LALATE has for you that AIG Edward M. Liddy letter to Jim Cramer. Here is that AIG letter by Edward Liddy to Jim Cramer shouting no BOO YAH!

Liddy is upset about Cramer’s Mad Money CNBC comments recently about what viewers should allegedly do towards AIG employees on the street.

The bottom line - the best show on CNBC, perhaps on TV, is CNBC’s Fast Money, not Mad Money.

Here’s the reported letter:
____________

Mr. Jim Cramer
Mad Money
CNBC
[Address redacted]

Dear Mr. Cramer,

I was deeply disappointed last Thursday when you urged your viewers to harass AIG employees, saying:

“We should hound them in the supermarket, we should hound them in the ball park, we should hound them everywhere they are. We should make fun of them and we should point fingers at them and we should tell them that you have no shame.”

Those comments are outrageous. I demand they be retracted and that you apologize to AIG’s employees. It is one thing to criticize the executive leadership of AIG - that’s fair commentary. But it is way out of bounds to incite people to confront and harass other AIG employees - hard-working, dedicated people who are running good businesses and are committed to our success. The employees of AIG did not cause this mess, but they are paying for it - in diminished 401K savings and in some job losses as we sell companies to repay the Federal loan. The irony is that AIG employees did not cause the problem, but they will solve it. For that they deserve our praise and our gratitude.

I await your prompt response.

Sincerely,

Edward M. Liddy

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PHOTOS! Here are pictures of St. Regis Resort Monarch Beach, home to the AIG junket spa retreat. St. Regis Resort Monarch Beach got $440,000 for an AIG spa retreat after a $80+ billion bailout of AIG by you. The St Regis Resort Monarch Beach is perfect for the …. business traveler, says it’s website.

“Conduct your business in luxurious surroundings or retreat from a hectic business schedule to the comfort of your guestroom. The St. Regis Resort, Monarch Beach provides business travelers with services to meet today’s demanding needs, including a fully serviced Business Center, well-appointed guestrooms, meeting rooms, private dining rooms and high speed internet connections, including Wi-Fi in public areas throughout the resort.”

Ah, sounds wonderful.

Total AIG Invoice: $443,343.71.

$200,000 dollars for hotel rooms.
$150,000 for catered banquets.
$23,000 at the hotel spa
$1,400 at the salon.”

…. claims Rep. Elijah Cummings (D-MD) this week.

“They were getting manicures, facials, pedicures and massages while American people were footing the bill. And they spent another $10,000 dollars for I don’t know what this is, leisure dining. Bars?”

Well the fat cats need to eat!

And they have to get their finger nails done to count all that bailout money they are getting from us hard working Americas.

Here’s another picture: St Regis.

No comment by the St Regis today.

For continuing coverage of the Bailout,
click here: http://news.lalate.com/category/bailout.

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Those fat cats at AIG went on a St. Regis Resort Spa Retreat even after their company was crumbling in the bailout! AIG executives (who don’t look like they need a spa) went on a spa retreat during the bailout at the St. Regis Resort.

AIG got at an $85 billion federal bailout. And just last week, 70 of the company’s top performers were “rewarded” with a spa retreat.

For a day?

Na. For a whole darn week! Location: St. Regis Resort in Monarch Beach, Calif..

How much did it cost? $50,000? Of course not, this is a AIG. The tab: $440,000.

$200,000 for rooms, $150,000 for meals and $23,000 for the spa.

$150,000 in food? Well, fat cats need to eat.

“Less than a week after the taxpayers rescued AIG, company executives could be found wining and dining at one of the most exclusive resorts in the nation,” Waxman. “We will ask whether any of this makes sense.”

Oh, and the guys got their fingers done.

“They were getting their manicures, their pedicures, massages, their facials while the American people were paying their bills.”

For continuing coverage of the Bailout,
click here: http://news.lalate.com/category/bailout.

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VIDEO! Watch video of AIG’s Robert Willumstad and Martin Sullivan before Henry Waxman and Elijah Cummings in the House. Martin Sullivan and AIG was ripped into by Cummings - Waxman during the AIG hearing today before the Committee on Oversight and Government Reform.

Waxman compared Sullivan to Richard Fuld of Lehman Brothers.

“The AIG CEOs are like the Lehman CEO in one other key respect - in each case, they refuse to accept any blame for what happened to their companies.”

Ironically, Richard Fuld’s story here on LALATE was one of the least reported stories online yesterday but one of the most popular stories here at LALATE.

Here is what Cummings says of AIG today:

“Have you heard of anything more outrageous - a week after taxpayers commit $85 billion dollars to rescue AIG, the company’s leading insurance executives spend hundreds of thousands of dollars at one of the most exclusive reports in the nation…Let me describe for some of you the charges that the shareholders, taxpayers, had to pay. AIG spent $200,000 dollars for hotel rooms. Almost $150,000 for catered banquets. AIG spent $23,000 at the hotel spa and another $1,400 at the salon. They were getting manicures, facials, pedicures and massages while American people were footing the bill. And they spent another $10,000 dollars for I don’t know what this is, leisure dining. Bars?”

LALATE2 has the AIG video up.

Click here to watch the video of AIG today.

Click here to watch the video of Lehman / Richard Fuld yesterday.

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AIG’s new head will be Edward Liddy! Liddy joins AIG that LALATE broke last night gets a federal bail out.

AIG will name Edward Liddy as CEO.

As head of American International Group Inc., Edward (Ed) Liddy joins the insured bailed out by the U.S. government yesterday; Liddy’s former job was head of Allstate.

Liddy served as Allstate’s CEO from 1999 to 2005. Edward Liddy is reportedly in talks with Federal regulations regarding his AIG spot, but as of this morning, no official confirmation.

Last night, LALATE broke the bail out deal involves the Federal Government taking an 80% equity stake in AIG and veto power right to deny shareholder dividend issuance.

Expect an AIG announcement about Edward Liddy shortly.

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AIG is getting a BAIL OUT! The Federal Reserve will bail out insurance financial giant AIG (American International Group). The AIG bail out by the Federal Reserve just in will have the FED giving AIG up to $106 billion to guarantee short-term liquidity.

The FED gets instead an 80% stake in AIG! The FED will also have veto power to deny payment of dividends to shareholders.

Stocks on Wall Street are up 1% in afterhours trading on the bail out news. The ASX is up 1.5% in reaction to the positive AIG breaking report.

Earlier today, chatter of an AIG bail out was seen as highly unlikely, some calling it having no legal precedent. Tonight, major financial news sites are calling the bail out “extraordinary”.

That’s an understatement.

Recently, the FED stepped in to assist Fannie Mae and Freddie Mac as covered here on LALATE.

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