Lawmakers steamed over ritzy AIG retreat after bailout: 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.
Robert Willumstad, former CEO of AIG, testifies before the U.S. House in Washington on Tuesday.
AIG sent its executives to the coastal St. Regis resort south of Los Angeles, California, even as the company tapped into an $85 billion loan from the government 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.
OUTRAGEOUS.
10.08.2008
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