Hunting AIG Scumbags

I had recently written about AIG’s discretionary spending while getting bailout relief money. As it turns out they also went on a nice executive hunting trip to the tune of $86,000 while they were requesting another $37.8BILLION!!! Would someone please tell me again why we are bailing them out?

One thing that is kind of nice is that the NY Attorney General told them to back off or they would start prosecuting them. A quick excerpt from the AG’s letter to AIG:

For example, in March 2008, ignoring the massive losses AIG was experiencing, the Board awarded its Chief Executive Officer a cash bonus of over $5 million and a golden parachute worth $15 million. Similarly, in February 2008, a top-ranking executive who was largely responsible for AIG's collapse was terminated, but still permitted by the Board to keep $34 million in bonuses. This same individual apparently continued to receive $1 million a month from the company until recently.

Moreover, even after the taxpayer-funded bailout of AIG, the company paid hundreds of thousands of dollars for luxurious retreats for its executives, including an overseas hunting party and a golf outing. We believe these expenditures and payments, made in the absence of fair consideration, violated New York law, specifically, N.Y. Debtor & Creditor Law fj 274, which deems such payments to be fraudulent conveyances.