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Saturday Night Live skewers AIG excesses
October 12th, 2008, 9:59 am · 4 Comments · posted by Teri Sforza, Register staff writer
Our friends at Saturday Night Live have seized on the American International Group subsidiary’s retreat at our very own St. Regis Monarch Beach Resort (shortly after the federal government’s $85 billion bailout) with highly comic fury.
One of The Watchdog’s favorite lines went something like: “If you want to do team-building, find those empty sacks that used to be filled with money, get inside them, and have a race.”
(The cost of the weekend bash for independent agents: $443,344.)
Watch the NBC video clip by clicking here (the AIG bit starts about 2 minutes and 15 seconds from the end of the clip). Enjoy.
(Meanwhile, the Watchdog is trying to determine the veracity of assertions that the ailing AIG parent cannnot reach down into the pockets of its profitable subdsidiaries to help solve its crisis. AIG files consolidated financial statements, which seems to indicate one for all, all for one. We’re waiting for clarification from independent accounting professor types).
More Watchdog:
- Yet another AIG subsidiary parties hearty days after bailout
- AIG’s St. Regis blowout bill: $443,344
- AIG subsidiary parties in style in OC, two weeks after bailout
- Obama on AIG’s $400,000 party: ‘Fire the scoundrels!’
- Prez didn’t push for bailout so execs could get facials
- Behind the AIG party: A look at the St. Regis
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As mentioned, I like Obama’s comment in reference to securing the jobs of older Americas is to fire all the executives that were at the junket and demand all the money back from AIG and lay off over 120,000 employees as the organization goes bankrupt.
Problem solved according to Obama and taxpayers save billions of dollars that can help support the unemployment lines.
Wow! Terri made Saturday Night Live! She’s our own Tina Fey! Congratulations!
I agree with Alan… OK there’s 120,000 jobs Obama’s already in the hole for, and he hasn’t even secured the election yet. can’t wait to hear (hopefully NOT see firsthand) how much lower he plans to take this country.
bpsqwerty -
Come to find out those were not executives at the junket. It was small business owners being awarded for their continued service to AIG.
He basically wanted us to fire small business owners. Obama is a good speaker; however, he really needs to do some homework and hold back on making comments before all the facts are made about a situation. I think we have seen enough quick decisions done by Presidents that we can do without those for a while.
If we really look at the number $85,000,000,000.00 for a second and take away three zeros and also take away three zeros on this event. Now we have 85,000,000.00 and only a $443 party. However, I will never see that number in my life so let us put this in real numbers.
The amount of money that was spent on this party to award small business owners for their performance in helping the Company would be roughly $4.00 for every $85,000.00 loaned to AIG or roughly $2.00 for an average wage earner.
Now that is a number that makes a little better sense to people and a figure that we can put our hands around and fully understand what was spent in comparison to the bigger picture.
I do not think people are upset that AIG spent a few dollars rewarding business owners and are still trying to figure out what exactly equals $85,000,000,000.00. Which AIG will be paying back in time - so is it really a bailout that will help our Country.
It is time to get serious with these numbers and the expected return on these investments.
I will admit this is an entirely new stage in the economic growth of our Country and if handled incorrectly we can be in for a huge change throughout the World. Our next leader should have a very detail action plan with projected outcomes in all areas - which they both have not really had time to formulate as they fight for our votes.