www.EmploymentCrossing.com Less than a week after the federal government committed $85 billion to bail out insurance giant AIG, the firm’s executives are relaxing at a half-a-million dollar spa retreat. "Rooms at this resort can cost over $1,000 a night," Congressman Henry Waxman, a California Democrat, said this morning, referring to the St. Regis Resort in Monarch Beach, California. Waxman is in charge of an investigation of Wall Street and its CEOs. AIG documents obtained by Waxman's investigators show the company paid more than $440,000 for the retreat, including nearly $200,000 for rooms, $150,000 for meals and $23,000 in spa charges. "They're getting their pedicures and their manicures and the American people are paying for that," charged Democratic congressman Elijah Cummings of Maryland. Appearing before the committee, Martin Sullivan, the AIG CEO until June, said the company was overwhelmed by a "financial global tsunami," and that "no simple or single cause" was to blame. Related "I am heartbroken at what has happened," Sullivan said. Robert Willumstad, CEO from June to September, 2008, maintained that AIG was a victim of a "crisis in confidence" and an "unprecedented global catastrophe." But the Democrats have uncovered evidence that AIG bigwigs were warned of impending trouble by auditors at Pricewaterhouse Coopers.

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