extorted and raped repeatedly, and these vermin are laughing at us all!

Whats wrong with us? How long do we take this? They turn families out on the street because they have an adjustable rate and would rather take there house than fix there rate to something affordable. They ship our jobs, they automate to eliminate our jobs and we take this inhuman actions for profit like this is the way it is supposed to be!

Then we get raped and laughed at and people still lay down. Something is really wrong with this picture...is it the fluoride?

The world needs to change and change fast.

Watch Zeitgeist: Addendum.

They had to insure the bad mortgage packets.

What would you do if you didn't expect any money back after
shelling out $300,000 to buy a house the new owners could not afford.

Yeah take out insurance.

Its not AIGs fault, relax.

Some one might be indited but it was within the relaxed new guidelines.

This is only the beginning, the bailout is not a bailout, it is a coverup for creating more papermoney, more computermoney. Think about it, the big banks lend out billions, creating revenues for their CEO's. Then fail to collect the money back, and get rewarded in form of a bailout. The people who knew about this and sold their stocks in due time, moved their money in time and so forth, how will you ever prove their guilt as long as the system works like it does. Now, instead of wealthy fat men being chased for their lives, they can sit quiet in their forts and mansions and enjoy the fact that it does pay to to lie, it does pay to cheat, it does pay to be a criminal(I knew that). I didn't know it could pay off being a liar as a lie smells, and the stench will eventually come out from the woodwork. I guess my main concern here is, what is the lesson to be learned, because the way I see it this is only the beginning to the end, the "bailout" has created new ways of thinking and now even more money can be lend out, to those who have liquidity might I add. So the little man on the street, can't loan SH**, while a rich man who has money, but still can't afford to pay up if he fails, can loan one gazillion dollars, still. !

I'm out

Joe

Has anyone else noticed during a breaking story involving subjects like this - how quickly the google search results are brought under control? Yesterday when I searched AIG for updates to this story, the alternative news sites are the ones that came up under AIG. Within a 24-hour period, those same searches yield a complete upper screen on your results page of paid advertising and "helpful" links to products and services of AIG.

Is anyone else convinced that the most active links for AIG with google yesterday were the corporate links or were the most visited sites about the AIG resort story? Google is supposed to operate off an algorithm that brings up sites based on active visits is it not? Does anyone else suspect that these search results are being controlled by corporate interests in a very short amount of time? Is anyone else concerned about this control of information priority?

Edit: Add the following background information.

Here is some origins information on AIG:

AIG was founded in 1919 by Cornelius Vander Starr in Shanghai , China . Starr was the first Westerner in Shanghai to sell insurance to the Chinese.

AIG owns ILFC, the world's largest aircraft leasing company, with hundreds of aircraft from to Boeing 747-400 .

It also is the world's leading international insurance and financial services organization, with operations in more than 130 countries and jurisdictions.

And a peak at their rap sheet:

November of 2004 the AIG scandal cost AIG a $US 126 million settlement with the SEC and the Justice Department that resolved the matter in part, but the insurer must still co-operate with investigators who are continuing their probe into the sale of a "non-traditional insurance product".

The settlement was related to a so called "finite insurance" product.

In 2005, after an AIG scandal on insurance and mutual funds the year before, AIG is under investigation for accounting fraud. The company already lost over $58 billion worth of market compensation because of the AIG scandal.

AIG has the fastest decrease in market value since the WorldCom and Enron scandals. Investigations also discovered over a billion US dollars worth of errors in accounting transactions.

One such error involves a supposedly $500 million transaction with Berkshire Hathaway that drastically inflated AIG's revenues. This error involved reinsurance transactions.

AIG Scandal Continues




[edit on 8-10-2008 by DancedWithWolves]

This company is like an onion. The further you get inside it's layers the more your eyes begin to tear, your nose to burn, and the urge to get away intensifies.


AP: Prosecutors Try to Quantify Losses

Prosecutors attempted to convince a federal judge Thursday to consider investor losses as great as $1.4 billion when sentencing five insurance executives convicted of a scheme to manipulate the financial statements of American International Group Inc., one of the world's largest insurance companies.

Four former executives of General Re Corp. and a former executive of AIG were convicted in February of conspiracy, securities fraud, mail fraud and making false statements to the Securities and Exchange Commission.

Prosecutors told U.S. District Court Judge Christopher Droney that many investors lost money as a result of the scandal, and that the loss should be considered when passing sentence.

They cited studies by an expert that concluded the fraud-related losses to AIG shareholders totaled $543 million to $1.4 billion.

It is important to note involvement here by a few folks.

Prosecutors said the defendants participated in a scheme in which AIG paid Gen Re as part of a secret side agreement to take out reinsurance policies with AIG in 2000 and 2001, propping up its stock price and inflating reserves.

Reinsurance policies are backups purchased by insurance companies to completely or partly insure the risk they have assumed for their customers.

General Re is part of Berkshire Hathaway Inc., which is led by billionaire investor Warren Buffett of Omaha, Nebeaska.

Droney requested more written information from both sides by the end of next week before he quantifies loss and determines what, if any, restitution the defendants must pay. A sentencing date has not been set.

The only difference between collaboration and conspiracy is the ethics applied to the means and the end.

Hey you don't expect those millionaire executives to have to rub shoulders with the common folk whom's money they squandered,just think if they had to stay at a Motel 6 might not even get a mint under their pillow,the only mint would be the one in the toilet

I heard that the same execultives are planning yet another retreat for their people in Northern California... Have any of yoy heard about the latest plans?

Originally posted by Angus65
My father was an insurance agent and sales manager for Prudential and John Hancock for many years. Most life insurance companies have annual sales conferences for their top agents and managers. Company executives attend them, but that does not make them an "executive" retreat. This is sensationalism nothing more.

This "executive" retreat was such a sales conference. As such they are planned one to two years in advance. They have contracts with the resorts. Which means if they cancelled the conference so close to the event, there probably would have been fees and penalties. Had they done that, I'm sure the spin would have been it was a conference to reward the little guys and they got screwed by the heartless executives -- and the company wasted money because of the cancellation penalties.

I'm sure at least some will still scream about it, but it is not what has been presented by the MSM.

I am a insurance broker and AIG is one of the companies we market.
Angus65, you're 100% correct in your explaination. In fact, I earned
a Tahiti cruise this year for my family. The most mentally demanding
jobs always have the greatest rewards. In fact, I started as a Prudential
agent just like your dad.

What gets me is how folks feel "trapped" in jobs they're unhappy with.
I was a computer analyst, but wanted more freedom and income for my
family. Did some research and found that Insurance sales is very
lucrative for those who want more out of life bad enough. It's mentally
demanding work due to all the rejection, but the freedom, income and
perks are simply incredible.

To anyone reading this who is fed up with feeling like a pawn with no
control over your financial destiny, do some research into where the
money is flowing in our (USA) $15 Trillion Dollar annual economy and
do what it takes to position yourself in one of the more lucrative streams.
In this country, you're never too old and the opportunities for improvement
are always..ALWAYS available to those who want it bad enough.
-cwm

Thats wonderful you have a great job, I am happy that you have found your way.

But it still does not dismiss or explain how they spend 400,000 dollars on a vacation, and then turn around and say,

"hey gov, we really need more money"
gov reply"Sure no problem, Ill just take it from the little guys"

Dont ya think they should make some cuts ? dont ya ??? Perhaps stop spending 400,000 on vacations ?

Not hard to figure out.

These are just the stories that are going to add to the slack of rope these guys are making for themselves!
Just a little more slack and its hanging time!
People like this just dont give 2 craps about anything in this world but their own money!
They should have kept something a little more low key.. Prehaps meet at a park? Or a public place that didnt have to add up to room costs!
Have a cook out with hot dogs or something within reason.
These Fat Cats are laughing at us here..
Laughing all the way to the bank.

Well their party time is comming to a close folks.

Im sorry to say but these people will not be safe in the public domain!
I for one, If I ever see any of these greedy turds..
Ive got a knuckle sandwhich for them..
And I know many people have my back too.

Its a shame that we must resort to such old tatics.
But it worked a long time ago.. And its going to have to work again.
We are to the point where being all nice and calm about this has gotten us no where..
There is a time and place for all actions.

And they bring it down upon themselfs with this greed...

I agree on the fact that old techniques will have to be used. What else is left when the entire system is corrupt.

Its not a matter of how but when. When will the first blow take place?

reply to post by R3KR


The trip was booked and paid for almost a year ago..back when sales
contest was first announced. Right at this moment I see 5 insurance
companies with pre-planned and pre-paid sales reward vacations for the
February thru June 2009 timeframe. They can only be cancelled by the
host insurance companies with huge penalities, with the exception of
"Acts of God". Bad mortgage holdings by one of the subsidiaries does
not qualify as an act of God.




[edit on 8-10-2008 by carewemust]

Originally posted by carewemust
reply to post by R3KR

 

The trip was booked and paid for almost a year ago..back when sales
contest was first announced. Right at this moment I see 5 insurance
companies with pre-planned and pre-paid sales reward vacations for the
February thru June 2009 timeframe. They can only be cancelled by the
host insurance companies with huge penalities, with the exception of
"Acts of God". Bad mortgage holdings by one of the subsidiaries does
not qualify as an act of God.




[edit on 8-10-2008 by carewemust]

Carewemust...

This, apparently, as you mentioned earlier, was a sales contest won by "independent" general agents and agents worldwide, so I can understand your support of AIG's expenditure...

And, as a former Xerox salesperson (1998 to 2000), and a multiple "President's Club (resort, etc...)" winner, I know that I "expected" my "trip..."

But, when Xerox's stock dropped, like other copier companies, (Xerox's dropped from $60 to $8) in 2000, Xerox changed the President's Club to a much more "modest" location than originally planned...

So, I am not sure that the "penalty" incurred by AIG would have been as substantial as $400K+...Also, why worry when you, as a company, knew you were going under anyway?

But, ignoring that, weren't these general agents and agents "culpable" in the "financial troubles" of AIG, as they were the salesforce, who are the "frontline" sellers of policies and benefited from the "income" received from the policies sold?...

I received a substantial "commission" from selling a copier which "may or may not" be serviced if Xerox collapsed...Did I worry at the the time? Nope...I wanted my money and my "President's Club"...

Also, even though a "presence" by AIG "senior" management may have "motivated" the salesforce at the resort (doubtful, as the salesforce just wanted to relax and did not want to be involved in company BS), senior managers should have been limited to, perhaps, the "shamed" CEO of AIG, and not any other senior executive...

Those agents may be MORE culpable than the executives of AIG and less deserving of a $400+ thousand trip to California...

Holy cow they really dont care do they ..

These idiots should be locked in their offices and forced to work until they pay back every cent they have/are trying to steal from the american people.

Extra Extra Read All About It......

AIG gets another loan from Fed.

NEW YORK -

American International Group Inc. is borrowing an additional $37.8 billion in cash from the federal government, this time through a loan backed by investment grade, fixed-income securities.

The $37.8 billion loan is on top of an $85 billion loan AIG received last month from the government in an effort to remain in business as the insurer faced a liquidity squeeze.

AIG, one of the world's largest insurers, will borrow up to $37.8 billion from the Federal Reserve Bank of New York using securities that were previously lent by AIG insurance subsidiaries to third parties

So since we are all paying for this party…let’s go see what we bought with our tax dollars. Who knows…maybe they have job openings with (gasp) health benefits for the growing lines of unemployed.

For Your Viewing Pleasure….



On Tour: AIG Headquarters July 11, 2003

Friday, July 11, 2003
High on New York

By design, I knew this week was going to be a storied conclusion to my successful consulting assignment at AIG Corporate eBusiness. I had planned a busy week of meetings for Victor and I to launch him into all the parallel tracks of information architecture activity I started. By the end of today, we had met with most of senior management in Corporate R&D (parent to eBusiness), touched all the functional groups across the web property operations, visited some of the business units with active eBusiness projects, and received status briefings on the RUP and CMM initiatives. Victor's notebook is already half full and I think I've set him up for some interesting nights of REM sleep.

Yesterday's schedule changed from purposeful to monumental when I got permission to visit the 66th floor observation gallery at the top of the AIG Headquarters building at 70 Pine. Post 9/11, the building became the highest vantage point in Lower Manhattan, but the gallery is only used by senior executives to entertain clients. My interest in 70 Pine was fueled by reading Skyscraper Rivals, a history of the pre-World War II buildings in the financial district with an emphasis on The AIG Building. This photo of the gothic peak of the tower framed by an American flag was made earlier this year while looking up from Chase Manhattan Plaza.

We cleared security checks in the lobby and were ready to meet "Vinnie" for an elevator ride up to the 60th floor executive dining room. From there we transferred to a small elevator that took us to 66th floor. The elevator car comes up out of a trap door in the floor (!!!), which you can see closed on the left side of the photo above. Before being electrified by the views of the skyline, we were captivated by the art deco interior of the deck. An ornate globe rests on the marble floor of the octagonal room and covers up the old Citgo logo. In the direction of each of the main compass points, there are one of eight balconies edged with ornate aluminum metalwork. Vinnie graciously opened up most of the balconies for us despite his concern about high winds. Much More…..

And if you love fun photo albums, here are fun, fun, fun photos from a great device you can rent for corporate gigs and share your party pics with your friends, co-workers and now the world…



Photos from an AIG party....

Peace

edit: had to go buy more upload space for photo from the store


[edit on 9-10-2008 by DancedWithWolves]

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