AIGee! What The Bailout Deal Is Paying For: Buffets, Hotel Stays, Golf And Spa Treatments

Let’s say your grandparents give you money to, say, pay for college. And you went ahead and spent that money on doing blow out of hooker’s orifices. Your grandparents would be pretty upset, as would your nasal cavity were it capable of cognitive thought. So say, to help clean up the mess you created, you ask your parents for money to bail you out. What is the first thing you’d do with that money? Spend $440,000 on exotic lizard and diamond buffets at a luxury resort? If you’re an AIG executive, the answer is a resounding “Hell yeah, motherfucker!”

The committee on Oversight and Government Reform held a hearing to discuss, among other things, a recent corporate retreat for AIG execs:

One of the items discussed was AIG’s expenditure of $440,000 for a corporate retreat at the St. Regis Monarch Beach resort in Dana Point, Calif., about midway between Los Angeles and San Diego. These funds were spent on Sept. 22, a week after the Federal Reserve extended an $85 billion emergency loan to AIG to keep it from going bankrupt due to insurance liabilities.

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.

The $440,00 were spent on September 22 - one week after the Federal Reserve issued AIG a $85 billion emergency loan to keep it from going bankrupt because of insurance liabilities. Just in case you were wondering how your money’s being spent.

AIG Executives Blow $440,000 After Getting Bailout [Fox Business]