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November 11, 2008
Posted: 11:28 AM ET
Business Correspondent Jennifer Westhoven We’re seeing a lot of outrage after news broke of yet another fancy AIG conference. AIG says the somewhat lavish conference is legit, but does it pass your smell test? You make the call!
The Federal Reserve rescued American International Group from collapse by lending the US’s largest insurer up to $85 billion. Are they handling that money responsibly? The insurance giant is asking for billions of dollars of YOUR money ($150 billion dollars’ worth of taxpayer money) to survive the financial crisis, and has already been excoriated in the press (even on Oprah!) for its lavish conferences. After it vowed to mend its ways, the ABC affiliate KNXV reported on a secret AIG conference at a luxury hotel in Phoenix. It reported that hotel employees were told to make sure that AIG’s name was not on any signs, or to even say the words “AIG”. Then KNXV caught an exec staying in a 2-story suite, and walking out of the spa while everyone else was in the conference. This morning Congressman Elijah Eummings of Maryland blasted AIG saying “they” don’t get it: “These guys said ‘We are on the critical list’ … then they are out partying!” AIG countered, saying that sponsors and attendees covered 90% of the bill – leaving AIG with just minimal costs. It also said the conference was necessary for doing business — that most of the people attending are independent financial advisers who will then go out and *sell* AIG’s products. AIG says that conference attendees need to know about AIG’s products, and who to sell them to, and that’s the only way AIG can make money to get back on its feet and pay back the US taxpayer. What do you think? Here are some pictures of the hotel. Share your opinion in the comments field below. Posted by: Business Correspondent Jennifer Westhoven
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