Details coming out of a Washington hearing about the shameless conduct of executives at yet another corporation at the center of the financial meltdown.
On Tuesday, the second day of the House Oversight Committee’s investigation into what went wrong, ex-CEOs Martin Sullivan and Robert Willumstad from American International Group went before congressional leaders to make their excuses, cop pleas, and blame anything and anyone except themselves.
I should not have been shocked when I read that days after insurance giant AIG got a bailout of $85 billion from the government, some company executives went off on a retreat to St. Regis resort down in Orange County. Their getaway at the posh resort included more than $23,000 worth of spa treatments on a tab that had a total of more than $400 thousand.
Like most Americans I have been trying to cut back as the economy continues to rock, roll, and slide. Briefly, I considered dropping my modestly priced monthly membership fee at the Burbank YMCA. Ironically, while the rest of us are trying to cut a dollar here and there, those AIG executives were off at a luxury resort, living large, knowing they had a cushy bailout of OUR money to support them and their extravagant perks.
Also, at yesterday’s hearing there were revelations about how AIG officials hid the company’s risky investments from auditors and arranged payments of hefty bonuses to executives.
I think those executives should be forced to reimburse the company for the special perks and pay back those bonuses and outrageous salaries as well. In fact, I’d like to see these executives take another trip — this time to the Big House — to serve some time behind bars! That’s the kind of getaway they really deserve.