AIG Whiz

AIG got caught covering its assets--or lack thereof.

Phoenix TV station KNXV stalked out a hush hush financial planners conference recently held on the down low at the oh so posh Pointe Hilton Squaw Peak Resort.

Phoenix TV station KNXV, a CNN affiliate, reported that AIG tried to keep its connection to the 2008 Asset Management Conference a secret by ensuring that no AIG logos were on the property.

Undercover footage shot by KNXV shows top AIG executives, including Larry Roth, president and CEO of AIG Advisor Group, sitting poolside and drinking coffee while conference-goers attended meetings. Another executive -- Art Tambaro, head of AIG subsidiary Royal Alliance -- stayed in one of the resort's two-story villas.

The footage also shows a few executives being shuttled in a luxury Lincoln Town Car one night and enjoying dinner and drinks at a McCormick & Schmick's seafood restaurant, where they spent more than $400, KNXV reported.

(Check out the KNXV video here).

AIG spokesperson Nicholas Ashooh called the event "mischaracterized" while U.S. Congressman Elijah Cummings called for the resignation of AIG CEO Edward Liddy.

The insurance giant received an additional $40 billion chunk of the $700 billion financial bailout Monday. Total cost to the taxpayer thus far: $150,000 billion.

Just who's taking the spanking here?

Oh, that would be us. We the Taxpayer.