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AIG subsidiary parties in style in OC, two weeks after bailout

Orange County Register ^ | October 2nd, 2008 | Teri Sforza

Posted on by george76

Financial crisis? What financial crisis?

Less than two weeks after Uncle Sam gave American International Group (AIG) an $85 billion loan - staving off financial collapse - execs from one of its insurance subsidiaries, AIG American General, gathered for a conference at the uber-swank St. Regis Monarch Beach Resort, billed as Californias only Mobil Travel Guide Five-Star Resort, where ocean-view rooms start at $565 a night and world class luxury is the rule.

On Friday, before the presidential debate got under way, caterers for the St. Regis were setting up dozens of tables on the grounds of Mission San Juan Capistrano for AIG American Generals sumptuous off-site dinner.

The inappropriateness and the excessiveness just blew us away, said the Outraged Taxpayer, who went to the Mission Friday to pray in the chapel. Its outrageous. In very poor taste. Over the top.



(Excerpt) Read more at taxdollars.freedomblogging.com ...

TOPICS:

Crime/Corruption

News/Current Events

Politics/Elections

US: California

KEYWORDS:

aig

bailout

corruption





To: george76

The mind boggles... is there a crisis, or not? The elites in this country have completely separated themselves from the rest of us and cannot conceive of being reintegrated. That’s why they hate Sarah Palin - she doesn’t bow to them and their “superiority.”



by 2 posted onby TenthAmendmentChampion (Lord please bless our nation with John McCain as president and Sarah Palin as Vice President! Amen.)

To: TenthAmendmentChampion

Anybody know where we can get some deals on slightly used GUILLOTINES? Please contact Citizens Robespierre and Danton at

www.wegetahead.gov



To: TenthAmendmentChampion

millions in tax breaks and related pork for kids’ wooden arrows, Puerto Rican rum producers, auto race tracks, and corporations operating in American Samoa. (The likely explanation for the latter: StarKist has a large tuna-canning operation in American Samoa. And StarKist’s parent company happens to be located in the district of House Speaker Nancy Pelosi.) http://news.cnet.com/8301-13578_3-10057618-38.html?tag=nl.e433



by 4 posted onby george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)

To: george76

Are there any pictures of the revelers?



by 5 posted onby AEMILIUS PAULUS (It is a shame that when these people give a riot)

To: george76

AIG American General - a subsidiary of parent AIG - is in much, much better financial shape than AIG itself. Its one of our viable businesses, said AIG spokesman Joseph Norton. Theyre fully capitalized. Theyre fine. It wasnt a corporate kind of thing. Ah, that makes it all hunky-dory. I guess it's asking too much for subsidiaries to help pay for the bailout of the parent.



To: george76

If you had just laid it to the collective tax payers in this county in the amount of 85B plus you could party also., That whole AIG bunch needs to be lamp lighters on wall street.



by 7 posted onby org.whodat ( "the Whipped Dog Party" , what was formally the republicans.)

To: AEMILIUS PAULUS

not that I have seen



by 8 posted onby george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)

To: Dick Bachert

Anybody know where we can get some deals on slightly used GUILLOTINES? France, I'm sure they have them stored away and well oiled. Just take a few dozen up to wall street and start a line.



by 9 posted onby org.whodat ( "the Whipped Dog Party" , what was formally the republicans.)

To: george76

Once again the American taxpayer citizen gets SCREWED and the Government and the elitest are laughing their butts of at us again, because WE ALLOWED IT TO HAPPEN.........



To: SECURE AMERICA

Section 325 which provides essential tax breaks for the “wool research fund.”



by 11 posted onby george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)

To: dirtboy

This is probably one of the subsidiaries they’ll have to sell to pay the debt. The luck buyer will get a large staff of high-salaried employees, who presumably know insurance.



To: org.whodat

We’ll need several dozen for WASHINGTON. Don’t want to pay the crews overtime.



To: Grampa Dave; BIGLOOK

Section 309, a tax credit for economic development... American Samoa.



by 14 posted onby george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)

To: george76

I looked. The “Joe Norton” mentioned in the article is the AIG PR type. I could not get a picture of him-of course I’m not really computer research savvy. I would love to see pictures. In this day and age one picture is worth a 1000 words.



by 15 posted onby AEMILIUS PAULUS (It is a shame that when these people give a riot)

To: george76

Caterers for the St. Regis were setting up dozens of tables on the grounds of Mission San Juan Capistrano for AIG American Generals sumptuous off-site dinner. Tables were draped with soft Tuscan-gold tablecloths that cascaded to the grass; elegant fresh flower centerpiece graced each table; and what appeared to be fine crystal stemware, at least from a distance, glistened in the fading light. Workers set up a lengthy bar stocked with bottles of liquor. I heard they ran out of Grey Poupon, and a helicopter brought in several jars.



by 16 posted onby dragnet2 (We witnessed the biggest expansion of government in American history)

To: george76

My wife has a small 5 figure SepIra with VALIC, a subsidiary of AIG. We started the roll over process shortly after its role in the billion $ mugging of America started close out the account and roll it over to Fidelity.



by 17 posted onby Grampa Dave ( I do not want to know the type of person, who does not like Sarah !)

To: george76

I’m not sure what really happened, but normally conferences like this are for the insurance sales people to reward them for meeting sales goals. They are not for “executives”, although the marketing execs will attend. Such conferences are paid for months, sometimes years in advance, and are non-refundable. AIG American General is up for sale, and is a separate legal entity from the AIG parent. The parent cannot take funds from the insurance companies due to state regulation and the insurance companies have their own set of books that are healthy. Based on my knowledge of the insurance industry, no taxpayer “bailout” funds were used for this conference.



To: george76

Tables were draped with soft Tuscan-gold tablecloths that cascaded to the grass; elegant fresh flower centerpiece graced each table; and what appeared to be fine crystal stemware, at least from a distance, glistened in the fading light. Workers set up a lengthy bar stocked with bottles of liquor. A half-dozen tall space heaters stood sentinel in case the evening turned cool. There was a large center stage with lighting and a sound system, and once the sun went down, the whole scene took on a magical patina as tiny white lights twinkled in the trees.



To: Grampa Dave

Did you check how much surrender charge you are paying? You are likely taking a hit for rolling over the annuity, and someone at Fidelity is earning another commission off your money. That’s why the insurance commissioners have been saying it is illegal for other insurance companies to try to replace AIG’s business. The consumer is the one who loses. The insurance subsidiaries of AIG have nothing to do with the stupid investment decisions of AIG Financial Products. Insurance companies by state regulation are not allowed to mess around with risky junk investments.



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