Tuesday, November 11, 2008

AIG loves your money

Posted By on Tue, Nov 11, 2008 at 12:42 PM

AIG loves your money so much that the company decided to take it out for a weekend get away to a spa resort. Oh, sure, the big-wigs are calling it a conference, but your money knows. Those hard-earned dollars you hoped to spend on silly things like food and medicine were spend in style on massages and spa costs. You know, the way money is supposed to be spent by a corporation that needed tax dollars for a bail-out. Besides, what's a measly little 6-figure retreat in comparison to billions?

Days before American International Group received its latest government bailout on Monday, the troubled insurer hosted a $343,000 conference for independent financial planners at the Pointe Hilton Squaw Peak resort in Phoenix.

The company said sponsors picked up roughly 93 percent of the tab for the Nov. 5-7 conference, but the spending still drew the ire of a member of Congress and raised questions about how AIG should be operating when it is under such intense scrutiny

U.S. Rep. Elijah Cummings, D-Md., a member of the House Oversight and Government Reform Committee, said he was "shocked and disappointed" when he learned about the Phoenix conference.

"AIG is coming to the government claiming to be in critical condition and asking to be placed under intensive care, but they are still going out and partying and acting as healthy as ever," Cummings said in a statement. "It is even harder to sympathize when this company's executives continue to wade by luxury pools while the everyday American whose taxpayer dollars are being used to save the company are hard at work."

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