The disclosure that AIG executives took an expensive trip to the St. Regis shortly after receiving a massive government bailout has drawn scathing criticism.
From the Associated Press:
The White House said on Wednesday it was "despicable" that American International Group Inc. executives spent hundreds of thousands of dollars on a posh California retreat just days after getting a federal bailout.
Lawmakers investigating the meltdown of AIG said the retreat didn't include anyone from the financial products division that nearly drove the company under, but they were still enraged that executives of AIG's main U.S. life insurance subsidiary spent $440,000 on the retreat, complete with spa treatments, banquets and golf outings.
"It's pretty despicable," White House press secretary Dana Perino said.
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 that 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.
So, how did these executives rack up such an expensive bill? Here's the actual invoice summary, courtesy of the House Oversight and Government Reform Committee: