Apparently there's a lot of cash to go around at insurance company AIG, which makes a lot of sense considering the US government cut the failing giant an $85 billion bailout check. In fact, since Sept. 16, AIG has received $123 billion in loans from the Federal Reserve.
This week, news broke that top executives expensed $86,000 for an English hunting trip, explaining later that it was an "annual event . . . planned months before" the federal bailout. In September, AIG spent $440,000 for a week-long retreat for top-performing agents at a lavish California resort, only days after the first $85 billion loan was announced.
Cutting back on the over-the-top perks seems respectful to the taxpayer, but some politicians want the bailed-out institutions to go further. To see how, read more.
On Monday, Barack Obama proposed that lenders participating in the federal bailout should freeze foreclosures temporarily for families making good-faith efforts to make their payments. Does that sounds fair to you?
CEOs and politicians should figure out a way to acknowledge and assist the average American taxpayer, who has helped save the jobs of employees at companies at AIG, while many themselves lose their jobs or retirement savings. In the meantime, you taxpayers can purchase shirts that say: "My Government Handed Out $700,000,000,000 to Wall Street Bankers and All I Got Is This Lousy T-Shirt."