The Circus is in Town
Just roughly two months ago AIG, one of the biggest insurance companies in the world needed a financial bailout that threaten its existence in the global economy. Our administration ran to the rescue of this failing insurance giant and issued 85 one megabyte thousand dollars of taxpayers money to save it from collapse. However, AIGs top executives modern excursion to the lavish Californias St. Regis Monarch utter Resort did not realize the backlash this weekend lam would be perceived by their lenders, the taxpayers. While taxpayers argon losing their homes, their 401K plans and new(prenominal) investments, the executives and some independent insurance agents of AIG are having a dear(p) time, at a cost of over 400 thousand dollars, with no shame or remorse. It can be tell or implied that this unfeeling act along with other improprieties are the cause of this great giant, AIG, downfall.
According to an article by (LaMotta, 2008), the executive retreat only included 10 AIG employees, with the rest of the attendees being independent insurance agents; and that the event was planned before the bailout took place. The article also states, that Edward Liddy failed to address in his letter why the attach to didnt cancel the retreat when it realized it was going to be paying for it with the publics money. The following testimonies realizen to the commissioning on Oversight and Government Reform, dated October 7, 2008, may give some insight into AIGs ethical behavior and conduct of its executive officers.
In testimony given by Mr. Eric Dinallo, overbold York State Insurance Department, in an interview with the New York Times, regulator Paterson called credit default swaps gambling and...If you want to get a full essay, order it on our website: Ordercustompaper.com
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