St. Regis Monarch Beach ... ahhhhhhhhh
From the hill: The White House on Wednesday said a pricey retreat for American International Group (AIG) executives that took place after the company was bailed out by the federal government was “despicable.”
White House press secretary Dana Perino had harsh words for the insurance giant after it was revealed this week that AIG held a $440,000 retreat for employees at the St. Regis Resort in Monarch Beach, Calif., shortly after it was propped up by taxpayer dollars last month.
“I understand why the American people would be outraged. I am,” Perino said. “It’s pretty despicable to realize how callous somebody might be as they go through this — how some might be reacting to this crisis. And the president did not want to move forward on this rescue package to help anybody in the top positions in Wall Street.”
Perino said Bush, against his instincts, moved the federal government to intervene in the financial crisis because it was a necessary step to salvage the nation's economy.
“But he didn’t do that to help top executives and certainly not to help executives go to a spa,” Perino said. “President Bush did that in order to try to help everybody save their accounts.”
UPDATE: Following uproar over the $440,000 it spent on a luxury retreat less than a week after the Federal Reserve loaned it $85 billion, insurance giant AIG has reportedly called off plans to hold a second luxury retreat at Half Moon Bay's Ritz-Carlton Resort in California now that it has accepted an additional $37 billion from the Fed.
