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Obama on AIG’s $400,000 party: ‘Fire the scoundrels!’
October 7th, 2008, 9:37 pm · 15 Comments · posted by Teri Sforza, Register staff writer
The first question of tonight’s presidential debate went to Sen. Barack Obama, and conjured a genuine OC-grown controversy. Talking about the $700 billion Wall Street bailout plan, Obama said:
“We have to make sure it works properly….That means strong oversight…it means we are cracking down on CEOs and making sure that they are not getting bonuses or golden parachutes as a consequence of this package.
“In fact, we just found that AIG - a company that got a bailout - just a week after they got help, went on a $400,000 junket.
“I tell you what. Treasury should demand that money back, and those executives should be fired.”
The Watchdog broke the AIG story on Oct. 2:
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.
Today, thanks to Rep. Henry Waxman, chairman of the House Committee on Oversight and Government Reform, we have the bill for the junket. Total: $443,344.
(This is the first time The Watchdog’s reporting has made its way into a presidential debate. We are rather stoked.)
More Watchdog:
- AIG subsidiary parties in style in OC, two weeks after bailout
- AIG’s St. Regis blowout bill: $443,344
- Prez didn’t push for bailout so execs could get facials
- Behind the AIG party: A look at the St. Regis
- The half-billion-dollar Boy Scout stash
- The million-dollar Boy Scout. Thrifty, indeed!
- God’s quid pro quo?
- Earthly kingdom: Trinity’s $167 million in real estate
- OC’s dead pets enter the food chain. Mmmm.
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If we got rid of all the scoundrels he wouldn’t be running for president or living in a two million dollar house when he was only making $40,000 a year when he purchased it. Where did he get the money? This man is Bill Clinton Jimmie Carter and Barny Frank s all rolled up together.
This is the only Obamaism that I support ~ AIG and their $400K party stink to high heck!
Congratulations OC Watchdog! Great Job!
Teri,
Congratulations on your scoop.
You did a great job on that one.
The question that was asked:
“What is the fastest most positive solution to bail these people out of the economic ruin?”
(These people referred to the retired and older citizens losing their job.)
His solution is to fire more older citizens that went on the junket and demand money back these making the entire organization collapse and more people unemployed. What a solution.
Here was McCain solution to the same question:
Energy Independence
Keep Taxes Low
Stop spending spree
Buy up home loan mortgages
(allow people to stay in their home)
Create Jobs
Trust Americans
Take care of working Americans
And his was presented in a fraction of the time it took Obama to tell the audience, in a round about way, that he would shut down AIG and make sure the entire work force was unemployed by Christmas and the insured would be without a policy.
McCain is an idiot and Obama is right. So what SHOULD Americans do? just sit back and allow those execs to get away with it? NO! you FIRE them like Obama says and set an example. And obviously the company doesn’t deserve that amount of money they were bequeathed with if they waste 400,000 DOLLARS ON A RETREAT!
McCain is another Bush and I just don’t understand how people are crazy enough to support him. Doing more of the same and expecting different results is insanity.
Obama made his money honestly, and with hard work. To bash that is to bash the American dream. We KNOW he worked hard for it because he started off where most Americans are now. He didn’t start off rich and wealthy and then decided he knew what those who weren’t were feeling.
It is the republicans and their Goddamn Reagonimcs that didn’t work then and sure as hell doesn’t work now that’s gotten us into this mess. “Trickle Down Economics” is just that. Nothing but a Goddamn trickle. The rich fat cats sit on high, dip their fingers into their water pool of riches and let a mere drop descend from their hallowed fingers.
That poor people would even support McCain or the republican party is shocking. People support a man who doensn’t even know how many HOUSES he has.
Vote for Obama. His plans just MAKE SENSE! There HAS to be a change in policy. Just like Obama said. And McCain and Palin are not that change.
And all women that vote for McCain merely because Palin is on the ticket demean women everywhere.
And Christians who vote for McCain just because they don’t like Obama’s views on Abortion shame God’s people.
God gave us all a choice. And it is NOT our right to take away what God has given or judge ANYONE. DO NOT expect the government to be christians! Cause they won’t! Leave that to the BODY OF CHRIST! and no one else!
Judge the politicians as politicans. Judge them for who will do the best by America, economically, socially, and in general morality.
-Maddissun
This is the ONLY thing I agree with Obama on, Fire them. The big wigs would not put up with this kind of behavior from their employee’s then why should we as the public, the ones bailing them out, put up with this mess. NO working person should be able to act like this and still have a job. FIRE THEM AND GET OUR MONEY BACK!!!!
Less than a month after receiving an emergency $85 billion federal loan, crippled insurance titan American International Group (AIG) may borrow up to $37.8 billion more from the Federal Reserve.
=================================================
so let me get this straight. Be irresponsible and get a $85 Billion taxpayer bailout. AIG is elated and,
throws a $400,000 party, everyone gets their toenails painted. Government likes the reaction from AIG so gives them $37 billion more of taxpayers money. Maybe next party they only get manicures.
Stupid American.Spent 100 of billions of $ in hate earning wars all over the world.
Only Bastard arms companies getting benefits.And america is getting enemies all over the world.
It really hurts that I’m Loosing My Home because AIG would not pay me lost wages on a legitimate Workers Compensation Claim. I have been out of work for over a year due to an injury on the job and with so many documents to prove it. Meanwhile AIG wants to offer me a small settlement a year later. I haven’t seen a dime from them for loss wages. If they had given me my lost wages from the start I would not be loosing my house, even being a victim of the subrime crisis and real estate fraud I still would have had a fighting chance. Injured Workers have been victimized by AIG’s policy of not properly and timely paying workers’ compensation indemnity benefits and it seems like the government just looks the other way. And the Department of Workers Compensation is fixed so that it favors the employer and not the injured employee. My lawyer seems to be best friends with the attorney representing my employer and always pushing me towards a settlement. The following is an article on AIG that I found to read the entire article follow this link: http://www.caaa.org/research/PR061605.asp
AIG systematically withholds payments from injured workers AIG is among the insurance carriers being sued for systematically refusing to pay compensation to injured workers. Based on annual audits by the State of California, the lawsuit is pending before the Workers’ Compensation Appeals Board. “California’s injured workers have been victimized by AIG’s policy of not properly and timely paying workers’ compensation indemnity benefits. This defrauds those injured California workers, and harms them and their families,” said Mark Hayes. “We seek restitution from AIG and other insurance carriers.”
THEY PARTY AND WE LOOSE OUR HOMES !!!!!!
AND THE GOVERNMENT GIVES THEM OUR TAX MONEY
feel free to contact me on this issue at robertmerced@yahoo.com
This makes me so sick. So many Americans losing their homes. Millions without health insurance and this is what our government does….and the worse part is the American people won’t do anything..as we do with everything else.
You do not see this government going out of their way to help the Americans who have lost their jobs because our jobs are being sent overseas. We have the most wasteful government in this world. When a government allows itself to pay $4,000 dollars for toilet seats then we need an overhaul. They take and take and take…..
The American people need to unite and get off their butts and stop all this bull……..They always say power in numbers….WAKE UP AMERICA! Our ancestors fought for this country..what did they die for? At this rate we should have just stayed with England..at least we would beable to go to a hospital….
AIG did cancel a similar event planned in Half Moon Bay.
However, on the AIG website is this following statement:
“The event, mischaracterized as an “Executive Retreat,” was held by one of AIG’s insurance subsidiaries for independent life insurance agents, not for AIG employees.”
So Obama was incorrect in his statement to fire the executives. What he really meant to say was fire the self-employed … and demand the money back.
Nice going Obama! You just won the vote of every small business owner.
The real problem with corporate america is that there aren’t limits on what CEOs and Corporate Execs make. If we don’t act and put limits on these positions then we will drift into a position where the majority of american jobs will be minimum wage positions and most of our jobs will be transitioned overseas. The average American Worker loses ground each year as raises are less and benefits reduced. All americans need to unite and fight corporate greed because if you expect our government to reform this situation then you are in a dream world.
My wife worked at AIG for under a year in 2006 and working close to some of the CXO’s cabins, she always wondered how AIG could blow cash the way it did.
Now I know.
Move these guys to Detroit, and make them work at 1/2 pay. Better yet, close this company.
maddisun, how did he go to harvard? it’s not the thriftiest of educations. ya know?