Help Dispense Hundreds of Billions In Bad Loans - Win A Taxpayer Paid Cruise of the Greek Isles
These Wall Street fraudsters have arrogance and hubris.
AIG honchos were getting manicures at a spa retreat, spending close to $500,000 for good times while they were lining up at the government trough for taxpayers' monies.
Now from the LA Times comes this on Wachovia: "As ailing Wachovia Corp. waits to see whether it will be acquired by Wells Fargo & Co. or Citigroup Inc. -- possibly with taxpayers paying the tab for hundreds of billions of dollars in bad loans -- some of the company's top brokers are preparing to depart Saturday for an all-expenses-paid cruise of the Greek Isles.
"The weeklong trip for up to 75 employees of brokerage A.G. Edwards, which Wachovia acquired last year for nearly $7 billion, will also include spouses and significant others, said Teresa Dougherty, a Wachovia spokeswoman.
" 'This is one way that we recognize our top financial advisors,' she said.
"The weeklong trip for up to 75 employees of brokerage A.G. Edwards, which Wachovia acquired last year for nearly $7 billion, will also include spouses and significant others, said Teresa Dougherty, a Wachovia spokeswoman.
" 'This is one way that we recognize our top financial advisors,' she said.
"Word of the Wachovia junket follows reports that senior executives of troubled insurance giant AIG attended a $440,000 company retreat last month at Southern California's swanky St. Regis Resort in Monarch Beach just days after being bailed out with $85 billion in taxpayer funds.
"A White House spokeswoman Wednesday called the AIG outing "despicable." Yet even as the Bush administration was wagging its finger at AIG, the Federal Reserve was announcing $37.8 billion in additional loans for the company.
"A White House spokeswoman Wednesday called the AIG outing "despicable." Yet even as the Bush administration was wagging its finger at AIG, the Federal Reserve was announcing $37.8 billion in additional loans for the company.
"Moreover, a spokesman for American International Group said the company was going ahead with plans to host a three-day confab for about 150 insurance brokers at the Ritz-Carlton Resort in Half Moon Bay next week. About 50 AIG employees also will attend.
" 'This is an annual affair,' said AIG's Joe Norton. 'It's a key meeting.'
(How about a pot luck supper in the local jail, instead?)
"In Wachovia's case, the company declined to say what cruise line the Edwards workers would be taking or what islands they would be visiting.
"Dougherty called the cruise a "recognition trip" and said such things "are common practices around brokerage firms."
"Wachovia agreed last week to be purchased by Citi for about $2 billion. Under terms of the deal, Citi said it would assume the first $42 billion in losses related to Wachovia's stinkiest mortgages, and the Federal Deposit Insurance Corp. would shoulder all losses above that amount -- possibly as much as $270 billion.
"Dougherty called the cruise a "recognition trip" and said such things "are common practices around brokerage firms."
"Wachovia agreed last week to be purchased by Citi for about $2 billion. Under terms of the deal, Citi said it would assume the first $42 billion in losses related to Wachovia's stinkiest mortgages, and the Federal Deposit Insurance Corp. would shoulder all losses above that amount -- possibly as much as $270 billion.
"Days later, though, Wells Fargo stepped in with a $15-billion offer that wouldn't include taxpayer funds. Citi and Wells then unleashed their lawyers on each another."
So while the criminal Bush regime with Congress' help stuck regular Americans with a $1 trillion bill while they must pull in their belts because they're struggling with this horrific economy, the thieves continue to live large and simultaneously snarfing at the government trough. What a bunch of SOB's!
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