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AIG Congressional Hearing: "They Were Getting Manicures... While American People Were Footing The Bill"

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Huffington Post | Dave Burdick | October 7, 2008 12:32 PM

 

Today, the Committee on Oversight and Government Reform explores the causes and effects of the AIG bailout.

 

THE AIG LUXURY RETREAT

 

At one point, Rep. Elijah Cummings brought up a costly AIG executive retreat that occurred briefly after the government bailout. The costs, he said, totaled $443,343.71.

 

From Speaker.gov, here's Rep. Elijah Cummings (D-MD) on the AIG manicure, etc., expenditures:

 

"Have you heard of anything more outrageous - a week after taxpayers commit $85 billion dollars to rescue AIG, the company's leading insurance executives spend hundreds of thousands of dollars at one of the most exclusive reports in the nation...Let me describe for some of you the charges that the shareholders, taxpayers, had to pay. AIG spent $200,000 dollars for hotel rooms. Almost $150,000 for catered banquets. AIG spent $23,000 at the hotel spa and another $1,400 at the salon. They were getting manicures, facials, pedicures and massages while American people were footing the bill. And they spent another $10,000 dollars for I don't know what this is, leisure dining. Bars?"

 

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Uploaded on October 8, 2008