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October 09, 2008
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Let’s Get the Party Started

Jim McPartland

 

“I don’t want to work, I want to bang on the drum all day”- Todd Rundgren

I hear this played during baseball and football games to get the crowd going.

It should now be the mantra at AIG.

American International Group is one of the companies the government has rescued. A few weeks ago, we lent them $85,000,000,000 to keep them afloat. We now own an 80% stake in the company. Yesterday, we agreed to lend another $37,500,000,000. That’s $117 BILLION in a month. I’m getting sick of the 0’s and this is starting to sound like something Dr. Evil would say in an Austin Powers flick.

This all despite the fact their one of the biggest culprits selling high risk investments that included all the bundled bad mortgages money can buy.

They let one CEO go this summer. With $18,000,000 in his pocket. After he got a $5m bonus in the 4th Q of last year when the company lost $5 BILLION. They held a London based Manager responsible for most of their troubles and fired him. Poor bastard. Oh, they gave him $14,000,000 for his trouble.

So instead of clamoring in a board room in NYC to try and stop the bleeding, a party is thrown in California- for $440,000. $23,000 is spent on spa treatments and massages. How many of those came with ‘happy endings’ has not been reported.

Not saddam's Palace- AIG's retreat

 

Nice joint- $536 a night for ocean view

A 2nd planned party for later this month has been put on hold. Morale at AIG is off with lots of feet stomping and temper tantrums being witnessed (“But it’s MY turn!! I wanna go!!! You said I could!!”).

Several lawmakers have suggested we ask for our money back. Good luck. Every government regulation that’s developed is eagerly awaited by a group of lawyers’ ala ‘The Firm’ whose sole purpose in life is to find the loopholes that surely exist within the first 15 minutes- like a race to finish the NY Times Crossword Puzzle. After all, they make a hell of a lot more than the people who make the laws and are smarter in a satanic sort of way.

May I ask how many of you have been to a resort like this recently? Had a massage with or without the H.E.?

They’ve got to prosecute the honchos that are responsible for this mess, not just wave a naughty finger at them in senate hearings.

 

 

Ed's note- Due to my blog and a phone call to a responsive receptionnist, the 2nd AIG Wham Bammer as been cancelled.

Or at least postponed until the Dow goes up and no one is looking.

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