Less than a week after the federal government committed $85 billion to bail out AIG, executives of the giant insurance company headed for a week-long retreat at a luxury resort and spa, the St. Regis Resort in Monarch Beach, California, Congressional investigators revealed today.
"Rooms at this resort can cost over $1,000 a night," Congressman Henry Waxman (D-CA) said this morning as his committee continued its investigation of Wall Street and its CEOs.
AIG documents obtained by Waxman's investigators show the company paid more than $440,000 for the retreat, including nearly $200,000 for rooms, $150,000 for meals and $23,000 in spa charges. "Their getting their pedicures and their manicures and the American people are paying for that," said Cong. Elijah Cummings(D-MD).
AIG CEO Robert Willumstad and former CEO Martin Sullivan are both scheduled to testify today.