Remember the party AIG had after they were approved for a bailout?:
To the outside observer, the 2008 Asset Management Conference held this week at the Pointe Hilton Squaw Peak Resort in Phoenix was nothing out of the ordinary.
Conference participants, however, were notable because of the publicity they’ve received for their role in the ongoing financial crisis.
The conference at the posh resort included many senior managers at American International Group, or AIG, one of the world’s biggest insurers and recipients in September of more than $85 billion from the federal government.
AIG made significant efforts to disguise the conference, making sure there were no AIG logos or signs anywhere on the property.
An AIG spokesperson said there were no AIG markers in order to minimize signage costs and to lower the company’s profile.
A hotel employee told ABC15, “We can’t even say the word [AIG].”
In addition to the nearly 150 independent financial planners in Phoenix for training and education, the conference attendee list was a Who’s Who of AIG leaders, including Larry Roth, President & CEO, AIG Advisor Group; Art Tambaro, President & CEO, Royal Alliance Associates; Mark Schlafly, President & CEO, FSC Securities; Gary Bender, Senior Vice President, Investment Advisory Services; Bruce Levitus, Senior Vice President, Investment Advisory Services; and Stuart Rogers, Senior Vice President.
The ABC15 Investigators went undercover at the resort and found AIG executives having poolside meetings while drinking coffee and working out at the spa while other attendees were in conference rooms for seminars.
We also watched as half a dozen of the executives went to dinner at McCormick & Schmick’s at the Camelback Esplanade, racking up a bill of more than $400 for drinks, appetizers, and meals.
Well, Northern Trust Bank figured they would also celebrate in high fashion:
A bank that received $1.6 billion in bailout money just spent a fortune last week in L.A. hosting a series of lavish parties and concerts with famous singers….
Northern Trust, a Chicago-based bank, sponsored the Northern Trust Open at the Riviera Country Club in L.A. We’re told Northern Trust paid millions to sponsor the PGA event which ended Sunday, but what happened off the golf course is even more shocking.
Northern Trust flew hundreds of clients and employees to L.A. and put many of them up at some of the fanciest and priciest hotels in the city. We’re told more than a hundred people were put up at the Beverly Wilshire in Bev Hills, and another hundred stayed at the Loews Santa Monica Beach Hotel. Still more stayed at the Ritz Carlton in Marina Del Rey and others at Casa Del Mar in Santa Monica.
Wednesday, Northern Trust hosted a fancy dinner at the Ritz followed by a performance by the group Chicago.
– Thursday, Northern Trust rented a private hangar at the Santa Monica Airport for dinner, followed by a performance by Earth, Wind & Fire.
– Saturday, Northern Trust had the entire House of Blues in West Hollywood shut down for its private party. We got the menu — guests dined on seared salmon and petite Angus filet. Dinner was followed by a performance by none other than Sheryl Crow.
There was also a fabulous cocktail party at the Loews. And how’s this for a nice touch: Female guests at the Chicago concert all got trinkets from … TIFFANY AND CO.
No accountability, no oversight, no outrage.
Hell, the Obamessaiah’s “coronation” cost $400 million, alone.
The DemRats are doing what they do best: tax and spend. The “stimulus” and “bailout” are saturated with wasteful pork barrel earmarks.
Welcome to the United Socialist States of America.
It’s time for another Boston Tea Party.