Wednesday, October 08, 2008

$440,000 is a Drop in the Bucket

Four out the of the ten Bloggers that I read on a regular basis wrote a Blog today about American International Group’s (AIG) top executives going to the St. Regis Resort in Monarch Beach, California. The executives racked up a $440,000 bill in one week. This comes shortly after the US Government bailed the Company out, to the tune of $85 Billion.

When I first read the story last night on, I was appalled. But then I got to thinking, which is a dangerous thing for me to do.

What would I do if the government gave me $85,000,000,000? I would celebrate, of course. This is just human nature.

I never did like celebrating alone so I would have to get 60 or so of my friends to celebrate with me. After all I just got a free ride, so why not share the wealth with others. $440,000 is a drop in the bucket in comparison to $85,000,000,000.

But I wouldn’t have gone to a Spa in California. I’d be on the French Riviera ogling the semi-nude female sunbathers. I’d get high priced Call Girls for my male friends and gigolos for my female friends. Plus I am sure that I am a much better tipper than the AIG crew (Company executives tend to be lousy tippers). The cost of my foray would have probably been more than $1,000,000, which is still a drop in the bucket compared to $85 Billion.

At least the AIG people spent the money in the United States which will help the ailing California Economy.

The Beach Bum

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Anonymous Uncle Mikie said...

I sincerely hope that I am on your selected friends list for the trip to the Riviera.
However, everyone who knows you well realizes that you wouldn’t be on a flight to France. You have a hard time getting on an airplane for the two hour flight to Maryland.
A good Blog with just a hint of sarcasm!

Wed Oct 08, 12:12:00 PM  
Blogger The Curmudgeon said...

I'll grant that I'd be inclined to celebrate my good fortune were I an AIG exec whose high-paying job had been saved by the bailout. I might have run around the office and grabbed everyone I could and taken them all to lunch. Or cocktails, depending on the time of day. Maybe both.

But I'd have reached into my own pocket for the tab.

I've seen an update on this story since I posted about it that claims this was a long-planned prize for top producing sellers -- spending money on people who've made the company money -- and not a celebration of the bailout. I don't know if I believe it.

But I did buy it either way, didn't I?

Wed Oct 08, 01:05:00 PM  
Blogger The Beach Bum said...

Uncle Mikie –

I don’t recall making any mention of flying to France! I was planning to get there on a luxury liner.

Curmudgeon –

I read the same thing about the pre bailout planning of the Spa visit. I believe it. But if I were an AIG Exec, I would have canceled it until a time when it was less in the limelight.
When I owned a business, years ago, I had at least one party a year for my employees and good customers. I never used company funds, it all came out of my pocket.

The Beach Bum

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