Spending Sprees Continue!
AIG Executives Spend $440,000 After Getting Bailout Money!
Yes, you read that headline correctly. Shortly after AIG received their big bailout from the government, they went on a spending spree. You remember the buyout right? That’s when the government decided to buy AIG with taxpayer money. In other words, the government now owns the insurance giant, and they bought the company with our money.
Have your insurance rates come down at all?
Not only do you we have news of AIG going on a spending spree, but during the latest Presidential debate, both candidates said they plan to spend more money to help bailout the sagging economy. What a minute, this simply makes no sense! When will the madness stop? The nation is already buried in debt, and the economy is struggling because people are in debt. Again, the only ones laughing here are the financial company CEO’s who literally made out like bandits. They padded their bank accounts with company money. Then, when the companies went broke, we the taxpayer are stuck with the bill as government leaders say – “Lets spend billions of taxpayer dollars to bailout the failed companies.”
This November maybe it’s time to clean house in more ways than one!
The foolish spending and double-talk coming from government leaders continues. The Accidental-Governor of New York State mandated a government hiring freeze a few weeks ago. Then Governor Paterson decides to approve a $140,000 position with the governments insurance department. Who got that cherry job? A 78 year old retired Democratic Assemblyman! Thanks to the Democratic Governor Paterson, his good buddy from Queens landed a great retirement plan. I blogged about this foolish move in a post entitled Accidental Governor At It Again.
Now, in the midst of the federal bailout of Wall Street, and the earlier bailout of AIG, we discover just how the AIG execs are spending our money. During a recent committee meeting on Oversight and Government Reform hearings Congressman Elijah Cummings and Congresswoman Jackie Speir took on the AIG executives.
How are they spending our money?
At the hearing it came out that the insurance giant spent $440,000 for a corporate retreat at the St. Regis Monarch Beach resort in Los Angeles. Some might think the money was spent before the bailout. But, such is not the case. As a matter of fact, the money was spent on September 22. If you’re keeping track of dates here, that was just one week after the Federal Reserve gave an $85 billion dollar emergency loan to AIG to keep it from going bankrupt due to insurance liabilities.
Ahhh yes, our tax dollars hard at work.
Just my two cents,
Dr. Rus
