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Trickling Down

9:20 AM -- The bailout is working already! ABC News reports:

    Less than a week after the federal government committed $85 billion to bail out AIG, executives of the giant AIG insurance company headed for a week-long retreat at a luxury resort and spa, the St. Regis Resort in Monarch Beach, California, Congressional investigators revealed today.

    "Rooms at this resort can cost over $1,000 a night," Congressman Henry Waxman (D-CA) said this morning as his committee continued its investigation of Wall Street and its CEOs.

Your tax dollars at play


    AIG documents obtained by Waxman's investigators show the company paid more than $440,000 for the retreat, including nearly $200,000 for rooms, $150,000 for meals and $23,000 in spa charges.

    "They're getting their pedicures and their manicures and the American people are paying for that," said Cong. Elijah Cummings (D-MD).
Happy endings for all!

— Larry, Attack Monkey, Light Reading

Larry, Monkey 12/5/2012 | 3:30:01 PM
re: Trickling Down Can we bring back the guillotine? Is that too extreme?
nodak 12/5/2012 | 3:29:56 PM
re: Trickling Down It gets better, AIG just asked for another $37B outside the $85B credit facility the fed gave them because people want no longer trust the "unsecurities" anymore.

I guess when you are too big to fail you can do whatever you want.
Larry, Monkey 12/5/2012 | 3:29:53 PM
re: Trickling Down When you're Goldman Sachs's biggest customer you can do whatever you want. Henry Paulson says so.
cw.774 12/5/2012 | 3:29:52 PM
re: Trickling Down So to answer your question, Larry... Yes (when can we start?)

-Stanley
Larry, Monkey 12/5/2012 | 3:29:52 PM
re: Trickling Down As soon as my financing comes through. Green technology is still pretty expensive.
Larry, Monkey 12/5/2012 | 3:29:50 PM
re: Trickling Down "While the rest of the country struggles to come to terms with the financial crisis, a group of Barclays bankers have jetted off for a lavish banquet costing more than -ú500,000.

"As British taxpayers faced up to a grim financial future, coupled with the fear of tax hikes following the government's bailout -ú500billion bailout package, a group of fatcat bosses from Barclays Wealth flew out to the luxurious Villa Erba, beside Lake Como in Italy yesterday for the all-expenses paid jaunt."

http://www.dailymail.co.uk/new...

douggreen 12/5/2012 | 3:29:47 PM
re: Trickling Down Yes, and another group from AIG is going to the Ritz and half moon bay for another junket just like this one.

And Wachovia is sending some 75 people from their AG Edwards division on a Greek Isle cruise.

THeir execs say that this is "normal" for the industry. Guess they haven't noticed that things are "Normal" any more.

The problem is that neither CEO has the leadership to stand up and say "hey, I know you feel you deserve this, but the world has changed and we all have to sacrifice."

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