Austerity at bailed-out American International Group

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The company has been lambasted for spending $440,000 (£255,000) on a luxury get-together for its insurance agents just days after Washington pumped $85 billion into the company to keep it afloat.

The bill for the staff retreat at a top California resort included some $23,000 in spa treatments.

Congress, the White House and Democratic Presidential nominee Senator Barack Obama all reacted with disbelief and anger over last month's gathering for about 100 independent insurance agents who sell coverage for AIG.

Senate Finance Committee chairman Max Baucus has demanded more details on the event.

"This kind of behaviour is an insult to taxpayers," the Montana Democrat wrote in a letter to Federal Reserve chairman Ben Bernanke.

The company says that it was an incentive for salesmen and would boost revenue in the long term.