New York: First there was the $440,000 that American Insurance Group Inc. spent entertaining executives days after receiving an $85 billion lifeline from the Federal Reserve. Now it's $86,000 for a hunting trip in England after the faltering company reaped another $37.8 billion in taxpayer-funded loans.
News of the hunting trip emerged Wednesday as NY Attorney General Andrew Cuomo ordered AIG to do away with golden parachutes for executives, golf outings and parties while taking government money to stay afloat.
Cuomo said he has the power under state business law to review and possibly rescind any inappropriate AIG spending. More here
Now we know what "Party like it's 1999" really means. 1999 is when the Glass-Steagel Act was repealed, which had kept banks from investing our money in "paper" like subprime mortgages