In any case, should I feel good or bad that I've been reassigned to the Europe facilities for my company? Will I be out of this mess now that I will be paid in Euro?

There's nothing gained from whining about it, lets discuss what we can actually DO.

Remember that in regards to business dealings:

What is legal is not always (business) ethical.

And what is (business) ethical is not always (humanity) moral.

And what is moral is not always legal.

I say that because these folks operate(d) in a moral vacuum usually with capitalism driving all decisions and looking out for ones self as the top plate. That said I bet most of these exec's didn't have a clue about the risks their underlings were taking because the execs couldn't understand the concepts behind the trades, etc. Kind of like the rogue trader who brought down Barings bank in the 1990's or the French Societe Generale trader who cost billions except the AIG guys were sanctioned by the company...

Or at least post their phone numbers so we can make them spend their golden parachutes on cell phone bills?

Thanks CONGRESS. They are WAY MORE AT FAULT than this current administration. Most of them have been there much longer than the current administration and Congress is usually to blame (or thank if that's ever the case) for things of this magnitude.

This is awesome. We need to get a mob going! I actually have a pitchfork somewheres, so I'm bringing that. Rakes and brooms are not acceptable. Those of you who don't have torches to pump up and down will be required to hoot and holler in unison with those who do.

See you on the village green.

Well, that seems reasonable to me. I'll bet they have a very hard, stressful job and need to relax.

I am an employee of American General Life & Accident Company. I work as an Agent, selling and mostly collecting life and health insurance premiums. This makes me so MAD!!!. I've worked for American General (AIG) for over 10 years, last November, they decided to close our local office, I didn't lose my job, but was left with no office for my customers to come in and pay their insurance. After several Agents quit the company due to a poor pay contract, I was offered and took a service agent position. I collect and deposit over $2500.00 every day while also making sales. I have stayed with American General due to the fact that their policies I believe to be of more value to my existing and future customers. I thought it was a slap in the face that after working several additional accounts for over two months without extra compensation, they would close the office which they paid less than $600.00 a month for. With the new contract that finally took effect, i am making above average money, but the work load is doubled. When I heard on the news of the chiefs taking their BIG vacation after being bailed out, I thought to myself, I wish I could even take my family on a vacation for a weekend. The executives of AIG should walk a week in my shoes, and remember what WORK IS!!!. Someone needs to bring these idiots before a congressional hearing and let them explain to employees and the country how they can DESTROY a good company with their STUPIDITY. While average workers of AIG are sincere in their efforts of taking care of customers needs, this bunch of Greedy Bastards are lining their pockets while the company suffers. I get paid according to my performance, I wish the executives of this company were forced to play by the same rules that AIG's employees had to. I am proud of the years of service that I have provided to my customers, they have helped my family make a good living. I just wish the executives of this company would have their feet put to the fire for their TOTAL INCOMPENTANCE!!!!

My husband has worked for AIG for the past 10 years. In that time he has lost his office, and works from our house. I know most people beleive all employees from AIG are just like these no count greedy executives. But, let me tell you they aren't. Like I said my husband works from our house. Leaves most morning at around 7:15am and doesn't return home till 9:30 or 10:00 at night. This is 5 days a week and sometimes on Saturday. I should really he works from his truck and his cell phone. Since the company closed their office. His cell phone bills are outrageous and we receive no help with this. With gas prices the way they are it is most difficult. But he doesn't complain. His customers like to see an agent, most don't like to mail their payments in. We don't even get a vacation, because his book has to be collected and death claims are personally serviced by him as well as health claims that need to be filled every week. My husband loves his job, he feels he does a wonderful service for his customers and goes above and beyond what most agents do. Unfortuntly, on the news all people see are these greedy executives and not the work force of the company. The field force is what drives this company and does the work. NOT THOSE GREEDY PEOPLE WHO HAVE NEVER WORKED LIKE MY HUSBSAND DOES. The sad thing is he gets no recognition for the job he does. Our sons and I are very proud of my husband. Just realize there are honest workers in AIG.

Jail wont happen. When you rig the game and get the laws changed so you can do the things that lead up to this crap its not against the law so no jail. I still beleive in the republic we have and I am ashamed I did'nt take the time to understand the fucking I allowed our ELECTED officials to foist upon us. I vow to try to be more involved with the small addons and confusing parts of further new laws.Or if an open revolt happens I know who I will go looking for. Only the people can fix this one way or another.

But stuff like this is what makes me sick about this country, even after having lived in it all my life. I feel betrayed. When I was a kid, I was damned proud of our country, and its supposéd freedoms. But we, the People, would rather swallow a bucket of Kentucky fried LIES than eat the eggplant of JUSTICE! Er... or something like that. But the actual point is this: this isn't the country I was sold. I want my money back.

This is one of those lose/lose situations. They went and now look like a bunch of spineless crooks. If they cancelled the trip, I'm sure there would have been cast as spineless crooks for planning it in the first place, even if it was planned weeks or months before Lehman went under.

@atypicalxian: Not taught outright, but definitely encouraged throughout. It's a pervasive ethos, emphasizing all the benefits of short-sighted, solipsistic, over-confident asshattery.

@SF_iris: I'm with you on that, PLUS these execs should pay back the $440k with interest.

Apparently they had The Strength To Be There. In California.

Have you had it enough to do the killing yourself? Do you think that enough people have had it enough to do the killing themselves to overwhelm the people who are paid to prevent people like these AIG execs getting killed?

Because that is what it takes. As long as there are enough people with enough force with enough of a stake in their survival to stop those who are out for blood, there won't be blood.

WHAT THE FCUK!!!???

We need to get rid of these damn severance packages for executives. Or cut them like crazy. Maybe then they would think twice about making stupid decisions that hurt the company/public. I mean if I was them and stood to make millions even if I screwed everything up, why the hell would I care?

All of these executives deserve to be fired. Or whoever planned this trip. That is just wrong. They have a job to do, not sit in a spa all day and get paid for it.

http://www.nytimes.com/2008/10/04/business/04insure.html

With INTEREST.

@bohemian: This what should be done with every company involved in this crap.And don't forget about the board of directors who were supposed to provide oversight and look out for the stock holders if nothing else.This did not happen overnight.

People should not forget that the ex-ceo Hank Greenberg left during a fraud allegations and was so nervous about his stock award he placed them in his wife's name.

And kiddies at CNBC have had this toad on as a commentator and seem to worship him.

There seem to be alot of people with the word president associated with their name/position/title so that means they were actually in charge of something?

so where in there did they figure that no one would notice their little excursion at our expense? frankly, it's sickening...

@Corporate-Shill: Wouldn't it have been better to take a cancellation/penalty fee.

From the looks of things they've probably done these things in the past.Apparently 'relaxing' does NOT help them think,give them ethics & morals or make them give a crap.

Jacob A. Frenkel Divisional Vice Chairman
Edward M. Liddy CEO/Chairman of the Board/Director
Frank G. Wisner Divisional Vice Chairman
Steven J. Bensinger CFO/Vice Chairman, Divisional
Stephen F. Bollenbach Director
Brian T. Schreiber Divisional Senior VP
William N. Dooley Divisional Senior VP
Edmund S. W. Tse Director/Other Corporate Officer
Nicholas C. Walsh Divisional Executive VP
Anastasia D. Kelly Executive VP/General Counsel/Other Corporate Officer

[people.forbes.com]

You can find individual profiles of these jerks in the link. The last one Anastasia Kelly, before she worked at AIG she worked for MCI and before that Sears.

Gee, now we know why AIG tanks with "quality" execs like Kelly.

Obama was just on in the start of the debate tonight. He brought this AIG $400k waste of money up as an example. He said the treasury should demand that money back and fire everyone involved in the trip.

@MaxSmart32:

How about a few four-letter words?

Or acronyms..such the ever popular "WTF"??

@MaxSmart32: I can think of a few.

You know, ones such as "Criminal charges, please?"

/sarcasm

Besides, if they have time for a week-long retreat, they've got time to spare to answer a few angry objections. I haven't taken a week long vacation in 8 years.

"In order to accept public funds all employees, executives, consultants, etc. recieving more than 500K a year in either regular salary, wage, or bonus pay must accept a pay cut to 500K or leave the company. This restriction will last for 5 years from the date bailout funds are received."

Or something their abouts. It is redicilous to ask middle class tax payers to fund multimillion dollar salaries.

@parad0x360:

LOL... You can't be serious? The best place for these guys is SOLITARY CONFINEMENT in an ANTARCTIC jail.

Federal Prison is actually a pretty fancy form of incarceration here in the states. The inmates there usually just go out and play golf all day on the 18 hole, and prolly have a better diet than most middle class families these days.

@bonedog73: you just had to say this, didn't you? somehow I do think they'll actually claim this trip as a team-building training bull$h!!, and will try to get it as a tax break...this makes me even more depressed.

It'd be better if it were out of a cannon! :)

Business expenses are tax deductible too!

We are not share holders, we do not get anything once the stock prices goes back up, except for the abstract social benefit of AIG's continued existence, and we have no patience for their opulent, profligate spending, whether or not they consider that the status quo.

This is bull$@#!. Even if it was booked and paid in advance, I would rather see them cancel it even if they lost every dime of what they paid and stayed home. The fact that they went ahead with this shows the attitude these people have. We as the American people better start making these people accountable as well as the government.

And also, we should be writing to our congressional representatives, as well as state reps, about our outrage. It's time for us to stop being ignorant sheep, and let the people we voted for know that we're listening, and we're watching, and you guys better freaking do something. Plus, they're all about to go campaigning, this should provide them with reading material.

Whether or not this trip was scheduled and paid before the bailout is pretty much irrelevant. The reason they needed the bailout, was to get money -- the smart thing would have been to cancel this vacation, get a partial refund, and get to work instead of drinking drinks while getting mani/pedi's done and laughing about how us little people are footing the bill for this. And they should be arrested for defrauding the government, or they whould have to have thier wages suspened till every tax payer's bailout penny was paid back to the gov.

Everyone claims that the private sector does things so much better, when they sure know how to waste money, too. I'd say it's about a toss-up, but government waste has more visibility.

@Red_Flag: OH! Quote of the DAY!!

@Red_Flag: Prison, that's getting off easy. I say "OFF WITH THEIR HEADS!"

@B:

Lead.

It is cheaper and just as effective.

Not defending these actions, but I suspect this vacation package was already scheduled (and paid for) well before Uncle's bailout.

The smart employees (upper management invited to the retreat) will have stayed at home rather than going to the retreat.

I say keep the smart employees and fire the rest.

That said, it would have been far more appropriate to cancel the trip. get a partial refund if possible, and get to work.

@ceez: "they should gather them all right in front of the their office building and get stoned by every tax payer!!! *just a rant*"

I'm not sure the taxpayers funding enough weed for these guys would fly either.

Besides, this is stupid.
440K is ONLY .000005 percent of 85B. Swatting at flies. Wake up already!

Hope it was a nice week- nice enough to make up for the next twenty years behind bars. Enjoy fellas!

@cjones27: "least biggest"? Who are you?

Meant to type "least favorite qualities." Not that it's much better, but still.

@RandomHookup: True, but this a perfect storm of wasteful government spending AND corporate greed.

Now THIS is something conservatives and liberals can rally against. Each of their least biggest complaints!

@Ubermunch: I agree wholeheartedly. We're the controlling interest, we say GTFO, bitches.

I think everyone should get luxury spa vacations!

Speaking of the CEOs -- is this the kind of ethics/behavior being taught at Wharton/Harvard Business School? Because it's not just these guys; the executives at my company cry poverty while they go on golf outings on the company dime and drive company BMWs and Escalades with their mileage paid for.

I'm not trying to vouch for their actions because I'm certain they are all self-serving egotists but you have to imagine a weeklong resort had to be planned further in advance than "less than a week". Still a poor use of money but all companies waste money. Just saying.

screw all you selfish rich bastards who dont care for anyone but yourself!

they should gather them all right in front of the their office building and get stoned by every tax payer!!! *just a rant*

and to you stupid, idiotic and outta touch govmnt, hope you're happy....explain this to the tax payers!

@B: That just might be the best idea I've heard all day.

@Red_Flag: Immolation? Sounds good to me - I'll bring the marshmallows!

My vote has been cast. Get it done Gov.

Fire? No. These people need to go to prison. Do not pass "Go", do not collect $200.

Unless by "fire" you meant "immolation". That would be okay too.

Amazing how greedy, selfish, and stupid people can be.

Then they can go back to making me some damn money.

I'm not and I'm sure no one else will be either.

The word of the day is: OVERSIGHT

Who feels good about the $700 billion dollar bailout now?