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
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