The Federal Reserve blasted AIG for sending their employees to luxury hotels and for holding conferences at those same $2,000-$3,000 per night locations. Now it’s being reported that the Federal Reserve has been using those same ultra-luxury hotels to host their own conferences.
The Washington Post stated that on October 28, the San Francisco Fed held a conference at the Bacara Resort and Spa in Santa Barbara (pictured above). Sure it was only $300 per room, per night (Suites for $2000), but we’re pretty sure the Super 8 with a rented banquet hall somewhere else would have been much cheaper for each attendee.
Ben Bernanke was at the Santa Barbara conference while the Boston Fed threw a conference at a $320 per night Inn where luxury rooms can run as much as $2000 for suites.
BloggingStocks said they believe it was not a major sidestep for the Feds, however I can only partly agree with that statement. On the one hand, individuals attending pay their own way, with much of the costs for organizing the event being recuperated. On the other hand the “appearance” of foul play at a time when the Fed is attempting to reign in spending by government bailed out companies won’t help their image.
Okay maybe the Super 8 is pushing the boundaries of good taste for the Federal Government, but surely less auspicious surroundings could have been chosen.
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