AIG execs just want to have fun, even if it means they have to sneak around mean old Uncle Sam to do it.
Local news crews got wind of another AIG retreat, this time at a posh resort in Phoenix. The cost for rooms alone was a reported $300,000.
Now, it’s not like the company has no shame. After being lambasted for a $440,000 retreat at a California spa, followed up by an $86,000 corporate hunting trip to England, the Phoenix event organizers had the good sense to issue a memorandum urging hotel workers to keep a low profile:
Please note that due to the media reports of AIG conducting business at various resort properties, we have eliminated “AIG Advisor Group” from all of our collateral and would appreciate it if you would assist us by insuring that AIG logo is not listed in any public place on property.
Perhaps the company felt that it was time to loosen the purse strings, as the news of the latest corporate shindig broke on the same day the government announced a restructuring of the bailout package that increased the total taxpayer financing available to AIG by $50 billion.
Company officials claim that they have canceled all unnecessary retreats, although this didn’t stop them from
spending thousands of dollars on food, drinks, a photographer, floral arrangements, and VIP airport transportation for selected AIG personnel. One hotel event order describes a requirement for two ficus trees and six ferns for stage decor at $425 each.
Meanwhile, back in the world of financial meltdown, a Canadian law firm has filed a class-action lawsuit against AIG for $550 million in damages on behalf of Canadian investors.