We have all read the headlines over the past months worthy of making an individual sick. Constantly we are told of how drastically irresponsible some insurance and financial institutions have been with the bailout money they have received from the Federal Government. At the top of that list sits AIG.
You may remember this, from an article in the Washington Post, dated October 8th, 2008:
Only one day after it was revealed that AIG had sprung for a $440,000 spa vacation shortly after getting an $84 billion government-loan bailout comes this report: The government is loaning AIG another $38 billion.
If that wasn’t enough to make you gag, wait until you hear this. While spending exorbitant amounts of taxpayer dollars on pedicures and vacations, AIG has been simultaneously dragging a suffering family through the mud for over a decade. After a fatal fire killed two Brooklyn firefighters in a, “fireproof,” building insured by AIG, the families of Lt. Joseph Cavalieri and Christopher Bopp were awarded several million dollars in damages by a unanimous jury decision.
AIG however, has continued to refuse to pay. By exploiting the appeals system of the courts, AIG has dodged payment for over 10 years.
“How do you possibly appeal something like this?” Mother of Christopher Bopp, Deloris Bopp recalled saying when she first heard of the appeal. Indeed, it seems hard to find grounds on which to appeal when the jury only needed an hour to award the families with $10 million dollars.
As the appeal was moving forward, the wheels began to fall off the oversized AIG corporate machine. When Ms. Bopp found out that AIG would be receiving $85 billion in bailout money, she became furious, and rightfully so.
How can a company pay millions of dollars in bonuses and all expenses paid vacations for its employees, while denying payment of the $10 million dollars that is rightfully owed to the victims under their policy? Easy: by taking massive amounts of taxpayer’s dollars and ignoring all moral responsibility to the public.