Wednesday, October 08, 2008

Aren't We Generous?

The government bails out Wall Street - and hilarity ensues!

A little less than a month ago, you and I, dear reader, assumed approximately 80% ownership of AIG Insurance. That was part of the enormous Wall Street bailout package passed by Congress and swiftly signed into law by the President.

As part of this package, the government, using our money, infused AIG with $85 billion. Following that, we have agreed to an additional $37.8 billion.

Shortly following that historic bailout, 70 top executives at AIG treated themselves well - very well indeed - after what was, you know, a tough week at the office.

We're not talking about the fact that the guy whose investments helped sink AIG continues to be paid $1 million a month as a consultant. We don't mean the former CEO who presided over AIG's mismanagement, who is slated to receive a $5 million bonus for what he did. That's small beer, as they say.

We're talking about a week-long retreat at an exclusive resort overlooking the Pacific Ocean including spa treatments. The bill, paid for out of a loan from you and me, amounted to nearly half a million dollars.

Even if they signed up for this a while ago, even if it cost money to cancel -- holy shinizzle!! By all means, why not cancel!?

This is the sort of madness that makes C-Span look like a situation comedy. Here is some funny television:

Give that guy props for actually DEFENDING the retreat!

Anyway, I think we should give ourselves a pat on the back. We are, indeed, a generous nation.


Donna said...

You see, Alg, it's an overall concept ... of necessary encouragement and assurances ... YES!! THAT'S THE TICKET ... an overall concept that was necessary!! I think we all need some leisurely dining after hearing that!

I understand there was another retreat planned for next week ... was better be the keyword. I want every dime of that $400,000.00-plus back! EVERY DIME!

Unknown said...

Didn't they just try to plan another "stress retreat" at the Ritz-Carlton in California at Half Moon Bay?? I think that's the name of it. They did end up canceling this one.

They must have turned on the news for 5 minutes and decided it might be hazardous to their health to try to get away with this again.

Algernon said...

Since I understand the "overall concept" of a stress retreat, and have had a hand in planning them myself, I can make them an economical recommendation.

They can go to the Villa Graziadio in Malibu. It's a beautiful, beautiful place with nice rooms and good food. If they want alcohol, they can take a drive down the PCH and stop at Duke's. They can do their team building in a beautiful atmosphere at about a tenth of the price.