Q: Who at AIG Was Responsible for Securities Lending?

  • Outside of the holding co., the insurance subs have about $68B in securities lending liabilities to the 12 largest firms.
  • Program is managed by the holding company (AIG Financial Products).

2008 0912 - FCIC - 2008-09-12 Alejandro LaTorre Email to Geithner et al re Update on AIG (FRBNYAIG00509) - 2p 

  • Hank Greenberg - Win Neuger
    • 2009 0402 - GOV (House - Oversight and Reform) - The Collapse and Federal Rescue of AIG and What It Means for the U.S. - [PDF-87p
      • (p64) - Mr. Foster (D-IL).   ...who was actually performing the loaning and making the decisions?
      • Mr. GREENBERG. I think that was done by Win Neuger, the head of investments.
  • Habayeb - FCIC Interview Part 1
    • Not AIGFP
  • Ted Holliday - AIG - VP-Senior Securities Lending Trader, AIG Global Investment Group, Nov 1998 - Mar 2010 - 11 years 5 months
  • Mark Hutchings - FCIC Interview
    • Craig Mitchell
    • Anatoli Burman <sp>
    • Richard Scott
    • Peter Adamczyk
    • Mike Rieger
    • Random Guys
  • Bob Lewis - FCIC Interview - Richard Scott
  • Richard Scott - FCIC Interview
    • Securities Lending wasn't on his radar until 2007
  • Martin Sullivan - FCIC Interview - Win Neuger
  • Christopher Swift - AIG
  • 2008 0912 - FCIC - FRBNY - 2008-09-12 - Alejandro LaTorre Email to Geithner et al re Update on AIG - 2p
    • Outside of the holding co., the insurance subs have about $68B in securities lending liabilities to the 12 largest firms.
    • Program is managed by the holding company (AIG Financial Products).
  • Cash investment Possibilities: AIGFP, AIG Trading Partners, AIG Investments, AIG Global Investments, AIG Treasury Department (Richard Scott FCIC Interview)
  • AIG Securities Lending (Ireland) Limited Ireland Asset Management AIG Securities Lending Corp. United States Asset Management
  • 2010 0617 - FCIC - Transcript of Interview with Martin Sullivan_1.pdf - 139p
    • SEEFER: Any responsibility as COO of overseeing any of the AIG investment securities lending business at that time?
    • SULLIVAN: Best of my knowledge, no, sir.
    • SULLIVAN: Well, again, for educational purposes, security lending was just one part of AIG investments’ overall investment portfolio.
      • Now the head of that, as I mentioned earlier, was Win Neuger.
      • He would attend those meetings.
    • SULLIVAN: You'd have to ask Win Neuger and others more specifically on the investment area.
      • But my understanding was that these were highly rated instruments.
  • 2007 1205 - Conference Call FINAL TRANSCRIPT - AIG - American International Group Investor Meeting Event - 66p
    • Win Neuger: I'd now like to turn it over to Richard Scott, Senior Vice President for Investment and Head of Fixed Income as well as the Chief Investment Officer for the Insurance Company portfolios. Richard?
    • RICHARD SCOTT, SVP - INVESTMENTS, AMERICAN INTERNATIONAL GROUP: Thank you, Win.
      •  I'd like to introduce a couple of my colleagues who are with me here today.
      • Sonia Hamstra who is sitting directly my right runs our Structured Credit Group and our Capital Markets Operations.
        • I give her credit for the fact that we do not have any SIV exposure, she actually was assigned a couple years ago the task of examining whether or not we might want to sponsor an SIV.
        • She came back with the good answer that no we did not want to sponsor an SIV and furthermore we didn't really want to invest in them either.
    • Craig Mitchell who is sitting next to her is the primary Portfolio Manager responsible for the U.S. Insurance Operations.
      • Jason D'Angelo who is sitting next to him, Andy Parower and Joseph Philips are all analysts in our MBS area and are here to help with whatever questions we may have in a greater degree of detail.
        • They are part of a team of 16 professionals we have dedicated to the RMBS space. 
      • Touching briefly on some high-level numbers, 97% of our book is rated AAA, AA, or is agency paper, 89% is agency or AAA, about 28% is subprime of which 85% is AAA.
      • Our ratings performance, which was touched on earlier has been excellent this year, at least excellent relative to the market as a whole with downgrades throughout this book relative to market downgrades as measured by Moody's, or frankly as measured by the other agencies at a significantly reduced level as a percentage of our book than is true for the market as a whole.