Litigation

Are The Tough Guys Still Tough Post Election?

By John Darer

Back in October the press was all agog at $20,000 worth of spa treatments at an AIG sales retreat. A October 7th hearing before the congressional House Oversight Committee brought attention to a conference which took place at the St. Regis Hotel from September 24-28 2008. Here's how CNN reported it  "Crippled Insurance Giant spent $440,000 on posh retreat for executives". Barack Obama stated in one of the debates " Those executives should be fired".  Who could forget the indelible image of "smoke blowing through the ears and nose" of Henry Waxman as he lambasted AIG?

How Structured Settlements 4 Real covered the story on October 8, 2008 click here and Hemmer-ing and Hawing October 9, 2008

ABC News now reports "Despite a near collapse that required $45 billion in federal taxpayer bailout funds, Bank of America sponsored a five day carnival-like affair just outside the Super Bowl stadium this past week". According to ABC, "insiders put the spending at close to $10 million". The report also states that much of the Bank of America sponsorship was part of legal requirement to fulfil a contract (just like much of the AIG St. Regis) and that its sales "had already increased" in the week preceding the event.

ABC also limply highlighted a lavish Morgan Stanley sales retreat at The Breakers in Palm Beach.

My how times have changed. From publicly bemoaning $20,000 hot stone treatments at a Congressional Oversight Commitee to what appears to be simple groan about $10MM.

October 2008

Then Presidential candidate Obama  "Those executives should be fired" and Elijah Cummings D-MD "They were getting their manicures, their pedicures, massages, their facials while the American people were paying their bills."

February 2009

Elijah Cummings D-MD   "They should know better, but obviously they don't."

It will certainly be interesting to see the extent to which the government takes in "running the businesses" it has invested in.

Full post as published by Structured Settlements 4Real on February 03, 2009 (boomark / email).