Is our economy really slowing down? Common people are really talking about economic recession instead of sports and films ? If I go by the newspaper headlines, it seems economic recession has really caught the imagination of print media. Each day I can see the creases and frowns in their headlines about recession. Instead of political news, economic recession news seem grabbing the headlines.
I know vaguely about this company AIG, because I have seen the ads of Tata-AIG insurance on TV. What I know is, AIG is one of the biggest insurance companies in the world. Recently AIG was hit hard by the turmoil in the credit markets in September 2008. But AIG got a fresh lease of life after an $85 billion government bailout. Basically AIG had faced a near death situation. But I have my own doubts that economic recession is actually happening when I read about this company AIG something like this:
Just six days after sticking taxpayers with an $85 billion bailout, AIG’s top executives dropped $500,000 whooping it up at a swanky California beach resort.
Among the charges American International Group racked up at last month’s week-long retreat:
- $150,000 for banquets,
- $10,000 in bar bills,
- $3,000 on tips,
- $7,000 in greens fees,
- $23,000 at the hotel spa
- $1,400 at the salon.
"They were getting their manicures, their facials, their pedicures and their massages while American people were footing the bill!" barked Rep. Elijah Cummings (D-Md.), a senior member of the House Oversight and Government Reform Committee, which is probing the ever-growing financial collapse.
Do you still think that we are facing economic recession?