Watching the chairman of Lehman squirm yesterday when asked about his half-billion dollars in pay was fun, but the fact AIG execs are already back to the high-flying lifestyle is simply infuriating.
After Bailout, AIG Executives Head to Resort:
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.
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. “
Waxman should press for criminal investigations as to whether the bailout made this illegal. And, if it didn’t, then we should make it illegal until these companies have paid back every penny of taxpayer money with interest.