Here’s Why Taxpayers Bailed Out AIG
WASHINGTON — Executives at the American International Group (AIG) hid from its auditors the full range of risky practices at its financial products division even as losses mounted, according to documents obtained by a congressional panel examining the chain of events that forced the government to bail out the giant insurer.

As losses from risky financial products mounted in March, the Office of Thrift Supervision warned that “corporate oversight of AIG Financial Products … lack critical elements of independence, and granularity.”

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To add insult to injury, LESS THAN A WEEK after receiving their $85 billion bailout, AIG spent almost $500,000 on a retreat for their executives, including $23,000 at a spa.  No wonder Wall Street executives didn’t want Congress to debate the $700 billion bailout and why they lobbyied hard (and successfully) to get a blank check from the american taxpayers.

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