AIG Chief Defends Luxe Retreat

By Rebecca Smith Hurd,  Newser User
Posted Oct 8, 2008 4:00 PM CDT
Former CEOs of AIG Robert Willumstad, left, and Martin Sullivan take the oath before testifying to the House Oversight and Government Reform Committee on Capitol Hill in Washington.   (AP Photo)
camera-icon View 2 more images

(Newser) – AIG today defended the $440,000 luxury retreat it held on the heels of an $85 billion federal bailout, the Wall Street Journal reports. In a letter explaining its actions to the US Treasury, CEO Edward Liddy explained that the event—which racked up a $23,000 spa bill— was planned months ago and attended almost entirely by top-producing independent agents, not corporate execs.

Liddy maintains that the company remains "focused on doing what is necessary to address our capital structure, repay the Fed credit facility and emerge as a healthy global insurer."