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CHARLOTTE, N.C. — First there was the $440,000 American Insurance Group Inc. spent entertaining executives days after receiving an $85 billion lifeline from the Federal Reserve, now it's $86,000 for a hunting trip in England as the faltering company reaped another $37.8 billion in taxpayer funded loans.

News of the hunting trip emerged Wednesday as New York Attorney General Andrew Cuomo ordered AIG to do away with golden parachutes for executives, golf outings and parties while taking government money to stay afloat.

"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," Cuomo wrote in a letter to the New York-based insurer.

He said the spending could be "fraudulent conveyances" under a state law regarding debtors and creditors and noted that beyond those excesses millions were paid to executives who were running AIG as it faced dissolution with government help.

Cuomo said he has the power under state business law to review and possibly rescind any inappropriate AIG spending as long as the Federal Reserve is propping up the huge insurer with almost $123 billion in loans announced since Sept. 16.

Company officials said the hunting trip in the English countryside was an annual event for customers that had been planned months before the bailout. The company pledged — as it did following the September trip — to do everything possible to end such extravagances. They declined to say which AIG executives attended.

"This was an annual event for customers of the AIG property casualty insurance companies in the U.K. and Europe, and planned months before the Federal Reserve Bank of New York's loan to AIG," company spokesman Peter Tulupman said Wednesday morning.

In a prepared statement later in the day, the company said, "We will continue to take all measures necessary to ensure that these activities cease immediately. AIG's priority is to continue focusing on actions necessary to repay the Federal Reserve loan and emerge as a vital, ongoing business."

The company said last week it would stop "all nonessential conferences, meetings and activities that do not clearly maximize value and service given the current conditions."

Last month, and just days after the U.S. government stepped in to save AIG with the $85 billion taxpayer-funded loan, the company picked up a $440,000 tab for a weeklong retreat at the posh St. Regis Resort in California for top-performing insurance agents.

Lawmakers investigating AIG's meltdown said they were enraged that executives of AIG's main U.S. life insurance subsidiary spent a lavish amount on the retreat, complete with spa treatments, banquets and golf outings. Last week, White House Press Secretary Dana Perino called the event "despicable."

At that time, AIG issued a statement saying that the "business event" was planned months before the Sept. 16 bailout and that it was held for top-producing independent life insurance agents, not AIG employees. Of the 100 attendees, only 10 worked for the AIG unit hosting the event, it said.

The insurer said Chief Executive Edward Liddy sent a letter to Treasury Secretary Henry Paulson "clarifying the circumstances" of the event. In the letter, Liddy assured Paulson that AIG is "reevaluating the costs of all aspects of our operations in light of the new circumstances in which we are all operating."

The insurer then said it canceled a future California retreat that was to be held later this month.

Regarding the recent hunting trip, "We regret that this event was not canceled," Tulupman said Wednesday.

Shares of AIG fell 37 cents, or 13.2 percent, to $2.43 in trading Wednesday.

http://www.foxnews.com/story/0,2933,438681,00.html
The link is messed up but it is on Fox News front page.If someone better with computers could get it to work,that would be great.


This really does tick me off !!!!!

Unbelievable.

I swear to you, the guys that run AIG must have been dropped on thier heads as children

How stupid to you have to be to take bail out money from the Fed and thus the tax payer and then book expensive trips for Execs...

Geez, I hope Cuomo nails thier butts to the wall on this.. my god, are they just stupid?

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How stupid to you have to be to take bail out money from the Fed and thus the tax payer and then book expensive trips for Execs...

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They were already booked... but how do you get on the plane as an AIG senior person knowing that everything you do is under the microscope and you've already been busted once... it's arrogance at its finest.

$86,000 for a hunting trip....

Hey Arch....Next hunting trip, lets suggest they take a trip down a river in W.Virgina, give them nothing but a Banjo and a pretty smile....that should take care of the over spending......

"Squeal, li'l piggy..... c,mon, now-


weeeeeeeeeeeeee...weeeeeeeeeeeeeeee...weeeeeeeeeeeeeeee...."

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If you're that upset about the AIG people, how do you feel about our gov't? They take and spend and abuse many, many times more than AIG.

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I don't feel very good about it at all Arch.. Not at all,, Pork Barrel Spending is insane... it lines the pockets of people without getting fair value..

I've been saying for years now, make it illegal for politicians to take money from Lobbys and pork, and I guarantee you, our national debt would drop significantly..

Of course you will also see a huge drop in the number of people that want elected for reasons OTHER than to serve thier fellow citizens.

But to make it work, there has to be a penalty of some kind.. JAIL,,, Major big buck fines... better yet BOTH.

Now, if we do that, I'd be willing to pay a senator, governor, Congressperson, President,, whatever the title, I'd be willing to pay them double what they currently get..

it would be worth it for sure.


We waste way to much money.

ALEX, I'll take CROOKS for $1,000.00

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Quote:

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If you're that upset about the AIG people, how do you feel about our gov't? They take and spend and abuse many, many times more than AIG.

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I don't feel very good about it at all Arch.. Not at all,, Pork Barrel Spending is insane... it lines the pockets of people without getting fair value..

I've been saying for years now, make it illegal for politicians to take money from Lobbys and pork, and I guarantee you, our national debt would drop significantly..

Of course you will also see a huge drop in the number of people that want elected for reasons OTHER than to serve thier fellow citizens.

But to make it work, there has to be a penalty of some kind.. JAIL,,, Major big buck fines... better yet BOTH.

Now, if we do that, I'd be willing to pay a senator, governor, Congressperson, President,, whatever the title, I'd be willing to pay them double what they currently get..

it would be worth it for sure.


We waste way to much money.

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ANSWER- What would the line item veto correct!