Posted By:
Jim VBDan,
That "junket" story isn't what it's made out to be. It was the reward in a year end sales contest for their independent sales agents. Most of the attendees were NOT AIG employees, but instead, independent agents who can sell any brand they want.
They only AIG employees there were a handful (7-8 I read) of managers from Sales who were there to thank these independent contractors for a job well done.
And before anyone jumps on the "job well done" phrase, this was the Insurance division which has performed extremely well, not the Financial Services division which caused the downfall.
This was booked far in advance and the room cost, which was more than 50% of the total, would have had to have been paid, even if they cancelled.
I was as outraged as you at first, but when I looked into it, I calmed down. If they renege on a contest prize to Independent Insurance Agents, they could close their profitable division next year as these guys would all sell something else.