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AIG Executives Blow; $440,000 After Getting Bailout
Topic Started: Oct 8 2008, 06:37 AM (217 Views)
Corwin8
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Panic, Chaos, Disorder....My work here is done.
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Tuesday, October 07, 2008
AIG Executives Blow $440,000 After Getting Bailout


SEND FOXBusinessBuzz up!Digg It StumbleUpon Reddit  If you'd just gotten a government bailout, you might be tempted to hold a retreat at a nice California hotel -- and that's exactly what American International Group (AIG: 3.51, -0.36, -9.30%) executives did.

The committee on Oversight and Government Reform held a hearing on Tuesday at 10:00 a.m. Eastern time. to address and examine downfall of AIG, the world’s largest insurance company. The committee planned to discuss the financial excesses and regulatory mistakes that led to AIG’s government bailout.

One of the items discussed was AIG’s expenditure of $440,000 for a corporate retreat at the St. Regis Monarch Beach resort in Los Angeles, Calif. These funds were spent on Sept. 22, a week after the Federal Reserve extended an $85 billion emergency loan to AIG to keep it from going bankrupt due to insurance liabilities.

According to the receipt from the St. Regis, the eight-day company retreat was a lavish one -- $139,000 was spent on hotel rooms, while even more money -- $147,301 -- was spent on banquets. Another $23,380 was spent on undisclosed spa treatments and another $6,939 was spent on golf. A full $9,980 was spent on room service and food and cocktails at the hotel lounge.

The St. Regis Monarch Beach resort is described on its Web site as “a landmark resort of legendary proportions.”

Legendary, indeed.

My Webpage

Jack Sparrow: "Did no one come to save me just because they missed me?"

Jack Sparrow: "Why should I sail with any of you? Four of you have tried to kill me in the past."
[looks at Elizabeth]
Jack Sparrow: "One of you succeeded."

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Let the bridges I burn light the way.
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AdmiralGummy
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The New House!
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Those scumbags need to die horrible deaths. :yes:
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