Invoice for AIG's Expensive St. Regis Stay

Ridiculous Big Shots

What a shame! One thing that is for sure is that according to the scriptures...the wealth of the wicked is laid up for the righteous! So have a good time because what does it profit a man (greed) to gain the whole world and to lose his soul? God will judge you wicked leaders!

J. Harris of TN @ Nov 07, 2008 11:56:39 AM

Unreal

These people should be in jail

Scott of MN @ Oct 13, 2008 14:03:34 PM

Realty

This won't be a popular opinion but here goes.

Every successful company on the planet has incentive plans for its sales organization. Depending on the company, the sales organization can consist of an in-house sales force, external sales agents or a combination of both. Sales professionals (regardless of affiliation) work under risk/reward compensation plans, unlike the average 9 to 5 hourly or salaried employee. In other words, if you don't produce results, you don't get commissions. In straight commission plans, you won't get paid at all if you don't produce results.

In order to get people to participate in high risk/reward compensation jobs, the rewards must be at least as significant as the risks. Rewards come in many forms for high risk compensation jobs. "Junkets" or "conferences" are just one form of these rewards that are earned only by those who produce exceptional results. I worked for a very large public company that held annual "junkets" for its highest producers who generated at least 5 million in annual sales. I was able to perform at a sales level that permitted me to earn significant income as well as annual conference invitations around the world year after year. In return, I worked at least 60 to 80 hours a week and spent countless days away from home. I and many others in the professional sales field also endured extremely high pressure to perform.

In the case of AIG's $400K meeting at the St. Regis, this expense amounted to less than .004% of AIG's monthly revenue. In other words, at my own privately owned $ 1 million + annual revenue company, this level of spending would amount to an expense of $3.33 in one month. Let's keep things in perspective here.

Yachtguy of CA @ Oct 13, 2008 00:18:45 AM

AIG's trip to St. Regis and canceled trip to Ritz Carlton

I've worked in the hospitality industry for approximately 20 years. The gross misuse by AIG by the executives is horrible. I understand that the AIG executives were planning another trip to the Ritz Carlton, but have recently canceled their trip since their expenditure at the St. Regis was made public.

At our facility, as I am confident is required at the Ritz Carlton, deposits are on file for the event at the Ritz, which is probably not refundable. In looking at the receipts from the St. Regis trip, there was a $400,000.00 deposit on file for the trip. How much has AIG applied to the Ritz Trip as a deposit. Is their now canceled trip to the Ritz Carlson a refundable agreement. Doubtful.

I have not had a vacation for well over 24 months, as I can not afford to take the time off from work. I own my own business and I can hardly afford to make payroll and I don't consider vacation a priority as saving my business is more critical than my personal needs.

Shame on AIG and the executives who took this trip and for the intent to take another trip to the Ritz for another "executive session" training/planning session.

robin of IN @ Oct 10, 2008 10:34:38 AM

Doesn't this remind you of the days before the French Revolution?

Whose head can we cut off? Seriously? How do the people revolt against this? You can't. There's isn't a Versaille we can descend upon. We don't have a working guillotine. One can be made, I'm sure, but, this thing, it's like a monster without a head. We're all doomed. We can't even leave the country because, where are we supposed to go? The whole financial system is all connected. Maybe we should just all refuse to pay our taxes and learn to hunt and sleep in the wild. There's a reson why they started making survival shows. We're supposed to learn how to eat worms, and begin to like it.

Amber Berglund of MD @ Oct 09, 2008 16:29:09 PM

Corruption

AIG stands for 'All Into Greed'

Congress decides to pass a bill ($700bn worth) fully aware of that the majority of voters are against it. This is democracy???? What will they vote on next regardless of our sentiments? Perhaps Martial Law.

Mike of NJ @ Oct 09, 2008 16:11:11 PM

Corruption everywhere

In New Jersey we are already acquainted with local and state government corruption - Going on for decades. It doesn't matter if the state is run by democrats or republicans, giving into special interests rules over the desires and hopes of the common citizen worker. Should it surprise us that our federal government along with big banks and corporations follow the same crooked path, indifferent to how it affects you and I?

of @ Oct 09, 2008 16:00:20 PM

the price of pork

Disgusted with your representative? Wanna know which ones were persuaded that the bailout was a good idea after $150 in tax expenditures and tax cuts were given to them? Find out how they voted on the bailout bill #1 at

http://clerk.house.gov/evs/2008/roll674.xml

Then find out how your Senator voted on the bailout bill #2 at

http://www.opencongress.org/roll_call/show/5093

and see how your Representative voted on bailout bill #2 at

http://www.opencongress.org/roll_call/show/5099

If your Representative or Senator voted for this bill, vote him or her out. If your Representative flopped because of the new pork, vote him out in November and send him an email telling him or her why.

Both McCain and Obama voted for the $850b bill. What a choice come November!

Detah of KY @ Oct 09, 2008 09:44:19 AM