For years, it's been standard operating procedure for many insurance carriers to fly their top producers to swank resorts, where business was discussed and relationships cultivated. But the party is literally over–at least for American International Group, following a brouhaha sparked by the company's federal bailout.
Members of Congress were furious to hear reports about how executives at the cash-strapped AIG were getting spa treatments at expensive hotels, where high-performing agents were invited to talk strategy and enjoy some tender loving care on the carrier's dime.
“Average Americans are suffering economically,” said Henry Waxman, D-Calif., chair of the House Oversight and Government Reform Committee that grilled AIG executives 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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