White House Has Harsh Words for AIG

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The Bush administration has harsh words for American International Group, Inc. executives who accepted a federal bailout and then days later, spent hundreds of thousands of dollars on a luxurious company retreat.

"It's pretty despicable," White House press secretary Dana Perino said Wednesday.

AIG executives spent a reported $440,000 at the Saint Regis Hotel in California. Their getaway included golf, pricey meals, and even spa treatments.

The resort tab included $23,380 worth of spa treatments for AIG employees, according to invoices the resort turned over to the House Oversight and Government Reform Committee.

AIG claims the retreat did not involve anyone from their financial products division that almost drove the company under.

"The president did not want to move forward on this rescue package to help anybody in the top positions on Wall Street," Perino said. "He was concerned about everyday people like you and me. He didn't do that to help top executives and certainly not to help executives go to a spa."

Source: The Associated Press

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