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AIG under fire for US$440000 resort stay |
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Thursday, 09 October 2008 |
The insurance giant's decision to blow $443,343 — oh, and 71 cents — on a celebratory week of fancy rooms, food, manicures, pedicures, facials, massages and golf at California's only Mobil five-star resort right after AIG was saved from collapse with an $85-billion federal bailout loan earns the insurer first prize as the firm most out of touch with financial reality.
Talk about living high while the global economy burns.
Details of the weeklong resort event for about 100, billed as a "conference" for top-performing independent insurance agents, came to light in a congressional hearing in which AIG's itemized bill from the St. Regis Resort at Monarch Beach, on a bluff overlooking the Pacific south of Los Angeles, was made public. Receipts provided the House Oversight and Government Reform Committee were dated Sept. 22 through Sept. 30. AIG was bailed out on Sept. 16.
The invoice highlights:
• $139,375.30 for rooms that typically range from $400 to $1,200 a night.
• $147,301.71 for banquets, $3,064.71 at the Lounge, $5,016.32 at the StoneHill Tavern and $1,909.99 at the Monarch Bayclub.
• $6,939.09 for golf.
• $23,380 at Spa Gaucin.
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Last Updated ( Monday, 27 October 2008 )
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