AIG blasted for ‘luxury’ retreat - Business - Evening Standard
       

AIG blasted for ‘luxury’ retreat

US politicians have attacked executives of the American International Group who staged a luxury retreat at shareholders' expense days after the government gave the insurer an $85 billion (£48.71 billion) rescue loan.

The bill at the retreat of St Regis, south of Los Angeles, was $440,000, including more than $23,000 on spa treatments, according to congressmen probing AIG.

The Democratic Party Presidential hopeful Barack Obama said in his debate with Republican rival John McCain that, "those executives should be fired".

But New York State Insurance Department head Eric Dinallo said the worst thing that could have happened would have been for staff and underwriters in AIG's life insurance subsidiary to quit the firm.

"The concept of bringing all the major employees together...would have been not a crazy corporate decision," he said.

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