Wednesday, October 8, 2008

Taxpayer Bailout Money Used For Eating... Drinking... and Merrymaking

When the taxpayers were settled with $85-billion to save AIG for backing shady activities in the “Shadow Economy” of Wall Street -- none of us realized that nearly a half-million of those dollars would be used to get pedicures, manicures and massages.

Wow! This company was on the verge of collapse due to some presumably shady business practices and now that they have received billions of taxpayer dollars, they took 150 employees to a Ritz-Carlton resort with a scenic view of the Pacific Ocean, and reportedly spent money on fun fun fun... including:

  • $200,000 for hotel rooms
  • $150,000 for food
  • $23,000 for massages and other spa treatments

What did the government do in response to this outrageous misuse of funds? Well, according to The Washington Post, they gave AIG an additional $38-billion.

Maybe they didn’t get a happy ending the last time? Well, maybe they will at another boondoggle they have planned -- according to Bloomberg.

ABC News reports that AIG is fighting back against allegations that getting pedicures, manicures and massages after receiving billions of taxpayer dollars was a bad thing. Hmm... wonder what kind of ammunition they will be using?

Meanwhile... if you want to learn more about the shadow market that was behind this global economic tsunami... check out the report on CBS 60 Minutes.

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