AIG: We're Using Taxpayer Dollars For Cancellation Fees Only

Bad publicity forces AIG to cancel Bay Area retreat

Thursday, Oct 9, 2008  |  Updated 5:33 PM PDT
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AIG: We're Using Taxpayer Dollars For Cancellation Fees Only

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The Ritz Carlton in Half Moon Bay overlooks the ocean.

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Insurance giant AIG has been shamed into  canceling  an upcoming luxury retreat in Half Moon Bay.

Rooms at the Ritz-Carlton Resort begin at $400 a night and are outfitted with marble bathrooms and feather beds.

AIG said it will pay cancellation fees.

The company got an $85 billion loan from the government last month and this week borrowed another $37 million.

Now, a congressman is demanding AIG repay  the $440,000 it spent on a luxury retreat in Orange County last month after the government bailout.

The luxury retreat price tag included $147,000 in banquet costs, more than $23,000 in spa treatments,and nearly $10,000 on drinks and room service.

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