ABC News reports:
Battered by outrage over the $440,000 it spent on a luxury retreat less than a week after the federal government loaned it $85 billion dollars, the giant AIG Insurance Company says it has called off plans to hold a second retreat next week at the exclusive Ritz-Carlton Resort in Half Moon Bay, California.
Since I know that our Trader was not planning on attending this second retreat, I think it is reasonable to say that this is a unambiguously positive development. As a part owner of AIG (you know, as an American taxpayer), I believe that the company has made the correct choice. The fact that they had the first one was a little ridiculous. To be quite honest, you AIG execs should be suffering just a little bit if you want the continued financial backing of the country whose economy you screwed up. Just a little bit.