Sent their executives on a posh spa vacation:(
I can't read that link..............
I would say the down side is they are steal money, but on the plus side at lease they didn't just pocket the money as bonuses. They are spending the money and supporting the Spa industry.... which is a very important one IMO.
I can't read the link either but I wondering if this junket was something that was paid for in advance. Either way it is a bad look for them right now.
link fixed:
http://starhot.wordpress.com/2008/10/07/...Yup . . . This is the AIG that received an $85 billion taxpayer bailout from the federal government and sidestepped a corporate collapse on September 16. Less than a week after being rescued, AIG executives blew through almost $500,000 of taxpayer bailout funds at a week-long retreat at the ritzy St. Regis Monarch Beach Resort in Orange County, California.
This 5-Star, 5-Diamond exclusive beach resort has room rates that average well over $400 per night. Many higher category room types and suites sell well above $1,000 per night. To give you an idea of what the St. Regis Monarch Beach grounds look like, take a glimpse at the video below. Pictures hardly do this property any justice.
I think this is a bit different. this is one of those trips that give trips as incentives to insurance agents who sell their products. Similar to mary K giving away Pink caddilacs for those who excel in selling their products. I heard these people are not even AIG execs and this division of AIG is not even receiving bailout funds. Now this is what I heard and I checked with my friend who sells insurance and he said most companies do this every year. Sell their products , do well and you get gifts and trips..
Posted by tkf:
I think this is a bit different. this is one of those trips that give trips as incentives to insurance agents who sell their products. Similar to mary K giving away Pink caddilacs for those who excel in selling their products. I heard these people are not even AIG execs and this division of AIG is not even receiving bailout funds. Now this is what I heard and I checked with my friend who sells insurance and he said most companies do this every year. Sell their products , do well and you get gifts and trips..
No what they were calling it was a bonding trip to get everyone motivated and to make sure they retain some important executives. This is just an awful message to send to taxpayers. It's not business as usual right now.
Briggs where did you hear that?
This article coincides with tkf's description:
http://www.washingtonpost.com/wp-dyn/con...The gathering was planned before the bailout as a reward for life insurance agents, a company spokesman said, and fewer than 10 AIG executives were present. Not that it makes any more sense though.
Posted by Andrew:
Briggs where did you hear that?
This article coincides with tkf's description:
http://www.washingtonpost.com/wp-dyn/con...
The gathering was planned before the bailout as a reward for life insurance agents, a company spokesman said, and fewer than 10 AIG executives were present.
Not that it makes any more sense though.
It was discussed in the debate last night
It was on CNBC yesterday and today. The explanations are not far off. They wanted to make sure they retained these agents. I have no idea when it was planned but it comes off as terrible timing--sends a terrible message.
Posted by BRIGGS:
Posted by Andrew:
Briggs where did you hear that?
This article coincides with tkf's description:
http://www.washingtonpost.com/wp-dyn/con...
The gathering was planned before the bailout as a reward for life insurance agents, a company spokesman said, and fewer than 10 AIG executives were present.
Not that it makes any more sense though.
It was discussed in the debate last night
It was on CNBC yesterday and today. The explanations are not far off. They wanted to make sure they retained these agents. I have no idea when it was planned but it comes off as terrible timing--sends a terrible message.
the terrible message is bailing out poorly run companies.
Posted by BRIGGS:
Posted by Andrew:
Briggs where did you hear that?
This article coincides with tkf's description:
http://www.washingtonpost.com/wp-dyn/con...
The gathering was planned before the bailout as a reward for life insurance agents, a company spokesman said, and fewer than 10 AIG executives were present.
Not that it makes any more sense though.
It was discussed in the debate last night
It was on CNBC yesterday and today. The explanations are not far off. They wanted to make sure they retained these agents. I have no idea when it was planned but it comes off as terrible timing--sends a terrible message.
I been seeing this sort of thing for decades! Rarely does anyone have to answer for it.
