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Ever since the government decided to spend hundreds of billions of dollars propping up troubled banks, there have been reports of those banks and executives spending funds on extravagant, seemingly gratuitous items.
Whether it was the insurance giant A.I.G. spending $440,000 for a week-long retreat for executives, Merrill Lynch CEO John Thain sinking more than $1 million into office decorations, Bank of America hosting a conference call to help defeat the Employee Free Choice Act, or Wells Fargo organizing (then canceling) a Vegas retreat, head-scratching expenditures seem to be the order of the day.