The Home Front

Invoice for AIG's Expensive St. Regis Stay

By Luke Mullins

Posted: October 8, 2008

The disclosure that AIG executives took an expensive trip to the St. Regis shortly after receiving a massive government bailout has drawn scathing criticism.

From the Associated Press:

The White House said on Wednesday it was "despicable" that American International Group Inc. executives spent hundreds of thousands of dollars on a posh California retreat just days after getting a federal bailout.

Lawmakers investigating the meltdown of AIG said the retreat didn't include anyone from the financial products division that nearly drove the company under, but they were still enraged that executives of AIG's main U.S. life insurance subsidiary spent $440,000 on the retreat, complete with spa treatments, banquets and golf outings.

"It's pretty despicable," White House press secretary Dana Perino said.

AIG sent its executives to the coastal St. Regis resort south of Los Angeles even as the company tapped into an $85 billion loan from the government that it needed to stave off bankruptcy. The resort tab included $23,380 worth of spa treatments for AIG employees, according to invoices the resort turned over to the House Oversight and Government Reform Committee.

So, how did these executives rack up such an expensive bill? Here's the actual invoice summary, courtesy of the House Oversight and Government Reform Committee:

Bailout and Stimulus plan

What happened to the saying, "Give a fish and feed a man for a day. Teach the man to fish and feed him for a lifetime."?

I think we haven't paid attention to our history. F Roosevelt put people to work (WPA) and trained young people (CCC). This built long lasting self-esteem. My dad is 87 years old and still feels successful. He lived through the same economic crisis we are now experiencing. He feels they did it right.

The bailout is going to people who have already shown that they are untrustworthy. So why are we going to reward them?

The stimulus money could be given to people who need it. Not just divide it up evenly. Those such as families with Kid, low income families, families losing their homes.

Thanks

Seenie of WA @ Nov 14, 2008 19:43:52 PM

Ridiculous Big Shots

What a shame! One thing that is for sure is that according to the scriptures...the wealth of the wicked is laid up for the righteous! So have a good time because what does it profit a man (greed) to gain the whole world and to lose his soul? God will judge you wicked leaders!

J. Harris of TN @ Nov 07, 2008 11:56:39 AM

Unreal

These people should be in jail

Scott of MN @ Oct 13, 2008 14:03:34 PM

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The Home Front

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