Thursday, October 9, 2008

AIG execs spend nearly $500,000 of our bailout money at the St. Regis Monarch Beach Resort

Submitted by Lisa

This is the AIG that received an $85 billion taxpayer bailout from the federal government and sidestepped a corporate collapse on September 16. Less than a week after being rescued, AIG executives blew through almost $500,000 of taxpayer bailout funds at a week-long retreat at the ritzy St. Regis Monarch Beach Resort in Orange County, California.

This 5-Star, 5-Diamond exclusive beach resort has room rates that average well over $400 per night. Many higher category room types and suites sell well above $1,000 per night. To give you an idea of what the St. Regis Monarch Beach grounds look like, take a glimpse at the video below. Pictures hardly do this property any justice. Video=>>here

So how did these AIG execs rack up such a huge bill? The St. Regis Monarch Beach provided invoices to Chairman Waxman of the Committee on Oversight and Government Reform. You ready for what they dug up? AIG’s charges at the St. Regis totaled over $440,000, including almost $200,000 in room charges, over $150,000 for catered banquets, and $23,000 in spa charges. Wow. Thanks to the Committee for letting the general public see the execs’ bill with our own eyes. I wonder how other corporate executives will end up using our $700 billion bailout funds.

For more details on the investigation, check out this ABC News link.

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