The U.S. Government just loaned AIG $85 billion because they were "too big to fail" and today, according to Bloomberg, they needed more of your money:
The Federal Reserve will provide as much as $37.8 billion in additional liquidity to American International Group Inc.’s regulated insurance units after rescuing the company with an $85 billion loan last month.
So AIG, you just received $120+ billion from taxpayers, where are you going next?
No not Disney World, though that might have been cheaper. AIG just had a retreat to the St Regis Resort in Monarch Bay. What does your money buy?
Situated high on a bluff overlooking the majestic Pacific Ocean, stands a landmark resort of legendary proportions. Located midway between Los Angeles and San Diego, the Tuscan-inspired St. Regis Resort, Monarch Beach is devoted to the pursuit of service and elegance with a seamless blend of comfort and technology.
CNBC just gave the break down. (Sorry from the TV -no link):
$200,000 for Rooms
$150,000 for Catered Banquets
$7,000 for Golf
$23,380 for Spa Treatments (These are stressful times for AIG executives, they needed facials.)
$1,400 at the Hotel Salon.
For a grand total of almost $400,000.
AIG says its ok because this retreat was "standard practice in our industry"



2 Comments




This is insanity.
Dodd and Frank need to get ALL our money back, and call for Paulson’s resignation.
Really, this is absurd.
Thank you Ari. though this news is about to cause me to have a meltdown!
I agree with Teddy Partridge that this is serious insanity. Just how much does Paulson think he can expect the sane citizens to tolerate?
So, where the Hell is that oversight committee? If this is acceptable expenditures, then we can do away with the expense of that committee.