By now you'd think there were few embarrassments left for AIG to suffer. After close to $200 billion in bailout funds and multiple rounds of retention bonus battles, if AIG just so happened to be paying for a private gold course in Connecticut for its (remaining) senior executives, even they must have followed the lead of other golfing bailout ventures and sold the property.
The Morefar Back O'Beyond course, coincidentally opened in 1964 by the founder of the company that became AIG, continues to build on its legend. Given the bailout champions penchant for going big, the rumors that the sand traps were filled with expensive crushed granite and the course's ponds doubled as landing strips for client floatplanes certainly sound about right. But with all of Congress on their case AIG, must have learned their lesson by now. So, the question remains- who owns this AIG-associated golf course?
A club official who thought he was doing his part to keep the secret in place may have accidentally spilled the beans when he said "We're totally private, we don't advertise". One can only imagine the rage when Mad Max discovers that AIG is using taxpayer money for the upkeep on a private course they were forced to put up to as collateral for a (formerly) totally private firm that doesn't advertise. Lloyd, what are you shooting these days?
Association of Golf Club With A.I.G. Still Rankles [NYT]