AIG Cancels an Upcoming Conference for Independent Agents
American International Group Inc. (AIG) canceled a scheduled conference at Half Moon Bay, about 30 miles south of San Francisco in the midst of criticism aimed at the insurer over a conference held by one of its subsidiaries last month. The upcoming conference was designed to "motivate and educate'' about 150 independent agents who sell AIG coverage to high-end clients.
The conference, scheduled to be held at the Ritz-Carlton in California's Half Moon Bay, was canceled today "after a re-evaluation of the costs under the new circumstances,'' said spokesman Joe Norton. The White House and Congress had criticized AIG this week for spending $440,000 last month at the St. Regis resort in Monarch Beach after receiving a government loan of $85 billion.
AIG Chief Executive Officer Edward Liddy told Treasury Secretary Henry Paulson yesterday that the event at the St. Regis was mischaracterized by Congress and did not involve executives from AIG headquarters as reported, however, he also stated that the company will rethink expenses.
In his letter to Paulson, Liddy said the St. Regis gathering was planned "many months'' before the Fed's initial loan to AIG. Next week's meeting was also planned before the government loan.
"This sort of gathering has been standard practice in our industry for many years,'' Liddy wrote. ``Let me assure you that we are reevaluating the costs of all aspects of our operations in light of the new circumstances in which we are all operating.''
Published on October 10, 2008
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