Yep,remember that 150 billion bailout of AIG?AIG has held a stealth meetingof their fat cats at a posh AZ resort. Despite all the secrecy, they got busted.
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To the outside observer, the 2008 Asset Management Conference held this week at the Pointe Hilton Squaw Peak Resort in Phoenix was nothing out of the ordinary.
Conference participants, however, were notable because of the publicity they've received for their role in the ongoing financial crisis.
The conference at the posh resort included many senior managers at American International Group, or AIG, one of the world's biggest insurers and recipients in September of more than $85 billion from the federal government.
Click here to see the ABC15 Investigators' confrontation with AIG executives at Sky Harbor Airport
AIG made significant efforts to disguise the conference, making sure there were no AIG logos or signs anywhere on the property.
An AIG spokesperson said there were no AIG markers in order to minimize signage costs and to lower the company's profile.
A hotel employee told ABC15, "We can't even say the word [AIG]."
In addition to the nearly 150 independent financial planners in Phoenix for training and education, the conference attendee list was a Who's Who of AIG leaders, including Larry Roth, President & CEO, AIG Advisor Group; Art Tambaro, President & CEO, Royal Alliance Associates; Mark Schlafly, President & CEO, FSC Securities; Gary Bender, Senior Vice President, Investment Advisory Services; Bruce Levitus, Senior Vice President, Investment Advisory Services; and Stuart Rogers, Senior Vice President.
The ABC15 Investigators went undercover at the resort and found AIG executives having poolside meetings while drinking coffee and working out at the spa while other attendees were in conference rooms for seminars.
I'm a free market conservative through and through. I don't care much for the fact that execs at some of these big companies make more in five minutes than I'll make in my entire working career, but I figure if someone wants to hire them for that, it's their business. HOWEVER, if these bastards are getting bailouts from the gov, they should be eating dog food until every last penny is paid back.
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RE: Stealth Meeting of AIG Fat Cats at AZ Resort
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ORIGINAL: kevin1
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ORIGINAL: falcon
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HOWEVER, if these bastards are getting bailouts from the gov, they should be eating dog food until every last penny is paid back.
+1
Well said.
+2, couldn't agree more.
+4
And the government needs to be all over the SOBs. The govenrment needs to insist the money go into the system and not be used to party or to buy up banks.
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kaafir mushrik
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Well... they are nearing the 60 bil left before they have to go back to Congress and get the other half of the bailout released. Anyone wanna take a guess at how many of those "toxic" assets that the bailout was supposed to be for have bought so far?
Heard on Fox today AIG cancelled 160 other spa type events because of public pressure. Did these guys ever work? Government really needs to look at corps. management system, I mean half corps in the nation have CEOs also holding chairman of the board positions. Which boils down to I will vote for a raise for you and you vote for a raise for me.
There needs to be some info given to investors and some control over stock shares in management.
How about the economic summit? Government people last night they were pounding back $500/bottle wine.
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Stealth Meeting of AIG Fat Cats at AZ Resort
