Reporters for abc15.com (KNXV) caught the AIG executives on hidden cameras poolside and leaving the spa at the Pointe Hilton Squaw Peak Resort, despite apparent efforts by the company to disguise its involvement.
Tambaro and other AIG executives declined to comment when approached by KNXV.
The AIG spokesman said the Casita suite was provided for free by the hotel because it had booked so many rooms.
AIG confirmed that former football quarterback Terry Bradshaw had been scheduled to appear and sign autographs. The company said it canceled Bradshaw's appearance which was to have been paid for by another company that was a sponsor of the event.
AIG said it conducted a "top to bottom review" of expenses "to validate that only expenses required to ensure the meeting's success are incurred."
The president of the AIG Advisor Group, CEO Larry Roth declined to speak to KNXV.
In a written statement, he said "We take very seriously our commitment to aggressively manage meeting costs." He said financial planners were charged a registration fee and for their travel.
A spokesman said the rooms at the luxury resort were made available at a discount rate of $189 a night.
The reports of the resort gathering came on the same day the U.S. Treasury announced it would invest $40 billion in AIG to bring the amount the federal government has put up to prevent the troubled insurance company from declaring bankruptcy to $150 billion.
"This action was necessary to maintain the stability of our financial system," said Neel Kashkari, who heads the government's bailout program.
"In return," said Kashkari in a speech today, "AIG must comply with stringent limitations on executive compensation for its top executives, gold parachutes, its bonus pool, corporate expenses and lobbying."
In addition to Roth and Tambaro, the AIG executives who spent last week at the Phoenix resort, according to KNXV, were Mark Schlafly, president and CEO, FSC Securities' Gary Bender, senior vice president, Investment Advisory Services; and Stuart Rogers, senior vice president.
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