Another show of massive greed in the financial crisis

An interesting story surfaced today that may be under your radar with all of the other negative economic news. Apparently, after receiving an $85 billion bailout from the American taxpayer, AIG decided it was a good idea to take its executives on a $440,000 retreat at a resort in California. You can read the details here, but you don't need to know much to have your stomach turn.

Rarely do I write to congress, but this story pushed me over the edge. I wrote the following letter to Senator Richard Shelby, who represents Alabama. But if you, like me, want to register your disgust with these executives, you may also want to contact Senator Shelby, as he is a ranking member of the Senate Banking Committee. You can send him a letter from his senatorial website: http://shelby.senate.gov/public/index.cfm?FuseAction=Home.Home. Feel free to copy my words verbatim if you like (change your state, though)--just make your voice heard.

Senator Shelby,

As you no doubt noted today, it has come to light that several AIG executives, after receiving a bail-out to the tune of $85 billion of taxpayer money, decided to take a lavish week-long retreat in California. As the events of the last two weeks have unfolded to the incredible detriment to most American taxpayers, it is an absolute slap in the face for those who have directly contributed to this crisis to take a lavish vacation to reward themselves for a job obviously not well done.

As an Alabamian, I appeal to you, a ranking member of the Senate Banking committee, to please take action on this issue. If the government is to ever restore the American investor's faith, it absolutely cannot allow the brazen actions of individuals who, apparently, lack any remorse for the havoc their reckless corporate decisions have caused the American people.

I, for one, would gladly greet the news that every executive who attended this retreat were summarily terminated from their position. Now that I am a part owner of AIG by virtue of my tax dollars, why should I allow these executives to retain their positions? What have they done to show that they understand the financial crisis facing this nation or that they have the ability to assist in leading out if it? Please, sir, don't allow this to stand. Instead, take action, and contribute to the restoration of American confidence in the economy. Thank you.

Paul Wamsted