Nothing like repeating a lie long enough and then people will believe it. Not that I am a big fan of AIG or their bailout, but the $400k spent was not on an “executive retreat”. It was a retreat for sales contest winners. An incentive to sell more business. But then again, it is the IJ and when did the truth and actual reporting ever come out of one of their publications.
Doug Heller, executive director of Consumer Watchdog is either incredibly naive about the way every Business provides defense to their Board and executives, or saw an opportunity to grab a little publicity for his organization. Any guesses on which is true?
I’m considered a youngling in this industry with less than 10 years experienced but I agree with Compman. The retreat had people up and arms. It was a retreat for the PRODUCERS working hard to push more money back into the company yet people just don’t see it for what it is. The GLUE the ords RETREAT, 400K, AIG, Bankrupt all together and you get a fabricated image of crooks that are treating themselves while the company is sinking to oblivion. These producers work hard for months only to be stoned with redicule of their well earned retreat.
No I am not a producer but a mearly small customer service rep but I feel for those that put in their work and gets whip lash from the nation / tax payers for their well earned retreat. What will motivate these producers now to stimulate the economy?
…that a government which has shown no restraint whatsoever would soak taxpayers for these costs? I find the line that “it” (the government) would pay for these costs amusing. Since when does “government” pay for anything? All “government” does is take money from one set of people to give to another; “government” produces nothing, all of its activities are parasitical. As Frederic Bastiat wrote “government is that great fiction by which one half of the population lives at the expense of the other half.”
And, no, things won’t “get better” with Obama as the mafia don.
We’ll pay their freakin’ defense costs. There’s no way in hell a jury in the USA will let these scumbags walk. So, the prosecution should stipulate that a conviction includes a 25 year jail sentence, and forefeit of the golden parachutes they received.
Re the $400k “retreat” or whatever you want to call it. Has anyone ever planned a large event/convention/wedding/etc??? Don’t you know that there’s usually a cancellation fee or if it was that close to the date of the event, you might still have to pay for everything if you cancel? No sense paying the money for nothing.
Quote of the day from a fund manager: ‘This is worse than a divorce… I’ve lost half of my net worth and I still have my wife.’
This reminds me of something back in 1990, the US Government seized the Mustang Ranch brothel in Nevada for tax evasion and, as required by law, tried to run it. They failed and it closed. Now we are trusting the economy of our country to a pack of nit-wit, numb nuts who couldn’t make money running a wh**re house and selling booze
DO they not owe them defense costs if they were acting “within the scope of their authority”? If their acts were not, then the argument should be your on your own for defense of fraud. If it was the board’s direction to act in that manner then they all are on their own and personally liable.
Obama’s economic advisers Franklin Raines and Jim Johnson, who ran Fanny & Freddy, and went away as multi-millionaires. Their job was to ensure that 50% of mortgages were subprime. You know, lent to people who couldn’t pay them back.
The one man responsible for rallying support for Obama early on among Congressional Democrats is Rep. Rahm Emanuel, who served on the Board of Directors for Freddie Mac after leaving the Clinton White House. According to Freddie Mac insiders, Emanuel during his time on the board opposed every reform proposed by the Bush Administration that would have impacted Freddie and Fannie Mae. He’s now bHusseinO’s White House chief of staff.
Although only in the senate for three years, no one got more money from Fanny than bHusseinO – except Chris Dodd (D. CT), chairman of the senate banking committee.
I know this will never happen, but in my fantasy country white collar criminals would be treated just like any criminal. When they are found guilty we would confiscate all their ill gotten gain just like we do drug dealers. That bounty would then be auctioned off on E-bay and the money used to pay back the taxpayers who paid to prosecute them. They go to jail like Dred said, but pennyless.
30-days at Rikers Island would be sufficient. But……..in advance of their arrival the general population should be told that these guys think the prisoners are a bunch of stupid fags who don’t know the meaning of investment bankers.
Pardon me but I read and re-read the article and nowhere did I see any mention of D&O insurance (AIG or anyone elses). Am I, are we, to assume that neither Fannie nor Freddie purchased Directors and Officers insurance thus putting the onus of costs on the government (you and me, the taxpayers)?
Then it is both corporate malpractice and regulatory malpractice.
legal defense costs contract sounds like D&O to me and there is no way fannie/freddie didn’t carry it; so when this article mentions taxpayers footing the bill on defense costs, it wouldn’t be far fetched that we(taxpayers) are also doing so via the AIG bailout….
You are right Compman, the retreat bit does not belong in this article. I still think the only thing left to do is laugh because everything is getting more absurd by the minute.
The classic part is that its probably an AIG D&O policy. ridiculous….
The only thing we can do now is laugh at the situation.
Nothing like repeating a lie long enough and then people will believe it. Not that I am a big fan of AIG or their bailout, but the $400k spent was not on an “executive retreat”. It was a retreat for sales contest winners. An incentive to sell more business. But then again, it is the IJ and when did the truth and actual reporting ever come out of one of their publications.
Doug Heller, executive director of Consumer Watchdog is either incredibly naive about the way every Business provides defense to their Board and executives, or saw an opportunity to grab a little publicity for his organization. Any guesses on which is true?
I’m considered a youngling in this industry with less than 10 years experienced but I agree with Compman. The retreat had people up and arms. It was a retreat for the PRODUCERS working hard to push more money back into the company yet people just don’t see it for what it is. The GLUE the ords RETREAT, 400K, AIG, Bankrupt all together and you get a fabricated image of crooks that are treating themselves while the company is sinking to oblivion. These producers work hard for months only to be stoned with redicule of their well earned retreat.
No I am not a producer but a mearly small customer service rep but I feel for those that put in their work and gets whip lash from the nation / tax payers for their well earned retreat. What will motivate these producers now to stimulate the economy?
Right on, Compman! Don’t these people ever read the papers before commenting on something they don’t know anything about?
…that a government which has shown no restraint whatsoever would soak taxpayers for these costs? I find the line that “it” (the government) would pay for these costs amusing. Since when does “government” pay for anything? All “government” does is take money from one set of people to give to another; “government” produces nothing, all of its activities are parasitical. As Frederic Bastiat wrote “government is that great fiction by which one half of the population lives at the expense of the other half.”
And, no, things won’t “get better” with Obama as the mafia don.
We’ll pay their freakin’ defense costs. There’s no way in hell a jury in the USA will let these scumbags walk. So, the prosecution should stipulate that a conviction includes a 25 year jail sentence, and forefeit of the golden parachutes they received.
Re the $400k “retreat” or whatever you want to call it. Has anyone ever planned a large event/convention/wedding/etc??? Don’t you know that there’s usually a cancellation fee or if it was that close to the date of the event, you might still have to pay for everything if you cancel? No sense paying the money for nothing.
Quote of the day from a fund manager: ‘This is worse than a divorce… I’ve lost half of my net worth and I still have my wife.’
This reminds me of something back in 1990, the US Government seized the Mustang Ranch brothel in Nevada for tax evasion and, as required by law, tried to run it. They failed and it closed. Now we are trusting the economy of our country to a pack of nit-wit, numb nuts who couldn’t make money running a wh**re house and selling booze
DO they not owe them defense costs if they were acting “within the scope of their authority”? If their acts were not, then the argument should be your on your own for defense of fraud. If it was the board’s direction to act in that manner then they all are on their own and personally liable.
Obama’s economic advisers Franklin Raines and Jim Johnson, who ran Fanny & Freddy, and went away as multi-millionaires. Their job was to ensure that 50% of mortgages were subprime. You know, lent to people who couldn’t pay them back.
The one man responsible for rallying support for Obama early on among Congressional Democrats is Rep. Rahm Emanuel, who served on the Board of Directors for Freddie Mac after leaving the Clinton White House. According to Freddie Mac insiders, Emanuel during his time on the board opposed every reform proposed by the Bush Administration that would have impacted Freddie and Fannie Mae. He’s now bHusseinO’s White House chief of staff.
Although only in the senate for three years, no one got more money from Fanny than bHusseinO – except Chris Dodd (D. CT), chairman of the senate banking committee.
“Ok folks, move along, nothing to see here…”
I know this will never happen, but in my fantasy country white collar criminals would be treated just like any criminal. When they are found guilty we would confiscate all their ill gotten gain just like we do drug dealers. That bounty would then be auctioned off on E-bay and the money used to pay back the taxpayers who paid to prosecute them. They go to jail like Dred said, but pennyless.
30-days at Rikers Island would be sufficient. But……..in advance of their arrival the general population should be told that these guys think the prisoners are a bunch of stupid fags who don’t know the meaning of investment bankers.
Pardon me but I read and re-read the article and nowhere did I see any mention of D&O insurance (AIG or anyone elses). Am I, are we, to assume that neither Fannie nor Freddie purchased Directors and Officers insurance thus putting the onus of costs on the government (you and me, the taxpayers)?
Then it is both corporate malpractice and regulatory malpractice.
legal defense costs contract sounds like D&O to me and there is no way fannie/freddie didn’t carry it; so when this article mentions taxpayers footing the bill on defense costs, it wouldn’t be far fetched that we(taxpayers) are also doing so via the AIG bailout….
You are right Compman, the retreat bit does not belong in this article. I still think the only thing left to do is laugh because everything is getting more absurd by the minute.
Middle class said it all!
1- If they are found guilty, take the costs out of their compensation/retirement
2- The AIG retreat was not for executives