Shortly after the US government commited $85 billion to bail out AIG, company executives went for a week-long retreat at St. Regis Resort, Monarch Beach, California.
Less than a week after the federal government committed $85 billion to bail out AIG, executives of the giant AIG insurance company headed for a week-long retreat at a luxury resort and spa, the St. Regis Resort in Monarch Beach, California, Congressional investigators revealed today.
"Rooms at this resort can cost over $1,000 a night," Congressman Henry Waxman (D-CA) said this morning as his committee continued its investigation of Wall Street and its CEOs.
AIG documents obtained by Waxman's investigators show the company paid more than $440,000 for the retreat, including nearly $200,000 for rooms, $150,000 for meals and $23,000 in spa charges.
"Their 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."
The hubris of this company is beyond my comprehension.