Bastards of the Week

Less than a week after an $85 billion bailout by the federal government, executives at AIG spent more than $440,000 on a week-long "conference" at the exclusive St. Regis Resort in Dana Point, CA. Testifying in front of the House Committee on Oversight and Government Reform, Robert Willumstad, the former Chairman and CEO of AIG, stated that "I was totally unaware that there was any plan for any conference. Had I been aware of it I would have prevented it from happening." However, Nicholas Ashooh, a spokesperson for the company, declared that the outing had been scheduled for over a year.

The invoice summary (http://oversight.house.gov/documents/20081007102513.pdf)
obtained by the Congressional committee shows that AIG spent $139,375.30 for more than 60 guest rooms, $147,301.71 for banquets and $3,064.71 for room service and the lobby lounge, as well as $6,939.09 on golf. The company also spent $5,016.32 at the Stonehill Tavern, $23,380 at the Spa Gaucin and $1,488 at the Vogue Salon. The group reserved the resort's 3,100-square foot Presidential Suite for $1,600 a night for five nights. Last but not least, the company also paid $1,075 in no show fees and $2,949 in gratuities. Ashooh attempted to justify the financial abuse by stating that the event was planned as a reward for independent agents who sell the company's life insurance products. According to Ashooh, "This is very standard in the industry to reward the top 5 to 10% of top sellers. In the insurance business, it's as basic as salary as a means to reward performance." Standard?!? Your employer was just rescued by the federal government but the company still has the nerve to spend hundreds of thousands of dollars on cocktails, manicures and massages. How in the world is that considered standard? I call it greedy.