The media has uncovered yet another American International Group (AIG) frolic for executives at a resort — and efforts to conceal the event from the public (already outraged over past publicly financed parties for disgraced executives). AIG reportedly blocked any mention of its name on signs or even in conversations among resort employees.
The past controversy over AIG frolics did not prevent the company from holding $343,000 conference last week at the tony Pointe Hilton Squaw Peak resort in Arizona. AIG reportedly had any signs removed with its name to conceal the involvement and later insisted that sponsors picked up roughly 93% of the tab for the Nov. 5-7 conference. If you are wondering how executive could ruin a profitable company through bone-headed decisions, consider the steep learning curve for these executives in throwing events at resorts while they are begging for public money.
My favorite part of this story is the spin by our publicly sponsored spokesperson at AIG on why no signs were allowed to mention AIG: it was to “minimize signage costs.” Now, that is responsible business judgment. The $343,000 bill at the resort was modest because it did not include $5 worth of signs in the lobby. However, the company also appears to have saved on oral expressions. Like Lord Voldemort, employees were told not to even utter “AIG.” A hotel employee told the local ABC affiliate, “We can’t even say the word [AIG].”
A hotel employee told ABC15, “We can’t even say the word [AIG].”
The concealment efforts did not work. Media confronted the well feted executives at the airport, here.
For the full story, click here.
28 thoughts on “It Which Must Not Be Named: AIG Executives Caught in Another Public Funded Resort Frolic Despite Efforts of Concealment”
I’m not certain where else to put this, but given the recent crap by cheneybush and the auto companies and the sleezy financial shenaigans by their BFFs I thought this might be of interest.
“Andrew Ross Sorkin, in his latest DealBook column, examines a mysterious $138 billion loan the Federal Reserve extended to Lehman Brothers shortly after the investment bank went under.
While that recently released documents on the Fed’s decision say the loan was made to help unwind Lehman in an orderly fashion, Mr. Sorkin notes that the argument made by the Fed and the Treasury for letting Lehman collapse was that they didn’t have the authority to lend any money to the bank.
So why, Mr. Sorkin asks, did the Fed agree to do after Lehman collapsed what it refused to do before Lehman went bankruptcy, sending shockwaves through the financial markets?”
I linked to this through the NYT and it’s quite sordid!
Just heard this outrageous remark on Diame Rehm–“good news, now that the economy is tanking enlistment in the army is increasing” (quote not exact but close). The slime bucket who said this was either, 1. Tom
Gjelton of NPR or 2. Mike Hirsh of Newsweek. (I don’t have the transcript to know for certain.) Good to know the upper class is happy about new transcripts going over to die or be maimed in a false war because there’s no economic opportunity for them anywhere else.
This level of depravity is horrific.
Never mind the 700 billion, it’s 2 trillion of our money going out to “entities” the govt. refuses to disclose. A FOIA claim has been made by Bloomberg news. If anyone understands the import of this please post. It sounds very bad.
But the real question to ask about the return of the Old Ones is, “Who will get eaten first?” Rove has always reminded me of the Deep Ones from “The Shadow Over Innsmouth”. Disgusting.
Forget Lovecraft? Nooo. Never, I just didn’t think anyone one here would have read him.
You guys are skipping over the master of American Horror between Poe and King. I think the current situation is well described as “Ultimate Chaos” ruled over by a “mad, blind, demon sultan.”
I always thought the idea of Azathoth was more chilling than that of Cthulu (and by extension IT).
Did someone say Bush’s Golden Parachute…
This interview with Gretchen Morgenson by Terry Gross is an excellent explanation of why AIG fell apart (as well as other companies). I think that any company that receives US taxpayer money should have to put up the sum total of 3 years past salary and total compensation (bonus, stock options etc. of the top 20 % of their executives into a fund, which they may not touch and will be put into TB to be returned to the taxpayers within 3 years. How they get that money, for example, suing current and past executives for malfeasance in office (certainly comes to mind!) is their business, but they have to get it. There’s a saying in the loan shark business: “break a turnip’s knees and it will bleed”.
Not King, but good point. With the amount of synthetic hormones going into the water supply every day, it’s only a matter of time.
Nice selection. Very apropos.
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