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Last month we reported how insurance giant AIG had to be bailed out by the US government for $85bn. It’s all part of ‘Socialism for the rich, capitalism for the poor.’


Less than a week after the bailout, the company held a week-long retreat for its executives at the luxury St. Regis Resort in Monarch Beach, Calif., running up a bill of $440,000,

At the opening of a House committee hearing about the near-failure of the insurance giant, Congressman Henry Waxman showed a photograph of the resort. Waxman said the executives spent $200,000 for rooms, $150,000 for meals and $23,000 for the spa.