Just wanted to note an article that was in the Huffington Post today. It concerns AIG - a major American insurance corporation based in New York City. AIG was recently bailed out by the Federal Government for about 85 billion dollars. The Oversight and Government Reform Committee held a hearing today to examine the regulatory mistakes and financial excesses that led to government bailout of AIG. At one point, Rep. Elijah Cummings brought up a costly AIG executive retreat that occurred right after the bailout at the St Regis Resort and Spa (photo above). The costs, he said, totaled $443,343.71. A link below connects to a copy of the bill/statement from the resort for AIG. The invoice summary covers a period from 9/22/08 through 9/30/08. The bailout took place on 9/16/08.
http://oversight.house.gov/documents/20081007102513.pdf
Cummings stated the following at the hearing:
Have you heard of anything more outrageous - a week after taxpayers commit $85 billion dollars to rescue AIG, the company's leading insurance executives spend hundreds of thousands of dollars at one of the most exclusive reports in the nation...Let me describe for some of you the charges that the shareholders, taxpayers, had to pay. AIG spent $200,000 dollars for hotel rooms. Almost $150,000 for catered banquets. AIG spent $23,000 at the hotel spa and another $1,400 at the salon. They were getting manicures, facials, pedicures and massages while American people were footing the bill. And they spent another $10,000 dollars for I don't know what this is, leisure dining. Bars?
http://oversight.house.gov/documents/20081007102513.pdf
Cummings stated the following at the hearing:
Have you heard of anything more outrageous - a week after taxpayers commit $85 billion dollars to rescue AIG, the company's leading insurance executives spend hundreds of thousands of dollars at one of the most exclusive reports in the nation...Let me describe for some of you the charges that the shareholders, taxpayers, had to pay. AIG spent $200,000 dollars for hotel rooms. Almost $150,000 for catered banquets. AIG spent $23,000 at the hotel spa and another $1,400 at the salon. They were getting manicures, facials, pedicures and massages while American people were footing the bill. And they spent another $10,000 dollars for I don't know what this is, leisure dining. Bars?
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