AIG chief executive
Edward Liddy claims the retreat was
"standard practice in our industry".
(Newsday) American International Group Inc. spent $440,000 for a spa retreat for AIG executives just days after the company received a federal bailout.AIG executives had spa treatments, banquets and golf outings, according to lawmakers investigating the insurance company's meltdown.
AIG sent its executives to the coastal St. Regis resort south of Los Angeles 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.
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