When the going gets tough, the tough get themselves to the spa.
A couple of weeks seems like an eternity. Remember back to mid September, when AIG was failing and the government stepped in with guarantees to prevent bankruptcy?
That near-death experience didn’t seem to deter the “let the good times roll” approach of a number of AIG executives. Barely a week after the bailout, those execs huddled at an AIG meeting at the swanky St. Regis Resort in California’s Monarch Beach near Dana Point in Orange County. Rooms are some of the priciest in Southern California.
There was plenty of tavern time and spa time. In fact, here’s the invoice for the event:
http://www.thesmokinggun.com/archive/ye … 3aig1.html
Congressional investigators are looking into what went wrong at AIG and whether there was fraud on the part of senior AIG executives. CEO Martin Sullivan received a $15 million parachute when he was replaced by AIG’s board.
After the recent stress, it’s no surprise that AIG execs wanted a good massage.
They had already had their happy ending, the U.S. taxpayer bailout arranged by Paulson and Bernanke.
This is at a company that has been a major player in California’s workers’ comp market. AIG has been a significant contributor to the Governor.
Those folks know how to party-and how to protect their own.
Julius Young
www.boxerlaw.com
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Category: Political developments
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