Just how does AIG deal with high level employees who were irresponsible and lied in the books, so much so that American taxpayer dollars were used to save their collective assets? Why, you give AIG Executives a post bailout retreat at one the world’s most luxurious resorts, St. Regis in California.
In less than one week after the government bailed out AIG, which will cost taxpayers a whopping $85 billion, AIG spent $440,000 to pamper and coddle their top executives. Immaculate greens for golfing, quaint poolsides, luxury dining, rooms in which a family of five could live comfortably, peaceful spas, and a plethora of other amenities were enjoyed.
Just the other day I read a story of a single mother who makes $9.25 an hour who, after paying bills, has less than $20 a week to feed her and her two children. A couple of days ago, a father killed his mother-in-law, wife, three children, and himself because he couldn’t find a job. Another story was of an elderly woman who shot herself (she lived) just as officials were on their way to foreclose on her home.
Yet, employees of one of the companies responsible for the financial downfall of not only America’s economy, but that has had a ripple affect on the financial markets of the world, were off on a dream retreat that cost more than most poor Americans make in a life-time. I for one, am outraged.
Rewarding Irresponsibility
AIG Executive Post Bailout Retreat
Trend Themes
1. Corporate Responsibility Backlash - A trend calling out for companies to be more responsible and aware of their actions'
2. Transparency in Business Spending - A push for increased visibility and reporting of corporate spending and expenses
3. Value-based Business Practices - A movement towards encouraging corporations to align their actions with the values of society
Industry Implications
1. Corporate Governance - Opportunity for innovation in accountability, transparency, and ethics of corporate decision-making and operations.
2. Social Responsibility Consulting - Opportunity to provide guidance and expertise on building and implementing robust corporate social responsibility strategies.
3. Consumer Advocacy - Opportunity for advocating for fair and ethical treatment of consumers through increased public awareness and activism.