Wednesday, November 12, 2008

BAIL-OUT PARTY TIME!


AIG.

Remember them?

They're the large insurance company so vexed by the "current economic conditions" that they just HAD to be rescued by the federal government.



Last week the company held a conference in Phoenix, Arizona at a place called "Point Hilton Squaw Peak Resort."

That's all well and good, except that AIG spent $20,000.00 of taxpayer bail-out money on the event.

The total cost to AIG was $343,000.00 but $320,000.00 of that was supposedly paid by "sponsors."

In the mean time, AIG has received $85,000,000,000.00 in "rescue" money, and now tell us that the total amount of our money they need to survive is up to $150,000,000,000.00.

Now, in the grand scheme of things, $20,000.00 may not seem like a lot of money to you.

If that is the case, simply put your contact information in my comments section and I will contact you about sending me $20,000.00, with which I could buy several tanks full of gas in my car.

The point is, of course, the lack of integrity, lack of honesty and unmitigated gall of those executives who would be so gutsy as to spend taxpayer money on a company "party."

Now is a time when we need to contact our lawmakers and object to "rescue" money being used to pay for a party pretending to be a "conference."

In my humble, but correct, opinion, the bail-out was a mistake and an open invitation for fiscal abuse.

Is that the way you want YOUR tax dollars to be spent?

6 comments:

Robert said...

Use it to your advantage...I have been buying AIG stock at bargain rates....

That being said, this bailout is ridiculous.

Joe said...

robert: I wish I had any disposable income to do so.

(I will not be one of those whose taxes go up to pay for my "rebate," or whatever).

One of the things I contend is that this is a good time to buy stocks, 'cause unless we really do colapse as a nation, they are bound to come up in value.

If we DO colapse as a nation, it won't matter anyway.

Mustang said...

To answer your question, no. It is not how I want my tax dollars spent, but this is what happens when government implements economic totalitarianism. Do you honestly think any member of Congress cares what we think?

shoprat said...

Socialism and Fascism seem more like Feudalism every day.

Joe said...

mustang: Congress only cares when lots of people respond to an issue. That makes them scared that they will loose their plush job. Otherwise, they just muddle along doing what they want to do.

shoprat: I hadn't thought of that comparison, but it is very apt.

Robert said...

Joe, I am not buying 100,00 share blocks...I am picking up shares with $25 and $50 blocks as I can wring it from my budget (and stealing from the ice cream truck jar we keep for the kids...lol)Seriously though, I can't NOT buy..stocks like Wshingtom Mutual that were trading at $70 this time last year I am buying for around six cents.. Might I lose my $100 that I have purchased? Yes. But I am in it for the long haul and unless something like a winning lottry ticket come my way, wont retire for another 35-30 years. If my 1500 shares rise back to $70, it is a huge payoff. I use an online trading platform with very cheap costs-per-trade.

I am refusing to participate in this recession and will make the most of it.
I am refusing to participate inthe recession