After government rescue, insurance firm AIG partied at swank resort
OCTOBER 7--Days after federal officials agreed to an $85 billion bailout of American International Group, the insurance firm spent more than $440,000 for a corporate retreat at a swanky California resort. An invoice from the week-long getaway, a copy of which you'll find below, was obtained by the congressional panel that has been holding hearings this week about Wall Street collapses and executive excess. The late-September AIG gathering at the St. Regis Resort in Monarch Beach cost $443,343, according to the invoice. The six-figure sum covered hotel rooms, banquets, golf fees, and spa services at the resort south of Los Angeles. However, company funds apparently were not spent on exploding cakes or urinating ice statues.

The pillaging of Tyco International by former chairman Dennis Kozlowski and his corporate cohorts was apparently a ransacking of epic proportions. Among hundreds of improper expenditures, the company actually paid half the $2 million tab for the ostentatious 40th birthday party of Kozlowski's wife Karen. Details of last June's shindig on the Italian island of Sardinia are contained in this e-mail sent to party planners by Tyco employee Beth Pacitti (the memo, drafted two months before the bacchanal, refers to Kozlowski as "LDK"). TSG's favorite touch, of course, was the ice sculpture of David, um, spewing vodka. Class all the way.

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