AIG Blows Through Taxpayers' Money at the Ritz
Less than a week after being castigated by the White House, Congress and Barack Obama for profligate spending at taxpayer expense, the financially disastrous insurance firm AIG is at it again, sending two hundred employees and independent sales agents on a retreat to another ritzy resort, the Ritz Carlton Half Moon Bay on the Northern California coast.
The $400-per-night luxury hotel boasts rooms with either ocean views or balconies; feather beds with duvets, 300-thread count Egyptian cotton sheets and a choice of 100% goose down or non-allergenic foam pillows; marble bathrooms with separate shower and bathtub; and plush terry cloth robes.
AIG, which received an $85 billion loan from the U.S. government last month and in exchange ceded a 79.9 percent ownership interest, borrowed another $37.8 billion from the Federal Reserve on Tuesday to "replenish liquidity."
Speaking of liquidity, the Ritz Carlton spa offers a: