AIG Spa Trip: Wait, That's Our Money!

Reply to Phil of GA:

Phil,

you are obviously in the "Insurance Business". Nice. I am in the manufacturing business where we are taught that we have 2-ears and 1-mouth so we can Listen twice as much as we speak.

I heard you loud and clear: Do business with the companies that offer that little somthing on the side to personally sweeten the idea of establishing a business relationship. (Old School Greed)

In my line of work, we sell quality at an affordable price. That's value to the end consumer. If I personally accepted some NFL tickets, a weekend retreat or cheese tray, I would be fired. We make value based descisions on who we do business with as to not clould our vision.

I am upset with AIG, like most of these other folks. Simple greed.... But I guess that people who were born with a silver spoon in their behind expect these perks.

Rick of MI @ Oct 16, 2008 14:14:14 PM

Absolutely absurd!!

Someone should seriously face some repercussions over this! What's sad is how many people are losing their jobs and these guys get to celebrate! The whole thing just makes me sick. I agree with Mike someone should face some jail time.

Jackie of TN @ Oct 10, 2008 17:29:05 PM

Congress and AIG are a JOKE!!!

AIG executives and The Federal Government are a joke!!!! I am tired of these executives being paid millions while the company goes under. How dare Congress give out another loan to AIG without the permission of the taxpayers. I, and every taxpayer need to take a stand. Unless each Congressman wants to be re-elected they must finally listen to the American people. If not then DO NOT RUN because I will not vote for you.

I am fed up with the Federal Government. Stop all the excessive government spending. It is kind of funny that my husband and I (who do not have a business degree) can balance our checkbook, pay our bills, and stay within a BUDGET. But the Federal Government cannot. It is time to get your act together and learn from your past mistakes. I have learned from my mistake by being a passive American when it comes to politics. When its time to vote, I will be more educated.

Take my advice, make all these rich executives pay a huge fine and STOP their bonuses. This might make them more accountable….

Thanks for letting me vent……..

Angela of TX @ Oct 10, 2008 10:17:32 AM

Yeah! Stop the compensation to those Independent Insurance Agents!

How dare AIG honor their compensation contracts with these Independent Insurance Agents who are writing life insurance--one of the most profitable products of any insurance product on the market! <grin> <irony> <sarcasm>

The trip was for the agents--not executives as was falsely reported by Henry Waxman (D) Congressman from California. So now because of Henry Waxman and similar Congressmen, a second trip to Half Moon Bay has been cancelled and the agents will not recieve the compensation promised. Guess what these agents will do--they will take their business away from AIG to another company that will compensate them well.

So now AIG will have no business to pay the taxpayers back. Way to go Congress! That's why they are in Congress instead of having a real job where they add something productive to society! That is why the economy collapsed--they passed legislation requiring banks to write non-qualifying mortgages to the underpriviledged who can't afford to repay the mortgages.

Life insurance agents are a rare talent--most people cannot sell an "intangible" product, so those who are the top sellers are rewarded with trips to resorts as part of their compensation (the agents do pay a high rate of income tax on these trips, also). These agents are not employees, they are the "best-of-the-best" independent insurance agents who have the choice to sell for the company who compensates them best.

If you think life insurance sales is just a "job" then go get one of those jobs and you will probably quadruple (or more) your annual income. But if you don't have the "talent to sell intangibles", I guess you will probably argue that these agents should not be paid anything--after all, they should just sell because it is the humanitarian thing to do.

A very good insurance salesman can make more than most executives in the company. That is how valuable they are to the company. But most insurance salesmen aren't good enough to make top dollar, so the compensation has to be high enough to make it worth their time to sell. Without the sales an insurance company has no money to operate.

So, let's intimidate AIG so they will stop the compensation while we righteously watch AIG waste away to nothing. That will be the wisest use of taxpayer's money.

Phil of GA @ Oct 09, 2008 11:45:07 AM

Crooks

I cannot believe we bailed out these crooks and they are using the money to take a trip to one of the most expensive spa's in the country. TTHESE GUYS NEED TO GO TO JAIL.

larry cooksey of TX @ Oct 09, 2008 11:02:55 AM

Trying to sell AIG life now? The reps need a pow wow.

Sales people trying to sell an AIG policy will not have a great year ahead if they feel the company is going down hill.

They are the engine of the company....

A sales trip should be done for the hard working people selling AIG insurance and exceeding performance of thousands of others...... Would you want to do it now? I would not.

The compensation of executives if based on stock will evaporate somewhat anyway.

AIG seems like a good company that was convinced to buy bad paper in a bad market.. that is the problem with the company now... it appears. Sullivan appeared honest and decent. The fallout is terrible...and they are not to blame... they should cut back now that this has happened.

Tracy of NY @ Oct 09, 2008 10:10:56 AM

I Pay My Way

I am a single Mom, and this Mom is not happy. I am considered POOR! I am putting my last child through college. I may have bills BUT I PAY MY OWN Bills. I work 2 Jobs 12 hrs a day. I pay Taxes and nobody sent ME to A SPA??? I am not into politics, but when I read about this I was TICKED!!! These People should have to pay back EVERY CENT they spent at that SPA. They can Afford it. I do not think my Tax Dollars should be used to pay for anything like this. If People want Perks, They need to pay for it out of there own pocket, NOT MINE! The Mom.

Ms. Bobbie of AZ @ Oct 09, 2008 00:43:31 AM

There may be enough morality left in Washington to hold hearings, but one never hears of anyone held accountable these days, whether it be all the fraud in Iraq, or illegal immigration. We'll have hearings on the financial crisis, but no accountability.

Luther of IL @ Oct 08, 2008 22:43:23 PM