AIG at the Spa
In the midst of a financial crisis and massive bailout, part of the American International Group’s (AIG) response is… golf. It is a resort retreat that cost $440,000 and included spa treatments and banquets, along with the golf:
“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.”
link: White House Assails AIG Spending Spree
It would be illuminating how AIG can justify this. Are there no consequences to this type of behaviour?
Catherine Forsythe
Tags: AIG, bailout, consequences, finances, spa
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October 9th, 2008 at 12:49 pm
Earlier today, AIG announced an important policy change - one that we wanted to be sure you knew about.
A short time ago, our Chairman and CEO Ed Liddy said that he has ordered the immediate cancellation of all outside meetings, conferences, and recognition events across AIG, except those that are required by law or that are deemed absolutely critical to sustain our ongoing business needs.
Given AIG’s commitment to our customers, business partners, regulators, and American taxpayers, coupled with the new and very different challenges our company now faces, we take these responsibilities extremely seriously. Their trust is critical to our success. We recognize the need to be sensitive about all company expenditures.
As we move forward, we will continue our focus our efforts to pay back the $85 billion loan from the Federal Reserve Bank of New York as quickly as possible.