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Alt 08.10.2008, 09:34   #1026
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AIG Spent $440,000 on Spa, Resort After U.S. Takeover

October 7, 2008 by admin

By Lorraine Woellert and Erik Holm, Bloomberg

American International Group Inc. spent $440,000 on a conference at a California resort less than a week after an $85 billion government takeover, lawmakers said.

The bill from the St. Regis resort in Monarch Beach included $23,380 for spa services, according to Representative Henry Waxman, chairman of the House Committee on Oversight and Government Reform. Waxman led questioning today of former AIG Chief Executive Officers Martin Sullivan and Robert Willumstad as Congress probes events that led to federal intervention.

“Average Americans are suffering economically,” Waxman, a California Democrat, said in his opening statement. “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.”

The St. Regis, located on a bluff overlooking the Pacific Ocean midway between Los Angeles and San Diego, is “devoted to the pursuit of service and elegance,” according to its Web site. A “health and wellness” package costs $600 a night, with a two-night minimum.

The St. Regis expense “seems very inappropriate,” Willumstad told the committee. “I was totally unaware that there was any plan for any conference. Had I been aware of it I would have prevented it from happening.” Read more….

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