Financially strapped American International Group Inc. was paying substantial bonuses to executives.
They are a bunch of reckless and greedy vultures siphoning other peoples hard earned retirement & tax-payers money to finance their own personal luxurious empire.
The federal government committed $85 billion to bail out AIG, executives of the giant AIG insurance company headed for a week-long retreat at a luxury resort and spa, the St. Regis Resort in Monarch Beach, California, Congressional investigators revealed today.
AIG documents obtained by Waxman's investigators show the company paid more than $440,000 for the retreat, including nearly $200,000 for rooms, $150,000 for meals and $23,000 in spa charges.
These guys has caused an unprecedented global catastrophe.
Waxman also said there is evidence the two men changed the bonus schedule once the company began to post losses, so that executives under the "Senior Partners Plan" would continue to make multi-million dollar salaries.
Sullivan was given a $15 million "golden parachute" payment after being replaced as CEO in June.
AIG === A'int Greedy
.Tracking the Dow on Monday:16/03/09--4 days to Dow Futures Expiry.
9:30am:-Bullish 80.0 points gap-up.
Treasury will soon offer details regarding its plan to address toxic assets responsible for driving losses on bank balance sheets.
10:30am:--Pull back filled half gap & bullish reverse.
Barclays (BCS) may sell its iShares business, which focuses on exchange traded funds, otherwise ETFs. The move could help bolster the company's balance sheet.
11:30am:--Shooting star pair.
Profit take unwind for morning session. Crude oil futures prices are down 3.9% to $44.45 per barrel after OPEC elected not to cut output.
12:30 noon:--Dragonfly dojis.
The March Empire Manufacturing Index came in at -38.23, which is worse than the -30.80 reading that was widely expected.
1:30pm:--Session high with hangman.
Strength in Citigroup (C 2.46, +0.68), Bank of America (BAC 6.54, +0.78), and JPMorgan Chase (JPM 24.94, +1.19) has pushed the financial sector (+4.9%) to a fresh session high. The trio also led the financial sector's rally last week.
2:30pm:--Hangman & bullish hammer.
The downward push has moved the consumer discretionary sector (-0.3%), health care (-0.3%), and technology (-0.8%) into the red.
3:30pm:--Day's opening gap fully covered.
Fed Chairman Bernanke stated in a weekend interview with 60 Minutes that the economy could recover by next year with support from lawmakers and the public.
4:00pm:--The hammer.
A weak follow through.Profit-taking which is healthy.
The big-swing of the Dow on Monday might be the start of roll-over of Dow Futures February contract which is about to expire this Friday.The bullish tone is still intact.
An opportunity to move in those financial stocks that have pullback.
Despite the formation of a graveyard doji,the long upper shadow is the area of rebound.
Today's run-up has been spoilt after American Express Co said the number of people struggling to make credit card payments grew.