The Insurance Locator

By James F. Cotter

In September 2008, American International Group – AIG – received $ 85 billion in the biggest bailout of a company private in the history of the nation. Next week, AIG executives gave themselves to the sum of $ 444,000 on a retreat in California, which appears spas, golf and banquets. Subsequently, the insurance giant received another 37.8 billion U.S. dollars from the Federal Reserve (1).

On October 17, the Associated Press reported that AIG executives had spent $ 86,000 on a hunting trip in England. On November 10, ABC News reported that the company had spent another 343,000 dollars on a trip to a downtown Phoenix. The report came shortly before another government bailout plan was negotiated ($ 40 million this time) (1).

Federal Reserve Chairman Ben Bernanke testimony before the Senate Banking Committee in early March, said, "AIG exploited a huge gap in the regulatory system, and "made irresponsible and had huge gambling losses." (2) on earth. There were 73 recipients of this generosity, of which 11 are no longer working at AIG. Obviously AIG is using the word "retention" new hip somehow that most dictionaries have yet to catch up.

Product unit financial, of course, is the division that sold credit default swaps., says insurance consultant Andrew Barile, "They were selling a type of insurance product, which Not sure what to call was not regulated as insurance. Calling it a "credit default swap, have invented a new product, but not different from insurance." (3)

Sen. Chuck Schumer of New York refers to the antics as "Alice in business practices in Wonderland," and concludes: "It disturbs the mind. "(4)

AIG has received four government bailouts to date, a total of 182 billion U.S. dollars (5).

As editor of CNNMoney Paul R. Lamonica says, "paying $ 165 million in bonuses to people in a company that lost nearly $ 100 million last year is, in the words of Woody Allen, "a parody of a parody of a sham of a mockery of a travesty of two mockeries of a sham." (6)

But AIG is not the only villain in the this drama disastrous. Other companies deserve their fair share of repulsion. Citigroup, meanwhile, also plans to pay millions of dollars in bonds, at least some the years. At least fifteen other Citigroup executives also are scheduled to receive millions of dollars. Citigroup has refused to say how much you intend to pay in all (7).

As the president said: "The American people will be very difficult, like me, to accept a situation in which a handful of … executives, whose pursuit of private power and profit exceeds their sense of public responsibility, can show disdain as "national interest (8).

No, not President Obama. This was President Kennedy in April 1962, following the cross-price increases on board by steelmakers.

What little things change.

REFERENCES

• Http: / / en.wikipedia.org / wiki / American_International_Group 1.
• Http: / / www.washingtonpost.com/wpdyn/content/article/2009/03/03/AR2009030303810.html?hpid=topnews 2.
• 3. Http: / / cnnmoney.mobi/money/latest_news/latest_news/detail/133037/2
• 4. Http: / / www.reuters.com/article/wtUSInvestingNews/idUKTRE52G4ZJ20090317?virtualBrandChannel=10112
• 5. Http: / / news.yahoo.com/s/ap/20090320/ap_on_bi_ge/citigroup_bonuses_1
• 6. Http: / / money.cnn.com/2009/03/17/markets/thebuzz /
• 7. Http: / / www.time.com/time/business/article/0, 8599,1886778,00. Html
• 8. Http: / / www.trivia-library.com/a/united-states-and-american-history-early-1962.htm

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