Tuesday, October 7, 2008

AIG insurance executives start spending $85 billion bailout--at a luxury resort

Insurance company executives know we love them, and that we wouldn't want them to tighten their belts now that they're on the dole. After all, if we'd wanted them to suffer, we wouldn't have given them $85 billion dollars, right?

The Washington Times
AIG execs hold $440K post-bailout retreat
Sean Lengell
October 7, 2008

Top executives at the failed insurance giant AIG spent more than $440,000 at a company retreat days after the federal government bailed out the company with $85 billion in taxpayer funds.

American International Group (AIG) paid the exclusive St. Regis resort in Monarch Beach, Calif., more than $200,000 for rooms — some costing as much at $1,000 a night — as well as more than $150,000 in meals, according to released documents an testimony during a hearing of the House Committee on Oversight and Government Reform Tuesday on Capitol Hill.

"Less than one week after taxpayers rescued AIG, company executives could be found wining and dining at one of the most exclusive resorts in the nation," said committee Chairman Henry A. Waxman, California Democrat.

The invoice also included almost $25,000 in spa and salon charges for pedicures, manicures, facials, massages and other services...

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