Please read all of Henry Champ’s latest column for CBC News here, but first enjoy these mind-blowing excerpts:
“You’ll remember that $85-billion US taxpayer loan to the American International Group (AIG). That was made on Sept. 16. In return, AIG surrendered 79.9 per cent of its stock to the government. Less than a week later, the company’s executives, clearly to ease the mental strain they had been undergoing, pitched up at the exclusive St. Regis Resort at Monarch Beach in California.
It’s not easy running a once-profitable insurance company into the ground, then waiting nervously for taxpayers to bail you out. The resort allowed these men and women to pull themselves together.
Unfortunately for some, the House Committee on Oversight and Government Reform got some copies of the bill.
In one week, AIG executives spent $440,000. There was $200,000 for rooms. Another $150,000 in food, $23,000 at the spa, $1,400 at the salon and $7,000 in green fees. Then there is the old favourite, the bar tab, which topped out at $10,000.
“They were getting facials, their manicures and their massages, while the American people were footing the bill,” Maryland Democrat Elijah Cummings fumed during the oversight committee hearing.”