ABC reports that after a difficult season wrangling money out of the government, AIG executives went on a retreat costing $440,000 at the St. Regis Resort in Monarch Beach, California, where rooms run up to $1000 a night. The group should be commended for only changing $23,000 in spa fees, but after eating $200,000 worth of food in a week, they may not have been able to get to the spa.
We are quite literally paying for this with tax money in order to stabilize financial institutions.
The bailout involves us just buying worthless securities. The banking lobby convinced Congress that it should not follow the recommendation of economists in taking stock in the financial institutions that it is propping up. By buying the garbage generated buy these institutions instead of taking a stake in them, we as taxpayers do not only lose the right to future profit of the business but the right to curb the sort of behavior reported on by ABC News.