AIG: Execs went on leisure retreat – Taxpayers to foot the 500K bill

If you thought there might be some business ethics coming back to today’s executives in the banking business – think again. Looking at the biggest mess in worldwide finance ever created in mankind’s history and those guys still believe its business as usual. You hear stories of so-called executives that are leaving their sinking ships with severity / separation packages worth hundred of millions of dollars – at the same time their employees are left with nothing and many particularly the younger ones looking into a very gray future.

These are seemingly the signals sent out by the cover up plans hammered through these days by governments around the world – grab as much as you can today – we don’t know if we can sponsor your fat bonuses and pays with taxpayer subsidies in the near future. And don’t be shy – a hundred millions might not be as much tomorrow and you know – you did study economics and understand what happens as a result from these FED and other interventions with regards to inflation – don’t you?

Now one of the best indications what those people think has been provided during the House’s Oversight Committee hearing on AIG today. Just a week after the government agreed to bailout the tumbling AIG with USD 85 Billion of taxpayer money, the executives of AIG went on a leisure break spending almost USD 500K on manicures, massages, luxury dinners and hotel rooms.

From the speech of Rep. Elijah Cummings (D-MD)
“…Have you heard of anything more outrageous?…
Let me describe for some of you the charges that the shareholders, taxpayers, had to pay. AIG spent $200,000 dollars for hotel rooms. Almost $150,000 for catered banquets. AIG spent $23,000 at the hotel spa and another $1,400 at the salon. They were getting manicures, facials, pedicures and massages while American people were footing the bill. And they spent another $10,000 dollars for I don’t know what this is, leisure dining. Bars? …”

Click on the image below for the link (multimedia)

link to YouTube video

We have seen similar behavior in other organizations by top paid people and it always indicates one thing – we are only here for the money and we don’t give a fxxx on the consequences of our mistakes.

Lets just keep in consideration these Executives are paid millions of dollars per year and for everything they find a possibility they want their organizations to pay on top – ahem the taxpayer to pay. Every canape they eat at leisure breaks labeled as executive retreats, for every bottle of champagne they drink, for the cars they drive and the houses they live in – should all of that be picked up by the taxpayers?

We think it’s high time to rethink the approach to these parasites – its not about adjusting – we need new people.

Some for whom the words social responsibility are not just words to be put into a glossy annual report or to flavor up a speech – some to whom these words have a meaning. Some for whom the words business ethics are not some buzzwords they snapped up at an executive (company paid) retreat aka training with an ivory league university, some who have grasped their true meaning.

And the solutions will not come from a Group of Thirty who before advising the governments where / are still part of that club.

It’s time to wipe through the board rooms and senior management floors with an iron broom and bring back real managers who those that are responsible for the current disasters made fun of for more than a decade but at the same time lived of the fruits of their work.

Managers who believe success is only good if its shared and also arrives with other people. Those who work for themselves but do understand that responsibility for others is part of their jobs and success. Those who have with this mindset built great companies over decades that in just a few years have been ruined by the neo-liberals and their irresponsible behavior.

And then we want every penny back those thugs have stolen in the last decades to rebuild our societies.

And nonsense like in difference to that, some governments around the world these days are thinking (its easier to just carry on and get palmed off) – like in the 1930s – when they legalized the rum runners, has to stop immediately. We don’t want (more) organized crime legalized to get some injections of blood money to beauty up the short term symptoms. It will only make it worse.

We need a root treatment for our economies, those put in charge and the (lost) value systems to rebuild the foundations of our societies. Only then trust can be recreated or gained.

More information:
The Gavel with a copy of the bills run up at the so-called retreat.

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