Daily Archives: October 7, 2008

AIG execs went on $500K retreat within days of bailout

After the bailout of AIG last month, the United States government effectively bought an 80% share in the company. That should have caused a fundamental change, you would think, in how the company was spending funds on compensation, bonuses and benefits.

But it doesn’t look like that’s what happened. The committee learned that shortly after the bailout went through, executives from AIG’s major U.S. life insurance subsidiary, AIG American General, held a week-long conference at an exclusive resort in California.

The resort is called the St. Regis Monarch Beach. … It’s very impressive. This is an exclusive resort. The rooms start, gentlemen, at $425 a night. Some are more than $1,200 a night. AIG spent nearly $500,000 in a single week at the at this hotel. Now, this was right after the bailout.Some of the charges  shareholders who are now U.S. taxpayers had to pay. Check this out.

AIG spent $200,000 for hotel rooms, and almost $150,000 for catered banquets. AIG spent  $23,000 at the hotel spa and another $1,400 at the salon. They were getting their manicures, their facials, their pedicures and their massages while the American people were were footing the bill. And they spent another $10,000 for leisure dining.

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Smart move by Obama Campaign , Launches Iphone Application

Obama campaign launched a new iphone application called Obama 08 over the weekend. This is a real smart move considering there are around 4 million iphone users.

The free application is compatible with the iPhone and iPod touch. It will organize your contacts by key battleground states, and measures statistics to see how you are doing compared to other leading callers. It also provides you with information about the campaign via text messages and e-mail, offers coverage of national and local campaign news, helps you find local events, share the information by e-mail, and get maps and directions. You can also use the application to browse videos and photos from the campaign.

The Internet and technology is positioned to play a huge role in elections. Probably Mccain campaign does not get it.

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