Silverbird
10-16-2008, 03:35 PM
Financial Times
October 16, 2008
Here is $500,000 to discuss risk management (http://blogs.ft.com/gapperblog/2008/10/here-is-500000-to-discuss-risk-management/)
Oh dear. I suspect that this is only the start of a calvacade of naming and shaming of Wall Street companies involved in the financial crisis. It is also very bad news for all of those multi-million dollar pay packages and related perks.
Andrew Cuomo, the New York attorney general, has just announced his crackdown on expenses at American International Group, the insurance company that was bailed out after hitting trouble with its financial products business.
........
AIG has also agreed to immediately cancel all junkets or perks which are not strictly justified by legitimate business needs. AIG will be cancelling more than 160 conferences and events, some exceeding more than $750,00 per event, for a total savings of more than $8 million. Events being cancelled include:
● A “Best Operator” Conference scheduled in Las Vegas and costing approximately $750,000
● A Risk Management Conference scheduled for October 2008 at the Ritz Carlton in Half Moon Bay costing approximately $500,000
.......
http://blogs.ft.com/gapperblog/
October 16, 2008
Here is $500,000 to discuss risk management (http://blogs.ft.com/gapperblog/2008/10/here-is-500000-to-discuss-risk-management/)
Oh dear. I suspect that this is only the start of a calvacade of naming and shaming of Wall Street companies involved in the financial crisis. It is also very bad news for all of those multi-million dollar pay packages and related perks.
Andrew Cuomo, the New York attorney general, has just announced his crackdown on expenses at American International Group, the insurance company that was bailed out after hitting trouble with its financial products business.
........
AIG has also agreed to immediately cancel all junkets or perks which are not strictly justified by legitimate business needs. AIG will be cancelling more than 160 conferences and events, some exceeding more than $750,00 per event, for a total savings of more than $8 million. Events being cancelled include:
● A “Best Operator” Conference scheduled in Las Vegas and costing approximately $750,000
● A Risk Management Conference scheduled for October 2008 at the Ritz Carlton in Half Moon Bay costing approximately $500,000
.......
http://blogs.ft.com/gapperblog/