St. Regis Resort in Monarch Beach, where AIG employees were lounging around with our tax dollars
If you read about the latest news about AIG, you will definitely know about the US$440,000 spending for a meeting at an upscale resort inn California by their executives. That expenses includes US$23,000 for spa treatments like manicures, pedicures, massages and US$7,00 on golf outings. This is so disgusting!
Senator Barack Obama brought this up in last night’s presidential debate, stating these funds should be returned.
The flailing insurance giant explained in a letter from its chairman to U.S. Treasury Secretary Hank Paulson that it was simply a “mischaracterization.” The “executive retreat” only included 10 AIG employees, with the rest of the attendees being independent insurance agents. He also made sure to point out that the event was planned before the bailout took place.
What Edward Liddy failed to address in his letter is why the company didn’t cancel the retreat when it realized it was going to be paying for it with the public’s money.
Now, it is going to access $37.8 billion from the Federal Reserve Bank of New York, in addition to the $85 billion loan that helped it stave off bankruptcy.
My goodness! We taxpayers always have to suffer.
