Oct 8, 2008

AIG, are you that retarded?

"WASHINGTON (AP) -- Days after [AIG] got a federal bailout, American International Group Inc. spent $440,000 on a posh California retreat for its executives, complete with spa treatments, banquets and golf outings, according to lawmakers investigating the company's meltdown."

I think it's a great idea. Celebrate the awarding of $85MM from the government (aka us taxpayers) by treating yourself to the spa during a royal retreat. Besides, $440K is a drop in the bucket of the $85MM package...and the fact that AIG was in absolute turmoil was no big deal, really.

It's no surprise that things like this happen. Why? Because the concept of money (or credit) is severely blurred and for many reasons, 1) the company is so big that the majority of employees aren't eying the "budget" b/c they aren't privy to it, 2) there's this feeling of "oh this won't happen to us" when it comes to actually running out of money 3) management is pleasantly hammered at nighttime soirees and says "ahhh f*** it, let's put this all on the company card...and like magic, life is glorious...and free.

Damn it feels good to be a banksta.


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