American International Group Inc., which vowed to temper spending after hosting a conference at a California resort during a federal bailout, scrapped a similar event planned for next week at a $400-a-night hotel.

Joe Norton, an AIG spokesman, said Thursday that the conference, scheduled for the Ritz-Carlton in California's Half Moon Bay, was canceled "after a re-evaluation of the costs under the new circumstances."

The White House, Congress, and Sen. Barack Obama castigated AIG this week for spending $440,000 last month at the St. Regis resort in Monarch Beach.

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