So just a day after the government decides to give AIG another $40 billion, since the firm already spent its original bailout money, ABC News’ crack investigative team discovers that there was another (we don’t know what number this is; honestly, we’ve lost count) AIG retreat that went unreported. And get this, it was last week.
Uh oh. Andrew Cuomo is going to be pissed! No word on whether the vacationers spent some of AIG’s initial bailout cash.
ABC News: Even as the company was pleading the federal government for another $40 billion dollars in loans, AIG sent top executives to a secret gathering at a luxury resort in Phoenix last week.
Reporters for abc15.com (KNXV) caught the AIG executives on hidden cameras poolside and leaving the spa at the Pointe Hilton Squaw Peak Resort, despite apparent efforts by the company to disguise its involvement.
“AIG made significant efforts to disguise the conference, making sure there were no AIG logos or signs anywhere on the property,” KNXV reported.
The AIG spokesman said the meeting in Phoenix was for independent financial advisors and “was the kind of thing we have to do to run our business.”
Company officials confirmed the company spent an estimated $343,000 to sponsor the 2008 Asset Management Conference. A spokesperson said much of the cost would be recouped from product sponsors at the conference.
KNXV said the president of AIG unit Royal Alliance Associates, Art Tambaro, stayed in a two-story Casita suite and worked out at the spa while others participated in seminars…
AIG confirmed that former football quarterback Terry Bradshaw had been scheduled to appear and sign autographs. The company said it canceled Bradshaw’s appearance which was to have been paid for by another company that was a sponsor of the event.
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