OJK’s Monitoring of Insurance Firms
All 535 members of the United States Congress were enraged upon finding out that the executives of insurance firm American International Group Inc (AIG) were having a lavish vacation just one day after the firm received a Congress-approved US$85 billion bailout.
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All 535 members of the United States Congress were enraged upon finding out that the executives of insurance firm American International Group Inc (AIG) were having a lavish vacation just one day after the firm received a Congress-approved US$85 billion bailout.
The bailout was approved to salvage AIG from mismanagement by its leaders. It was reported that AIG bosses spent $440,000 on a gathering at St. Regis, a luxurious hotel in Los Angeles, California. As they partied, golfed and enjoyed spa treatments, AIG was experiencing a liquidity crisis following the bankruptcy of prominent investment firm Lehman Brothers.