E B
Ideal_Rock
- Joined
- Aug 31, 2005
- Messages
- 9,491
"Their getting their pedicures and their manicures and the American people are paying for that," said Cong. Elijah Cummings (D-MD).
If you just GIVE someone something, they oftentimes take it for granted. These people are used to wasting large sums of money. This is just another example. They feel no guilt about it either. Oh, it was soooo exhausting going thru that Bailout! I must go and get a pedicure!!! I say, rip their frigging toenails out!!!!
"Mr. Sullivan and the other top executives should have had their bonuses slashed due to poor performance," said Waxman.
Sullivan said it was "substantially reduced" by the board in 2007 due to poor performance.
Date: 10/7/2008 4:42:29 PM
Author: MoonWater
ain''t that some ****
Date: 10/7/2008 6:16:41 PM
Author: Allisonfaye
As the wife of an insurance company exec (not the same company), I can tell you that recognition events for the sales people are very common and they are rewarded because they are the lifeblood of an insurance company. (Not sure if that''s in fact what this was, since the post was below the article). But these people work very hard for this event all year. As far as changing the bonus structure for the corp execs or cooking the books, this is of course, unethical. But that''s a different issue.
And as the wife of a corp exec, I want to assure you that not all companies do this stuff. They are not all corrupt.
Now, typically these retreats are approved ahead of time and already worked into the budget so the money for this particular trip most likely didn''t come from the government assistance. But if these execs were smart, they would not have taken the trip (or at least waited a few more months).
According to the passage below the article, it was for sales people and it is common for the CEO to go along to let the sales people know they are appreciated. This is like the equivalent of giving the secretaries their bonuses. I agree that the timing might not have been great.Date: 10/8/2008 11:47:09 AM
Author: fieryred33143
Date: 10/7/2008 6:16:41 PM
Author: Allisonfaye
As the wife of an insurance company exec (not the same company), I can tell you that recognition events for the sales people are very common and they are rewarded because they are the lifeblood of an insurance company. (Not sure if that''s in fact what this was, since the post was below the article). But these people work very hard for this event all year. As far as changing the bonus structure for the corp execs or cooking the books, this is of course, unethical. But that''s a different issue.
And as the wife of a corp exec, I want to assure you that not all companies do this stuff. They are not all corrupt.
This was not a retreat for the ''sales people'' it was a retreat for the executives. I''m pretty sure the ''sales people'' are not going to see any of these planned events this year.
Now, typically these retreats are approved ahead of time and already worked into the budget so the money for this particular trip most likely didn''t come from the government assistance. But if these execs were smart, they would not have taken the trip (or at least waited a few more months).
As lawmakers grilled former top executives, Rep. Elijah Cummings, a Maryland Democrat, said: "They were getting facials, manicures and massages, while the American people were footing the bill."
On Wednesday, AIG said the "business event," hosted by one of its subsidiaries, was for independent life insurance agents. It said the event was planned "months before" it received the loan last month, and no AIG executives from headquarters attended.
AIG''s effort to correct the record on the event came after White House spokeswoman Dana Perino had added on Wednesday to criticism of the event.
"I understand why the American people would be outraged," she said at a White House briefing.
President George W. Bush did not intend to benefit industry titans when he approved the bailout of AIG and a wider $700 billion Wall Street rescue package, she said.
"Rewarding failure is something we have a very hard time swallowing," Perino added.
AIG said current Chief Executive Edward Liddy had written a letter to Treasury Secretary Henry Paulson to clarify the circumstances of the business event.
The company said Liddy assured Paulson that AIG now faces very different challenges, saying: "(W)e owe our employees and the American public new standards and approaches," and that the company is "re-evaluating the costs of all aspects of our operations..."
AIG said 10 employees from its subsidiary, AIG American General, attended the 100-guest event.