Here’s one that will have lawmakers in Washington, D.C. foaming at the mouth: AIG reportedly sent executives to another get-together at a luxury resort last week. You’ll recall that AIG took withering criticism several weeks back for sending executives on a fancy junket to a West Coast resort. (The company changed its get-together policy as a result.)
This gathering reportedly took place at that same time that AIG was begging the Feds to give it additional bailout cash. The government did just that yesterday, increasing the struggling insurance giant’s rescue package to more than $150 billion, up significantly from the original $85 billion loan.
From ABC news, via Clusterstock:
Even as the company was pleading the federal government for another $40 billion dollars in loans, AIG sent top executives to a secret gathering at a luxury resort in Phoenix last week.
Reporters for abc15.com (KNXV) caught the AIG executives on hidden cameras poolside and leaving the spa at the Pointe Hilton Squaw Peak Resort, despite apparent efforts by the company to disguise its involvement.
"AIG made significant efforts to disguise the conference, making sure there were no AIG logos or signs anywhere on the property," KNXV reported.
(click here to see the full KNXV report)
A hotel employee told KNXV reporter Josh Bernstein, "We can't even say the word [AIG]."
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Allen of MI 7:04PM November 12, 2008
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