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Our Bailouts at Work

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Anonymous

Guest
After Bailout, AIG Execs Head to California Resort
Rescued by Taxpayers, $440,000 for Retreat Including "Pedicures, Manicures"

By BRIAN ROSS and TOM SHINE
October 7, 2008

Less than a week after the federal government committed $85 billion to bail out AIG, executives of the giant AIG insurance company headed for a week-long retreat at a luxury resort and spa, the St. Regis Resort in Monarch Beach, California, Congressional investigators revealed today.

The St. Regis Resort in Monarch Beach, California, was the site of a week-long luxury retreat for executives of the AIG insurance company, who headed there less than a week after the federal government committed $85 billion to bail out the company.

"Rooms at this resort can cost over $1,000 a night," Congressman Henry Waxman (D-CA) said this morning as his committee continued its investigation of Wall Street and its CEOs.

AIG documents obtained by Waxman's investigators show the company paid more than $440,000 for the retreat, including nearly $200,000 for rooms, $150,000 for meals and $23,000 in spa charges.

"They're getting their pedicures and their manicures and the American people are paying for that," said Cong. Elijah Cummings (D-MD).

"This unbridled greed," said Cong. Mark Souder (R-IN), "it's an insensitivity to how people are spending our dollars."

Appearing before the committee, Martin Sullivan, the AIG CEO until June, said the company was overwhelmed by a "financial global tsunami," and that "no simple or single cause" was to blame.

"I am heartbroken at what has happened," Sullivan said.
====================

Sullivan was given a $15 million "golden parachute" payment after being replaced as CEO in June.

Full article:

http://abcnews.go.com/Blotter/story?id=5973452&page=1

More Bushenomics:
Socialism for the Rich
Capitalism for the Poor and Working Class

Reagan had a "trickle down" theory- Bush has a "sh*t runs downhill" theory ...
 

Sandhusker

Well-known member
And Obama has the socialist "Confiscate from the successful and reward the undeserving so they'll keep you in power" theory. He learned from Saul Alinsky very well.
 

Vision

Well-known member
Oldtimer said:
After Bailout, AIG Execs Head to California Resort
Rescued by Taxpayers, $440,000 for Retreat Including "Pedicures, Manicures"

By BRIAN ROSS and TOM SHINE
October 7, 2008

Less than a week after the federal government committed $85 billion to bail out AIG, executives of the giant AIG insurance company headed for a week-long retreat at a luxury resort and spa, the St. Regis Resort in Monarch Beach, California, Congressional investigators revealed today.

The St. Regis Resort in Monarch Beach, California, was the site of a week-long luxury retreat for executives of the AIG insurance company, who headed there less than a week after the federal government committed $85 billion to bail out the company.

"Rooms at this resort can cost over $1,000 a night," Congressman Henry Waxman (D-CA) said this morning as his committee continued its investigation of Wall Street and its CEOs.

AIG documents obtained by Waxman's investigators show the company paid more than $440,000 for the retreat, including nearly $200,000 for rooms, $150,000 for meals and $23,000 in spa charges.

"They're getting their pedicures and their manicures and the American people are paying for that," said Cong. Elijah Cummings (D-MD).

"This unbridled greed," said Cong. Mark Souder (R-IN), "it's an insensitivity to how people are spending our dollars."

Appearing before the committee, Martin Sullivan, the AIG CEO until June, said the company was overwhelmed by a "financial global tsunami," and that "no simple or single cause" was to blame.

"I am heartbroken at what has happened," Sullivan said.
====================

Sullivan was given a $15 million "golden parachute" payment after being replaced as CEO in June.

Full article:

http://abcnews.go.com/Blotter/story?id=5973452&page=1

More Bushenomics:
Socialism for the Rich
Capitalism for the Poor and Working Class

Reagan had a "trickle down" theory- Bush has a "sh*t runs downhill" theory ...

You call that an argument? How old are you?? 13?
 
A

Anonymous

Guest
Oldtimer said:
After Bailout, AIG Execs Head to California Resort
Rescued by Taxpayers, $440,000 for Retreat Including "Pedicures, Manicures"

By BRIAN ROSS and TOM SHINE
October 7, 2008

Less than a week after the federal government committed $85 billion to bail out AIG, executives of the giant AIG insurance company headed for a week-long retreat at a luxury resort and spa, the St. Regis Resort in Monarch Beach, California, Congressional investigators revealed today.

The St. Regis Resort in Monarch Beach, California, was the site of a week-long luxury retreat for executives of the AIG insurance company, who headed there less than a week after the federal government committed $85 billion to bail out the company.

"Rooms at this resort can cost over $1,000 a night," Congressman Henry Waxman (D-CA) said this morning as his committee continued its investigation of Wall Street and its CEOs.

AIG documents obtained by Waxman's investigators show the company paid more than $440,000 for the retreat, including nearly $200,000 for rooms, $150,000 for meals and $23,000 in spa charges.

"They're getting their pedicures and their manicures and the American people are paying for that," said Cong. Elijah Cummings (D-MD).

"This unbridled greed," said Cong. Mark Souder (R-IN), "it's an insensitivity to how people are spending our dollars."

Appearing before the committee, Martin Sullivan, the AIG CEO until June, said the company was overwhelmed by a "financial global tsunami," and that "no simple or single cause" was to blame.

"I am heartbroken at what has happened," Sullivan said.
====================

Sullivan was given a $15 million "golden parachute" payment after being replaced as CEO in June.

Full article:

http://abcnews.go.com/Blotter/story?id=5973452&page=1

More Bushenomics:
Socialism for the Rich
Capitalism for the Poor and Working Class

Reagan had a "trickle down" theory- Bush has a "sh*t runs downhill" theory ...

I watched part of the Congressional hearings held yesterday on this- besides going over and trying to find what brought AIG down- the Congressmen ripped the CEO and former CEO over this...Several are now calling for the Attorney General and FBI to do an investigation- especially since now the taxpayers earn 80% of the company- the little vacation to "the spa" was essentially on taxpayer money- and the CEO the taxpayers are now the boss of is still making $1 Million a month...

The testimony of one of the New York regulators and another former SEC investigator was that it was not AIG's insurance dealings that brought them down- it was their trading in CDS's (credit default swaps) that they began after the "Foreclosure Phil" Gramm fathered deregulation of all the banking industrys in 2000 with the Gramm-Leach-Bliley Act- which they both said Congress needs to revisist and rescind as its nothing but unregulated blind casino gambling- and that with the amounts of money tied up in it could bring the US economy down still...

Interestingly until Congress passed exemptions allowing it- many of these practices were outlawed by state "gambling" laws.....

They said that their estimates are that there are over $78 TRILLION tied up in such CDS's- which is more than the annual revenue of the world for 1 year- and no one knows how many don't have the money up to back them.....Which is the problem with them- since they were unregulated, nontransparent, no one was forced to put up matching collateral to trade in them so most don't have the money to pay off their bad debt (gamble) when they're called in.....

It was brought up that we should have learned from history- as the laws that were removed in the 1999-2000 period on regulation of commodity trading and banking and securities had been put there because of previous negative experiences back in 1909 and again in the 20's...
 

Blkbuckaroo

Well-known member
Sandhusker said:
And Obama has the socialist "Confiscate from the successful and reward the undeserving so they'll keep you in power" theory. He learned from Saul Alinsky very well.
Reward the undeserving?? :???:
 

TSR

Well-known member
Oldtimer said:
Oldtimer said:
After Bailout, AIG Execs Head to California Resort
Rescued by Taxpayers, $440,000 for Retreat Including "Pedicures, Manicures"

By BRIAN ROSS and TOM SHINE
October 7, 2008

Less than a week after the federal government committed $85 billion to bail out AIG, executives of the giant AIG insurance company headed for a week-long retreat at a luxury resort and spa, the St. Regis Resort in Monarch Beach, California, Congressional investigators revealed today.

The St. Regis Resort in Monarch Beach, California, was the site of a week-long luxury retreat for executives of the AIG insurance company, who headed there less than a week after the federal government committed $85 billion to bail out the company.

"Rooms at this resort can cost over $1,000 a night," Congressman Henry Waxman (D-CA) said this morning as his committee continued its investigation of Wall Street and its CEOs.

AIG documents obtained by Waxman's investigators show the company paid more than $440,000 for the retreat, including nearly $200,000 for rooms, $150,000 for meals and $23,000 in spa charges.

"They're getting their pedicures and their manicures and the American people are paying for that," said Cong. Elijah Cummings (D-MD).

"This unbridled greed," said Cong. Mark Souder (R-IN), "it's an insensitivity to how people are spending our dollars."

Appearing before the committee, Martin Sullivan, the AIG CEO until June, said the company was overwhelmed by a "financial global tsunami," and that "no simple or single cause" was to blame.

"I am heartbroken at what has happened," Sullivan said.
====================

Sullivan was given a $15 million "golden parachute" payment after being replaced as CEO in June.

Full article:

http://abcnews.go.com/Blotter/story?id=5973452&page=1

More Bushenomics:
Socialism for the Rich
Capitalism for the Poor and Working Class

Reagan had a "trickle down" theory- Bush has a "sh*t runs downhill" theory ...

I watched part of the Congressional hearings held yesterday on this- besides going over and trying to find what brought AIG down- the Congressmen ripped the CEO and former CEO over this...Several are now calling for the Attorney General and FBI to do an investigation- especially since now the taxpayers earn 80% of the company- the little vacation to "the spa" was essentially on taxpayer money- and the CEO the taxpayers are now the boss of is still making $1 Million a month...

The testimony of one of the New York regulators and another former SEC investigator was that it was not AIG's insurance dealings that brought them down- it was their trading in CDS's (credit default swaps) that they began after the "Foreclosure Phil" Gramm fathered deregulation of all the banking industrys in 2000 with the Gramm-Leach-Bliley Act- which they both said Congress needs to revisist and rescind as its nothing but unregulated blind casino gambling- and that with the amounts of money tied up in it could bring the US economy down still...

Interestingly until Congress passed exemptions allowing it- many of these practices were outlawed by state "gambling" laws.....

They said that their estimates are that there are over $78 TRILLION tied up in such CDS's- which is more than the annual revenue of the world for 1 year- and no one knows how many don't have the money up to back them.....Which is the problem with them- since they were unregulated, nontransparent, no one was forced to put up matching collateral to trade in them so most don't have the money to pay off their bad debt (gamble) when they're called in.....

It was brought up that we should have learned from history- as the laws that were removed in the 1999-2000 period on regulation of commodity trading and banking and securities had been put there because of previous negative experiences back in 1909 and again in the 20's...

Doesn't this make you madder than hades? And again, people on here gripe about workers wanting to form a union. Socialism for the rich,Capitalism for the working class, seems like what is exactly happening. Wonder how much of this we will never hear about?
 

mrj

Well-known member
"underserving"....as people who do not have income enough to qualify for a loan for a more expensive house than they can afford, yet are 'approved' for a loan because liberals in control of agencies want the loans and force lending agencies to make them. THEN the 'sharp operators' sell those bad loans......and you have the Fannie/Freddie debacle.

And there were people who got those loans on homes they never intended to live in, but to use as an investment and 'flip' in a short time on the rapidly inflating housing market. Inflated due to greatly increased demand due to the easy loans with little or no equite OR ability to pay the loans.

There also were fraudulent claims of income, and other criteria required for those loans.

All participants in the above schemes would be "the undeserving", IMO.

They rank only slightly below the CEO's and government bureaucrats managing these agencies into the ground as the guilty parties in this mess.

They all stole from honest, hardworking low income people who saved money for their down payments and built equity in their homes by making their loan payments who then lost their homes when the lending agencies and banks collapsed due to actions of "the undeserving".
 
A

Anonymous

Guest
Your right about the folks not repaying the loans-- but some of these people never even had repayment in mind...And the greedy bankers/brokers knew that...
The Congressman from Ohio (a white Republican) explained the "Predatory lending" that is now under investigation in his state...Where the bankers were "hawking" loans and mortgages on the street corners- and giving people no doc or no verification loans for houses that they got an appraiser to inflate the value on (ex. a $100,000 house that the appraiser raises the value to $150,000) than on top of that the greedy banker/broker (that makes his money off % loaned) offers the folks $50,000 new caddy or walking around money and makes out the note for $200,000 which the folks sign...After the $50,000 grand is gone- many of these folks don't care what happens to the house- as they never had the money to pay for it anyway- but they got a new caddy...

And they testified that the Banks/Brokers/Management that should have been watching over this either were involved or didn't care- as they didn't plan on holding the notes anyway- just taking the fees and then bundling them in a package and reselling them to some broker- which these packages of mortgages may be sold 3-4-7-8 times over- with no one knowing or ever checking the validity of the notes held....
One of the things that the regulators testified to was that this selling of bundles of notes needs to be stopped- and that banks/brokers need to keep some "skin" in the game- so they also have some of the risk...They said that alone would end much of these bad mortgages...
 

backhoeboogie

Well-known member
Blkbuckaroo said:
Sandhusker said:
And Obama has the socialist "Confiscate from the successful and reward the undeserving so they'll keep you in power" theory. He learned from Saul Alinsky very well.
Reward the undeserving?? :???:

Absolutely.

My take home pay is 40.5% of my gross. 10% is indeed 401K savings. But my take home is not even 50% of what I make. Obama says I am not paying enough.

The street corner pan handlers are on his payroll and they all have cell phones. Look for yourself. Why can't they do what I did? I did not start out with a silver spoon. I didn't even have a throw away plasic spoon from Mickey D's.
 
A

Anonymous

Guest
backhoeboogie said:
Blkbuckaroo said:
Sandhusker said:
And Obama has the socialist "Confiscate from the successful and reward the undeserving so they'll keep you in power" theory. He learned from Saul Alinsky very well.
Reward the undeserving?? :???:

Absolutely.

My take home pay is 40.5% of my gross. 10% is indeed 401K savings. But my take home is not even 50% of what I make. Obama says I am not paying enough.

.

You make over $250,000 a year :???: Pretty good backhoe pay.....
 

Sandhusker

Well-known member
Blkbuckaroo said:
Sandhusker said:
And Obama has the socialist "Confiscate from the successful and reward the undeserving so they'll keep you in power" theory. He learned from Saul Alinsky very well.
Reward the undeserving?? :???:

That's what I said. Why does anybody deserve any money from somebody else simply because that other person has more?
 

aplusmnt

Well-known member
Sandhusker said:
Blkbuckaroo said:
Sandhusker said:
And Obama has the socialist "Confiscate from the successful and reward the undeserving so they'll keep you in power" theory. He learned from Saul Alinsky very well.
Reward the undeserving?? :???:

That's what I said. Why does anybody deserve any money from somebody else simply because that other person has more?

That is why I never go eat Pizza with a Liberal, they always want me to pay the bill since I make more money. Does not matter that we both ate the same number slices and drank the same drink. And to top it all off they want me to pay and then they want to take home the left over pizza to eat later. :(
 

TSR

Well-known member
aplusmnt said:
Sandhusker said:
Blkbuckaroo said:
Reward the undeserving?? :???:

That's what I said. Why does anybody deserve any money from somebody else simply because that other person has more?

That is why I never go eat Pizza with a Liberal, they always want me to pay the bill since I make more money. Does not matter that we both ate the same number slices and drank the same drink. And to top it all off they want me to pay and then they want to take home the left over pizza to eat later. :(

My wife's uncle is a church elder and he does or would do all the things you say only a liberal would do. And I can guarantee you he isn't voting for Obama. So I just can't go along with your characterization of a liberal. :wink: :)

BTW I posed this question a while back and never got an answer. Help me out Aplus/others. T Boone Pickens gave 250K toward the election of Bush last go around. He also was instrumental, spending time and money, in trying /getting legislation passed that prevented the slaughter of horses that were no longer of value. Now is he a liberal or conservative. :? :)
 

TexasBred

Well-known member
aplusmnt said:
Sandhusker said:
Blkbuckaroo said:
Reward the undeserving?? :???:

That's what I said. Why does anybody deserve any money from somebody else simply because that other person has more?

That is why I never go eat Pizza with a Liberal, they always want me to pay the bill since I make more money. Does not matter that we both ate the same number slices and drank the same drink. And to top it all off they want me to pay and then they want to take home the left over pizza to eat later. :(

Don't leave the tip on the table or he'll pick that up as well.
 
A

Anonymous

Guest
They were just saying on the news that AIG has "used up" all the $85 BILLION they were given earlier- and the TREASURY is giving them another $37 BILLION of our taxpayer bailout bill...

I wonder where they are planning their next little Executives Retreat on the taxpayers money- Monte Carlo :???: :mad: :mad: :mad:
 

alice

Well-known member
aplusmnt said:
Sandhusker said:
Blkbuckaroo said:
Reward the undeserving?? :???:

That's what I said. Why does anybody deserve any money from somebody else simply because that other person has more?

That is why I never go eat Pizza with a Liberal, they always want me to pay the bill since I make more money. Does not matter that we both ate the same number slices and drank the same drink. And to top it all off they want me to pay and then they want to take home the left over pizza to eat later. :(

This sounds more like a personal problem than a political problem.

Alice
 

kolanuraven

Well-known member
Oldtimer said:
After Bailout, AIG Execs Head to California Resort
Rescued by Taxpayers, $440,000 for Retreat Including "Pedicures, Manicures"

By BRIAN ROSS and TOM SHINE
October 7, 2008

Less than a week after the federal government committed $85 billion to bail out AIG, executives of the giant AIG insurance company headed for a week-long retreat at a luxury resort and spa, the St. Regis Resort in Monarch Beach, California, Congressional investigators revealed today.

The St. Regis Resort in Monarch Beach, California, was the site of a week-long luxury retreat for executives of the AIG insurance company, who headed there less than a week after the federal government committed $85 billion to bail out the company.

"Rooms at this resort can cost over $1,000 a night," Congressman Henry Waxman (D-CA) said this morning as his committee continued its investigation of Wall Street and its CEOs.

AIG documents obtained by Waxman's investigators show the company paid more than $440,000 for the retreat, including nearly $200,000 for rooms, $150,000 for meals and $23,000 in spa charges.

"They're getting their pedicures and their manicures and the American people are paying for that," said Cong. Elijah Cummings (D-MD).

"This unbridled greed," said Cong. Mark Souder (R-IN), "it's an insensitivity to how people are spending our dollars."

Appearing before the committee, Martin Sullivan, the AIG CEO until June, said the company was overwhelmed by a "financial global tsunami," and that "no simple or single cause" was to blame.

"I am heartbroken at what has happened," Sullivan said.
====================

Sullivan was given a $15 million "golden parachute" payment after being replaced as CEO in June.

Full article:

http://abcnews.go.com/Blotter/story?id=5973452&page=1

More Bushenomics:
Socialism for the Rich
Capitalism for the Poor and Working Class

Reagan had a "trickle down" theory- Bush has a "sh*t runs downhill" theory ...



AIG asked thte New York Fed Res. today for about $37 B MORE!!


Must've been some helluva ' spa' trip. :roll: :roll:
 

hopalong

Well-known member
kolanuraven said:
Oldtimer said:
After Bailout, AIG Execs Head to California Resort
Rescued by Taxpayers, $440,000 for Retreat Including "Pedicures, Manicures"

By BRIAN ROSS and TOM SHINE
October 7, 2008

Less than a week after the federal government committed $85 billion to bail out AIG, executives of the giant AIG insurance company headed for a week-long retreat at a luxury resort and spa, the St. Regis Resort in Monarch Beach, California, Congressional investigators revealed today.

The St. Regis Resort in Monarch Beach, California, was the site of a week-long luxury retreat for executives of the AIG insurance company, who headed there less than a week after the federal government committed $85 billion to bail out the company.

"Rooms at this resort can cost over $1,000 a night," Congressman Henry Waxman (D-CA) said this morning as his committee continued its investigation of Wall Street and its CEOs.

AIG documents obtained by Waxman's investigators show the company paid more than $440,000 for the retreat, including nearly $200,000 for rooms, $150,000 for meals and $23,000 in spa charges.

"They're getting their pedicures and their manicures and the American people are paying for that," said Cong. Elijah Cummings (D-MD).

"This unbridled greed," said Cong. Mark Souder (R-IN), "it's an insensitivity to how people are spending our dollars."

Appearing before the committee, Martin Sullivan, the AIG CEO until June, said the company was overwhelmed by a "financial global tsunami," and that "no simple or single cause" was to blame.

"I am heartbroken at what has happened," Sullivan said.
====================

Sullivan was given a $15 million "golden parachute" payment after being replaced as CEO in June.

Full article:

http://abcnews.go.com/Blotter/story?id=5973452&page=1

More Bushenomics:
Socialism for the Rich
Capitalism for the Poor and Working Class

Reagan had a "trickle down" theory- Bush has a "sh*t runs downhill" theory ...



AIG asked thte New York Fed Res. today for about $37 B MORE!!


Must've been some helluva ' spa' trip. :roll: :roll:

Did they use your PRIVATE JET??
You know the Citation that uses over 100 gal of fuel an hour????

edited for fuel consumption on the Citation
 
A

Anonymous

Guest
Some of the Repub pundits are now saying we should just go insolvent- declare bankruptcy- and let the Chinese move in take over the assets, as they do much better and have more experience running the socialist country GW has turned us into... :wink: :???:
 

hopalong

Well-known member
Oldtimer said:
Some of the Repub pundits are now saying we should just go insolvent- declare bankruptcy- and let the Chinese move in take over the assets, as they do much better and have more experience running the socialist country GW has turned us into... :wink: :???:

Show a link!!!!!! Sounds more like an oldtimer gloom and doom statement to me!!!!!!!!!!!!!!!!!

WAHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
 
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