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OC Watchdog contest: Guess what this AIG junket cost!
November 24th, 2008, 6:30 am · 81 Comments · posted by Teri Sforza, Register staff writer
Afraid the $150 billion bailout of insurance giant American International Group will reap no rewards for you? Worry no more! Here’s your chance to win an OC Watchdog mug!Yes, we here at The Watchdog are running our very first contest. We want you to guess how much AIG’s aircraft-leasing subsidiary spent on a weekend fete in Washington D.C. for 820 people, just four days after the parent company’s first federal bailout.
Here are the details to consider before posting your guess in the comments section below:
- On Sept. 20, AIG’s profitable aircraft-leasing unit, International Lease Finance Corp.,
celebrated its 35th anniversary with a huge party at the Smithsonian National Air and Space Museum. - Los Angeles-based ILFC hosted 820 guests at the museum’s Udvar-Hazy Center (pictured here, and named for ILFC exec Steven Ferencz Udvar-Házy, whose $65 million donation was the Smithsonian’s largest ever and made the new museum possible).
- ILFC paid the Smithsonian $27,103 just for janitorial and security services at the Sept. 20 event.
- The bill for a different AIG subsidiary’s retreat for far, far fewer people - 150 or so - at the St. Regis Monarch Beach resort was $443,344 ,
So! What do you think it cost for catering, food, drink, one or two nights of hotel rooms and transportation for 820 people in our nation’s capital?
Post your guess in the comments section below. When the Waxman Committee on Oversight and Government Reform unearths the bills for this extravaganza - they’re combing through reams of subpoenad paperwork from AIG right now - we’ll post the answer. Whoever’s guess is closest wins.
Rest assured that The Watchdog is hard at work, trying to make the bailout fun for everyone.
More Watchdog:
- AIG junket - the movie! Bailed-out execs luxuriate on tape
- AIG subsidiary parties in style in OC, two weeks after bailout
- Yet another AIG subsidiary parties hearty days after bailout
- High-flying AIG subsidiary gets to play with Uncle Sam’s dough, too
Truth or dare? AIG ordered to bare all its secrets- Should feds have let AIG go bankrupt?
- Bailed-out banks ordered to reveal executive compensation
- Oops. That $123 billion may not be enough, AIG says
- AIG suspends controversial executive payouts worth millions
- Invisible sponsor of OC wine event: AIG
- AIG calls off lobbyists, cancels events totalling $80 million
- AIG’s “outrageous expenditures” cause more trouble
- AIG’s St. Regis blowout bill: $443,344
- Saturday Night Live skewers AIG excesses
- Obama on AIG’s $400,000 party: ‘Fire the scoundrels!’
- Cartoon zinger lampoons AIG bailout
- Prez didn’t push for bailout so execs could get facials
81 Comments
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I guess $281,000.00
Oh, how fun. Let’s see, I have no earthly idea on how to make an educated guess, so I’ll just take a shot in the dark: 3.1 million.
ummm how about 7.8 million
How about $1.2 million?
$1,893,561 - by the way - what do we win?
$1,863,978
By the way, what do we win?
$2.6 million
Those scum bags need to all go to jail.
2.2 million is my guess.
1,075,394
Thanks for following this story. I like to know where my tax dollars are going. My guess: $4,250,000.
$312,000?
This is just a stab in the dark: I think a bit lower, so $2.2M
4.2 mil. Why not?
My guess is 3.5 million
Fiddling while Rome burns… I guess $2,423,614.
2.7 million
Let’s go with $458,000.
$2.75 Million
2.3 million
3.5 million!
$2.75 Milllion
$820000
I am going to guess at least 500K. What do they care it wasn’t their money….this is some serious BS. Why the h@ll does the gov’t have their head in the sand on this one? Now that they bailed them out, fine their arses for it!
I will guess $2.5 million.
I’M GOING TO GUESS 2.3 MILLION.
$2.1M, just over $2500 per person.
So sad that this is fun.
I’m going to say 1.25 million.
I’ll guess 4.5 million.
I’m going with $3,100,001 Bob (or Drew).
AIG willingly spent $2,955.63 a person on the St. Regis Monarch Beach gala ($443,344.00 divided by 150 guest) so using the same number and multiplying the guest list at the Smithsonian which was 820 - I’ll guess $2,423,616.60 conservatively. I’m sure it was more than that but I just needed to do the math to show how totally wrong it was to let this company go bankrupt. They were allowed to reschedule debt and in some cases walk away from obligations that it should have honored. If they have a division that is so profitable, why not sell it and use the proceedes to pay their obligations not have parties!
I think it was $440,000.00. Send me my mug!!!
What’s the prize for the right guess? AIG stock? No thanks.
1.83 million American Taxpayers Dollors.
1.3 MILLION. NO SHAME.
Obama and his cronies won’t due any better, but I would say $875,000.
1.875m
guess:
2.71 mil
2.7 million.
I said about $2.75 million
I think it was closer to 4.5 million. But no worries they promised they won’t do it again. YEAH RIGHT!!!
If it was more than a buck it was too much ~ I win ~ gimme my prize!
Crooks in suits. Shame on them.
I would say 850 people equals around $2.4 million.
Easily, $2.3 million.
$764, 352
However, that does not include some of the incidental costs that are still being accumulated by the employees, that will have travel re-imbursement checks sent out shortly.
3.2 million and we weren’t invited!!!!!!
$1.6M
i would guess…4.5 million
Using a straight factoring, $2,423,613.80
My surmise is $3,876,789.65 plus or minus 41.09
1.65 million - They should be ashamed.
Not that anything will happen to them for wasting OUR money- but I’m guessing $285,000.00….. Fire them all!!
I have a policy with AIG –how caome we were not invited
Amiunt spent !,875,000.
$1,366,000
$2,438, 392
I will say $3.9-4.5 Million
3 million dollars.
I say 3,048,000.
$836,000.99
My guess is $2,208,355. And I highly doubt that ILFC is still profitable, as aircraft leases are getting terminated left and right, and prices for low-mileage, flying cream-puff’s have all but collapsed. Let the write-down’s begin!
$2.659 million
$3,987,456
$1,394,000 of our tax money at work!
Seeing that Steven F. Udvar-Hazy has been a long time financial sponsor of the center and the amount of the event was likely in part a charitable donation from AIG to the Smithsonian as was the $65M a few years ago.
I would estimated the event for 820 completely depends on is rooms were paid for by the attends or not and how many days. A lot of variables…
I would estimate that the event itself without was:
$850,000
I feel like I am on the Price is Right. How about $830k?
$1.1mil
4.3 million
3.28 million
If it had been held at the St. Regis it would be $2.4 million, I’m guessing it is a bit less expensive in D.C. (maybe not, who knows?) I’m guessing $1,504,000. But I might be underestimating on the alcohol consumed over two days.
OC Watchdog is the BEST and most depressing part of the Register. Reading this stuff makes me sick and it seems like there are no consequences.
3.18 million is my guess. Good use of our tax-paying dollars! I hope they enjoyed their trip! They should pay every penny back to the tax-payers. Just a terrible thing to do and it couldn’t have come at a worse time. They all should be ashamed of themselves AND pay back every penny WITH interest!
I think $2,345,000.00 Please send my mug postage paid. Thank you.
I guess $2,750,000
I was there, and it was a GREAT party! I’d guess 2.25 million, if not more. Thanks to all!
2.85 million, not a penny less.
$1,619,523.72 is my guess. Costs are less in DC, but would of given more out because of it.
$2,666,064.00
let me guess,My insurance just went up so my guess is 1.5 mil
It all depends on (1) what the going rate was for hookers in D.C. at the time coupled with (2) how much more devalued the U.S. Dollar will be by the time … years from now (if ever) … an oxymoronic Congressional committee on Oversight and Government Reform (pardon me while I stick needles in my eyes to stop from laughing so hard while I pound my head against the wall) does anything remotely actionable and effective beyond political grandstanding, theater, and bread/circuses.
A good start would be to abolish itself. My guess, using the trillions in Total National Debt as a gauge and the highest bid on the board thus far by “mememe”: $7,800,001 (this really is like “The Price is Right”)!
Can I have a free ride in the Great Park’s orange balloon?
2.9 million
$415,000.
looks like $561,009 to me. Another in your face to tax payers
$2M…not including tips…OUCH!