FCIC – Testimony

  • 2010 0113 – Mark Zandi (Moody’s) – Written Testimony – Before the FCIC on The Causes and Current State of the Financial Crisis – 17p
  • 2010 0114 – FDIC FCIC – Sheila Bair, FDIC – 54p  
  • 2010 0407 – FRB FCIC – Alan Greenspan, Former Chair of the Federal Reserve and Private Adviser – 25p
  • 2010 0505 – SEC FCIC – David Kotz, SEC – 15p
  • 2010 0506 – Geithner – 6p
  • 2010 0630 – AIG FCIC – Bob Lewis, Robert E. Lewis, AIG – 4p
  • 2010 0630 – AIGFP FCIC – Joseph J. Cassano, AIG Financial Products – 9p
  • 2010 0630 – Goldman Sachs FCIC – Gary D. Cohn, President & Chief Operating Officer of The Goldman Sachs Group – 3p
  • 2010 0701 – AIG FCIC – Elias Habayeb, AIG Senior Vice President of Investments and Financial Services Divison – 4p 
  • 2010 0701 – AIG FCIC – Steven Bensinger, AIG Treasurer – 3p
  • 2010 0701 – AIGFP FCIC – Andrew Forster – 4p
  • 2010 0701 – NYSID FCIC – Eric Dinallo – 20p

AIG – PWC – PricewaterhouseCoopers

  • 2007 02 – PricewaterhouseCoopers Audit Committee Notes – 3p
  • 2007 0808 PWC Memo to AIGFP 2007 2Q Review Files.pdf – 2p
  • 2007 1011 – PWC Notes of a Meeting at AIGFP – 3p
    • 2007 1106 – AIG – Audit Committee – 14p
  • 2007 1022 – PWC – Notes of a telephone conversation with Joseph St Dennis (JSID), Exit Interview – 2p
  • 2007 1107 – PWC Memo from audit team to AIG re Critical Matter – Super Senior CDS – 17p
  • 2007 1129 – November 29, 2007 – PWC Notes re Meeting to Discuss Super Senior Valuations and Collateral Disputes – 3p
  • 2007 1129 – PWC Handwritten Notes – 4p
  • 2007 1205 – AIGFP / PWC – AIG’s Evidence rejecting PWC’s Accusation of a $1.5 billion Estimated Unrealized Valuation Loss on the SSCDS Portfolio – 40p
  • 2008 02 – AIG PWC Memorandum from Habayeb Regarding Regulatory Capital Transactions – 12p
  • 2008 0206 – (Meeting) / February 13, 2008 (Letter Written re:  February 6, 2008 (Meeting) – AIG PWC Meeting Notes – 3p
    • [Bonk: File Mislabeled as 02-08]
  • 2008 0207 – AIG PWC Notes of the Audit Committee meeting – 3p
  • 2008 0228 – AIG PWC Valuation Process and Oversight of the  AIGFP SuperSenior Credit Default Swap Portfolio – 12p
  • 2010 0630 ? – AIG Statement Summary – PWC-FCIC 000008 – 40p
  • PWC-FCIC 000381-383
  • During and, in large part, as a result of our audit, it was later determined that the $1.5 billion estimate used was net of structural benefits of $700 million and a negative basis adjustment of $3.6 billion which was, apparently, not known by ERM or senior management until early February 2008. (p17)

2010 0630 – AIG Statement Summary – PWC-FCIC 000008 – 40p

  • 2007 1129 – PWC Notes re Meeting to Discuss Super Senior Valuations and Collateral Disputes – 3p
    • Secondly the issues in AIG Investment around the securities lending and the fact that if the exposure had been known prior to the q2 10Q being issued it is highly likely that the disclosures would have been changed.
  • 11-0779 – Starr International Company vs United States – Document 428 – Plaintiff’s Proposed Findings of Fact – 573p 
    • (c) On August 5, 2008, AIG’s accountants at PwC noted that over “the course of the last nine months, AIG has been building liquidity – as of June 30, 2008, cash and short-term investments, including within the Securities Lending Pool, was $82.2 billion.” (DX 175 at -233).

FCIC – Interviews

  • [AIG – Not Interviewed]
  • Bill Dooley
  • Herzog
  • Liddy
  • Win Neuger 
  • [AIGFP – Not Interviewed]
  • Bill Dooley
  • Diaz
  • [AIG – Securities Lending – Interviewed]
  • Mark Hutchings, American International Group, Inc. • MP3
  • Richard Scott
  • [AIG – Securities Lending / AIG Investments – Not Interviewed]
  • Rich <Mercanti>
  • Craig Mitchell
  • Win Neuger 
  • Michael Rieger
  • Peter Adamcyck

 

  • Bethany McLean, Author • MP3
  • James Surowiecki, The New Yorker • MP3
  • Warren Buffett, Berkshire Hathaway • MP3
  • Michael Burry, Cornwall Capital • MP3
  • Jim Chanos, Kynikos Associates • MP3
  • Wing Chau, Harding Advisory LLC • MP3
  • Steven Einhorn, Greenlight Capital • MP3
  • David Einhorn, Greenlight Capital • MP3
    • 2008 0408 – Speech – Private Profits and Socialized Risk, by David Einhorn, Greenlight Capital – 10p
      • (p5) – When I came up with the title for this discussion, it was before Bear Stearns failed.
        • I was going to point out that we were developing a system of very large, highly levered, under-capitalized, financial institutions including the investment banks, some of the large money center banks, the insurance companies with large derivatives books and the GSEs.
        • I planned to speculate that regulators believe all of these are too big to fail and would bail them out, if necessary.
        • The owners, employees and creditors of these institutions are rewarded when they succeed, but it is all of us, the taxpayers, who are left on the hook if they fail.
        • This is called private profits and socialized risk. Heads, I win. Tails, you lose. It is a reverse-Robin Hood system.
      • (p8) – On the short side we remain short credit sensitive financials, though not as short as we were a couple months ago.

        • It is hard for me to see how the rating agencies survive this debacle with their franchises intact.

        • When the authorities get beyond the “keeping the fingers in the dike” part of the crisis and shift to figuring out what we need to do to prevent the next crisis, reducing the role of the rating agencies has to be toward the top of the list.

        • Every day that MBIA credit default swaps trade at four digit spreads and the rating agencies insist its insurance subsidiary is AAA undermines rating agency franchise values.

        • Greenlight is short the rating agencies and MBIA.

      • 2008 0521 – Speech – Accounting Ingenuity, by David Einhorn, Greenlight Capital – 9p

  • [States – Insurance Commissioners]
  • 2010-10-14 FCIC staff audiotape of interview with Kim Shaul, Wisconsin Office of the Commissioner of Insurance_1.wma
    • monolines – Ambac
    • [Bonk: <ToDo – UpLoad> – Form from Wisconsin Insurance Commissioner re: ok for Ambac… Date-?
  • Eric Dinallo

Dixie Noonan

  • 2010 0330 – FCIC staff audiotape of interview with Patrick Parkinson, Federal Reserve Board (Interview 1)
  • [Andrew] Forster 
  • Gene Park
    • 2010 0513 – D Noonan ltr to B Rohde re Park Interview_1.pdf
  • [Robert] Lewis 
  • [Pierre] Micottis
  • Eric Dinallo Background Information
  • Hank Greenberg
  • 2010 0622 –  FCIC staff audiotape of interview with Mark Hutchings, American International Group, Inc.mp3 – Securities Lending
  • 2010 0628 –  Richard Scott FCIC – AIG Investments – Securities Lending
  • 2010 0824  – FCIC staff audiotape of interview with Patrick Parkinson, Federal Reserve Board (Interview 2)
  • DNoonan Index for Greenspan Public Speeches_1.docx
  • AIG Securities Lending / Life Insurance – 50-55 Billion
    • mp3 interview – Dixie / 

AIG – Systemic Risk

  • (p17) – One of the fears was that if things had gone in another direction and AIG had to be wound up, each one of the state commissioners would have had its own proceedings.
  • That was part of what created systemic risk for AIG, where there would be a fragmented series of resolutions and every insolvency official appointed by a commissioner would try and seize AIG assets.

2018 1120 – Lessons Learned Oral History Project Interview: Thomas Baxter – 19p

  • 2009 0226 – AIG – AIG: Is the Risk Systemic? – 21p
  • 2012 – JIR / NAIC – An Analysis of the AIG Case : Understanding Systemic Risk and its Relation to Insurance, Etti G. Baranoff – 30p
  • (p19) – The reason the Federal Government decided to rescue AIG was because of the systemic risk created by Financial Products.
  • (p19) – To make matters worse, the counterparties to those swaps included many of the world’s leading financial institutions.
    • It was to protect those institutions that the Federal Government acted.

—  Testimony of the Honorable Joel Ario, Insurance Commissioner, Pennsylvania Insurance Department, On Behalf of the National Association of Insurance Commissioner

2009 0318 – GOV (House) – American International Group’s Impact On The Global Economy: Before, During, And After Federal Intervention, Federal Aid to AIG Insurance, Regulators Panel (CSPAN), Paul Kanjorski (D-PA)  —  [BonkNote]

  • (p84) – Mr. CAMPBELL (R-CA). Talk about the life insurance subsidiary for a second.
    • I know that in your-I believe it was the company’s evaluation of systemic risk, that is where you believe there is a great deal of systemic risk, but there is a lot of counterparty liabilities to other life insurance companies. Is that true?
  • Mr. LIDDY. It is in both.
    • You know, we insure, on the property casualty side, we insure 94 percent of the Fortune 500 companies.
    • So the systemic risk idea is very real in both the property casualty and the life side.

[PDF-380p

  • Systemic risk afflicts all life insurance and investment firms around the world.
  • Thus, what happens to AIG has the potential to trigger a cascading set of further failures which cannot be stopped except by extraordinary means. (p2)
    • The failure of AIG would cause turmoil in the U.S. economy and global markets, and have multiple and potentially catastrophic unforeseen consequences.  (p3)
    • The systemic risk is principally centered in the “life insurance” business because it is this subsector that has the greatest variety of investments and obligations that are subject to loss of value of the underlying investments. (p4)
    • A significant rise in surrender rates – inspired by consumers’ needs for cash or because of rumored or real failure of insurance companies – could be disastrous.
      • Because of widespread loss of liquidity, the industry would struggle to raise adequate cash to meet surrender requests.
      • A “run on the bank” in the life and retirement business would have sweeping impacts across the economy in the U.S. In countries around the world with higher savings rates than the U.S., the failure of insurance companies like AIG would be a catastrophe. (p4)
    • AIG has written more than 81 million life insurance policies to individuals worldwide – Face value: $1.9 trillion (p9)
    • Surrender of insurance policies at above-normal actuarial rates could impair current policyholders as capital, along with state guarantee funds, might be insufficient to pay all policyholder claims. (p9)
    • Since life insurance has changed greatly in character over the last two decades – from just a basic provision of death and disability benefits to a vehicle for retirement savings and wealth accumulation – the effects of disrupting the industry are wide ranging and significant. (p21)
2009 0226 – AIG – AIG: Is the Risk Systemic? – 21p

AIG – FRB – Life Insurance Companies

  • 2008 0914 – FRB – FRBNY Alejandro LaTorre e-mail to Timothy Geithner re Pros and Cons on AIG lending – 21p

  • 2008 0914 – FRB (Adam Ashcraft) – FCIC-AIG0021165 – 2p
    • The Citi research piece suggests the could raise $20 billion by selling subs, but this is much less than their true value given distressed markets.
    • Citi also notes that the firm could also hedge COO risk with little effect on capital as these positions have been written down to fair value.
    • A capital raise now would be highly dilutive given market prices, but I don’t think we can justify access to the window based on the fact that shareholders don’t want diluiton.
  • 2008 0913 – FCIC – FRBNY Email re AIG-Board Call – SB-AIG-35647 – 2p
    • Medium term plan is to sell approximate $40 billion of high quality assets, largely life insurance subsidiaries in the US and abroad to raise capital/cash needed to fill the hole.
    • Such a sale of assets would amount to AIG selling approximately 35 to 40% of the company.

    • (AIG believes that they can make the point that because of the value in the insurance companies, this is truly a liquidity problem overall, not a solvency one.)

Europe – AIG – FCIC

  • 2008 0915 – FCIC – FRB – (Alexander J Psomas) – FCIC-AIG0020S00 – 1p
    • Within the wholesale arena, the firm has noteworthy exposures to large European banks, many using insurance vehicles to facilitate regulatory capital relief.
  • Skinner

Roles – AIG – FCIC

  • Hi folks,
  • Just want to reiterate some perspective that we all need to keep in mind.
    • 1. We are not involved in AIG from a supervisory perspective (in contrast to LEH where we did have responsibilities as a result of PDCF)
    • 2. As a result, we need to be clear that we are NOT holding ourselves out as responsible when we deal with firms and other supervisors.
    • 3. Our perspective is on understanding the actions others are taking.
  • To that end, we have three key activities:
    • 1. We need to understand the exposures of our firms (banks and IBs)
    • 2. We need to stay in the information loop, but “low key” our interactions with NYS-Insurance and the UK-FSA. We will have some light-interface with other supervisors (OTS, etc).
    • 3. Through Legal, we want to understand how the bankruptcy process will play out.
  • We will not be doing things that hold us out as having responsibility, such as holding regulatory coordinating calls, etc.
  • We also believe that the private sector is and should be actively working on a resolution, and that based on our earlier dimensioning work that AIG has options (albeit unpleasant) to solve this themselves.

2008 0915 – FCIC – FRB (Brian Peters) – FCIC-AIG0017238 – 2p

AIG – FCIC – Documents

  • LISTS
  • Starr International Company, Inc. v. The United States Joint Exhibit List – 26p
  • 2010-0630-AIG-Risk-Management.pdf – 29p
    • 2005-07-21 Email from Forster re Topics to discuss AIGFCIC00145574_1.pdf
    • 2006-02-28 Email from Park to Cassano re exiting business-AIGFCIC00109490_1.pdf
    • 2007-11-29 PwC Meeting Notes PWC-FCIC 000381-383_1.pdf
    • 2008-02-06 PwC Meeting Notes PWC-FCIC 000384-386_1.pdf
    • 2005-12-20 CRC memo re AIGGIG Global Securities Lending Cash Policy AIG-FCIC00550171-00550175_1.pdf
  • FCIC – Finding Aid for the Records of the Financial Crisis Inquiry Commission – 2190p
  • FCIC – Fact Sheet on AIGFP, Hank Greenberg – 13p
  • FCIC – Goldman Sachs-AIG Collateral Call Timeline From December 2006-November 2008 – 16p
  • Comment on possible 13-3 lending to AIG (FCIC-AIG0021568) – 2p

2000-2006

  • 2000 0616 – NYSID Letter – Letter from Rochelle Katz, Associate Att’y, State of N.Y. Ins. Dep’t, to Bertil Lundqvist, Att’y, Skadden, Arps, Slate, Meagher & Flom, LLP ( June 16, 2000) (on file with the N.Y. Dept. of Ins. Gen. Counsel). / NYSID Letter to Starr International Inc. Regarding Credit Default Option Facility – 2p
  • 2004 0820 – FCIC AIG – AIG Memo from Robert Powell to Kevin McGinn re Credit Derivative Transaction with lona – 12p
  • 2005 0614 – AIG Executive Summary Memo from Alan Frost and Gary Gorton – 8p
  • 2005 1220 – AIG – <Credit Risk Committee> – CRC memo re AIGGIG Global Securities Lending Cash, AIG-FCIC00550171-00550175 – 5p 
  • 2006 1115 – AIGFP – Meeting Minutes of Directors of AIG Financial Products Corp. – 5p

2007

  • 2007 – AIG – AIG Fourth Quarter Multi-sector CDO and Euro RMBS USD Exposure Summary, 2007 – 7p
  • 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 0809 – AIG – AIG Second Quarter Earnings Call (Bloomberg) – 28p
  • 2007 0809 – AIG – AIG Residential Mortgage Presentation – 35p
  • 2007 1107 – AIG – AIG Third Quarter Earnings  Conference Call (LexisNexis) – 21p
  • 2007 1120 “A Credit Perspective for the CFO.” AIG-SEC9422058- 9422060 (Nero – Kevin McGinn) – 3p
  • 2007 1129 – AIG Goldman Marks – 1p
  • 2007 1130 – AIG Memo from AIGFP to Goldman Sachs regarding returning collateral payment – 3p
  • 2007 1205 – AIG –  American International Group Investor Meeting – Final – 66p
  • 2007 1205 – AIGFP / PWC – AIG’s Evidence rejecting PWC’s Accusation of a $1.5 billion Estimated Unrealized Valuation Loss on the SSCDS Portfolio – 40p
  • 2007 1207 – AIG – AIG Super Senior Credit Transactions- Principal Collateral Provisions – 52p
  • 2007 1231 – AIG – AIG Status of Collateral Call Postings – 8p

2008

  • 2008 0127 – AIGFP – AIG Email from Tom Athan to Joe Cassano re CDS Collateral Call Status – 1p
  • 2008 0310 – OTS to AIG – OTS (CK Lee) Letter to AIG Board Of Directors re Supervisory Concerns –  3p
  • 2008 0611 – AIGFP – Minutes of the 2008 Annual Meeting of Directors of AIG Financial Products Corp. – 10p
  • 2008 0807 – Conference Call Credit Presentation – 87p
  • 2008 0813 – FCIC – FRB (Tobias Adrlan) – FCIC- SI0001369 – 5p
  • 2008 0814 – FCIC – FRB – Summary of Drivers of Potential Earnings, Capital and Liquidity Issues – 2p
  • 2008 0814 – FCIC – FRB (Kevin Coffey) re: Meeting with OTS (SL) – FCIC-AIG0021211 – 2p
  • 2008 0819 – Goldman Sachs – Don’t Buy AIG: Potential Downgrades, Capital Raise on the Horizon – 18p
  • 2008 0819 – Goldman Sachs / FRB emails – Don’t Buy AIG: Potential Downgrades, Capital Raise on the Horizon – 20p
    • 2008 0819 – 2008-08-19 FRB Email re Goldman Sachs Report on AIG.pdf – 20p
  • 2008 0831 – AIG to AIG – Email from Aaron Katzel Regarding Revised Project Green Talking Points <with Geithner> – 7p
  • 2008 0901 – AIG – AIG Multisector CDO Report – 1p
  • 2008 0902 – FCIC – FRB (Danielle Vicente) – AIG Liquidity and Access to the PDCF – 4p
  • 2008 0902 – Office of Thrift Supervision Department of the Treasury Targeted Review American International Group Inc AIG – 20p
  • 2008 0912 – FRB (From: Hayley Boesky) – Subject AIG panic – FCIC-SSI0000710 – FRBNYAIG00511 – 1p
  • 2008 0912 – FRB – Alejandro LaTorre Email to Geithner et al re Update on AIG.pdf – (FRBNYAIG00509) – 2p
  • 2008 0912 – FRB – Federal Reserve Bank of New York Meeting with AIG Notes – Mosser – FCIC-AIG0021217 – 2p
    • Ratings Downgrades Triggers
  • 2008 0913 – FCIC – FRB email (Mosser) – SB-AIG-35651 – 1p
  • 2008 0913 – FCIC – FRBNY Email re AIG-Board Call – SB-AIG-35647 – 2p
  • 2008 0913 – FCIC – FRB (Brian Peters) -FRBNYAIG00510 – 2p
  • 2008 0914 – FRB – Federal Reserve Bank Conference Call with Eric Dinallo – 4p
  • 2008 0914 – FRB (Adam Ashcraft) – FCIC-AIG0021165 – 2p
  • 2008 0914 – FRB – Cover Email from Alejandro LaTorre Regarding Pros and Cons of Lending to AIG – (JX-04899, FRBNY-STARR(CFC)-00006555) – 3p 
  • 2008 0914 – FRB – FRBNY Alejandro LaTorre e-mail to Timothy Geithner re Pros and Cons on AIG lending – 21p
  • 2008 0915 – AIG to AIG – Email from John Studzinski Regarding AIA – 1p
  • 2008 0915 – AIG External CDS Notional by Counterparty as of 9/15/08 – Excel-link
  • 2008 0915 – FCIC – FRB – (Alexander J Psomas) – FCIC-AIG0020S00 – 1p
  • 2008 0916 – FCIC – Email from Sarah Dahlgren Regarding Exposure to AIG & Impact Analysis – 5p
  • 2008 0916 – FCIC – Email from Dianne Dobbeck Regarding Top 20 Firms Exposure to AIG: Tier 1 Impact (Sec Lending) – 2p
  • 2008 0916 – FCIC – FRB (Alex to Tim) – FCIC-SSI0007460 – 1p
    • 2008 0916 – FCIC – Systemic Impact of AIG Bankruptcy attachment to FRBNY –  internal email from Alejandro LaTorre to Geithner – FCIC-SSI0007443 – 3p
  • 2008 0916 – FCIC – FRB – Email from Julie Dolan Regarding AIG Documents Requested – 17p
    • p6 – AIG Bankruptcy Considerations  –
      • Impact on regulated insurance subsidiaries if parent Holding Co files for bankruptcy
        • If the insurance subsidiaries are / are not financially healthy:
    • p12 – Crisis of confidence
  • 2008 0916 – Email regarding AIG Statement on Announcement by Federal Reserve Board of $85 Billion – 3p
  • 2008 0916 – Demand Note for $14,000,000,000 and other documents signed by K. Shannon – 24p
    • 2008 0916 – <CANCELED> Demand Note for $14,000,000,000 and other documents signed by K. Shannon – 4p
  • 2008 0923 – AIG Report on Status of Collateral Calls Super Senior CDOs – 23p
  • 2008 0928 – AIG Global Restructuring Plan, FRBNY-TOWNS-R1-101271 – 43p
  • 2008 1106 – FRB – Proposed steps to stabilize American International Group, Inc. (Memo) – 27p
  • 2005 0614 – AIG Executive Summary Memo from Alan Frost and Gary Gorton – 8p

2009

  • 2009 0226 – AIG: Is the Risk Systemic? – Report – 21p  
  • 2009 – NYT – The Case for Saving AIG, Andrew Ross Sorkin – [link]

2010

  • 2010 0917 – FCIC Staff Memo from Chris Seefer and Carl McCarden to the Commissioners re Goldman Sachs Exposure to AIG – 8p

AIGFP – FCIC

  • AIG Matched Funding Corp., a wholly-owned subsidiary of AIG Financial Products Corp., was established for the purpose of issuing debt securities. – 5p
  • AIG Premium Financing
  • AIG Credit
  • AIG Trading Group
  • American General
    • 2010-06-16 FCIC staff audiotape of interview with Elias Habayeb, American International Group, Inc. (Part 1)_1.wma
  • FCIC – Fact Sheet on AIGFP – 13p
  • John Liebergall:  ..any issues with doing overnight with the street if it’s … if it’s on … guraanteed on any real collateral, do you?
  • ANDREW FORSTER:  Yeah, no, I wouldn’t do best then.
    • [Bonk: Typo-? – “best then” = “Bear Stearns” – ?]
  • John Liebergall:  At all? Really? You think they got big [UNINTEL]?
  • ANDREW FORSTER: I think it’s going to get real … I just don’t I think I don’t see the point of doing them, to be honest.
  • John Liebergall: Okay.
  • ANDREW FORSTER: Because it’s just going to … you know … they’re the only ones that we, uh that I just think could be sort of like, you know, ugly. They … because they’ve got a lot of … they’ve got a huge amount of sort of short-term, uh, paper they need to roll.

2007 0730 – Transcript – AIG Transcript of Phone Call between Andrew Forster and John Liebergall – 55p

  • 2003 0819 – FCIC AIGFP – ISDA Master Agreement between AIG and Goldman Sachs – 62p
  • 2005 0721 – email – Andrew Forster to AIGFP – 1p
  • 2005-12-07 CRC Memo Broderick CDO I AIG-FCIC00098115_1.pdf, Credit Approval Form and Executive Summary, Credit Risk Committee – 11p
  • 2006 0215 – email – AIG – Alan Frost to Park, Forster, Budnik, etc. – re: Subprime Thoughts – AIGFP –  5p
  • 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 1109 – email – AIG – Forster to Cassano – Marks from Merrill – 7p
  • 2007 1118 – email – AIG – Forster to Cassano – GS Prices vs Others – FCIC AIGFP – 1p
    • All prices we have received are as of 10/31
  • 2007 1207 – FCIC AIGFP – AIG Super Senior Credit Transactions- Principal Collateral Provisions (AIG-FCIC00535403) – 52p
  • 2007 1220 – FCIC AIGFP – Goldman Sachs Collateral  Disagreement re Observations and Conclusions by Micottis – 44p
  • 2008 0108 – FCIC AIGFP – AIG Email between Neil Wright Andrew Forster regarding idea – 1p
  • 2008 0111 – email – RE: BET Valuations for Multi-Sector CDO book, Habayeb, Herzog, 
  • 2008 0228 – FCIC AIGFP – Memo from Habayeb Re Valuation of AIG super senior credit default swaps as of September 30, 2007 (PWC-FCIC 000101) – 8p
  • 2008 0808 – FCIC AIGFP – AIG Email from Tom Athan to Alan Frost Re Latest on Goldman Sachs – 2p
  • 2008 0814 – FCIC – FRB (Kevin Coffey/NY/FRS) – FCIC-AIG0021211 – 3p
    • AIGFP specific issues
      • CEO Bob Willumstad is under significant pressure to exit this business (given the CDS losses).