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Author: Subject: Don't This Just Make Ya' Proud ? (Link To Invoice Added)

Peach Master





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  posted on 10/7/2008 at 10:19 PM
http://apnews.myway.com/article/20081008/D93M0K6G3.html

Arrogant f**ks !

Link to invoice:

http://www.thesmokinggun.com/archive/years/2008/1007083aig1.html


[Edited on 10/8/2008 by bluesbasscat]

[Edited on 10/8/2008 by bluesbasscat]

 

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Peach Extraordinaire



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  posted on 10/7/2008 at 10:33 PM



http://www.youtube.com/watch?v=dLyD5htJr4s


 

Peach Extraordinaire



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  posted on 10/7/2008 at 11:49 PM
^^^
 

Zen Peach



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  posted on 10/8/2008 at 12:10 AM
I had a feeling the bailout bill was rushed through because it was threatening to cut into some of those arrogant f*ck's pocket books. In another thread people are losing their jobs, talking about having to sell their houses and we just paid for a retreat. Pitiful, just pitiful.

 

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Peach Master



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  posted on 10/8/2008 at 09:55 AM
^^^

Added link to the invoice.

 

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Maximum Peach



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  posted on 10/8/2008 at 10:08 AM
Not that I am defending this in anyway, but these were a group of people from the insurance side of the business, not the financial side that brought the company to its knees. Either way, probably would have been prudent to postpone this little shindig until after the smoke clears.
 

Peach Master



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  posted on 10/8/2008 at 10:12 AM
quote:
Not that I am defending this in anyway, but these were a group of people from the insurance side of the business, not the financial side that brought the company to its knees. Either way, probably would have been prudent to postpone this little shindig until after the smoke clears.



I'm not sure that any of these people would know prudence or humility if it bit them squarely on the ass.

 

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Zen Peach



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  posted on 10/8/2008 at 10:34 AM
The insurance side of this mess was right in the middle of the situation. They're the ones making the lousy decisions to insure bad debt. While the premiums were rolling in, living was large....then when their chickens came home to roost we had to bail them out. It was a gross insult that their company just accepted an 85 billion dollar bailout of our money and then went out and blew close to half a million on a celebration.

 

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Maximum Peach



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  posted on 10/8/2008 at 10:57 AM
quote:
The insurance side of this mess was right in the middle of the situation. They're the ones making the lousy decisions to insure bad debt. While the premiums were rolling in, living was large....then when their chickens came home to roost we had to bail them out. It was a gross insult that their company just accepted an 85 billion dollar bailout of our money and then went out and blew close to half a million on a celebration.


Ann, that was the financial side of the business too. While its a form of insurance against bad debts, they are also used as a tool for speculation. I know it seems like semantics, but this was not the "traditional" side of the insurance business for AIG, i.e Property & Casualty, Life & Health, etc. It was AIG Financial that were writing all these credit defualt swaps (CDS). They were writing billions of dollars worth of these things on debt that didn't necessarily need it (at least that's my opinion). To over simplify, think about it like this. You buy a bond of a company that you think is very safe and which probably is extremely safe. That bond pays you an annual rate of interest because you essentially loaned that company money. Ideally, you are payed interest and the full amount of prinicipal after a certain number of years. Even though this seems like a riskless trade, there still may be some aprehension..what happens if said company goes bust? This is where people like the folks at AIG financial, along with everyone else, started writing CDS. You can buy CDS that would pay you in the event the compnay defaulted...very similar to an insurance policy. Basically, the people writing CDS on good companies were out to make a quick buck from nervous investors like you said. They were covering disasters they surely knew would never happen, booked profits on almost every swap it sold, started paying their employees millions out of those alleged profits, and thereby depleted the funds raised which were meant to handle claims in the event disaster did strike. Now, we see that disaster struck and all this financial alchemy is rearing its ugly head.

The traditional side of AIG was/is a good company, the small financial component of the business, AIG Financial, are the ones who blew apart the place. The people on this trip were not from the financial side, but rather the traditional insurance side.

Either way though, this DOES NOT look good!!

 

Zen Peach



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  posted on 10/8/2008 at 12:26 PM
This disgusts me on so many levels!!! I would love to see some accountability on the part of the corporate management team that made this choice then partook in this after getting the government involved in a bailout of their company. I realize that the party did not include the financial side of AIG but really ... this is ridiculous. I would be embarrassed to be involved in something like this with everything going on in the financial world. Bottom line - these types of extravegant bene's (vacation packages, golden parachutes) need to be gotten under control somehow.

 

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