The Love of Money

One week after the federal government bailed out American International Group Inc. (AIG), the company sent executives and their top producers on a $440,000 retreat to a exclusive California resort as the company tapped into a $85 billion loan from the taxpayers it needed to stave off bankruptcy.

About 80 people received $5,500 of royal treatment each from the use of the spa to playing the golf course. The retreat didn't include anyone from the financial products division that nearly drove AIG into the dust.

Documents released yesterday by the US House of Representatives Oversight Committee, which is examining the chain of events that caused the government to bail out AIG, disclosed that AIG executives hid the full range of its risky financial products from auditors as losses mounted.

It is difficult not to judge the leadership of AIG and the series of poor decisions they made over the years. I can't blame their top producers for attending an event that rewarded their top people for doing a great job. After all, if you were told if you are one of the top producers for the company and they will pay for a trip to a California resort, as well as, allow hob-nobing with the top executives as an incentive to produce, who wouldn't want to take advantage of it and attend, especially with all expenses paid? A great incentive reward!

However, it was poor judgement in timing on the part of the company decision makers to go ahead with the outing. The event has certainly angered many people and rightfully so. I can remember when I worked for the Xerox Corporation and they had similar incentive programs. If you achieved certain goals it resulted in a great trip with the wife to a plush resort. It was a perk that made all of the time spent on the job and away from the family worth it.

But company executives lied about the financial position of the company, therefore lining their pockets with money that was not rightfully there's. As usual money corrupts. This whole financial mess is about greed and the corruption of people by money.

Money is important and the Bible has a lot to say about it. Two of the passages I am reminded of as I learn about the AIG fiasco.

1 Timothy 6:10 states, "For the love of money is the root of all kinds of evil."

In Matthew 6:21, 24 Jesus says, For where your treasure is, there your heart will be also. No one can serve two masters. Either you will hate the one and love the other, or you will be devoted to the one and despise the other. You cannot serve both God and Money. "