In the wake of wild swings in the stock markets fueled by persistent economic unease, most Americans are searching for reassurance that recent measures taken by their government to stabilize the economy will soon find traction. Just as the current financial crisis didn't happen over night, the cure cannot be expected to render immediate results. But even as Washington begins corrective action, it appears at least one major beneficiary of federal help is having a hard time adjusting to financial sobriety. It had better get its act together quickly.

Last week, it was revealed that executives with the insurance giant American International Group (AIG) just concluded an opulent partridge hunting jaunt to a historic English estate, shuttled to and fro by private jet. While the costs of this corporate junket are being tallied, we already know that the same company played host a few weeks ago to a $440,000 retreat at a high-priced California resort with $600+ a-night rooms, running up tens of thousands of dollars in tabs for everything from bar fees to dips in the hotel spa.

The "lifestyles of the rich and famous" habits of AIG's top brass are all the more galling given the fact that just prior to both spending sprees their company received approval for two large loans from the Federal Reserve totaling over $123 billion. These taxpayer-funded loans, which were not part of the recent $700 billion financial rescue package that lawmakers approved in early October, should be given even more oversight.

Last week, the Attorney General of the State of New York announced an investigation of his own into AIG's poor spending habits and ordered the corporate giant to "cease and desist" such arrogant and cavalier actions which might involve taxpayers' money. The Washington Post reported that part of the investigation into AIG is focusing on whether the company violated the law by doling out generous bonuses at the same time company officials were aware of AIG's financial problems. New York State is on the right track and the federal government should follow its lead with similar probes into AIG misconduct.

Such improper activity is not surprising to me. After the federal rescue of the airline industry following 9/11, I was outraged at the gall of major airlines awarding large salaries and retirement trusts to their top executives as many of their rank and file employees were being given pay cuts or shown the door. I believed then, as I still believe now, that if corporate shareholders were given adequate advance notice of exorbitant CEO salaries and golden parachutes, many would never be approved. I introduced the Corporate Advance Disclosure Act in each of the last two Congresses to require corporations to report such perks to the Securities and Exchange Commission 60 days before they take effect. Unfortunately, my legislation did not come to the full House for a vote.

But Washington now has a greater opportunity to force major corporations to clean up their act. As a result of the recent financial scandals, the Justice Department and the FBI are investigating corporate executives and others for criminal behavior. And, the leverage that the federal government now has acquired through unprecedented intervention with the nation's banks should bring greater oversight over these bad practices. The financial rescue package that passed on October 3rd restricts executive compensation, including prohibitions on CEO golden parachutes. We've reached a tipping point of corporate greed and malfeasance in this country and there will be consequences for corporate bad behavior.