Another AIG Resort "Junket": Top Execs Caught on Tape

come on ba you can do better than that.

It astounds me that they have such little respect for the gravitas of the situation.  They say that they have 'conducted a "top to bottom review" of expenses "to validate that only expenses required to ensure the meeting's success are incurred."'.  Really?  How about holding the meeting somewhere you already own, therefor incurring 0 expenses.  How about a conference call? 

It's to the point where I think Congress should just say '@!$%# it', they made their bed, now they sleep in it.  Let them fail.

have you thought through

should just say '@!$%# it', they made their bed, now they sleep in it

So they fail.  Their liabilities, insurance of others (essentially every bank in the world) financial instruments is now null and void.  This will cause an even more severe financial crisis than what we have seen. 

I think the government should step in and say we are going to oversee their orderly liquidation.  The liquidation would be into several parts so that none of the parts are too big to fail.  If that means pumping money into AIG then so be it.  Similar to letting them fail but not the same as they are still on the hook for the liabilities, there insurance policies.  Stock still probably winds up worthless.  If they can't find buyers for all the company then the government takes receivership and runs the company until such a time that what remains of it can be sold.  Tax payers have a shot of recovering some of the costs.

Of course this requires special legislation to be passed (preferable) or for AIG to actually go into bankruptcy and then for the government to take them over in bankruptcy courts (not desirable because it would be a long messy process).

It certainly is.........who do you want to talk to about this?

Good question.  I talked my congressman who voted against the bailout but now, I'm not sure who has the ultimate oversight.

how does your congressman see the recent subversive change to tax code 382, that served corporations a plate of 140 billion dollars in breaks for buying up failing smaller banks with bailout money?

In fact, did you know that Paulson won't even say who is getting bailout money? I thought it was suppose to be 'transparent', and that we would know where our money went.

KL, your question is a good one (#4.1).  It addresses the crux of the problem...who do you talk to?  Who will listen?  Who will then act with integrity?  Who will make a moral decision? Who will put people first?  All people.  We are removed from any sense of representation in our "elected officials".  Offical what, I don't know.  No one has time to listen and money buys the time.  Our greed, grown out of our fear of annihilation, causes us to act in a way that assures our annihilation.

absolutely, very good questions, sometimes we forget to answer the most obvious and the simpliest question, which gets us where we need to be in understanding the real situation, and the facts as they actually are. Who do we talk to?  then we consider seriously and with reasonable critical reality just who we trust, who we think will listen,and who is apart from those we feel are not trustworthy.  Absolutely.

First, I want to talk to others like myself.......we can't impact without all on board and same page those we need to hear us.

second, it needs to be united and clear response. 

we need to support each other, have a serious network of people who think like we do and agree that we SEE the same thing.  seems obvious but is a simple step in remaining unified.

then we have to all out drench that congress in our seriousness and intent to follow this.

the time is now to gather ourselves to gether.