American International Group, Inc. (AIG)

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Cuomo warns AIG on `outrageous' perks amid bailout
Wednesday October 15, 2:24 pm ET
Cuomo warns AIG over `outrageous' spending on perks, parties and junkets amid federal bailout


ALBANY, N.Y. (AP) -- New York Attorney General Andrew Cuomo is telling American International Group Inc. to do away with golden parachutes for executives, golf outings, overseas hunting trips and parties while taking government money to stay afloat.
Cuomo says he has the power under state business law to review and possibly rescind any inappropriate AIG spending as long as the Federal Reserve is propping up the huge insurer with almost $123 billion in loans announced since Sept. 16.

Federal lawmakers and the White House have castigated AIG for spending hundreds of thousands of dollars on a posh California retreat just days after getting the federal bailout. The retreat included spa treatments, banquets and golf.

AIG didn't immediately respond to a request for comment.