The Audit Committee meeting minutes reflect that Sullivan, Bensinger, and Lewis were all actively involved in discussions with PwC on this issue. <Material Weakness, AIGFP, CDS>
AIG Audit Committee - Meeting minutes from January 15th, 2008.
“Mr. Bensinger [AIG CFO] then indicated that he, Mr. Sullivan [AIG CEO] and Messrs. Ryan and Nally had been meeting regularly to discuss the control matters…Mr. Ryan commented that following the third quarter close, the PwC team debriefed and assessed a number of issues that had occurred, such as
the securities lending program and the operation of AGF, Inc., the AIG Financial Products Corp super senior credit default swap portfolio and disclosure issues in the
presentation of maximum exposures of UGC…”-----
(p6) - Mr. Sullivan commented on crisis management. indicating that he is hopeful that AlG's current ratings can be maintained as any downgrade of more than one notch would trigger coIlateral calls and potentially negatively affect the securities lending program.
(p8) - Mr. Willumatad asked Bob Sullivan <PWC> to give a high level summary of the
discussion that he he had will Bob Sullivan an Tim Ryan <PWC> on what need to be done to achieve remediation.