Saturday, October 11, 2008

That's a hole, not a drop, in the bucket

$442,000 trip for firm's insurance agents
Insurance agents at American Insurance Group Inc. took a lavish trip to the St. Regis Resort in Monarch Beach, CA. just days after the government stepped in to save AIG from bankruptcy.

[Guambat halfway recalls the taxpayers have already spent over $120 billion trying to keep AIG afloat.]

The trip reportedly saw $150,000 spent on food, $23,000 in spa charges and $7,000 for golf. AIG, it seems, remains unrepentant. The Los Angeles Times reported Thursday that company still plans to hold a three-day event at the Ritz-Carlton Resort in Half Moon Bay, CA., next week that will see 50 AIG employees in attendance.

Sen. Max Baucus, chairman of the Senate's Finance Committee, said, "I want to know who we can fire and how we can get this misspent money back, and I want both of those things to happen pronto."

The LA Times also reported Thursday that Wachovia Corp. is on Saturday sending up to 75 of its top brokers, along with spouses and significant others, on an all-expenses-paid cruise of the Greek Isles.

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