Wednesday, October 08, 2008

About this global financial meltdown...

Who let the secret out? Who told the world's traders that money is made of paper or (*gasp*) electronic impulses?

Meanwhile, for those who think that government money is somehow going to make everything all better again, comes this inspiring example of how the U.S. government's $85 billion bailout of global insurance giant AIG directly improved the economy of the St. Regis resort, a "Tuscan-inspired", "landmark resort of legendary proportions."

How did the AIG bailout help a luxury resort? It seems, per Andrew Taylor's linked story for the AP (posted on Yahoo! News), that AIG sent a bunch of its top executives there to celebrate their good fortune at being rescued by Uncle Sam.

This wasn't some VP feeling relief that his company would not slip beneath the waves and digging into his own pocket for a round or two of drinks with his fellow executives. No, this celebration cost $440,000. Paid for by AIG. Which, under the circumstances, means paid for by thee and me.

Taylor writes, "The retreat didn't include anyone from the financial products division that nearly drove AIG under." So the rest of them must have figured that made everything alright. Congress, Taylor adds, is not amused. No doubt they'll have to send a delegation of their own to the St. Regis to investigate.


Jeni said...

Isn't that just par for the course though? Politicians, financiers, the whole lousy lot, cry "Poor me, poor me" (like Chicken Little's "The sky is falling") and get a bit of help tossed their way so they go out and blow the money in the most expensive manner seemingly possible meanwhile the rest of us make do the best way we can while financing this binge. They have no ethics, no sense of economy -well, in general, it does seem "no sense, period." And then if we, the injured parties complain, they look at us as if we are the kooks, the nuts, the crackpots! Hmmm. On second thought, considering the fact many of us are responsible for electing those who gave our tax money away to these people, perhaps we are the nuts, kooks and crackpots after all!

sari said...

well i personally contributed. jerks. i'm shopping around now, for sure.