Thursday, October 16, 2008

Cavalcade of Capitalists: AIG Receives Another Government Handout, Goes on Another Junket

Via 'coma:

First the insurance wizards at AIG got a government bail-out loan and held an executives retreat at a posh California seaside resort where rooms are $200,000. Now, upon receiving a second bail-out loan of $37.5 million, AIG took customers on a $86,000 hunting trip to the English countryside. I believe that is called redistributing wealth from the bottom to the top. AIG's rationalization was fabulous:
“This was an annual event for customers of the AIG property casualty insurance companies in the U.K. and Europe, and planned months before the Federal Reserve Bank of New York’s loan to AIG,” company spokesman Peter Tulupman said Wednesday morning.

In a prepared statement later in the day, the company said, “We will continue to take all measures necessary to ensure that these activities cease immediately. AIG’s priority is to continue focusing on actions necessary to repay the Federal Reserve loan and emerge as a vital, ongoing business.”
Yeah, right. And these are some of the guys whom John McCain wants to give more Bush tax breaks.

Coincidentally, TNGOP mouthpiece Bill Hobbs got bent out of shape that a lowly community-based organization almost received some minuscule funds from the bail-out bill for registering voters. Not a disparaging word from him on the wealthy elite who continue to play on the public dole. Benign acceptance of corporate greed has a way of skewing priorities, no doubt.

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