If this doesn’t piss you off …
… I Don’t Know What Will
The Associated Press is reporting tonight that a week after the federal government provided American International Group, Inc. (AIG) an $85 billion bailout, the pigs at the company spent $440,000 on a luxurious executive retreat. An excerpt from the AP report:
WASHINGTON (AP) - Less than a week after the federal government had to bail out American International Group Inc. (AIG), the company sent executives on a $440,000 retreat to a posh California resort, lawmakers investigating the company’s meltdown said Tuesday.
The tab included $23,380 worth of spa treatments for AIG employees at the coastal St. Regis resort south of Los Angeles even as the company tapped into an $85 billion loan from the government it needed to stave off bankruptcy.
The retreat didn’t include anyone from the financial products division that nearly drove AIG under, but lawmakers were still enraged over thousands of dollars spent on catered banquets, golf outings and visits to the resort’s spa and salon for executives of AIG’s main U.S. life insurance subsidiary.
The report goes on to quote the sanctimonious U.S. Rep. Henry Waxman, D-CA, talk about the economic suffering of “average Americans.” After the poor showing over the past two weeks by Democrats and Republicans in Congress in dealing with the “financial crisis” it’s hard for me to hear any of them go after the bloated investment class while their public policies enable rampant greed and do not provide accountability for companies which have cheated shareholders.
The Smoking Gun has the invoice from AIG’s retreat.
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One Comment on If this doesn’t piss you off …
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Treasury Bailing Out AIG Again : Clips & Comment on
Mon, 10th Nov 2008 8:22 am
[...] After all, the last time our tax money was used to prop up their failing business, they spent hundreds of thousands on a West Coast spa and an English hunting [...]
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