When your company is in such dire straits that the federal government must come in with an $85 billion “bail out” package, the first thing you should do is round up all of the important members of your company and take a nice, long vacation. It’s just the right thing to do.
AIG executives know this. They’ve read the manual. That’s why less than a week after the “bail out” they went to St. Regis Resort in Monarch Beach, California.
Having your dick dragged through the dirt by the national media because your company is run by incompetent baffoons isn’t easy people. Not that any of you blue collar, time clock punchers would have any idea what that’s like. It’s a high stress, dog eat dog world out there. Here’s how you cope.
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.
Good for them. They’ve earned it.
Upon further investigation, Waxman discovered that two former AIG CEOs (Robert Willumstad and Martin Sullivan) did all they could to help the company fight through these tough times.
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.
“Mr. Sullivan and the other top executives should have had their bonuses slashed due to poor performance,” said Waxman.
Sullivan said it was “substantially reduced” by the board in 2007 due to poor performance.
Sullivan was given a $15 million “golden parachute” payment after being replaced as CEO in June.
HAHAHA. Only $15 million? That should teach his ass a lesson.
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How did you guys get a picture of the sweet hotel Tomand I are in all week/weekend in Scottsdale?