The Bush administration has committed $290 billion of the $700 billion rescue package and not filled the mandated independent oversight posts.  When added to AIG’s recent spending sprees, it is imperative that some serious changes be made.

AIG is reported to be planning to spend $503 million in deferred compensation to some of its top employees. They also held a $340,000 conference at an Arizona Resort – which included poolside meetings and upscale dinners.

It seems as if the Bush Administration and companies such as AIG thought that we were giving them a birthday present.  The people’s money must be used properly and the seriousness of the crisis must be backed up with actions.  We cannot move forward without proper oversight.

AIG should take this opportunity to tighten its belt.  These are serious times, and if the executives at AIG refuse to take things seriously, it is time for new leadership.  It is unfathomable that they would go the route of Enron and give a bonus to the same employees that got them in this mess in the first place.

According to published reports, AIG claims that the participants in the conference for financial planners will be paying the bulk of the costs and that hotel employees were unable to advertise or mention the fact that AIG was the company holding the event.

If you are too embarrassed to promote your name, then chances are this was something that you shouldn’t have been doing.  No matter who paid, it is a terrible example to set for the nation.  Lastly, it is sad and ironic that this event was for financial planners.

The Administration, AIG and others should know that we are all in this together, and I sincerely hope that a cooperative spirit will prevail from this point on.

This entry was posted on Wednesday, November 19th, 2008 at 12:45 pm and is filed under Uncategorized .