AIG Blows $440,000 for a Corporate Retreat After Bailout

According to FOX Business, after getting a financial bailout from US Taxpayers of $85 billion, insurance giant AIG spent $440,000 for a corporate retreat at the St. Regis Monarch Beach resort in Los Angeles, California. FOX Business goes on to say:

According to the receipt from the St. Regis, the eight-day company retreat was a lavish one — $139,000 was spent on hotel rooms, while even more money — $147,301 — was spent on banquets. Another $23,380 was spent on undisclosed spa treatments and another $6,939 was spent on golf. A full $9,980 was spent on room service and food and cocktails at the hotel lounge.

Fellow taxpayers… have you had enough yet?

3 responses to “AIG Blows $440,000 for a Corporate Retreat After Bailout

  1. To be fair, I’m going to guess that this was likely their personal insurance line of business (which did not contribute to AIG’s problems). It is very typical for companies to offer incentives to their sales force – usually a bash for the top producers such as has been described. So, I’m going to guess that this wasn’t a corporate retreat as described – but the ‘prize’ for top insurance agents. If I’m right then this is a nonstory. If it was a corporate retreat then shame on AIG.

  2. AIG Blog Relations

    Earlier today, AIG announced an important policy change – one that we wanted to be sure you knew about.

    A short time ago, our Chairman and CEO Ed Liddy said that he has ordered the immediate cancellation of all outside meetings, conferences, and recognition events across AIG, except those that are required by law or that are deemed absolutely critical to sustain our ongoing business needs.

    Given AIG’s commitment to our customers, business partners, regulators, and American taxpayers, coupled with the new and very different challenges our company now faces, we take these responsibilities extremely seriously. Their trust is critical to our success. We recognize the need to be sensitive about all company expenditures.

    As we move forward, we will continue to focus our efforts to pay back the $85 billion loan from the Federal Reserve Bank of New York as quickly as possible.

  3. Pingback: AIG Responds to PoliTalk on Executive Retreat Controversy « The Official Blog of PoliTalk - The Weekly Political Podcast

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