The AIG Junket Fable
12/30/08 - American Thinker by Tony Kondaks
[edited] Elizabeth Vargas repeated the myth that AIG executives wined, dined, and partied to the tune of $440,000 at the posh St. Regis resort in California just a week after AIG received $85 billion in a government bailout.
The St. Regis trip was a common incentive that agents compete for. They qualify by producing business during a designated time period. Virtually every life insurance company in the United States holds similar contests.
The junket was not for AIG executives or employees. It was for independent agents who sold insurance products for the American General subsidiary of AIG and received commissions and incentives. These agents probably represent another 5 or 6 insurance companies.
American General operates independently and enjoys a thriving financial status with high ratings separate from its parent company AIG.