Just days after the company received a federal bailout, American International Group Inc. spent approximately $440,000 on a California retreat for its executives, complete with spa treatments, banquets and golf outings. Don’t even get me started on this!!!
From the Associated Press:
AIG sent its executives to the coastal St. Regis resort south of Los Angeles even as the company tapped into an $85 billion loan from the government it needed to stave off bankruptcy. The resort tab included $23,380 worth of spa treatments for AIG employees, according to invoices the resort turned over to the House Oversight and Government Reform Committee.
“Average Americans are suffering economically. They’re losing their jobs, their homes and their health insurance,” the committee’s chairman, Rep. Henry Waxman of California, said as he scolded the company during a lengthy opening statement at a hearing Tuesday. “Yet less than one week after the taxpayers rescued AIG, company executives could be found wining and dining at one of the most exclusive resorts in the nation.”
Former AIG CEO Robert Willumstad, who after three months in the position lost his job a day after the Federal Reserve put up the $85 billion on Sept. 16, said he was not familiar with the conference and would not have gone along with it.
“It seems very inappropriate,” Willumstad said in response to questioning from Rep. Elijah Cummings, a Maryland Democrat.
“Those executives should be fired,” Democratic presidential candidate Sen. Barack Obama said at a debate with Sen. John McCain on Tuesday, referring to the retreat participants. Obama also said AIG should give the Treasury $440,000 to cover the costs of the retreat.
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This entry was posted on October 9, 2008 at 4:52 am and is filed under Uncategorized. You can subscribe via RSS 2.0 feed to this post's comments.
Tags: AIG, AIG Bailout, AIG Resort, AIG Spa, American International Group, Barack Obama, Biden, Democrat, Economy, Election, Elijah Cummings, Financial Crisis, Henry Waxman, House Oversight and Government Reform Committee, Joe Biden, John McCain, McCain, Obama, Palin, Politics, Republican, Robert Willumstad, Sarah Palin, St. Regis
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October 9, 2008 at 5:27 am
I purchased a new car which was a lemon. In April 2007, the vehicle malfunctioned and I hit a tree head on and sustained serious head injuries. I was issued a citation for the accident, and went to court and the Judge found me NOT RESPONSIBLE. AIG would not take the Judge’s decision, and is charging me $300.00 per month for insurance. I will be walking now, due to the fact that I cannot pay $300.00 per month for automobile insurance.
cmw99us@yahoo.com
October 11, 2008 at 7:36 am
Over $20,000 was spent on a “spa” bill. That really means BJs. I wonder if former NY governor Spitzer’s client#9 was one of the hookers on the AIG “spa” bill.
February 6, 2009 at 12:51 pm
I was injured at work 5 years ago and AIG would not pay the claim. They have been fighting it ever since! It probably cost them 100,000 dollars to fight a 4500 dollar claim. Simple logic can explain why they are in need of tax payer money, or it could be the 400,000 getaways for their digusting employees! Thieves liars and evil =AIG
April 14, 2009 at 11:31 am
No…..I knew some of the people on that trip. They were independent producers who won a trip from AIG.