AIG’s Lavish Gala Post Bailout
The committee on Oversight and Government Reform held a hearing on Tuesday at 10:00 a.m. Eastern time. to address and examine downfall of AIG, the world’s largest insurance company. The committee planned to discuss the financial excesses and regulatory mistakes that led to AIG’s government bailout.
One of the items discussed was AIG’s expenditure of $440,000 for a corporate retreat at the St. Regis Monarch Beach resort in Dana Point, Calif., about midway between Los Angeles and San Diego. These funds were spent on Sept. 22, a week after the Federal Reserve extended an $85 billion emergency loan to AIG to keep it from going bankrupt due to insurance liabilities.
Gotta love the greed in Corporate America.
I love it when company execs spout off about “shareholder value.” My guys did that, too. And now my stock (thankfully, I don’t invest in the companies that employ me, so I had very little) is worthless. So is yours, if you owned WM.