Thursday, October 9, 2008

$80 billion dollars buys a lot of champagne

You would think that if your company were in enough financial trouble to need an $80 billion dollar loan from the government, throwing lavish parties that cost hundreds of thousands of dollars probably isn't very high on your priority list. And even if you'd already suffered a lapse in judgement and actually thrown one of these lavish parties on the governments dime, you wouldn't be so foolish as to try it again.

Unless you're AIG.

That's right: the boneheads who ran a stable, trusted, American company into the ground thought that it might be a good idea to get some R&R at an exclusive hotel complete with $500 a night rooms. The argument, according to AIG, is that they serve a high end clientele and have to maintain an image.

I guess it's hard to maintain a high end image when your entire company just went on welfare.

This is just another example of why this bailout was such a bad idea. Corporate fat cats are partying and feasting as hard and heavy as ever before and you, the American taxpayer, are paying for it all. I don't think it's just AIG either. I expect similar reports to emerge over the coming weeks about executives at Fannie Mae and Freddie Mac because these people simply won't give up their lavish lifestyles for anything. Even the collapse of the economy around them and the abject failure of their company aren't enough to reign them in. They are motivated by pure and utter greed.

When was the last time you had a $300 bottle of champagne?
Get a job with AIG and it might become a routine.

To be fair, which I really don't want to be right now, AIG did tell FoxNews that they cancelled the retreat. I guess the first one will have to hold them for a while now.

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