Sunday, October 19, 2008

AIG Spa Trip Fuels Fury on Hill

Pressing Executives to Concede Mistakes, Lawmakers Blast Them About Bonuses

For some people at AIG, the insurance giant rescued last month with an $85 billion federal bailout, the good times keep rolling.

Joseph Cassano, the financial products manager whose complex investments led to American International Group's near collapse, is receiving $1 million a month in consulting fees.

Former chief executive Martin J. Sullivan, whose three-year tenure coincided with much of the company's ill-fated risk-taking, is receiving a $5 million performance bonus.

And just last week, about 70 of the company's top performers were rewarded with a week-long stay at the luxury St. Regis Resort in Monarch Beach, Calif., where they ran up a tab of $440,000.

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