Earlier this week, the House Oversight Committee revealed that just one week receiving an $85 billion bailout, AIG executives went on a retreat to a luxury resort, spending nearly $500,000 on manicures, facials, pedicures, and massages, among other things. After being ridiculed for the vacation, AIG announced today that the parties are over. From an announcement they issued this afternoon:
Earlier today, AIG announced an important policy change – one that we wanted to be sure you knew about. A short time ago, our Chairman and CEO Ed Liddy said that he has ordered the immediate cancellation of all outside meetings, conferences, and recognition events across AIG, except those that are required by law or that are deemed absolutely critical to sustain our ongoing business needs.
Today, AIG canceled a specific party, originally scheduled for next week at the Ritz-Carlton in California’s Half Moon Bay, “after a re- evaluation of the costs under the new circumstances,” according to spokesman Joe Norton.