Category: banking

AIG Execs Caught Wasting Even More Of Our Money After Bailout.

My Two Dollars reader Chris email me this story last night because he knows how much this kind of crap bothers me! Turns out that the $440K spa trip that the AIG executives took after they took our bailout money wasn’t the only giant “screw-you” that they said to us – they also just took an $86,000 hunting trip:

“This was an annual event for customers of the AIG property casualty insurance companies in the U.K. and Europe, and planned months before the Federal Reserve Bank of New York’s loan to AIG,” company spokesman Peter Tulupman said Wednesday.

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banking

By David

Comment From AIG Blog Relations – Funny Stuff.

I received this comment yesterday on my post about AIG taking $440K of our bailout money and going to the spa:

Earlier today, AIG announced an important policy change – one that we wanted to be sure you knew about.
A short time ago, our Chairman and CEO Ed Liddy said that he has ordered the immediate cancellation of all outside meetings, conferences, and recognition events across AIG, except those that are required by law or that are deemed absolutely critical to sustain our ongoing business needs.

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banking

By David

After Bailout, AIG Execs Head To $440,000 Spa.

October 7, 2008“”

Less than a week after the federal government committed $85 billion to bail out AIG, executives of the giant AIG insurance company headed for a week-long retreat at a luxury resort and spa, the St. Regis Resort in Monarch Beach, California, Congressional investigators revealed today.
“Rooms at this resort can cost over $1,000 a night,” Congressman Henry Waxman (D-CA) said this morning as his committee continued its investigation of Wall Street and its CEOs.
AIG documents obtained by Waxman’s investigators show the company paid more than $440,000 for the retreat, including nearly $200,000 for rooms, $150,000 for meals and $23,000 in spa charges.

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banking

By David

Fed To Now Consider Buying Companies’ Unsecured Debt.

So, let me get this straight. They could not get this $700 billion bailout passed quick enough last week, only to have the Dow do a massive see-saw all day on Monday. Seems the bailout sure is working, right? I mean, they said they needed it done weeks ago or we were all going to die – so to watch the markets react negatively to the passing was interesting. Now, the NY Times is reporting that the Fed is planning on buying companies’ unsecured debt, putting even more of our tax dollars on the line.

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banking

By David

Safe Places To Put Your Cash In This Economy.

CNN/Money has a short article up that has three places you could stash your cash where it would be safe in this crazy up and down economy. Mind you, I would not start moving your money out of investment accounts to put it in these places, but if you have cash sitting around that you are wondering what to do with and you don’t want to lose it, you might want to check these out.

Bank Money-Market Accounts & CDs

Bank CDs and money market accounts (Not money market mutual funds) are FDIC-insured up to $250,000 per person per institution ($500,000 for joint accounts).

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banking