The CEO of the giant AIG Insurance Company, Edward Liddy, today defended spending $440,000 on a retreat at a luxurious California resort as "standard practice in our industry" because it rewarded independent insurance agents who were top performers for the company. The event, at the St. Regis Resort and Spa at Monarch Beach, California was held less than a week after the federal government saved AIG from bankruptcy with $85 billion in loans.
Members of Congress complained that AIG executives "were getting pedicures, manicures and massages" at the expense of American taxpayers, suffering from the financial crisis caused by AIG. Resort bills obtained by Congress showed AIG spent $23,000 on charges from the spa and salon.
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AIG Party Report by NBC
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