Wednesday, October 8, 2008

Getting Soaked

Situated high on a bluff overlooking the majestic Pacific Ocean, stands a landmark resort of legendary proportions. Located midway between Los Angeles and San Diego, the Tuscan-inspired St. Regis Resort, Monarch Beach is devoted to the pursuit of service and elegance with a seamless blend of comfort, scandal and technology.
The St. Regis Resort, Monarch Beach provides business travelers with extensive services to bilk the taxpayers. 
The St. Regis Identity: The St. Regis is more than a Hotel; it is familiar surroundings for exceptional scams. The St. Regis is the premier venue for the leading social, economic and political communities in which it exists. The hallmark of every St. Regis is that each guest experience is both anticipated and personalized. Conduct your business in luxurious surroundings or retreat from a hectic Federal Treasury bailout schedule, to the comfort of your guestroom, living in the lap of luxury.

We the People, just footed a bailout of insurance giant AIG at the cost of $85 billion dollars. In light of overall market turmoil, former CEO Robert Willumstad said, "I don't believe AIG could have done anything differently."

AIG held an executive retreat at the St. Regis exclusive resort days after the bailout. Receipts and invoices in evidence show some $443,000 for rooms, meals, including $23,00 for spa services. 70 top producers were given this luxury resort perk that averaged out about $6285 per person.  
But wait! There's more!!! AIG came back & asked for an additional $38 BILLION.
So now, to date the Federal Reserve has bailed out AIG to the tune of $122 Billion.

The press has not sought out comments from the residents of the nearby Tent City in Los Angeles. These people are living the reality of foreclosed mortgages. I wonder if they could have made good use of the $122 billion to bail them out?


Fran said...

The AIG CEO defended the $440,000 vacation spree for the employees, by saying it is *usual and customary* in the business.
HELLO! There is nothing usual & customary going on in the economy right now. If you are taking billions in bailout money (Now $122 for AIG), you had better darned well trim the fat.
I fear this attitude and expectation for the upper crust in the world of finance is widespread. They are so used to being on the high end of high rolling finance, they can;t or won;t adjust to the financial crisis.
Who will scrutinize every division if every company to make sure they are not abusing the bailout money?

Distributorcap said...

oh it gets worse-- they have ANOTHER outing planned

Fran said...

Another field trip to pamper the lifestyles of the rich & famous?? I hope they don't have to lower their standards.
I wish they would go make the bastards live in a tent city for a full week. Sleep in a tent in the dirt, shower at the nearby Church, scrounge for meals.

Pelosi is calling for a possible emergency session to dole out more money to Wall Street. I hate that she refused to Impeach, but has no problem putting the bailout *on the table* for Wall Street.