What an awkward past week for AIG.
First we learn that they’ve eaten up the majority of the $85 billion bailout the government gave them. Then after getting dragged in front on Henry Waxman, we learn that one week after the government gave them that money, they spent half a million of that on a lavish vacation. Though, we didn’t have a problem with that.
And today we learn that they need even more cash! AIG is getting $37.8 billion from the New York Fed. And in a fun history-repeats-itself instance, AIG has another retreat scheduled for next week:
Bloomberg: American International Group Inc., castigated by lawmakers for hosting a $440,000 conference days after an $85 billion federal bailout, plans to hold another gathering for brokers next week.
The event, at the Ritz-Carlton in California’s Half Moon Bay, aims to “motivate and educate” about 150 independent agents who sell AIG coverage to high-end clients, said spokesman Nicholas Ashooh. “These sorts of sales meetings are an essential function,” he said. “We have them around the world all the time.”
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