After Bailout, AIG Executives Party

If you haven't been asleep, you know that AIG was recently bailed out by the U.S. government, as part of the ongoing financial crisis. You might think that as they were just bailed out they might consider being frugal with their infusion of cash --- but maybe not.

According to the opening statement by Rep. Henry Waxman (D-CA) during a hearing held Tuesday at the House Oversight Committee, AIG's idea of controlling spending differs from most.

Last month, the taxpayers bought out AIG in an $85 billion bailout. This was a direct result of the mistakes made by Mr. Cassano. Yet even today, he remains on the company payroll, receiving $1 million a month.

The federal bailout occurred on September 16. Less than one week later, AIG held a week-long retreat for company executives at the exclusive St. Regis Resort in Monarch Beach, California. A photograph of the resort is on display.

Rooms at this resort can cost over $1,000 per night. Invoices provided to the Committee show that AIG paid the resort over $440,000, including nearly $200,000 for rooms, over $150,000 for meals, and $23,000 in spa charges.

Many Americans feel that the $700 billion bailout of Wall Street is rewarding the rich corporate mucky-mucks for their mistakes. If one were to look at the above, would one's mind be changed? Nope, what AIG has done, no matter how they try to position it, is to just re-emphasis to Main Street who's making out like a bandit during this crisis, and who's being robbed.