AIG Exec Defends Spa Treatments after Fed Bailout
October 7, 2008
Apparently things are so bleak at AIG, everyone needs a little vacation. Less than one week after receiving $85 billion in Federal Bailout money, AIG executives headed out for some much needed r and r at California’s plush spa beach resort, the St. Regis. $200,000 for rooms, $150,000 for meals, $14,000 for hair salon and manicure services, and $23,000 in spa charges. The total for the executive retreat? $440,000.
“They’re getting their pedicures and their manicures and the American people are paying for that,” said Cong. Elijah Cummings (D-MD).
“This unbridled greed,” said Cong. Mark Souder (R-IN), “it’s an insensitivity to how people are spending our dollars.”
AIG actually tried to defend this ill-timed junket calling it “standard practice in our industry.” CEO Edward Liddy said it is simply a reward for top performers of the company. Apparently he forgot that the company failed.
More on this at ABCnews.com
Banding Together and Fighting Back!
Get your Mortgage Crisis message to your State Attorneys General Office. Read more »CWN Contact Form
Want to contact one of our columnists, or send a message to the CWN staff? Click here »Add the CWN RSS Feed to your News Reader
Recalls and Product Safety News- Infant Deaths Prompt CPSC Warning About Sling Carriers for Babies
- Noncontact Electrical Tester Recalled by Fluke Due to Shock or Burn Hazard
- CPSC Issues Warning on Children's Winter and Holiday-Themed Charm Bracelets with High Levels of Cadmium
- Coil Nailers Recalled by Hitachi Koki Due to Serious Injury Hazard
- Byer California Recalls Girl's Jackets with Drawstrings Due to Strangulation Hazard
- Girl's Hooded Jackets with Drawstrings Recalled by Regaliti Due to Strangulation Hazard; Sold Exclusively at Burlington Coat Factory
