AIG subsidiary parties in style in OC, two weeks after bailout

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Financial crisis? What financial crisis?

Less than two weeks after Uncle Sam gave American International Group (AIG) an $85 billion loan - staving off financial collapse - execs from one of its insurance subsidiaries, AIG American General, gathered for a conference at the uber-swank St. Regis Monarch Beach Resort, billed as “California’s only Mobil Travel Guide Five-Star Resort,” where ocean-view rooms start at $565 a night and “world class luxury” is the rule.

On Friday, before the presidential debate got under way, caterers for the St. Regis were setting up dozens of tables on the grounds of Mission San Juan Capistrano for AIG American General’s sumptuous off-site dinner. Tables were draped with soft Tuscan-gold tablecloths that cascaded to the grass; elegant fresh flower centerpiece graced each table; and what appeared to be fine crystal stemware, at least from a distance, glistened in the fading light.

Workers set up a lengthy bar stocked with bottles of liquor. A half-dozen tall space heaters stood sentinel in case the evening turned cool. There was a large center stage with lighting and a sound system, and once the sun went down, the whole scene took on a magical patina as tiny white lights twinkled in the trees.

The Watchdog - and the Outraged Taxpayer who alerted us to the situation - understand that corporate events such as these are planned many months in advance. I mean, really. Who could have known in the spring that there’d be Financial Armageddon in the fall?

But still. “The inappropriateness and the excessiveness just blew us away,” said the Outraged Taxpayer, who went to the Mission Friday to pray in the chapel. “It’s outrageous. In very poor taste. Over the top.”
  1. groups:
    News and Politics,   Politics,   Current News US
  2. tags:
    News and Politics,  Politics,  Economy,  Current News US, 2 more + add
pachanga4ever
  • added October 02, 2008

36 comments // AIG subsidiary parties in style in OC, two weeks after bailout

  •  

    Glad I could pay for their vino and the nice view. Where's the accountability?

    Stevox
  •  

    we must do more to help these guys out......please donate today

    dissimulator
  •  

    Psssshhhh.

    Don't even trip.

    There are MUCh better parties in OC ;)

    I don't even see a beach!

    Bwittany
  •  

    Both presidential candidates voted yes to the bailout; that means, more of the same will continue.

    We are just as guilty as the ones who commit these extravagances, when our country buys into to the two party (really one) system that is bought and paid for by large corporate conglomerates.

    I love it when the voices say, "but you will throw your vote away, if you vote third party candidate". Well, if that is our way of thinking we will never change the direction that we are headed.

    imo

    queenofit
  •  

    Even if it was scheduled months in advance, how hard would it be to cancel and reinvest that money into the business?

    ChristmasAsen
  •  

    That's sick. May the America that has not seen this, see this, and may the America that is still sleeping wake up! I can imagine its not the only lavish party going on like this.

    recommended by huntre
    SeaJade
  •  

    Well we are still a few hours away from letting the House to pass the bank bailout.
    I am sending this to my State representatives right now.

    recommended by huntre
    taniazapata
  •  

    ok - I understand where this article is coming from - but having experience on the meeting planner side of things, I can tell you that this conference was most likely planned a year or more in advance and the deposits were probably mostly paid for a few months in advance which most likely means that it would have been more costly to cancel it then to have it go on as scheduled. Just playing devil's advocate here...

    KaT_Trina
  •  

    CIRCUS MONEY

    I’m still totally flabbergasted on how easy the Rovian GOP is doing what it dam pleases with America…

    Now if it was only the fact that we socialize the losts but privatize the profits.

    America is being taken to the cleaners while the revolving door between Big Corp & government is always open and seats are interchangeable. Problem is…WE THE PEOPLE are paying for this pathetic cronies economy.

    BACK TO WHERE WE NEVER LEFT ?

    ABOUT BEAR STEARNS CAYMAN ISLAND FUNDS
    http://www.bloomberg.com/apps/news?pid=20601087&refer=home&sid=awRQv0Xaw...

    As the financial system crashes and burns, the corporate insiders orchestrating the cataclysm have their funds safely tucked away offshore. When the dollar is completely worthless, they can convert those funds to Euros, Yuan, whatever and come out smelling like a rose.

    The past 10 days will be remembered as the time the U.S. government discarded a half-century of rules to save American financial capitalism from collapse.” - David Wessel, economics editor, Wall Street Journal, March 27, 2008

    “Be greedy when others are fearful.” - Warren Buffet, leading investment capitalist, quoted by The Economist, April 5, 2008

    WhiteNoise
  •  

    Naomi Wolf, "The End Of America", a study of the process of closing down democratic open nations. She identifies the 10 clear steps each closed society took to get to a closed or fascist society. When she wrote this, the US was at about stage 9. We may have completed the process with the theft of the treasury now in process and the establishment of a private military, Blackwater, and the deployment of the US military to the domestic USA.

    The final test will be the election in November.

    recommended by yonie, huntre
    uppityprogressive
  •  
    Image...

    Sarah "Evita" Palin, the Muse of the Coming Police State

    recommended by huntre
    uppityprogressive
  •  
    GlaringTruth
  •  

    It's more of a wake.

    recommended by huntre
    joshuaheller
  •  

    AIG American General Exec: *slams down cigar*
    "Now, see here! We can't start living beneath our means, all of the sudden! Are you nuts? It's going to take time to ween ourselves off excessive waste and squander! That's why we are holding these "seminars"! To help each each other slowly...very, very slowly...figure out how to report less than a quarter of a million dollars a year in income to the IRS while hiding all the rest! It's what we do! It's all we know! You must give us lots and lots of time to adjust while figuring out new ways to rip off you, the middle and lower classes! Now then, if you'll excuse me, there's a massage table and mint julip with my name on it. *grabs cigar* Ta!"

    huntre
  •  

    And they are about to open the vaults for the rest of them...I hope they invite us the next party!

    limitsnone
  •  

    i don't care how much in advance the party was planned....call up and say hey were AIG we can't pay our bills!

  •  

    Check please. Oh wait, we already paid.

    Mark701
  •  

    If the economic crisis has taught America anything at all, I really hope it has taught us just how ugly greediness really is!

    mtbailey
  •  

    Can I just give them my money directly instead?

    m3coupe4me
  •  

    What a bunch of douchebags.

    "The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants"

    Thomas Jefferson

    Time for bloody revolution yet?

    rabidlemur
  •  

    Give them more! Give them more!

    Quick! Before they run out of Montecristo's and Château Lafite! If that happens, the economy will collapse!

    Give them more!

    SDLN
  •  

    Breaking News: AIG execs are only tipping with $20's and $50's.
    http://www.takingituptheass.gov/

    Quick! They're out of $100 bills! Give them more!

    SDLN
  •  

    Yes, I remember being at a swanky GM convention in Vegas on the day they announced their biggest batch of lay-off ever! This kind of stuff is sick!

    AndreaKnoll
  •  

    Let them eat cake! I think the french were on to something when they beheaded their aristocracy...

    Betico
  •  

    We are looking at the future home for our tax dollars. This is sickening.

    Brentehuffman
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