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After Bailout, AIG Execs Head To $440,000 Spa.

October 7, 2008“”

Less than a week after the federal government committed $85 billion to bail out AIG, executives of the giant AIG insurance company headed for a week-long retreat at a luxury resort and spa, the St. Regis Resort in Monarch Beach, California, Congressional investigators revealed today.

“Rooms at this resort can cost over $1,000 a night,” Congressman Henry Waxman (D-CA) said this morning as his committee continued its investigation of Wall Street and its CEOs.

AIG documents obtained by Waxman’s investigators show the company paid more than $440,000 for the retreat, including nearly $200,000 for rooms, $150,000 for meals and $23,000 in spa charges.

I am speechless.


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Comments (11)

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  1. This is an example of why I like small business. The owners are also the managers so they don’t waste money on frivolous “retreat” expenditures because it will come out of their own pockets.

  2. I’d be so f*cking pissed if I were an American.

    MY tax dollars (future and present) would be going to pay for that little retreat. I know they paid for it out of what is ‘their’ money, but weren’t they under some contract to use it wisely to really get out of debt?

    wTF

  3. That must’ve been some hum dinger of a massage …
    Oh well, at least the masseuse made some cash to feed her family.

  4. Ana says:

    OK, I am PISSED.

  5. david says:

    Ron, for $440K I hope it was more than a massage. LOL

  6. Debt Relief says:

    I have been to this resort. The part that gets me is the $220,000 for “spa services.” This is truly unreal and yet, nothing, absolutely nothing will been done about this.

  7. AIG Blog Relations says:

    Earlier today, AIG announced an important policy change – one that we wanted to be sure you knew about.

    A short time ago, our Chairman and CEO Ed Liddy said that he has ordered the immediate cancellation of all outside meetings, conferences, and recognition events across AIG, except those that are required by law or that are deemed absolutely critical to sustain our ongoing business needs.

    Given AIG’s commitment to our customers, business partners, regulators, and American taxpayers, coupled with the new and very different challenges our company now faces, we take these responsibilities extremely seriously. Their trust is critical to our success. We recognize the need to be sensitive about all company expenditures.

    As we move forward, we will continue to focus our efforts to pay back the $85 billion loan from the Federal Reserve Bank of New York as quickly as possible.

  8. Dianescraps says:

    Sorry AIG Blog Relations – but this action is too little too late! People in the industry have known for years how badly the ‘top’ of the Execs and Agents were being overpaid and now the WORLD knows!

  9. […] received this comment yesterday on my post about AIG taking $440K of our bailout money and going to the spa: Earlier today, AIG announced an important policy change – one that we wanted to be sure you knew […]

  10. […] Two Dollars finds out that the AIG executives headed to a week-long retreat that cost the company $440,000!  I’m speechless like him […]

  11. Elaine says:

    I wonder if any of the lower management were invited.

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