FICRY

You are browsing the archives of AIG.

Tens of thousands of civilian contractors have aided U.S. war efforts in Iraq and Afghanistan. Civilian contractors perform such indispensable tasks as “delivering fuel to frontline troops, guarding U.S. diplomats and translating for soldiers during dangerous raids.” In the process, many of these contractors have suffered devastating and physical and psychological injuries. However, ProPublica reports [...]

Just in case you were a little bit fuzzy about how the whole debt-shifting, executive-compensating, tax-payer-scamming bailout is working, here comes Gawker with a handy little embellished chart and an explanation of just one of the many ways your tax dollars are being flushed down the gilded toilet.
As Gawker details in the tongue-in-cheek “Your Tax [...]

AIG painted The Saint Regis red for free on the taxpayers tab. Internet tabloid gawker reports that The St. Regis Monarch Beach is part of an elaborate scam to skim bailout funds and facilitate indulgences for banking elites courtesy of the tax-payers. When AIG executives celebrated the successful procurement of government cash at the luxury [...]

One of the biggest markets hit by the recession is the high end leisure sector. Today one of the largest luxury resorts in California’s Orange County, the St. Regis, revealed that it was deep in debt- nearly $70 million- and was heading to the auction block.The resort was symbol of  boom time corporate excess. It was the location of [...]

While much has been made of how the economic crisis will effect the rate of college tuition, little has been said about how the crisis will alter the actual curriculum offered in our country’s finest institutions. The syllabi of typical English and biology classes are likely to remain unchanged, but can Econ 101 go on [...]

The Associated Press reports on the rise of the American new super villain: the power broker.  Watch out Bruce Wayne, Batman is coming for you.

The following is a letter of resignation sent Tuesday by Jake DeSantis, an executive vice president of the American International Group’s financial products unit, to Edward M. Liddy, the chief executive of A.I.G.
He writes: After 12 months of hard work dismantling the company — during which A.I.G. reassured us many times we would be rewarded [...]

Fifteen of the largest 20 bonuses distributed by AIG, totaling about $30 million of their payments, have been returned, according to New York Attorney General Andrew Cuomo.  In total, he predicts that $80 million will be returned, noting that only 47% of the payouts went to American employees.
The Following is a Statement from the N.Y. Attorney [...]

In an exclusive interview with BusinessWeek, Liddy argues that the flames of anger have been fanned by the public’s realization that wheeling-and-dealing, not to mention semi-legal activity, is the name of the game in the private sector.  He expects AIG’s turnaround to take years and says that he does not intended to weather the storm as the company’s [...]

“It’s hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million in extra pay,” Obama said at the outset of an appearance to announce help for small businesses hurt by the deep recession.
“How do they justify this outrage to the taxpayers who are keeping the company afloat,” the president said.