October 8th, 2008 by Robert | Word Count: 700 | Reading Time 2:49 2,149 views

As our government continues to try and rescue our nation’s financial markets in an effort to prevent a horrific economic freefall, we hear about one of the most outrageous and heinous uses of taxpayer money yet. AIG, a company our government deemed necessary of bailing out with federal funds, received an $85 Billion loan recently to ward off bankruptcy. A report comes out that just a few days after receiving access to the taxpayer funded money the company’s executives were rewarded with a luxury vacation. Just how “luxury” you ask? Try almost a half a million dollar getaway…

AIG felt that a $440,000 vacation was necessary for its executives to relax and come back recharged for the trek back to respectability. Oh, you didn’t know that to come back completely refreshed, it requires about $23,000 on spa treatments to clear the mind? I’m sorry. I just assumed it was a natural cost expenditure of a company retreat… All sarcasm aside, how can anyone in their right mind believe this is an appropriate use of funds when a company has failed, and is failing?

Of course there are untold counts of other companies leeching cash from their coffers to fund similar pursuits. I’m sure they are hidden within the accounting ledger and written off as sales events, customer appreciation, or working retreats. But, how can a company propped up by taxpayer money be allowed to do something so blatantly wrong? The government OWNS 80% of AIG as it stands right now. Ownership implies specific rights. One of those rights includes the ability to fire employees.

Each and every participant and decision maker of this venture should be fired immediately, escorted from their offices, and required to pay back every penny of their misuse of funds. In my opinion, what they did is a form of embezzlement. They have appropriated funds from the company for their own personal use and gain. Did the shareholders (American citizens at this point) agree to send these people on their luxury jaunt? Would we EVER? Of course not…

However, as our lawmakers fume and posture in the halls of Washington, will justice be served? Will we see those who have slapped the face of those who have helped them be rewarded with their justified consequences? I can only hope so. AIG has just given a black eye to the companies who truly need federal assistance to survive. Can people not do what is right even when we are in some of the darkest financial times our generation has ever experienced? Is it too much to ask that executives actually come to work and perform their duties without receiving golden parachutes worth millions whether the company survives or fails? Is it too much to ask that executives, when running a failing company, “give up” their luxury items and take vacations like normal American citizens? Or better yet, not take them at all because they can’t afford them…

The solution to this problem is complete oversight of taxpayer money being given to these bailed out companies. Without that, there will be countless millions of dollars wasted, we know that. Greed cannot be fixed even with failure. When we are shown and faced with this greed, we must take the next step and weed these individuals and groups from within these companies and start anew. AIG is the one who has been caught. They have made our lawmakers stand up and take notice because of their blatant disregard for what is right.

Our lawmakers must remove these “leaders” and require immediate repayment for their actions. Any less and they are in a sense, advocating what they have done. Fire them, fire them now. This is not a political debate of any kind, this is a human debate. Do what’s right because it’s the right thing to do. These employees of AIG have shown their true colors of greed and we have been shown why their company was failing in the first place. Greed eventually consumes and destroys. AIG is just one simple case. Their flaunting of greed is astounding. We can only hope that our lawmakers do what is right and reverse the damage AIG has done.

Citation: http://www.cnn.com/