After Bailout, AIG Executives Head to Resort
UPDATED: 11:31 a.m.
Less than a week after the federal government offered an $85 billion bailout to insurance giant AIG, the company held a week-long retreat for its executives at the luxury St. Regis Resort in Monarch Beach, Calif., running up a tab of $440,000, Rep. Henry Waxman (D-Calif.) said today at the the opening of a House committee hearing about the near-failure of the insurance giant.
Showing a photograph of the resort, Waxman said the executives spent $200,000 for rooms, $150,000 for meals and $23,000 for the spa.
“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 said. “We will ask whether any of this makes sense. “
Read more of this Washington Post story here.
2 responses so far ↓
1 Rob J // Oct 7, 2008 at 7:20 pm
And this is what my tax dollars are now going to?! Funding expensive retreats for executives who couldn’t manage corporate finances! I have no words…
2 admin // Oct 7, 2008 at 7:54 pm
Thanks, Rob. That is kinda what I thought.
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