Yesterday the federal government agreed to increase the bail out money to AIG.
CEO Edward Liddy referred to the influx of money as "an arrangement with the federal government." All this time I thought it was a bail out. Isn't spin a wonderful thing?
Anyway they got caught sending financial planners (if you think about it, that in itself is a joke.) to a posh luxury resort complete with cocktails parties, limousines, and dinner at top restaurants. This new fiasco cost. Get ready. $343,000.00.
Wait it gets better. This is killer. AIG instructed the hotel to keep their visit a secret. No signs allowed. When CEO Liddy was asked why was it a secret with no signs, he said the lack of signage was a result of cost cutting measures!
"We are really cutting corners. We're doing the same thing the American taxpayer is doing," Liddy said. "We are tightening our belts. We didn't use any signage."
PS: It's funny but in a way it's not. How in the hell are you going to control $700 billion? What percent of this money is going up in smoke? What branch of the government is checking how this money is being spent? I wonder if they thought this through before rushing it through Congress!