Less than a week after the federal government offered an $85 billion bailout to insurance giant AIG, the company held a week-long retreat for its executives at the luxury St. Regis Resort in Monarch Beach, Calif., running up a tab of $440,000, Rep. Henry Waxman (D-Calif.) said today at the the opening of a House committee hearing about the near-failure of the insurance giant.In the GMs' defense, baseball had a much better year than AIG.
Showing a photograph of the resort, Waxman said the executives spent $200,000 for rooms, $150,000 for meals and $23,000 for the spa.
"Less than a week after the taxpayers rescued AIG, company executives could be found wining and dining at one of the most exclusive resorts in the nation," Waxman said. "We will ask whether any of this makes sense. "
Tuesday, November 4, 2008
Beats the Knights of Columbus Hall
The GM meetings are now going on at the St. Regis Monarch Beach Resort in Dana Point, California. If that sounds familiar, it's because the joint just made the news in connection with our lovely financial meltdown: