Paris is sexy and single!
Kristina reveals all
Jungle hunk cheated!
Hilarious Obama spoof news video
Our war heroes go into battle
FREEBIE CHEERS: Mengotti downs drink
Greedy insurance execs party as market crashes
FLAP OVER: Bagged birds
FATCATS at a crippled insurance company bailed out by £50billion public money have laughed in the face of taxpayers . . . by splashing out £50,000 on a SHOOTING PARTY.
The bosses who guided Man United sponsors AIG to financial disaster frittered away a fortune on fine wines and lavish food.
And the group of just EIGHT swapped pinstripe trousers for aristocratic PLUS FOURS as they BAGGED PARTRIDGE while the world money markets crashed last week.
One bigwig at the four-day English country manor beano—Dr Sebastian Preil—told our undercover investigators:
“The recession will go on until about 2011—but the shooting was great today and we are all relaxing fine.”
Another, AIG chief Alvaro Mengotti, who later repeatedly LIED that he hadn’t been on the trip of shame, slurped fine wine as he kept pace with the world crash on his Blackberry mobile.
“It’s going to get a lot worse before it gets better,” he sighed before heading off with the eight-strong AIG party in tweeds to gun down some birds.
Millions of people whose money helped save the insurance firm from collapse might well wish the shotguns were pointing the wrong way after our revelations of the junket at an exclusive country house hotel last week.
WHAT A WASTE: Execs' private jet
During their luxury stay at the 17th Century Plumber Manor in Dorset, the four AIG big shots and their four guests blew US taxpayers’ cash on:
- FOUR aristocratic-style shooting parties costing a whopping £25,000 in total.
- A PRIVATE JET for two of them from Germany costing £10,000.
- FLIGHTS to and from Madrid and a fleet of CHAUFFEUR DRIVEN cars at £5,000.
- SUMPTUOUSfeasts washed down with bottles of fine wines and liqueurs costing £5,000—plus giant PICNIC HAMPERS to guzzle in between slaughtering birds.
- LUXURY rooms totalling £5,000.
American giant AIG has a big UK interest offering insurance policies for 12 million home and car owners here. It employs 3,000 people in the UK and sells policies through high street stores Boots and Argos.
JAUNT: Nill and Mengotti (right)
The firm picked up the huge bill for its British jaunt on Wednesday. On the SAME DAY back in the America, it was offered an EXTRA £22BILLION in cash from the US Federal Bank to help stave off its collapse.
But the crisis was far from the minds of its freeloading executives as they arrived from around the world to stay at the hotel near Sturminster Newton last Sunday, clutching invitations sent out by the managing director of AIG UK Alexander Baugh who lives in a £2.5 million London home.
Our investigators were there as Mengotti—director general of AIG in Spain and Portugal—arrived after his £1,000 business class flight from Madrid to Heathrow followed by a 104-mile chauffeur-driven journey.
Mengotti was followed by Dr Sebastian Preil, AIG general manager in Frankfurt, and business associate Stefan Nill.
They arrived in the UK by private jet before being whisked to the hotel in a waiting Mercedes S-Class.
PLUSH: The manor hotel
Next came a couple of AIG “guests”— Hilary James, the general manager of New York’s Bristol Plaza Hotel, and her pal financial expert John Roberts who advises AIG. Later Jeffery Malkovsky, a senior director at AIG’s New York office, and Herr W Underburg, a client of Preil, would arrive.
That night the group worked their way through the hotel’s Michelin-rated dinner menu including dishes like pigeon breasts, halibut gratinée with chorizo, fillet of beef wrapped in parma ham and roast guinea fowl—all washed down with the finest wines taxpayers’ money can buy.
Later, holding court at the bar with Mengotti, Preil, 32, bragged to one of our undercover men: “I speak five languages and I have a senior post at AIG in Frankfurt. We have been given $85 billion from the US bank to help us out but we should be on an even keel in two years.”
When asked about the economic crisis, Mengotti said with a smile: “Invest your money in gold.”
On Monday morning Mengotti stood outside in his shooting gear with his Blackberry on, watching the FTSE 100 begin the biggest plunge since Black Monday in October 1987.
Then he and the rest of the party hopped into chauffeur driven vehicles and headed off to the Stoke Drove shoot, just outside Salisbury, Wilts.
At lunch they stopped for a picnic of ham, chicken, wine and sloe gin. After several hours bagging French red leg partridges they headed back to the hotel.
Hilary James, a boisterous lady in her late 40s from Wiltshire, was more interested in talking about the birds she’d killed than the economic crisis.
“It has been a fantastic day. We got plenty of shooting in as the weather was fine. We love it here,” she said. And there were two more days of shooting and dining to enjoy.
Last night an AIG spokesman said: “This is an event that has been held for a number of years and was arranged some time ago. Our policy going forward is to cancel such events. The cost of everything was incurred by AIG except accommodation for the guests.”
One financial analyst said of our revelations: “What planet are these so-called masters of the universe living on? It’s certainly not Earth.”
We have to check every comment before we can allow it to be published. But don't worry, we've got a team on it 24/7 - so check back soon! Please note that we cannot publish all comments received. The editor's decision is final. Please note that your email address will not be displayed next to your comment.
Stunning pics of sexy Monica Bellucci
Amy Winehouse: It's over
I'm a sex addict
Madonna's secret dossier on Guy Ritchie
He's gone Ron again
Frankie: My drugs and drink nightmare
I wonder whether it was US or UK taxpayers who paid for Hilary James' plastic surgery - she was in her "late 40's" in 1990!!!
By Anon. Posted ?????? 17 2008 at 7:32 PM.
Those unspeakable sons of...
"The cost of everything was incurred by AIG except accommodation for the guests."
The cost for bailing your sorry butts out of the orgy of hubris, mismanagement, and avarice has been paid for by the American taxpayer to the lively tune of $123 billion US dollars, you entitled bozos. Bring back the stocks and pillory, stake these plushbottomed fools in the middle of the public square and start handing out the rotten vegetables.
By Mary F. Posted ??????? 19 2008 at 7:43 PM.
The next time these guys go hunting we should make them take Dick Cheney!!!
By Fedup Floridian. Posted ??????? 17 2008 at 6:28 PM.
I feel sorry for the lowly employees of this company. They just need to keep their jobs. It is the bigwigs...they are disgusting. It is like this in all big corps. They make me sick. I dont know the answer to this, because I dont want the people to lose their jobs, but it is so obvious, the big guys dont care. I'm sure they all have plenty of money, so why would they care? Morals??? I dont think so.
By max johnson. Posted ??????? 16 2008 at 5:29 AM.
I work for AIG. I work hard all day performing menial, mind-numbing tasks tasks for low pay, constantly worrying where the money for my next issue of Heat magazine is coming from. meanwhile these fat cats are out shooting pheasants. I probably should have worked a bit harder at school. I do like Stella though - good choice Geezer.
By Rob Power. Posted ??????? 13 2008 at 6:29 PM.
An accurate and intelligent comment at last - see below -its nothing to do with the UK - shame these thick idiots have nothing better to do than comment on rubbish (am only looking at this article as i got married there and my hubby works at AIG - a complete coincidence so someone told me about the article). Well done DAVE (his accurate comment below for those of you that care)!!!
AIG was loaned money by the US government and not the UK. It's effectively a controlled bankruptcy and not a bailout as they are forced to sell their businesses and the rate on the loan is extreme. Great headlines, entertaining story but absolutely no reason for the "Disgusted of Tunbridge Wells" type comments from British taxpayers.
By Anonymous. Posted ??????? 13 2008 at 4:56 PM.
My daughter works for this firm and I know the whole office is depressed and wonders what will happen to their jobs and how they can find another one in the current cliamte. This is just the type of behaviour that I hope the government stamps on once and for all - disgraceful.
By ef. Posted ??????? 13 2008 at 4:57 PM.
You will always find that people who get kicks out of killing inocent animals and birds that have been specially bred for this are the crooks and spivs who rob the public . They have dead eyes , no empathy or compassion and are devoid of conscience , in fact are low pond life .
By Jean Bennington. Posted ??????? 12 2008 at 10:12 PM.
No one ever seems to mention the premiership footballers who earn a hell of a lot more money than these guys.
By Simon Blegg. Posted ??????? 12 2008 at 9:18 PM.
Surely top execs are entitled to relax once in a while as they are pondering their next steps during these difficult times. The world went to the dogs the day we moved away from the 3 Martini lunch...
By Flyer. Posted ??????? 12 2008 at 7:48 PM.
THESE SCUMBAGS ARE PUTTING TWO FINGERS UP TO US NORMAL HARD-WORKING TAXPAYERS.
PITY SOMEONE DOESN'T SHOOT THEM INSTEAD OF INNOCENT BIRDS - THE WORLD WOULD BE BETTER OFF WITHOUT THEM.
By EUDOXIA. Posted ??????? 12 2008 at 6:00 PM.
What's another 50K eh?! The term 'third world' will have to be redefined in a few years time, when the coffers are bare both here and in the U.S. The future's bright. The future's China. The West is fudged.
By roger, london. Posted ??????? 12 2008 at 5:04 PM.
AIG was loaned money by the US government and not the UK. It's effectively a controlled bankruptcy and not a bailout as they are forced to sell their businesses and the rate on the loan is extreme. Great headlines, entertaining story but absolutely no reason for the "Disgusted of Tunbridge Wells" type comments from British taxpayers.
By Dave. Posted ??????? 12 2008 at 4:47 PM.
May be we should all leave britain and then who should they govern but themselves.
It has always been one rule for the rich and another for the poor. I blame the government because, while they were putting up taxes etc they forgot to watch what was happening in the financial world - all of this could have been avoided as short selling is banned in some countries.
By auntie b. Posted ??????? 12 2008 at 2:40 PM.
Nothing will ever change with these guys in life!1
Once a bunch of W*****s, ALWAYS a bunch of W*****s!!!
By Christoff. Posted ??????? 12 2008 at 12:08 PM.
Disgrace on the execs, Shame on Gordon brown and his government for bailing this lot out, it high time all these people were put out to grass, it offensive to every decent hard working family who are struggling to get by!!! SACK THE LOT OF 'EM
By Steve Meek. Posted ??????? 12 2008 at 9:27 AM.
Enough is enough. make them resposible for the money there companys are losing not us.
By pt. Posted ??????? 12 2008 at 9:11 AM.
This happens all the time on private estates throughout Britian. But it is kept away from the media for obvious reasons.
Now you know why!
By Sean. Posted ??????? 12 2008 at 8:50 AM.
They did the same thing in the United States, staying at the St. Regis Hotel and spending $450,000 dollars on rooms, banquets, golf, the spa, and alcohol. This was about a week after they had been bailed out by the government. It's disgusting and they should be ashamed of themselves.
By dunnie. Posted ??????? 12 2008 at 7:53 AM.
The way taxpayers money is now being abused shows a level of corruption unprecedented in my lifetime. Watch it get worse as the government piles even more of our cash into these failed institutions. The one thing I find surprising is that the people benefiting from this cash are not even discreet about it. It shows an arrogance and contempt for the taxpayer similar to that of people like Mugabe. They know that they can do what they want and are above the law. Like the council bosses losing millions in Icelandic Banks while throwing single mothers and pensioners into jail for not paying their council tax.
This country is becoming like some sort of third world dictatorship with those in charge lining their pockets while the people suffer.
By Simon. Posted ??????? 12 2008 at 5:26 AM.
The Fed should insist on enough non-exec directorships in return for the bailout to be able to sack all this shower.
By Simon. Posted ??????? 12 2008 at 5:32 AM.