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Top Investigation of 2008 - AIG Phoenix Conference

While congress was busy doling out your tax dollars to keep AIG afloat, the ABC15 Investigators caught some of the companies top executives holding poolside meetings at a Valley resort.

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AZ Allstar - 1/5/2009 12:39 PM
2008 was one of the craziest years I have experienced in a long, long time - and this was the "Top Investigation of 2008." What ever will the top investigation of 2009 be: Underage ASU students drinking alcohol, or Subway's "foot long" sandwhiches that are really only 11 inches? Oh, I just can't wait!!! You go ABC!

kalshnicovdude - 1/3/2009 8:08 PM
"well who do I shoot then?"

Jeff in Miami - 12/30/2008 12:19 PM
AIG seems be caught up in the old way of doing business. Instead of paying a higher percentage of their premiums as commission they are still out spending money showing how rich they are. Well when you accept the government money, we all know they are just broke beggars like the rest of us. They should be forced to sell their jets. Catus Bob report that these 150 agents are responsible for $200 million in Annual Revenue is the dumbest thing ever. So these “Big Fish” send AIG around $1.3 million each per year. Just so the folks reading this will understand, a good “Average Agent” produces over $1 million in premiums per year, that is the lady sitting in a strip mall for ABC Insurance. So these big fish are barely minnows in the grand scheme of things. Now if they were the owner of surplus underwriters, who produce $100 million per month in premiums each, then maybe it is justified but those owners are not impressed by a trip to a spa they can afford their own jets and didn’t have to ask the government for pocket change, all they want from AIG is a bigger cut. AIG needs new management and face the new world where training vacations are better served via net meetings and the agents get a bigger cut of the pie.

Cactus Bob - 12/28/2008 9:38 AM
You claim News 15’s top story for 2008 to be a factually inaccurate compilation of sensationalized inaccuracies and outright lies? Please ABC News 15, the community would be better served if you were to close the news department and perhaps air old episodes of Wallace and Ladmo. Just to get a few things straight, the 150 attendees were INDEPENDENT (read NOT AIG employed) financial planners affiliated with AIG Retirement Services; and more than 90 percent of the seminar was funded by the independent agents themselves, or sponsoring entities who provide goods and services through the independent agents. The conference was approved by AIG because it provided the essential type of communication and education necessary to successfully enable AIG’s affiliated independent financial planners to continue to sell AIG products and services. Keep in mind these 150 independent financial planners are responsible for generating over $200 million in annual revenue for AIG Without too much intellectual extrapolation, it is obvious such seminars are a key element to maintaining value in the AIG subsidiaries which are dependent upon these sales personnel for their profits and earnings As AIG endeavors to sell certain of its subsidiaries, such as AIG Retirement Services in order to repay its federal loan, it is clearly essential for AIG to conduct educational seminars to keep independent agents, upon whom AIG relies for its profits and earnings, informed and up to date in order that they may provide their customers the very best in competent, suitable, and state of the art planning and service. In-fact, Arizona’s Insurance and Securities statutes and rules mandate such activities. Your top story this year is a glaring example of sub par, second rate journalism – why on earth would you direct attention to such sloppy work?

AIG supporter - 12/28/2008 7:49 AM
Your investigation was a joke and beyond misleading. A businessperson by the pool wearing business attire is not my idea of relaxing. Your investigation has probably stopped many companies from having conferences in Arizona which will result in loss of local jobs. Congrats.



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