Hypocrisy is AIG going ahead with plans for a $440,000 executive retreat to a posh California resort (including $23,380 in spa treatments, plus golf outings and lavish hotel accommodations) one week after receiving a $85 Billion bailout from the government, which they argued they needed to keep from going bankrupt.
But the icing on the cake? Yesterday, the government decided to give AIG yet another $37.8 Billion (on top of the $85 Billion from last month). AIG has already spent $61 Billion of its bailout money. In response to the new bailout, shares of AIG rose 7.8 percent — does that mean the executives also get a bonus for good performance?
Who says class warfare can’t be fun?
UPDATE: AIG is now going ahead with plans for a similar event at the fancy Ritz-Carlton resort. The new event is a conference for 150 independent insurance agents who sell AIG coverage to rich clients. So, how is AIG responding to this new criticism of spending all that money (when they were supposedly on the brink of bankruptcy)? They decided to spend even more money to buy advertising to explain their position. Lucky for them, their PR consultant nixed the idea — “To spend the taxpayer’s money on an expensive ad campaign to apologize for how you used taxpayer money leaves you open to further attacks.”
