Friday, October 17, 2008

Looting Comes In Many Forms

by Ray Fernandez

Financial abuse comes in many forms, but what can the relatives of elders that are fleeced as a matter of fact expect in the form of help when those doing the fleecing are treated with impugnity and the sheople are helpless as their tax dollars are used to bail out companies like AIG who's chief executive Mark Sullivan received a $5m bonus and $15m "golden parachute."

The Federal Reserve bailed out the firm with an $85bn emergency loan. Last week, the insurer was granted a further $38bn credit line to avert any further deterioration in its finances.

This money helped finance a $440,000 retreat for insurance salesmen at a beach resort in California. See AIG execs spend nearly $500,000 of our bailout money at the St. Regis Monarch Beach Resort

More recently senior executives flew by private jet to a partridge hunting party at a 17th century English manor house. New York state's attorney general Andrew Cuomo , in a letter to AIG's board of directors yesterday complained of these "unwarranted and outrageous" junkets in the wake of a $123bn bail-out by the US government to save the firm from bankruptcy.

Andrew Cuomo said these improper and extravagant expenditures, exploit the taxpayers."


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