|

|
October 10, 2008 What were they thinking?Posted: 12:28 PM ET
Senior Writer Jeff Last month, you and I bought a 79.9% stake in the insurance giant AIG. It wasn't really at the top of my wish list, but the government says we needed to do it. So, we spent $85 billion for a bankrupt company. Sounds like a great deal. Since then. the government has told AIG it can have tens of billions more if it needs it. Wonderful.
Yes, we could all use an island vacation right about now. Some economists say this could turn out to be a good deal for taxpayers. Ummm. ok. But there's clearly a huge disconnect going on between AIG and it's new owners-us. When you and I are facing tough financial times. we consider where every penny is going. AIG executives just went on a $440-thousand dollar luxury retreat. Their defense: they wouldn't have been able to get their deposit back. But they weren't done. They had another one planned next week. And even when it became clear that the public would be furious if they tried that again, they didn't just call it off right away. Here's what we didn't have time to tell you on the show. and this is where it gets really mind-blowing: According to Bloomberg News, executives at AIG considered launching an expensive ad campaign-in other words, spending even more taxpayer money-to explain why these retreats are important. Their PR consultant sent them an email that all but smacked 'em upside the head, saying that would be, "a really bad idea." At least someone is thinking. The retreat is off. What do you think of these shenanigans? Even if we do need to bail out all of these companies for the good of the economy, do you think they'll ever get it? Let us know. Posted by: Senior Writer Jeff |
It's Morning Express like you've never seen it before! Hear from Robin Meade and the rest of the show crew for our thoughts on everything from politics to sports... to those bizarre stories that have us buzzing behind the scenes. Plus, plenty of material you might not see on the air. Don't miss OUR TAKE on what's happening in the world. Then tell us YOURS! Recent Posts
Contributors
Robin Meade
Delivering your dose of morning news, to get you out of bed and off to work. Richard Lui
Digging deeper into politics, and the stories behind the presidential race. Bob Van Dillen
From tracking storms to airport delays, Bob is your weather and travel expert. Jennifer Westhoven
Jennifer has the tips you need to take action on stories affecting your wallet. Rafer Weigel
Rafer gives you his take on wild sports highlights and inspirational athletes. Categories
|
Loading weather data ...