AIG to taxpayers: Pay no attention to the $440,000 spa trip

Tracy Coenen

If we ever needed an argument against using taxpayer money to bail out private companies who made bad decisions and are teetering on the brink of extinction, this is it.

Less than one week after the U.S. government forked out $85 billion related to the American International Group (AIG) mess, the AIG executives took a little jaunt to a California spa and spent $440,000 on their stay.

The executives stayed at the exclusive St. Regis Resort in Monarch Beach, and plunked down $139,000 for rooms, $147,000 for banquets, $23,380 spa services, plus other expenses for alcohol and entertainment. A normal two-night stay at the St. Regis with a "health and wellness" package costs $1,200. Quite the bargain, especially for a company begging for taxpayer handouts.