AIGFP – Goldman Sachs – Collateral Calls

AIGFP – Goldman Sachs – Collateral Calls

• It seems clear to me that Goldman does not want to go to dealer polls.
  • My guess is, if we offer them an additional $1.250 billion they will balk but eventually accept.
  • If we offer them $1.5 they will whinge <sic> but go along.
  • They may hold out for a bit more but I doubt more than $1.750 billion.
• ⇒  My recommendation is that it would serve us well to go back to them and offer to pledge an additional $1.25 billion very soon and request that they not make further calls for another 90 days from the end of Feb.
• Please let me know how you wish to proceed.

Joe [Cassano]

2008 0307 – AIG Cassano email to Dooley and Bensinger – 2p

• 2007 0711 – AIG – AIG Transcript of phone call between Andrew Forster and Alan Frost – 8p
• 2007 0730 – AIG – AIG Transcript of Phone Call between Andrew Forster and John Liebergall – 55p
• 2007 0801 – email – AIG – Tom Athan to Andrew Forster – 2p
  • Tough conf call with Goldman. They are not budging and are acting irrational.
• 2007 0816 – email – AIG – Forster to Frost – AIGFP – 2p (p1)
  • Andrew Forster to Alan Frost: I have heard several rumours now that gs is aggressively marking down asset types that they don’t own so as to cause maximum pain to their competitors.
    • It may be rubbish but its the sort of thing gs would do.
• 2007 0816 – email – AIG – Frost to Forster – AIGFP – 2p (p2)

  • Alan Frost to Andrew Forster: I wasn’t really expecting to resolve anything, but starting the dialog was somewhat important.

    • Remember, I’m a marketing guy, so I have but no choice to manage the relationship.

• 2007 1008 – email – AIG – Cassano to Forster, etc – AIGFP – 1p
• 2007 1101 – email – AIG – Cassano to Habayeb – AIGFP – 3p
• 2007 1123 – 2007 11 23 Margin call to AGIFP (sic) / AIGFP – 54p 
• 2007 1127 – email – AIG – Cassano to Dooley, etc – 2p
• 2007 1130 – email – AIG – Cassano to Sherwood – Goldman Sachs – 1p
  • He then said “ugh” and said “I guess we will be speaking more next week”.
    • We hung up on good terms.
    • [Bonk: Would Sherwood agree that they “hung up on good terms?”]
• 2007 1220 – Goldman Sachs Collateral Disagreement re Observations and Conclusions by Micottis – 44p
• 2008 0116 – email – AIG Cassano to Goldman Sachs Sherwood and Viniar re : CDO Valuations – 7p
• 2008 0307 – AIG Cassano email to Dooley and Bensinger – 2p
• 2008-03-25 AIG Forster email to Neil Wright – FCIC – Dealer Poll – 2p
  • Dealer Poll
• 2008 0424 – AIG Letter to Goldman Sachs Regarding Amended Lender Agreement – 2p
• 2008 0506 – Goldman Sachs and AIG Credit Event Notice and Notice of Publicly Available Information – 6p
• 2010 0701 – AIG/Goldman Sachs Collateral Call Timeline with Supporting Documents –  518p
• 2010 0917 – FCIC Staff Memo from Chris Seefer and Carl McCarden to the Commissioners re Goldman Sachs Exposure to AIG – 8p