One of the visible side effects of the financial crisis has been greater attention on executive greed. A Congressional hearing on the credit crisis is taking a deeper look at the issues, and some digging into insurance giant AIG's habits has divulged some disturbing details.
Just one week after AIG was bailed out by the federal government, its life insurance subsidiary AIG General spent $442,000 on a week long retreat for top sales executives. The retreat took place at St. Regis Resort in Monarch Beach, CA, where the group rested (they spent $200,000 on hotel rooms), wined and dined ($150,000 was spent on food), and relaxed (there were $23,000 in spa charges). Are you wondering what the retreats were like before the bailout? Me, too.