Reprinted with permission from JJ, in Wilson, a member of a local investment group. How true. Sounds so familiar to the big Beach Party Bash and the lack of remorse for that event.
This article is worth reading. Seems very familiar ... only the NEW, as in the previous CEO is out, gets it a little bit and spoke up with some accountability. Something we have not seen ElectriCities do, board or CEO.
From the article,“AIG Chief Executive Officer Edward Liddy, who replaced former CEO Robert Willumstad as a condition of the federal loan, today told Treasury Secretary Henry Paulson that the company intends to reevaluate expenses.
‘We understand that our company is now facing very different challenges,’ Liddy wrote in a letter to Paulson. `We owe our employees and the American public new standards and approaches.' “
AIG, Castigated for Resort Event, Plans Another One (Update2)
By Erik Holm and Hugh Son
Oct. 8 (Bloomberg) -- American International Group Inc., castigated by the White House, Congress and Barack Obama for hosting a $440,000 conference days after an $85 billion federal bailout, plans to hold another gathering for brokers next week.
The event, at the Ritz-Carlton in California's Half Moon Bay, aims to ``motivate and educate'' about 150 independent agents who sell AIG coverage to high-end clients, said spokesman Nicholas Ashooh.
White House spokeswoman Dana Perino today called ``despicable'' expenses from the first gathering, a weeklong conference last month at the St. Regis Resort in Monarch Beach. Those costs included $23,000 for spa services, according to Representative Henry Waxman, chairman of the Oversight and Government Reform Committee.
AIG considered buying advertisements to explain its position, only to be told by public relations consultant George Sard that it would be ``a really bad idea.''
``To spend the taxpayer's money on an expensive ad campaign to apologize for how you used taxpayer money leaves you open to further attacks,'' Sard wrote in an e-mail to Ashooh. Sard, chief executive officer of New York-based Sard Verbinnen & Co., said the message was a private e-mail mistakenly sent to Bloomberg and wasn't intended to be a public statement.