The bailout bill was rejected by the House of Representatives, part of the reason stemmed from constituents protests against corporations receiving money. In early October the federal legislature decided bailing out companies was the answer for the country’s economic crisis.
One would think the companies that needed help would be careful handling American’s money. Unfortunately, some corporations abused this assistance.
American International Group, which received $85 billion, looked at the loan a little bit differently. Instead, AIG audaciously spent taxpayer money for superfluous “outings.” Maybe the AIG executives felt they needed a new start- maybe a meeting to “brainstorm” was necessary.
But it wasn’t a brainstorming session, it was a retreat. The “executive retreat” included: golf outings, banquets and of course spa treatments. The price tag was over $400,000, of yes…our money, the taxpayers.
Is this how you assuage the fears of a country full of skeptical taxpayers already cautious about helping irresponsible corporations? Remember, this is one of the companies that single-handedly almost ran the entire nation into a financial abyss.
According to Reuters, the Senate is now investigating which Federal Reserve employees knew about AIG’s inappropriate use of the money. AIG must pay back what it spent on its retreat. They must be punished for their actions.
A’sia Horne-Smith for the editorial board.