I contacted two of my Senators and one House representative regarding the $442,000 spa retreat taken by AIG bigwigs. (Senator Kohl voted for the bailout; Senator Feingold and Represenative Kagen voted against it) Taking that retreat on top of golden parachutes is a slap in the face to the average tax payer who cannot affort such vacations but who are footing the cost of the payout.
Senator Kohl and Representative Kagen's offices took my phone number and address so I can be contacted with a response. Okay. Senator Feingold's office at least talked to me about the situation. That aide told me he wasn't sure there was anything legal that could be done to AIG for spending the money on the spa but that the Senate is conducting hearings into the matter. I suggested that these unethical individuals who obviously have no moral compass will leave the Senate chambers laughing at how they got away with the scam.
Today it has been reported that Eastern Oregon Representative Greg Walden and 48 other U.S. House Representatives co-signed a letter to Secretary Henry Paulson and Fed Chairman Ben Bernanke demanding AIG refund any money it spent on a lavish retreat after it received an $85 billion bailout. I hope their demands are taken seriously.
My question is why AIG can't be asked for the bailout money to be given back? Why should people from that company be given golden parachutes and not expected to use that money to fund their own bailout? If the Senate demands the money what is AIG going to do---sue the government? Good luck with that.
The gall and cavalier attitude of those directors in taking that vacation should infuriate every taxpayer, elected official, and US leaders. The offenders should receive more than a slap on the hand; they should have to feel the pinch the average citizen is feeling.
For heaven's sake, Martha Stewert went to jail for her insider trading. I doubt her mistake cost thousands/millions their retirement funds. These executives who have thumbed their noses at us need to be punished.
1 year ago