The party is literally over at American International Group, as the beleaguered company scrapped plans to host a second lavish junket to reward top-performing agents in the wake of a tsunami of criticism for continuing to live the high life, throwing a $400,000-plus celebration for life producers after begging Uncle Sam for not one, but two massive loans topping $120 billion to keep the organization afloat.
AIG was politically tone-deaf to go forward with its sweet retreat for loyal life agents–right after nearly going under and threatening to take the entire financial system with it. The criticism from Washington came fast and furious.
“Average Americans are suffering economically, said Henry Waxman, D-Calif., chair of the House Oversight and Government Reform Committee that grilled AIG executives earlier this week about how its crisis came about. They are losing their jobs, their homes and their health insurance. Yet less than one week after the taxpayers rescued AIG, company executives could be found wining and dining at one of the most expensive resorts in the nation.
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