A few days after the federal government unveiled an $85 billion bailout package for the insurance company AIG, executives from one of the firm's subsidiaries went on a week-long retreat to the St. Regis Resort in Monarch Beach, Calif. The tab: $443,000.
"I was totally unaware that there was any plan for any conference," AIG's ex-CEO, Robert B. Willumstad, said today during his testimony before the House Oversight and Government Reform Committee. "Had I been aware of it I would have prevented it from happening."
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Source - Washington Post
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