WASHINGTON (AP) -- Days after it got a federal bailout, American International Group Inc. spent $440,000 on a posh California retreat for its executives, complete with spa treatments, banquets and golf outings, according to lawmakers investigating the company's meltdown.
The retreat didn't include anyone from the financial products division that nearly drove AIG under, but lawmakers still were enraged over thousands of dollars spent on outing for executives of AIG's main U.S. life insurance subsidiary.
"Average Americans are suffering economically. They're losing their jobs, their homes and their health insurance," the committee's chairman, Rep. Henry Waxman, D-Calif., scolded the company during a lengthy opening statement at a hearing Tuesday. "Yet less than one week after the taxpayers rescued AIG, company executives could be found wining and dining at one of the most exclusive resorts in the nation."
This is ridiculous. They get a government handout and they take it on a spa treatment spending spree? Where is the spa treatment for the hundreds of thousands of Americans who are filing bankruptcy? Where is their bailout?
Here we are admist the worlds greatest financial windfall since the great depression and we are letting companies like this abuse the bailout.
More people need to step up and put a stop to this bullshit. All these executives should be replaced and I am not just talking about AIG. ALL EXECUTIVES that made the decisions that put our economy into this mess.
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You go boy! I think these executives should be arrested, charged, and tried for these types of things. The scary thing is that they won't. The sad thing is that even if they get fired they will walk away with more money than you, I, and all of our family members will ever make in their lifetimes (combined). Just so very sad.
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