WASHINGTON (Reuters) - Lawmakers criticized American International Group Inc (AIG) on Tuesday for ignoring financial warnings and for lavish spending, including an executive retreat just days after getting an $85 billion rescue loan.
Former top executives, who blamed the insurer's woes on aggressive accounting rules and short sellers of AIG stock, drew further fire at a congressional hearing for a $1 million-a-month consulting contract given to an executive who once headed its financial products unit.
"They were getting facials, manicures, and massages, while the American people were footing the bill," said Rep. Elijah Cummings, a Maryland Democrat on the House Oversight and Government Reform Committee.
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