New Wave Outpost Forum

http://www.upi.com/Top_News/2008/10/08/ ... 223479960/
[i]
The insurance giant was rescued in September with an $85 billion federal bailout, and last week about 70 of the company's top performers were rewarded for their work with a week's stay at the posh St. Regis Resort in Monarch Beach, Calif., where the tab was $440,000, The Washington Post reported Wednesday.

During a Tuesday hearing of the House Oversight and Government Reform, chairman Henry Waxman, D-Calif., said, "Less than a week after the taxpayers rescued AIG, company executives could be found wining and dining at one of the most exclusive resorts in the nation."

The AIG group ran up a $23,000 spa services bill.
[/i]


<a href="http://www.djcraig.net/los_angeles_dj">DJ Craig</a>

I saw that on CNBC this morning. Absolutely ridiculous. So I guess we, as taxpayers, are ultimately paying the tab in the form of taxes to cover the bailout. These crooked bastards need to see the inside of a jail cell.

We didn't sell a lot of records, but somehow we left an impression.
-Johnny Ramone-

Didn't we used to lynch people like this? Exactly why I opposed the bailout. Why should ordinary folks like us have to foot the bill? What kills me is we are being hit not once, but twice: taxed directly to fund the bailout and then "taxed" again by inflation to support our endlessly increasing money supply. Trust the "Fed", they know what they're doing and they have our best interests at heart. Just don't ask for any Congressional oversight.

Article I Section 8 of the US Constitution: Congress shall have the power "To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures." Oh well, it's just a damn piece of paper . . .

I guess the resort bill came due. Pay up suckers . . .

http://money.cnn.com/2008/10/08/news/co ... tm?cnn=yes

Not to defend anyone here but the media is putting it's usual spin on this one. At first glance I was all mad thinking about what was going on. But it was not the ceo or the top exec's throwing around the bailout money at a resort. ALL wall street companies have perks for top performers. So if a broker and his team go and make a few million for the company, the company in turn makes them real happy with bonuses and perks. I am in no way defending wall street or aig because I hate them and the whole system. But I hate the media worse. I am sure there will be no retraction or if there is it will be on the second to last page under the obits. The article makes it sound like the top bosses were out spending the bailout money which is untrue. But whatever...fuck em anyway. [:D]




Worlds GREATEST Photographer!

[quote][i]Originally posted by drsevrin[/i]
<br>I guess the resort bill came due. Pay up suckers . . .

http://money.cnn.com/2008/10/08/news/co ... tm?cnn=yes

[/quote]

Working in the insurance industry, one of the wierd things you find out is that the company you're working for or appointed with has a seperate comany of itself in the state of New York. Why? They are just regulated differently and have diffeent laws governing the sales of insurance, so AIG had to set up a different company in NY, and now they need to bail it out too. That's all. I hope that elps understanding why it's not part of the $85 Billion package for the rest of the company.


<a href="http://photobucket.com" target="_blank"><img src="http://i97.photobucket.com/albums/l237/vespa_boy_2006/Smallerglokstadt.jpg" border="0" alt="Photo Sharing and Video Hosting at Photobucket"></a>

Visit Club Impact's website, where "Style colides with Action:" www.clubimpact.us

<a href="http://s97.photobucket.com/albums/l237/vespa_boy_2006/?action=view¤t=Mod_Ska_Badges.gif" target="_blank"><img src="http://i97.photobucket.com/albums/l237/vespa_boy_2006/Mod_Ska_Badges.gif" border="0" alt="Mod/Ska Badges"></a>

Forgive me Glok, but I don't follow. Is the NY company a subsidiary of the parent AIG? If so they should ultimately share the same balance sheet. I've searched this out but can find nothing but damning reports on how AIG blew all this money on resort charges just days after accepting bailout money. I'm sure there's something I'm missing, but I can't find it.

http://www.washingtonpost.com/wp-dyn/co ... 02604.html

Having said that, I work in upper management of a large US corporation and my bonus/perks are directly tied to corporate performance. My bonus is funded according to a tiered grid: 1. gross margin, 2. division performance, and 3. department performance. If all three elements do poorly, I stand to get virtually nothing. In contrast, it seems AIG execs get everything and more independent of corporate performance. This is what really galls people - performance is in no way tied to compensation. If my corporation was doing as poorly as AIG there is no way in hell I would be sent to a resort to run up a half-million dollar tab just having fun. Perhaps that's why my company is financially sound and in need of no taxpayer money. I tried and tried to find information to debunk this in the case of AIG but could not. Again, forgive me if I've missed the obvious.

<p align="justify">If there's one more thing that broke the camel's back is the vote to bail out these rich bastards[}:)]

[quote][i]Originally posted by drsevrin[/i]
<br>Forgive me Glok, but I don't follow. Is the NY company a subsidiary of the parent AIG? If so they should ultimately share the same balance sheet. I've searched this out but can find nothing but damning reports on how AIG blew all this money on resort charges just days after accepting bailout money. I'm sure there's something I'm missing, but I can't find it.

http://www.washingtonpost.com/wp-dyn/co ... 02604.html

Having said that, I work in upper management of a large US corporation and my bonus/perks are directly tied to corporate performance. My bonus is funded according to a tiered grid: 1. gross margin, 2. division performance, and 3. department performance. If all three elements do poorly, I stand to get virtually nothing. In contrast, it seems AIG execs get everything and more independent of corporate performance. This is what really galls people - performance is in no way tied to compensation. If my corporation was doing as poorly as AIG there is no way in hell I would be sent to a resort to run up a half-million dollar tab just having fun. Perhaps that's why my company is financially sound and in need of no taxpayer money. I tried and tried to find information to debunk this in the case of AIG but could not. Again, forgive me if I've missed the obvious.
[/quote]

I couldn't find any info right now via Gogle because there is just bail out stories and how execs went to a lavish resort... So FWIW:

(1) In order to sell insurance in New York a company needs to set up shop there, in a seperate company or division or subsidiary (couldn't find anything via Google either...)--so any national insurance company located in another state must set-up a seperate company or div./sub. to sell in NY as the laws there are different, as well as IIRC against the law for an out-of-state ins. co. to sell in the state (did I just make sense?).

(2) True if you work for AIG or any company your bonus, extra copensation is tied to the company's performance... I think the junket was a prize trip that AIG's independent agents earned for being top producers for the company; thus, earning them profits... I sell AIG life and annuity products, but did not qualify, I don't sell millions in premiums and asests for them.

Hope that clears it up... as soon as I find something I'll post it, or e-mail you.


<a href="http://photobucket.com" target="_blank"><img src="http://i97.photobucket.com/albums/l237/vespa_boy_2006/Smallerglokstadt.jpg" border="0" alt="Photo Sharing and Video Hosting at Photobucket"></a>

Visit Club Impact's website, where "Style colides with Action:" www.clubimpact.us

<a href="http://s97.photobucket.com/albums/l237/vespa_boy_2006/?action=view¤t=Mod_Ska_Badges.gif" target="_blank"><img src="http://i97.photobucket.com/albums/l237/vespa_boy_2006/Mod_Ska_Badges.gif" border="0" alt="Mod/Ska Badges"></a>

[quote][i]Originally posted by glokstadt[/i]
<br>[quote][i]Originally posted by drsevrin[/i]
<br>Forgive me Glok, but I don't follow. Is the NY company a subsidiary of the parent AIG? If so they should ultimately share the same balance sheet. I've searched this out but can find nothing but damning reports on how AIG blew all this money on resort charges just days after accepting bailout money. I'm sure there's something I'm missing, but I can't find it.

http://www.washingtonpost.com/wp-dyn/co ... 02604.html

Having said that, I work in upper management of a large US corporation and my bonus/perks are directly tied to corporate performance. My bonus is funded according to a tiered grid: 1. gross margin, 2. division performance, and 3. department performance. If all three elements do poorly, I stand to get virtually nothing. In contrast, it seems AIG execs get everything and more independent of corporate performance. This is what really galls people - performance is in no way tied to compensation. If my corporation was doing as poorly as AIG there is no way in hell I would be sent to a resort to run up a half-million dollar tab just having fun. Perhaps that's why my company is financially sound and in need of no taxpayer money. I tried and tried to find information to debunk this in the case of AIG but could not. Again, forgive me if I've missed the obvious.
[/quote]

I couldn't find any info right now via Gogle because there is just bail out stories and how execs went to a lavish resort... So FWIW:

(1) In order to sell insurance in New York a company needs to set up shop there, in a seperate company or division or subsidiary (couldn't find anything via Google either...)--so any national insurance company located in another state must set-up a seperate company or div./sub. to sell in NY as the laws there are different, as well as IIRC against the law for an out-of-state ins. co. to sell in the state (did I just make sense?).

(2) True if you work for AIG or any company your bonus, extra copensation is tied to the company's performance... I think the junket was a prize trip that AIG's independent agents earned for being top producers for the company; thus, earning them profits... I sell AIG life and annuity products, but did not qualify, I don't sell millions in premiums and asests for them.

Hope that clears it up... as soon as I find something I'll post it, or e-mail you.


<a href="http://photobucket.com" target="_blank"><img src="http://i97.photobucket.com/albums/l237/vespa_boy_2006/Smallerglokstadt.jpg" border="0" alt="Photo Sharing and Video Hosting at Photobucket"></a>

Visit Club Impact's website, where "Style colides with Action:" www.clubimpact.us

<a href="http://s97.photobucket.com/albums/l237/vespa_boy_2006/?action=view¤t=Mod_Ska_Badges.gif" target="_blank"><img src="http://i97.photobucket.com/albums/l237/vespa_boy_2006/Mod_Ska_Badges.gif" border="0" alt="Mod/Ska Badges"></a>
[/quote]

Thanks Glok, if you find anything else I'll be curious to read it.

[quote][i]Originally posted by glokstadt[/i]
<br>[quote][i]Originally posted by drsevrin[/i]
<br>Forgive me Glok, but I don't follow. Is the NY company a subsidiary of the parent AIG? If so they should ultimately share the same balance sheet. I've searched this out but can find nothing but damning reports on how AIG blew all this money on resort charges just days after accepting bailout money. I'm sure there's something I'm missing, but I can't find it.

http://www.washingtonpost.com/wp-dyn/co ... 02604.html

Having said that, I work in upper management of a large US corporation and my bonus/perks are directly tied to corporate performance. My bonus is funded according to a tiered grid: 1. gross margin, 2. division performance, and 3. department performance. If all three elements do poorly, I stand to get virtually nothing. In contrast, it seems AIG execs get everything and more independent of corporate performance. This is what really galls people - performance is in no way tied to compensation. If my corporation was doing as poorly as AIG there is no way in hell I would be sent to a resort to run up a half-million dollar tab just having fun. Perhaps that's why my company is financially sound and in need of no taxpayer money. I tried and tried to find information to debunk this in the case of AIG but could not. Again, forgive me if I've missed the obvious.
[/quote]

I couldn't find any info right now via Gogle because there is just bail out stories and how execs went to a lavish resort... So FWIW:

(1) In order to sell insurance in New York a company needs to set up shop there, in a seperate company or division or subsidiary (couldn't find anything via Google either...)--so any national insurance company located in another state must set-up a seperate company or div./sub. to sell in NY as the laws there are different, as well as IIRC against the law for an out-of-state ins. co. to sell in the state (did I just make sense?).

(2) True if you work for AIG or any company your bonus, extra copensation is tied to the company's performance... I think the junket was a prize trip that AIG's independent agents earned for being top producers for the company; thus, earning them profits... I sell AIG life and annuity products, but did not qualify, I don't sell millions in premiums and asests for them.

Hope that clears it up... as soon as I find something I'll post it, or e-mail you.


<a href="http://photobucket.com" target="_blank"><img src="http://i97.photobucket.com/albums/l237/vespa_boy_2006/Smallerglokstadt.jpg" border="0" alt="Photo Sharing and Video Hosting at Photobucket"></a>

Visit Club Impact's website, where "Style colides with Action:" www.clubimpact.us

<a href="http://s97.photobucket.com/albums/l237/vespa_boy_2006/?action=view¤t=Mod_Ska_Badges.gif" target="_blank"><img src="http://i97.photobucket.com/albums/l237/vespa_boy_2006/Mod_Ska_Badges.gif" border="0" alt="Mod/Ska Badges"></a>
[/quote]

I was just happy that you didn't end the post with "If you need me, I'll be at the spa".

We didn't sell a lot of records, but somehow we left an impression.
-Johnny Ramone-

LOL Club80! [:D]

Few years ago, Fannie Mae faced a lot of criticism and intrigues regarding the conspiracy. After struggling from recession and be able to stay afloat while fighting back, Fannie Mae has published a substantial profit and pledges to not take one more dime in federal resources. Look no further, all of the information and facts you will need is at MatchFinancial.com!

I saw a guy at the gym the other day, he had on a Manchester United Jersey (an old one with the AIG logo) and I told him "hey nice shirt" to which he quickly replied sarcastically "Everybody is a soccer fan nowadays, I bought this in the UK for $75 US, I didn't work for AIG". Oh ok. You see this Barclays English Premier League shirt I am wearing? That's the league your team plays in jackass.