With the loot in the bag, AIG cancels its lobbying effort

Posted Oct 21st 2008 12:40PM by Zac Bissonnette
Filed under: Amer Intl Group (AIG)

Having secured $85 billion in special loans from the United States taxpayer, American International Group (NYSE: AIG) has suspended its lobbying efforts in response to widespread criticism.

The Center for Responsive Politics reports that AIG spent $6.6m on in-house lobbying activists and another $768,000 on outside lobbying consultants so far this year.

The move comes in the wake of public outrage over AIG's perceived influence on elected officials and its decision to blow nearly half a million dollars on a luxury retreat for executives. But you have to admit, the publicity stunt of canceling the lobbying after the check has cleared is a wonderfully manipulative and hypocritical gesture.

AIG's lobbyists already scored $85 billion of our money. The scary thing was that they still wanted to try for more. AIG will still be keeping its government affairs office open, which is remarkable given that AIG is now essentially a subsidiary of the US government.

Tags: AIG, featured, lobbyists

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Reader Comments (Page 1 of 1)

10-21-2008 @ 2:24PM

prousahelp said...

Hit the bottom yet?? Everyday Wall St asking each other if "it hit the bottom?" I wonder if the people who ask this really have a clue? Looking for comfort, confidence level or assurance? If you guys don't know this S h i t ain't over yet since no one has really address the root cause probelm on Main st., how could it be over? Some of you still have no idea what just happen and you are looking for "what?" Libor, credit, interest rate and blah blah.. Who thnks the credit relief can help Main Street now? Did you read the sentiment data today?-75% of American are stressed and ANGRY. Foreclosures rising daily. I gave a set of my washer and dryer to a family (victim of CEO fraud) today. I had tears in my eyes and you want to know is it "bottom yet?" Washer and dryer are the minimum I can do for this family of 4-two kids 2-4 yerars old. Time to prosecute!!!