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Shaw. Karen !

Contractor)
From: Kieran.Fallon@frb.gov
Sent: Tuesday, March 10,200912:01 AM
To: Hsu, Michaei
Subject: Re: Exec comp

No. Can you pass along.

Kieran

--Sent from my BlackBerry Wireless Handheld

........_ ,_" _ ".,,_~_._,.~ ", ""~._ "',',,,.~ .. '~,'_"v," ..,_,.. ~,,_,,., .. "~, ..,,., '''''''_'''" ,,, "' ,.""",..,_.".. "".~"."._.,,,, ..,,",..,,"..

From: Michael.Hsu
Sent: 03/09/2009 II :22 PM AST
To: Kieran Fallon
Subject, Exec comp

Have you seen aig's exec camp plans?

We got some matelials loday, Not pretty.

TOOl 000
Shaw. Karen (Contractor)
From: Sarah.Dahlgren@ny.frb.org
Sent: Monday, March 09,20094:55 PM
To: Hsu, Michael
Cc: James.hennessy@ny.frb.org
Subject: Re: Exec comp

(Il) (Il)

(Il) (!o) (Il) (5)

031091200903;54 PM

III

TOOIOOI
To: Williams, Andrew; lambrIght, James
Subject: RE: draft AIG counterparty talking points .- can you provide feedback, I shared with FRBNY as well

(b) (5)

From: Williams, Andrew


Sent: Friday, March 06, 2009 10:27 AM
To: lambrIght, James; Hsu, Michael
Subject: draft AIG counterparty talking points -- can you provide feedback, I shared With FRBNY as well

TOOI008
Shaw, Karen (Contractor)

From: Williams, Andrew


Sent: Friday, March 06, 2009 6:06 PM
To: Hsu, Michael; Lambright, James
Subject: RE: dreft AIG counterparty talking points -- can you provide feedback, I shared with FRBNY
as well

From: Hsu, Michael


Sent: Friday, March 06, 2009 10:56 AM
To: Willlams, Andrew; Lambright, James
Subject: RE: draft AIG counterparty talking points -- can you provide feedback, I shared with FRBNY as well
(b) (5)

TOO I009
From: Williams, Andrew
Sent: Friday, March 06, 2009 10:27 AM
To: lambright, James; Hsu, Michael
S"bjptt: rlran A1t; (mtrite'IId"l' 1818;119 1J£lhils ~~ I 6" VI III I III !\Iii Ie few II Idl k, I s1idleil will, ERBF\tY as qqell

TOOIOIO
U.S. Treasury remains understaffed were cited by participants as supporting this conclusion.

While numerous programs and facilities have been implemented over the course of the financial crisis by the officiai
sector, participants have highlighted that many of the fundamentai issues hindering an improvement of market functioning,
credit extension and confidence in the financiai system have yet to be resolved. Home prices have continued to decline
and foreclosures have risen, housing-related assets continue to deteriorate and negatively impact the soivency of financial
institutions, the extension of credit to both consumers and corporations remains severely impaired and the
macroeconomic outlook has continued to darken.

Due to what some have described as the capitUlation of hope that policymakers will be successful in their approach to
dealing with the financial crisis, global equity markets declined sharply this week. The S&P 500 is more than 9 percent
lower than last Friday and currently at its lowest level since 1996; the Nikkei is 5.2 percent .lower and currently at its lowest
level since 1982; and the FTSE 100 is 7.8 percent lower and at its lowest level since 2003. Financial sector share prices
declined even more notably, with the S&P 500 financial sector sub-index falling 18 percent on the week and 52 percent
since the beginning of the year. Concomitant with this decline, financial institutions' CDS spreads also widened notably,
with those of Citigroup and Bank of America widening 198 and 132 basis points, respectively. Cltigroup's share price
traded below $1 per share on Thursday and their CDS widened to a level of 580 basis points.

TALF announcement
This week, U.S. officials released further details regarding the Term Asset-Backed Securities Loan Facility (TALF), a
facility designed to catalyze the securitization markets by providing financing to investors to support their purchases of
certain AAA-rated asset-backed securities. Market participants welcomed the release ofTALF FAQs and terms and
conditions, as well as the schedUles for the March and April operations, though it was noted that the modifications
presented were not as significant as some had hoped. Consistent with this, spreads on TALF-eligible collateral were little
changed on the week.

The elimination of executive compensation requirements was well-received by the market, with many noting that this may
increase the likelihood that some issuers will package TALF-eligibie securities. However, the issue of executive
compensation remains a concern for those who have followed the chenging executive reqUirements under TARP. Some
have suggested that there is still a risk that the executive compensation language in TALF could be ameridedonce again
due to political pressure, could be applied not only to issuers but also to investors, and could even be applied
retroactively.

Market participants also welcomed the flatter haircut schedule and lower loan rates for government-guaranteed securities.
Small Business Administration market participants noted that the amended financing terms will likely support this market.
While details around pricing and process stili need to be worked out, a wide variety of Investors are inqUiring with issuers
about securities. On the other hand, wh.i1e the improved financing terms are considered positive for the student loan
market, many indicated that the mismatch between the three year TALF loan term and the average life of the underlying
securities Is still a concern for this market, given alternative government funding options.

While most aspects of the announcement were interpreted positively, several market participants expressed
disappointment that the modifications to the TALF Were not more substantive. In particular, market participants noted a
lack of clarity around the inclusion of commercial mortgage-backed securities (CMBS). While CMBS spreads were iittle
changed on the week, they have widened over recent weeks as a result of deteriorating commercial real estate'
fundamentals. Over the past few weeks, participants have become more vocal about the importance of Including CMBS
in the list of eligible collateral. At the same time, however, they have aiso become more uncertain regarding when such
inclusion would occur. Indeed, some market participants have stated that TALF's credibility has been damaged by the
delays associated with the first implementation.

Another modification to the plan that several had hoped would be announced this week was an expansion of the list of
eligible securities to include legacy assets. These participants highlight that while TALF may be successful in reducing
credit spreads and increasing the provision of credit, it does not address the more fundamental issue that has been
driving credit spreads wider; namely, that TALF does little to remove troUbled legacy assets from financial institutions'
balance sheets.

Action points related to TALF as perceived by the market


While many syndicate dealers acknowledge that it may be difficult, commit to the inclusion of CMBS and provide a
concrete timeline that will be met.

TOOI0ll
Allow investors to pledge legacy assets as collateral for TALF loans.

Unambiguously eliminate the possibility that executive compensation restnctlons will be retroactively applied to
TALF.

More clearly define "Other ABS," develop a haircut schedule and write a related set of terms and conditions. Until
markets sense that substantial work is underway for "Other ABS", secondary spreads are unlikely to improve, and as such·
conduit funding terms for receivables that make up "Other ABS" are unlikely to improve.

Increase the range of TALF funding options beyond that of 3-year fixed rate loans.

HASP
After announcing the outline of the Homeowner Affordability and Stability Plan (HASP) nearly tWo weeks ago, the
Treasury, the FHFA, and the GSEs released new details regarding the programs this week. While the releases clarified
key details for both programs, market participants focused most closely on the new information regarding the refinancing
program. While several new details were released for the modification program, analysts suggested that many of these
did not materially alter the original plan.

With regard to the HASP's objective pf providing low-cost refinancing opportunities, analysts highlighted that one key
disclosure released this week was the elimination of credit-based price adjustments known as post-settlement delivery
fees for Freddie Mac loans. Given that these fees have been a significant obstacle for borrowers, mortgage market
participants have suggested that their elimination should materially increase borrower refinance-ability above and beyond
the relief provided by the removal of mortgage insurance fees. While many note that Fannie Mae has elected to maintain
its loan level pricing adjustments (the equivalent to Freddie Mac's post settlement fees), most expect that these will be
removed in coming weeks.

Market participants noted that few significant changes or clarifications were made in the Treasury's $75 billion mortgage
modification plan. However, several were not satisfied with the program's lack of a iegal waiver for servicers to modify
loans. Under many pooling and servicing ag'reements, servicers cannot modify more than 5 percent of the loans in a pool,
while currently more than 30 percent of sUbprime loans are more than 60 days delinquent. Unless servicers are able to
obtain a waiver, market participants state that the plan will not allow servicers to modify a sufficient number of delinquent
loans to make the plan successful.

Additionally, many continued to focus on three aspects of the HASP that still reqUire further clanfication: 1) the prospects
for cram-down legislation, 2) the incentive that will be prOVided for second lien holders to participate in modifications, and
3) how the net present value (NPV) calculation for modifications will be conducted.

Finally, this week the House of Representatives passed iegislation allowing judges to reduce the mortgage payments of
borrowers in bankruptcy. The Senate is expected to vote on a companion bill as early as next week. To a large degree,
market participants have responded negatively to the idea of this so-called "cram-down" iegislation, as it would likely
adversely impact MBS valuations, Market participants have also discussed the potential moral hazard issues raised by
providing financial relief to distressed borrowers that may have purchased homes fraudulently.

Action points related to HASP as perceived by the market


Establish a legai waiver for servicers to modify more than 5 percent of the loans in a pool.

Provide more explicit guidance regarding how much second-lien holders will be paid to relinquish their rights.

• Provide the exact parameters for the calculation of loan NPVs.

Other Updates

U.S. Financial Sector


Ongoing concern over the health of the financial sector continued to weigh on financial sector share prices, 'lVith the S&P
Financial index declining 18 percent to a level last seen in 1992. The decline in the S&P Financials index followed the
announcement of an unprecedented $60 billion quarterly loss at AIG. Market sentiment was heavily influenced by
continuing speCUlation regarding capital adequacy in the banking sector and skepticism regarding the firms' ability to raise

TOOlO12
additional capital. Dividend reduction announcements by U.S. Bank, Wells Fargo, and PNC did not provide much lasting
positive impact on their share prices, nor did it reduce negative sentiment surrounding the financial industry. Citigroup's
common stock price declined by 32 percent, Bank of America's declined by 30 percent, and GE's declined by 20 percent.
Five-year CDS on GE widened by 230 basis points to 950 basis points and Citigroup by 205 basis points to 580. Other
major money center banks' CDS widened up to 100 basis points.

The prices of banks' preferred and trust-preferred securities also declined on the week. Investors have become
increasingiy wary of dividend and interest payment deferrals, as well as the possibility that some may try to raise common
equity by converting these securities, particularly given that Citigroup is planning to convert most of Its preferred securities
to common equity. Preferred securities at Bank of America, JP Morgan, and Wells Fargo all declined around 30 percent,
while the trust-preferred securities declined 25 to 35 percent.

Concerns regarding the financial sector were further reinforced with announcements by Standard and Poor's and Moody's
of rating downgrades and negative outlooks for banking institutions such as JP Morgan, Wells Fargo, and Bank of
America. In announcing their rating actions, the rating agencies cited expectations that the current economic conditions
would persist, which in turn would place further pressure on earnings at financial firms.

010,681 Mal.etefj Iielley


This week, central banks in several countries implemented aggressive monetary policy easing measures in order to
combat the effects of a global growth slowdown, and took further steps to introduce unconventional monetary policy
programs. The European Central Bank (ECB), Bank of England (BoE), and Bank of Canada (BoC) all lowered their target
policy rates by 50 basis points to record-low levels of 1.50, 0.50 and 0.50 percent, respectively, meeting market
expectations. All three central banks cited the substantial ease 'in inflation pressures In recent months and the downside
risks to economic growth In the coming year as factors driving their decisions.

Given the current low levels of policy rates in all three regions, ali three central banks acknowledged the need to consider
alternative policy measures in order to provide further monetary stimulus. The BoE introduced a quantitative easing
program along with its interest rate decision, in which it will purchase as much as £75 billion of medium- to longer-dated
UK gilt securities on an unsterllized basis. The program is part of the central bank's Asset Purchase Program, which is
now comprised of two components. The first is a credit easing program, whereby the BoE is authorized to purchase up to
£50 billion of credit-related products, such as commercial paper and corporate debt, with the goal of acting as a market
maker or backstop facility for those assets. The second is the quantitative easing program, described above, with the aim
of increasing the money supply in an effort to maintain the BoE's stated 2 percent medium-term inflation target. According
to yesterday's policy statement and the BoE's February Inflation Report, the MPC projects inflation to likely fall below its
target by the second half of 2009.

Following the BoE's announcements, global sovereign debt yields declined and yield curves flattened. The decline was
most pronounced in the gilt market, where longer-dated gilt yields declined as much as 45 basis points and the 2- to 10-
year yield curve flattened by 38 basis points on the week. Many have speCUlated that the BoE's new program could be
the first of many quantitative easing programs by other major central banks, including the ECB and the Federal Reserve.
As such, longer-dated U.S., Canadian and euro-area sovereign debt yields declined as much as 23 basis points on the
week.

Agency MBS Purchase Program


The Federal Reserve reported purchases totaling over $30 billion for the week of February 26 through March 4, which
market participants noted was the largest weekly purchase since the program began in January. The Federal Reserve
also began participating in doliar roll transactions this week and purchased approximately $29 billion in dollar rolis.
Market participants welcomed the Federal Reserve's activity in dollar roli transactions, suggesting It wouid increase
liquidity and financing availability for agency MBS. Higher coupon MBS, where the Fed has concentrated its dollar roll
activity, have suffered from elevated financing rates relative to lower coupons and have experienced declines of
approximately 50 basis points over the week, according to one dealer's model. Market participants have attributed the
decline in financing rates directly to the Federal Reserve's participation in doliar roli transactions.

Agency Issuance and the Fed Agency Purchases


Agency spreads widened about 2 basis points on the week. Traders noted ,increased selling from overseas accounts and
some uneasiness amid slight rises in L1BOR and a heavy schedule of corporate Issuance this week.

Agency spreads to Treasuries across the curve were little changed on Friday after the Desk purchased $4.7 billion in
agency direct obligations with maturities of 1- to 2-years. Dealers submitted $7.3 biliion in propositions, which resulted in
an accepted proposition ratio of 65 percent. Some traders attributed the limited price reaction to the fact that many

TOOI013
dealers are overweight shorter-dated notes after the large volume of recent issuance from the GSEs. Nevertheless, they
viewed the operation results positively, noting the relatively large size of the purchase and high accepted proposition ratio
showed continued strong Federal Reserve support for the agency market. Some market participants were surprised by
the large number of propositions, which they attributed to accounts switching out of old issues to participate in some of the
$35 billion in new issuance that took place in February. Of note, the size of Friday's purchase was larger than the $3.2
billion average over the previous four operations in the similar maturity range.

The Federal Home Loan Bank 'priced $3 billion of a new 3-year note at a spread of 89 basis points over comparable
Treasuries. This is about 3 basis points cheaper than initial pricing levels, which contrasts with reduced concessions that
Fannie Mae and Freddie Mac have been able to secure in their most recent new issuances, even though those issuances
were done in record sizes. Traders attributed this somewhat weaker performance to three factors: continuing perceptions
that government backing is weaker for the FHLBs than for Fannie and Freddie, somewhat poorer liquidity in FHLB notes,
and the return of selling in agencies by foreign accounts this week, which led agency spreads to widen over the course of
the FHLB's issuance and pricing process.

TSLF
The Schedule 1, Scheduie 2, and TSLF Options Program (TOP) TSLF auctions conducted this week showed record low
"artiel~atielR, irH:iis8tiAg t~at ftHH~iAg=fWeSSl IriS ~J 'er t~iil P1arelat 'at' lalter OJ:ld mayrbe S! ,fM:j: ted "s mcpeetcd. both IS' E
auctions were undersubscrlbed and stopped at their respective minimum fee rates. For the first time, the TOP auction was
also undersubscribed, with dealers submitting propositions totaling $35 billion for the $50 billion in options offered on 7-
day TSLF loans. Market participants noted that while the TOP options are viewed as attractive "insurance" against an
escalation in quarter-end funding pressures, ongoing reductions in dealer holdings of program-eligible collateral, along
with the tentative improvement in term funding markets, has led to declining reliance on TSLF-related funding,

CPFF
HA.1 data reieased on Thursday showed that the CPFF balance edged down by $1.3 billion over the week to $240.3
billion. Separate Federal Reserve data showed that total commercial paper outstanding dropped by $22.2 billion, or 1.5
percent, on a non-seasonally adjusted basis over the same time period. The decline in outstanding CP was led by
unsecured financial paper, which was down $13.7 billion on the week. While the data did not elicit any price action,
market participants did note that rates are backing up due to the increase in UBOR. Despite the negative headlines and
downturn in equities, activity in the CP market was categorized as quiet on the week. '

On Deck Next Week


Looking' ahead to next week, market participants wili be attuned to Chairman Bernanke's speech, "Financial Reform to
Address Systemic Risk" at the Council on Foreign Relations on Tuesday. The upcoming week's economic releases
include revised Japanese fourth quarter GDP on Tuesday, U.S. Retail Sales and Initial Jobless Claims on Thursday, and
Michigan Consumer Confidence on Friday. The U.S. Treasury's note and bond auctions will also garner market attention.
The Treasury will auction a new 3 year note on Tuesday, and reopen the 10 year note and 30 year bond on Wednesday
and Thursday respectively.

TOOJOJ4
From : Fu, Alan
To : Tae, Michael
Cc : Hsu, Michael
Sent: Sat Feb 28 23:22:25 2009
Subject: RE: aig release
Sure, here ou o. Ste hanie's questions are hi
them.

From: Tae, Michael


Sent: Satqrday, February 28, 20098:37 PM
To: FU, Alan
Cc: Hsu, Michael
Subject: FW: aig release

hey alan,

Can i ask you to process and incorporate any of stephanie's comments/questions and I
can review something maybe tomorrow morning? just an fyi--she's looking at a version
that does not incorporate Jim's comments (which i incorporated in the attached v7)

thanks...

From: Cutter, Stephanie


Sent: Saturday, February 28, 20098:22 PM
To: Lambright, James; Tae, Michael; Hsu, Michael; Sperling, Gene; Aviel, Sara;
(b) (6) '; Kabaker, Matthew; Shafran, Steven; Patterson, Mark; Mayock,
Andrew; Kashkari, Neel; FU, Alan; Ferlazzo, Ronald
Subject: Fw: aig release

TOOI076
From : Erik Smith
To : Cutter, Stephanie
Sent: Sat Feb 28 20:13:53 2009
Subject: aig release

TOOlon
McCarthy, Mary (Contractor)
From: _
Sent: ~ 01, 2009 10:37 AM
To: Fu, Alan
Cc: Ferlazzo, Ronald; Tae, Michael; Hsu, Michael
Subject: RE: Fw: aig release

Alan:

On Sun, Mar 1, 2009 at 10:23 AM , Ronald.Ferlazzo@do.treas.govwrote:

From : Fu, Alan


To : Ferlazzo, Ronald
Sent: Sun Mar 0110:04:07 2009
5 b" ct R I• I se
(b) (5)

From: Ferlazzo, Ronald


To: Fu, Alan
Sent: Sun Mar 01 09:41:19 2009
Subject : Re: aig release . .
Is her exec comp question in the second doc? Its in a weird file format which I can't open. Can you dump the section in
question in an email?

Thx

Ron

From: Fu, Alan


To : Ferlazzo, Ronald
Sent: Sun Mar 01 09:34:51 2009
Subject: Fw: aig release

TOOI078
From ; Fu, Alan
To : Tae, Michael
Cc : Hsu, Michael
Sent: Sat Feb 28 23:22:25 2009
Subject: RE: alg release
Sure, here you o. Stephanie's questions are highlighted, and I attempted to answer
them.

From: Tae, Michael


Sent: Saturday, February 28, 20098:37 PM
To: FU, Alan
Cc: Hsu, Michael
Subject: FW: alg release
hey alan,

Can I ask you to process and Incorporate any of stephanie's comments/questions and I
can review something maybe tomorrow morning? just an fyl--she's looking at a version
that does not Incorporate Jim's comments (which I incorporated in the attached v7)

thanks...

From: Cutter, Stephanie


Sent: Saturday, February 28, 2009 8:22 PM
To: Lambright, Jamesj Tae, Michael; Hsu, Michael; Sperling, Gene; Aviel, Sara;
'Ieesachs@mac.com'i Kabaker, Matthewi Shafran, Steven; Patterson, Mark; Mayock,
Andrew; Kashkari, Neel; Fu, Alani Ferlazzo, Ronald
Subject: Fw: aig release
(b) (5)

Thanks

TOO 1079
From : Erik Smith
To : Cutter, Stephanie
Sent: Sat Feb 28 20: 13:53 2009
SUbject: aig release

TOOl 080
McCarthy, Mary (Contractor)
From: ~.
Sent: ~01,200910:37AM
To: FU,Alan
Cc: Ferlazzo, Ronald; Tae, Michael; Hsu, Michael
Subject: RE: Fw: aig release

On Sun, Mar 1, 2009 at 10:23 AM , Ronald.Ferlazzo@do.treas.gov wrote:

From : Fu, Alan


To : Ferlazzo, Ronald
Sent: Sun Mar 0110:04:07 2009
(b) (5)
• I

From: Ferlazzo, Ronald


To: Fu, Alan
Sent: Sun Mar 01 09:41:192009
Subject: Re: alq release
Is,her exec comp question in the second doc? Its in a weird file format which I can't open. Can you dump the section in
question in an email?

Thx

Ron

From : Fu, Alan


To : Ferlazzo, Ronald
Sent: Sun Mar 01 09:34:51 2009
Subject: Fw: alg release

TOOI081
From: Fu, Alan
To : Tae, Michael
Cc : Hsu, Michael
Sent: sat Feb 28 23:22:25 2009
Subject: RE: alg release
Sure, here you go. Stephanie's questions are hi
them.

From: Tae, Michael


Sent: Saturday, February 28, 20098:37 PM
To: FU, Alan
Cc: Hsu, Michael
Subject: FW; alg release

hey alan,

Can I ask you to process and incorporate any of stephanie's comments/questions and I
can review something maybe tomorrow morning? just an fyl--she's looking at a version
that does not incorporate Jim's comments (which I Incorporated in the attached v7)

thanks...

From: Cutter, Stephanie


Sent: Saturday, February 28, 20098:22 PM
To: Lambright, James; Tae, Michael; Hsu, Michael; Sperling, Gene.; AViel, Sara;
'Ieesachs@mac.com'; Kabaker, Matthew; Shafran, Steven; Patterson, Mark; Mayock,
Andrew; Kashkarl, Neel; Fu, Alan; Ferlazzo, Ronald
Subject: Fw: al9 release
(b) (5)

Thanks

T001082
From : Erik Smith
To : Cutter, Stephanie
Sent: Sat Feb 28 20:13:53 2009
Subject: aig release

TOOI083
McCarthX. Marx (_Co~n...t;,;;ra.ct
..o._r! ...... _
From:
Sent: (b) (5)
To:
SUbJect: ccepted: FW: AIG Update Call: US Treesury, Board Staff, DPW, Ernst 8. Young, Morgen
Stanley & FRBNY

TOOI084
McCarthy. Mary (Contractor)
From: Hsu, Michael
Sent: Monday, March 23, 20099:18 AM
To: Lambright, James
Subject: FW: Fw: BANQUE AIG URGENT

From: AlejandrO.LaTorre@ny.frb.org [mallto:Alejandro.LaTorre@nyJrb.orgJ


Sent: Monday, March 23, 20099:13 AM
To: MlchaeI.Alix@nyJrb.org
Ce: Hsu, Michael
Subject: Re: Fw: BANQUE AIG URGENT

I spoke to Sarah and they are going to reach out to the Banque de France. Stay tuned.

Alex Latorre
Federal Reserve Bank of New York
Office: 212·720·2728
Celi:_
Mlch••1Allx/NY/FRS To Mlchael,Hsu@do,tre:as,gov
cc,Ale)andro,laTQrre@ny.frb.org
03/2312009. OB:40 AM
Subject R.: Fw: BANQUE AIG URGENT!Jnk

If you guys need me cali my celi:~ I think It works here.

MichaelAlIx
Senior Vice President
Federal Reserve Bank of New York
Offlc~2
Cell:_
MlchaeI.Hsu@do.troas.gov
To AleJandro,LaTorre@:l1y.ffb,org
03/2312009 OB:27 AM
co Mlctlael,A1lx@ny.frb,Ofg
SubJeot Re: Fw: BANQUE AIG URGENT

-
Cali me when you get a chance.

T001085
----_ ............._.-.-----.----_.~-.... ........
From: Alejandro,LaTorre@nyJrb,org
_-------------- - -- .....

To: Hsu, Michael '


Sent: Mon Mar 23 08:23: 14 2009
Subject: Re: Fw: BANQUE AIG URGENT

not yet; trying to get through,

Alex Latorre.
Federal ReserVe Bank of New York
Office: 212-72!>-2728
CeJl: _ _ .

Mlchael.Hsu@do.treas.go~

To AlaJandro.La1'ofTe@l'Iy.frb.org
0312312009 08:06 AM
cc
Subject FW: BANOVE AIG VRGENT

Are you on ,with him now?

---_.===----------~.
From: (b) (6) @aigfpc.com
To: Alejandro.laTorre@ny.frb.org ; Hsu, Michael
Sent: Mon Mar 23 07:55:32 2009
subject: BANQUE AIG URGENT

Can one of you call me ASAP

From: Shephard, JIm


Senb Monday, March 23r ZOO!} 7:49 AM
To: Shirley, William
Ca GabrIele, MaurOi~
"!~ •••••••••••••••• ,
Subjectl RE~ Next steps

Mauro and IJust finished our call wlth the CB. M, Fernandez-Bolio was on the call, together with two of his assIstants.

TOOI086
Jim

Frqm; ShIrley, William


Sen~ "23 Match 2{)09 02;41
To; Shephard, JIm
eel Gabilele, Mauro;
SUbject, Next Step

Jim,

Tbobiformatlon containod horoln I. blgbly confldontlaland Is being furnlsbed for dl.cnsslon purpo... only and may be
sobjoct to eompletlon or amondmonllbrougblbe delivory otoddiliona. doeumenlatlon. Tbl. communlcallon do.. aot
..nstituto an offer to .ell or 1110 solicllatlonbfaa offer to puroba.o any ,eeol'lty, folore.pr olber flnandallastrumeat or
prod.el.. Subjeel 10 applleablelaw and nolwllbsmndlng anytblng lliat may ho construed to tho contrary, Ibe ree!plent hereof
and lis employe.., repre,entatlv.., and oilier agon'" may disclose the U.S. fedoral ineome ta. tro.tmellt and stmeturo of any
Iransactions described hereill. We are not an advisor as to legal, ta.atlon, aeeountlng, regnlatory or flnaneiallDatler. in any
jnrlsdlction, and aro not providing nny advleo as 10 any sneh mattor to tho reelplont. The recipient sbould discos. soch matters
witb the recipient's advisors or counsel and make an lndepende:nt evaluation and judgment with respect to them.

T001087
McCarthy. Mary (Contractor)
From: Alejandro.LaTorre@nyJrb.org
Sent: Monday, March 23, 2009 9:13 AM
To: Mlohael.Allx@ny.frb.org
Co: Hsu, Mlohael
Subject: Re: Fw: BANQUE AIG URGENT

I spoke to Sarah and they are going to raaoh out to the Banque de Franoe. Stay tuned.

Alex Latorre
Federal Reserve Bank of New York
Offioe: 212-720-2728
Cell:_

MI.ho., Alix/NY/~RS To M!chael.Hsu@do,trea~,SQV


co Alejal1tfro.LaTorre@nY.frb.org
031231200908:40 AM
Subl." Re: Fw: BANQUE AIG URGENTLink

If you guys need me oall my cell: _ _. I think it works here.

MlchaelAlix
Senior Vloe President
Federal ReServe Bank of New York
Offio~32
Cell:.-

MlchaeUtSll@do.treas.gov
To AleJandio.LaToTre@n"y.frb,org
0312312009 08:27 AM
"" Mlch.el.Allx@nyJrb.org
Subject Re: Fw: BANQUE AIG URGENT

Call me when you get a ohanoe.

_ _ _. , . . . . v .......... • ....... ..._ _.~""""" _

From: Alejandro.LaTorre@nyJrb.org
To: Hau, Michael
Sent: Mon Mar 2308:23:142009
Subject: Re: Fw: BANQUE AIG URGENT

TOOl088
not yet; trying to get through.
Alex Latorre
Federal Reserve SanK of New YorK
Office: 212-720-2728 .
Cell:_

Mlc:haoUt&u@do,treas,gov
'fo AleJantl'ro.~arQHe@ny,1Tb,org
0312312009 OB:OB!Wi
••
SUbja.. Fw: eANQUE AIG URGENT

Are you on with him now?

, . _..... ,~,~,• • " ' ,. . ~ . . . . . . . . ." " ". ., . , .. _ . ." ' ..... , . . . " ,. . . . ." ,.,~••• " " • •,,. . ., " ,.., . _• .,.,..,,~~,'..,"'.,
• •" . " . " • • " ' " , ....... ' ' ' " . " . ,• •' ' _ ' '. . . . . . . . . ~."..... ""''~.".,.. .,_""''~.,,• • ''"'~ •• w . . . . . ~''.,,•• " . " .... _ •• , . . w .... .;"._'""'~".,", .. ,,",.... ,••• ,.,...,,".,...._ ,...,.

From;~@algfpc.com .
To; Ale~@ny.frb.org ; Hsu, Ml<:hael
Sent; Mon Mar 23 07;S5:32 2009
Subject: BANQUE AIG URGENT

Can one of you call me ASAP

From. Shephardt JIm


S~nt;Mond~y, March 23, ~009 7:49 AM

c.,
To, Shlrtay, Wllll.m
GIlboele. Mauro,GII !!II• •(bi ).(6.)• • • • • • • • • • •
Subjett' RE: N.xt 5li!p,

TOOI089
from; Shtrley, Wllllam
So"'" 23 March 200~ OZ'41 (b) (6)
To: Shepllard, Jim
eel Gabriele, Mauroi
SUbject!: Next steps

Jim,

Thelnformallon conlalned h.rcln Is hlgllly confidenllalaDd Is being furnlsbed fol" dlscussi.n purposes only and muy bc
subje.ll. c.mpleli.n .r nmendmcnllbr.ugh Ille dclivery of oddllioual docum.ntati.n. Tbi' c.mmunleall.n does n.t
constitute an offer to sen or the solit!ftatloD of an Ql1'e.r ro purchase any security, future or otber financhd instrument or
product. ·Subject 10 appllcabl.law and n.lWilbslaudlug onythlng Ibat may l>e construcd I. the contrary. tbe recipicul hcrcof
and Its .mpl.y.... repr...ntatives. nnd olher agcnt, may dlsel.s. the U.S, federal Incom. lax lreatmenla"d structnrc .fany
transactions des~ri"ed berein. We are not an advisor as to legaJ, taxilfiou, accounting, regulatory or financial matters in any
jnrisdlcti.n, and ar. n.t providing any advi.e as t. any ,u.b mallor I. Iho reoiplent. Th. rociplont shonld discuss ,uch malt...
witb lb. reelplent's odvlsors .r counsel and ma"e au Independent evaluation and judgment with resp.OI t. Ih.m.

TOOI090
McCarthy. Mil!'}' (Contractor!
From: Ale)andro,LaTorre@ny,frb,org
S.mt: Monday, March 23, 2009 8:23 AM
To: Hsu, Michael
Subject: Re: Fw: 6ANQUE AIG URGENT

not yet; trying to get through.


Alex Latorre
Federal Reserve Bank of New York
0ffI~28
CelJ,_

Mlehae:I,H:su@do.tt"98G.gov To Alajandro.l..aTQrre@ny,frb,org
co
031231200906:06 AM SUbject Fw: BANQUE AIG URGENT

Are you on wtth him now?


......,.., """'~ _ , ", "' ~v~." .. ,~, ...,·'"·"'.,.·.·· '"".,..,_.~., .. "'.~"."" .. "~ ..""'".,..,'"'"._.._,,, ,"''''',,"'''",,".."~"."""",,,,,,,,,_,•. ,,,,.,.,.H."""'"'' .,.", " " ..
,.,"~"_,.._, ,,.".'"~.v .,..h ..

From:~@algrpc.com
To: A1~@nY.rrb.org ; Hsu, Michael
Sent: Mon Mar 23 07:55:32 2009
SUbject: BANQUE AIG URGENT

Can one of you 0011 me ASAP

From: stwphero, Jim


Senti Monday,March23,20097:49AM (b) (6)
To; ShIrley, WIlliam
[;c:a Gabriele, Mauro;!~~• • IIIi• •" ..
Subje"",. REI Next Steps

Mauro and IJust flnlshed our call with the CB. M, Fernandez-Bolio was on the call, together with two of his assistants.

T001091
Jim.'

from, Shln,y, Wliliom


SIlnt' ~3 Marcil ~009 O~:41
TO: Shephard,3lm
Cc; GaMete, Mauro~J.
1I• •(b.1.(1I.6.)• • • • • • • •
I
IlUbjeel,. Next stops

"

Tlte informallon eontalned herein is blghiy eonl1denllal and 1$ being furnished for discussion pnrposes only and may b.
sUbjeet 10 completiou or ameadment througb tbe delivery ofaddllional documentation. Tbis eommuaicatton does not
constllute an offer 10 seU or tbe solicitallon or an orrer to pnrehase..,y seeurily, tuture or other I1naueialln$1rument or
product.. Subject to applicable law and natwitbstanding unythlng that may be construed 10 the controry, the recipient herror
and its empioyees, representatives, Rnd otber agents may discIRsetheV.S. rederolincome to. treatment and structnre afony
transaeUons described herein. We are not an advisor as to legal, taxation, Rccounting, regulatory or I1nanclal matters In any
jnrlsdictlon, and Rre hOt providing any advice as to aay snch matter to tbe recipient. The recipient sbould discuss sucb matters
wltb the reeipieut's advIsors or couusel aud mRke au independent ..alnallon and jUdgment with respeet to them.

TOOI092
McCarthy. Mary f...
co.,no:,:tra:.;;;,;;;cto
.....
rl _

SUbJect: FW: FW: Conf. Call Meeting; _Oiscusslon' wi The US Treasury


Location: 13th Floor. Conf. Room 28; "'l"b'i'"'1" '
Olal:~
Parti~ ,
Start: Fr11/30/Z009 9:00 AM
End: Fr11/30/2009 10:00 AM
Show Time As: Tentative

Recurrence: (none)

Meeting Status: Not yet responded

Please join the call


-";Origlnal Appolntment-··· (b) (5)
From
Sent: Thursday, January 29, 20093: 2 PM
To: Lambright, James; Morse, Duane (b) (5)
SUbJect: FW: Conf. Call Meeting: Discussion wi The US Treasury
When: Friday, January 30,20099:00 AM·10:00AM (GMT·US:OO) Eastern Time (US & Canada).
Where: 13th Floor· Conf. Room 28: D i a l : _ Participant c o d e , _

When: Friday, January 30,20099:00 AM-10:00 AM (GMT-05:00) Eastern Time (US & Canada),
Where: 13th Floor· Conf, Room 28:
OIal:_ _
partiCir;aOtcOife:'-

Date: ,Jan, 30, 2009


Time: 9:00am
Location: 13,h Floor· ConI. Room 28

Teleconference Info:
Dlal: _ _ ~
ParticiPai1tCod"llllll

TOOJ093
McCarthy, Ma!X (Contractor!
~J,)) \::> J
Subject: FW: FW: Conf. Call Meeting. 3 D.scusslon wI The US Treasury
Location: 13th Floor - Conf. Room 28:
Dlal:~
Partl~

Stert: Frl1130/2009 9:00 AM


End: Fr11/30/2009 10:00 AM
Show Time As: Tentative

Recurrence: (none)

Meeting Status: Not yet responded

Please join the oall

----Original Appolntment---- (b) (5)


FrOm:
Sent: T ursday, January 29, 2009 3:32 PM
To: lambright, James; Morse, Duane, (b) (5)
Subject: FW: Cont. Call Meeting. Iscusslon wi The US Treasury
When: Friday, January 30,20099: 0 AM-l :OOAM (GMT-05:00) Eastern TIme (US & Canada).
Where: 13th Floor - Conf. Room 28: D l a l : _ participant code:_

When: Friday, January 30,2009 9:00 AM-10:00 AM (GMT-Q5:00j Eastern Time (US & Canada).
Where: 13th Floor - Conf. Room 28:
Dlal:_ ...
partl~

Date: Jan. 30, 2009


Time: 9:00am
Location: 13" Floor· Conf. Room 28

Teleconference Info:
Dlal: _ _
Participani:COile:"

T001094
McCarthy, Mary {Contractor)
From: lambright. James
Sent: J 29 2009S:S7~b) (5)
To:
Subject: Accepted: FW: Cont Call Meetlng~Dl$cusslon wIThe US Treasury
~

TOOI095
McCarthy, MarylConuacton
From: Kleran,Fallon@frb,gov
Sent: 'Sunday, Maroh 29, 2009 2:38 PM
To: Heu, Mlohael
SUbject: Re: Fw: Impact of AIG FP Deterioration

Got through It and Just tried to call you at your office. If you want to chat before the 5 pm call, I'm In my
office (452-5270).

Kieran

Kieran J. Fallon
Assistant General Counsel
Board of Governors of the Federal Reserve System
20th Street & Constitution Ave., N.W.
Washington, D.C. 20551
Tel: 202-452-5270
Fax: 202-452-3101

·····Mlchael.Hsu@do.treas,gov wrote: .....

To: Kleran.Fallon@frb.gov
From: Mlchael.Hsu@do,treas.gov
Date: 03/29/2009 12:58PM
Subject: Fw: Impact of AIG FP Deterioration

What do you think?

It Is a fairly long document, but the key takeaways are summarized on the first page.

Regards,

Alex Latorre
Federal Reserve Bank of New York
Office: 212·720·2728
cell:~

[attachment "Impact ofFP Deterioration,doc"removed by Kieran FalIonIBOARDIFRS]

TOOI096
McCarth~! Mary (Contractor)
From: Sohaffer, Laurie
Sent: Tuesday, March oa, :WOO 11 :57 AM
To: Morse, Duane; Ferlauo, Ronald; Albreoht, Stephen
Co: Knight, 13emard Jr.; Haeger, Sharon
Subject: RE: F w : _ call related to AIG

Laurie Schaffer
From: stephanle,Heller@ny,frb,org [malllo:Stephanle,Heller@ny,frb,org]
Sllntl Tuesday, March 03, 2009 9:39 AM
To: Schaffer, laurie
Ce: Knight, Bernard Jr,; MOrse, Duane; Ferlazzo, Ronald; Albrecht, Stephen; Joyce.Hansen@ny.frb.org;
HaeRan.Klm@ny.fr~
Subject: Re: Fw: _ call related to AIG

Laurie, Sieve, Ron and Duene ••

The meeting between FRBNY end Treasury to discuss a has been set for 2·3pm
Wednesday.. The dial·ln Information Is as follows

Dlall'"
Code

(b) (5)

(b) (5)

TOOI097
212-720-6198

LaurJe.Scbaffer@jdo.tress..gov To ~1ephanll),he1ler@ny.ftb.org
ce Stephell,Albrectll@do,treas.gov,RQnald.feffilzzo@do,treas.90v,
03102/2009 11 :04 PM Ouane.Morse@:do.tre1'.ls.gov,Bemlllrd',Knight@do"reas,gov
Subject FW:+ eall related 10 AIG

Stephanie, please include steve, ron, and duane on the caU for aig. They are the aig experts. Thanks. Hope all is well.
--_. Original Messag, •••••
Prom: Schaffer, La"r;e
To: Albrecht, Stephen; Ferlazzo, Ronald: Morse, Duanc
Co: Knight, 8emard Jr.
Sent: Man Mar 0223:01:04 2009
SubJect:_ call related to AIO
(b) (5)
The NY PRe wants to sel up a oall for wed for aig. I have not been Involved with alg so It would
make sense for you to be on the call. I will forward yow name. to the ny·frb.

TOOI098
McCarthy.Mary(Contramon
From: Stephanie,Heller@ny.frb,org
Sent: Tuesday, March 03, 2009 9:39 AM
To: Schaffer, Laurie
Cc: Knight, Bermml Jr,; Morse, Duane; Ferlazzo, Ronald; Albrecht, Stephen:
Joyce,H~,frb,org; HaeRan,Klm@ny,frb,org
SUbJect: Re: F w : _ call related to AIG '

Laurie, Steve, Ron and Duane ••

The meeting between FRBNY and Treasury to discuss has been set for 2·3pm
Wednesday, The dlal·ln Information Is es follows

Dlall~
Code~ b

baurfs:SChaffer@do,tl!as.gov To stephanie hellar@lly.ffb.!?rq.


00 Sleohen,A!b@cbf@AA.l,eas,90Y, BpM1d.f€!rJAAw@dptrm.gov,
()SJ02~00911:04 PM Duane.MoIse@oo.trea;gov,8emard,Knlgh!@do.treas.gpv
Svblacl Fw: 0011 related 10 AIG

Stephanie, please Include steve, ron, and duane on the call fOr alg, They are the olg experts, Thanks, Hope aU i. well,
••••• Original Message .....
From: Schaffer, LourIe
To: Albrechl, Stephen; Ferlazw, Ronald; Mors., Duane
Cc: Knighl, Bernard Jr,
Sent: Mon Mar 02 23:01:04 2009
SUbjecl:~all related to AlG

TOOl 099
(b) (5)
The NY PRB wanlS \0 sel up a call for wed or alg. I have not been Involved with aig so II would
make sense for you to be on the call. I will forwa,dyourname. to the ny-i'rb.

TOOII00
McCarthy. Mary (Contractor)
From: Stephanie.Heller@ny.frb.org
Sent: Tuesday, March 03, 2009 9:39 AM
To: Schaffer, Laurie
Cc: Knight, Bernard Jr.; Morse, Duane; Ferlaz~o, Ronald; Albrecht, Stephen;
Joyce.H~.frb.org; HaeRan.Kim@ny.frb,org
Subject: Re: F w : _ cell related to AIG

Laurie, Steve, Ron and Duane -

The meeting between FRBNY and Treasury to discuss a has been set for 2-3pm
Wednesday. The dial-in Information Is as follows

Dlall~
code",-

laurie.Schaffer@do.treas.gov

03102/2009 11 ;04 PM

Stephanie, please include steve, ron, and duane on the call fur aig. They are the aig experts, Thanks. Hope allis well.

---- Original Message ----


From: Schaffer, Laurie
To: Albrecht, Stephen; Fer1azzo, Ronald: Morse, Duane
Cc: Knight, Bernard Jr.
Sent: Mon Mar 02 23:01:04 2009
Subject:_ call related to AIG

TOOIIOI
();» (5)
'The NY FRB wants·to set up a call for wed for aig. I hav. not been Involved whh Rig so It would
milke ,onse for you to be on the can. I will forward your names to the ny-frb.

TOOl 102
McCarthy. Mary (Contractor)
From: Sarah,Dahlgren@ny,frb,org
Sent: Saturday. Maroh 21. 2009 11:46 AM
To: Soott.Alvarez@frl>,gov; James,Hennessy@ny,frl>,org
Cc: Hsu. Michael; Rioh,Ashton@lrb,goV; Albreoht. Stephen
Subject: Re: Fw: Soans of Retention Plan doos

Sarah Dahlgren
Senior Vice President
Federal Reserve Bank of New York
Office: 212-720-7537
Cell:
5ent from my BlackBerry Handheld.

----- original Message -----


From: Scott Alvarez
Sent: 03/21/2009 11:04 AM EDT
To: James Hennessy
Cc: michael.hsu@do.treas.gov; Rich Ashton; Sarah Dahlgren; stephen.albrecht@do.treas,gov
SUbject: Re: FW: Scans of Retention Plan docs Jim,
There were stories yesterday that only 20 percent of the FP folks showed up for work on
Friday and that there has been public intimidation of FP employees in the US (e.g., busses of
protestors picketing in front of people's houses). Is any of that true?
Thanks,
Scott

James
Hennessy/NY/FRS@F
RS To
Scott Alvarez/BOARD/FRS@BOARD
03/21/2009 10:56 cc
AM michael.hsu@do.treas.gov, Rich
Ashton/BOARD/FRS@Board, Sarah
Dahlgren/NY/FRS@FRS,
stephen.albrecht@do.treas.gov
SUbject
Re: Fw: Scans of Retention Plan
docs(Document link: Scott Alvarez)

T001103
They.re working on it, I'm going to have a
a ain, we're on the same page.

Scott
Alvarez/BOARD/FRS
@BOARO To
James Hennessy/NY/FRS@FRS
03/21/2009 10:03 cc
AM michael.hsu@do.treas.gov, Rich
Ashton/BOARD/FRS@Board, Sarah
Dahlgren/NY/FRS@FRS,
stephen.albrecht@do.treas.gov
Subject
Re: Fw: Scans of Retention Plan
docs(Oocument link: James Hennessy)

Jim,
Any response from E&Y yet? We'll need this ASAP.
Thanks I
Scott

James
Hennessy/NY/FRS@F
RS To
Scott Alvarez/BOARD/FRS@BOARD,
03/20/2009 12:22 stephen.albrecht@do.treas.gov
PM cc
michael.hsu@do.treas.gov, Rich
Ashton/BOARD/FRS@BOARD, Sarah
Dahlgren/NV/FRS@FRS
Subject
FW: scans of Retention Plan docs

TOOl 104
Scott and st~ve:

J1m
[attachment "3.19.09 Project Maiden Lane Approved Retention Plan Summary.xls" deleted by
Scott Alvare~/BOARD/FRS] [attachment "Corporate and 8U Retention Plans • Award
Deta11.pdf.~ip" deleted by Scott Alvare~/80ARD/FRS] [attachment "Retention Plan Term
Sheets.pdf.~ip" deleted by Scott Alvarez/BOARD/FRS]

TOOl 105
McCarthy. Mary (Contractor)
From: Sarah.Dahigren@ny.frb,org
Sent: Saturday, March 21, 2009 11:46 AM
To: Scott.Alvare:z@frb.gov; James.Hennessy@ny.frb.org
Co: Hsu, Michael; Rlch.Ashton@frb.gov; Albrecht, Stephen
Subject: ' Re: Fw: Scans oj Retention Plan docs

Sarah Dah gren,


Senior Vice President
Federal' Reserve Bank of New York
Office: 212·72~·7537
Cell: 917·770·8147
Sent from my BlackBerry Handheld,

•.•.• Original Message .••••


From: Scott Alvarez
'Sent: 03/21/2009 11:04 AM EDT
To: James Hennessy
cc: michael.hsu@do.treas.gov; Rich Ashton; Sarah Dahlgren; stephen,albrecht@do,treas.gov
Subject:· Re: Fw: Scans of Retention Plan docs Jim,
There were stories yesterday that only 20 percent of the FP folks showed up for work on
Friday and that 'there has been public intimidation of FP employees in the US (e.g., busses of
protestors picketing in front of people's houses). Is any of that true?
Thanks,
Scott

James
Hennessy/NY/FRS@F
RS To
Scott Alvarez/BOARD/FRS@BOARD
03/21/2009 10:S6 cc
AM michael.hsu@do.treas.gov, Rich
Ashton/BOARD/FRS@Board, Sarah
Dahlgren/NY/FRS@FRS,
stephen:albrecht@do.treas.gov
Subject
Re: Fw: Scans of Retention Plan
docs(Document link: Scott Aivarez)

TOOl 106
They.re working on it. I'm goin to have a.call with them later this morning to make sure,
again, We're on the same page.

Scott
Alvarez/BOARD/FRS
@BOARD To
James Hennessy/NY/FRS@FRS
e3/21/2ee9 1e:e3 cc
AM michael.hsu@do.treaS.gov, Rich
Ashton/BOARD/FRS@Board, Sarah
Dahlgren/NV/FRS@FRS,
stephen.albrecht@do.treas.gov
Subject
Re: Fw: Scans of Retention Plan
docs(Document link: JameS Hennessy)

Jim"
Any response from E&Y yet? We'll need this ASAP.
Thanks!
scott

James
Hennessy/NY/FRS@F
RS To
Scott Alvarez/BOARD/FRS@BOARD,
e3/2e/2ee9 12:22 stephen.albrecht@do.treas.gov
PM . cc
michael.hsu@do.treas.gov, Rich
Ashton/BOARD/FRS@BOARD, Sarah
Dahlgren/NY/FRS@FRS
Subject
Fw: Scans of Retention Plan docs

TOOl 107
Scott and Steve:

Jim
[attachment "3.19.09 Project Maiden Lane Approved Retention Plan Summary.xls" deleted by·
Scott Alvarez/BOARD/FRS] [attachment "Corporate and BU Retention Plans - Award
Detail.pdf.zip" deleted by Scott Alvarez/BOARD/FRS] [attachment "Retention Plan Term
Sheets.pdf.zip" deleted by Scott Alvarez/BOARD/FRS]

TOOl108
jVlccarthv. Mary .....
(1.J:9o;o;:.;n:.:tra:c~t:::0:.lr) _

Prom: James,Hennessy@ny,fl'b,org
Senl: SaMday, Marcl121, 200~ 11:10 AM
To: SoolI.Alvare2@fl'b.gov
Ce: Hsu, Mlohael; -Rloh,Aehton@fib,gov;Sarah,Dahlgren@ny,frb.org; Albrechl, Slephen
SUbjeCt: Re: Fw: Scans of Retenllon Plan docs

Very Irue (see belOW), People al head offlce haVe also been accooted outside !he building and In the subways, The
company ~ aotlvely keeping lraok of threats pPSted on bloge, elo,

(b) \6)

Sent' Fr1 Mar 20 17,53,52 2009


SUbjeot' IMPORTANT' Oonnecticut Wcrking Fam;11es
All: In oase you ar$ not already aware, tbis group is arranging a bus tour for tomorrow
that will point out the addresses of AIG FP employeeB, Bloomberg News and othera will
probably cover, see link below fcr details,
(b) (4) .

I wanted to make sure all or you and security is aware.


Thanke,
(I)) (6)

Vioe J?resident
Corporate Media Relations
office
1
@oig,com

so.1t AIv./OzI1lOARO/FRS@BOARO iQ Jam:e.s HonntssylNYlFASOt=RS


cr: mlcbllef,f'lsU@do,treB$,9OV, RfDh AshkmIBOARI)J'fR$@Bpard, Sara'll
031211200911,04AM D.n19,.nJNY7l'RS@FRs, alopl1<ln.alb,.,.,I@<l•.tro".9DV
SUbJ5Qt Re: FYi: Stann of REtteAtkm P1Qfl WGS!Jt'!k

Jim,
There were stories yeslerday thal only 20 percent of the FP folks showed up for woT!< on Frldey and thallhere hS\<
been public Intlmidallon of FP employees In the US (e.g" busses of protestors picketing in front of people'S houses). Is
any of thaI true?
Thanks,

TOOl 109
Scott

Jam" Hennessy/NYIFRS@FRS To ScoUAlvoreziBOARDIFRS@BOARD


co mlchael,heu@do,treas,gov, Rich Ashton/BOARP/FRS@8oard,Sarah
03/211200~ 10:56 AM Dahlgren/NY/FRS@j:;RS,stephen.albrecht@do.treas.gov
Subject Re: Fw: Scans of Retention Plan dOCSIJuk

Scott AJvarovBOARD/FRS@60ARD To James HennessyfNY/FRS@FR$


co mlchaethSll@do.treas,gov', Rich AshtonlBOARD/FRS@Bolitrd, Sarah
031211200~ 10:03 AM DahlgrenlNYIFRS@FRS, stephen.albrecht@do.treas,gov
$Ub}<;lC1. Re: Fw: Scans of Retention Plan docsLink

Jim,
Any response from E&Y yet? We'll need this ASAP.
Thanksl
Scott

Jam.. Henn..ayINYIFRS@FRS To Scott AlvarezI80ARD/FRS@BOARD, G1ephen.albrecht@do.treas.gov


co mlchael,hsu@do,treas.gov, Rich Ashtoll/BOARD/FRS@BOARO, Sarah
03/2012009 12:22 PM DahlgrenINY/FRS@FRS
SUbject Fw: Scans of Retention Plan docs

Scott and Steve:

TOOIIIO
Jim

[attachment "3,19.09 Project Maiden Lane Approved Retention Plan Summary.xls" deleted by Scott
AlvarezIBOARDIFRS] [attachment "Corporate and BD Retention Plans· Award Detail,pdf.zlp" deleted'by
Scott Alvarez/BOARD/FRS] [attachment "Retention Plan Term Sheets.pdf.zlp" deleted by Scott
AlvarezIBOARD/FRS] .

TOO]]]]
McCarthy, Mary (Contractor)
From: Albrecht. Stephen
Sent: Monday. March 16. 2009 5:54 PM
To: Knight. Bernard Jr.
Subject: RE: Paul Hastings Opinion re FP Payments
,

I was reviewing and came up with the same edit!

From: Knight, Bernard Jr,


Sent: Monday, March 16, 2009 5:52 PM
To: Albrecht, Stephen
Subject: RE: Paul Hastings Opinion re FP Payments

Steve,

Here is my suggested edit:

Bernard J. Knight, Jr.


. Assistant General Counsel
(General Law, Ethics &.Regulation)
and Designated Agency Ethics Official
U.S. Department of Treasury
Phone:202-622·l137
Fax:202·622·JJ76

From: Albrecht, Stephen.


Sent: Monday, March 16, 20011 5:31 PM
To: Knight, Bernard Jr,
Subject: RE: Paul Hastings Opinion re FP Payments
Tim requested a re-wrlte of the leiter - that section came out.

TOOl138
Here's the new version •• the new relevent paragraphs are as follows. Let me know your thoughts.

From: Knight, Bernard Jr.


Sent: Monday, March 16, 2009 5:28 PM
To: Albrecht, Stephen
Subject: RE: Paul Hastings OpinIon re FP Payments

Steve,

Bernard J. Knight, Jr.


Assistant General Counsel
(General Law, Ethics & Regulation)
and Designated Agency Ethics Official
U.8. Department of Treasury
Phone: 202·622·1137
Fax: 202·622·1176
_"AA "'" """"_~~_~_. __ """_~",,,,,~ _
From: Albrecht, Stephen
Sent: Monday, March 16, 2009 4:32 PM
To: Wolin, Neal; Knight, Bernard Jr.; Schaffer, laurIe; lambrIght, James; Wallace, Kim; Cutter, Stephanie; Sachs, Lee;
Greene, Michelle
Subject: FW: Paul HastIngs Opinion re FP Payments

FYI

From: James.Hennessy@ny.frb.org [mailb:l:James,Hennessy@ny.frb.orgj


Sent: Monday, March 16, 20094:11 PM

TOOl 139
To: Rlch.Ashton@frb.govi Hsu, Michael; Albrecht, Stephen; thomas.baxter@ny.frb.org
tel Mlchael.Nelson@ny.frb.orgi Brlan.J.Gross@frb.gov; Sarah.Dahlgren@ny.frb.org; MlchaeI.Alix@ny.frb.org; Jon Polk;
$cott.Alvarez@frb.gov
Subject: Fw: Paul Hastings Opinion re FP Payments

FYI. Attached beloW please find a legal opinion addressed to Mr. Baxter by counsel for AIG FP re the Employee
Retention Plan payments, (I am also attaching the ERP contract, which you have previously received,)

To '''James,Henoessy@nY.ftb,orgm<James,HennessV@nyJrb,oro>
co
03/16/200904:01 PM
Subject PW: Paul Hastings

revlnom@sullcrom.com';
'Blake, Stephen L@NoteSi 2

Attached is the final Paul Hastings letter. I plan to send this to Cuomo, as he had requested.

PRIVILEGED & CONFIDENTIAL

TOOl 140
McCarthy, Mary (Contractor)
From: Knight, Bernard Jr.
Sent: Monday, March 16, 2009 5:52 PM
To: Albrecht, Stephen
Subject: RE: Paul Hastings Opinion re FP Payments

Steve,

Here is my suggested edit:

Bernard J. Knight, Jr.'


Assistant General Counsel
(General Law, Ethics & Regulation)
and Designated Agency Ethics Official
U.S. Department of Treasury
Phone: 202-622-1137
Fax: 202-622-1176

From: Albrecht, Stephen


Sent: Monday, March 16, 2009 5:31 PM
To: Knight, Bernard )r.
SUbject: RE,: Paul Hastings Opinion re FP Payments

Tim requested ,a re·wrlte of the letter - that section came out.

Here's the new version •• the new relevant paragraphs are as follows. Let me know your thoughts.

TOOl 141
From: Knight, Bernard Jr.
Sent: Monday, M"arch 16, 2009 5:28 PM
To: Albrecht, Stephen
Subject: RE: Paul Hastings OpInion re FP Payments

Steve,
(~(~ .
. ..

Bernard J. Knight, Jr.


Assistant General Counsel
(General Law, Ethics & Regulation)
and Designated Agency Ethics Official
U.S. Department of Treasury
Phone: 202·622·1137
Fax: 202·622·1176

From: Albrecht, Stephen


Sent: Monday, March 16, 2009 4:32 PM
To: Wolin; Neal; Knight, Bernard Jr.; Schaffer, Laurie; lambright, James; Wallace, Kim; Cutter, StephanIe; Sachs, lee;
Greene, Michelle
Subject: FW: Paul Hastings Opinion re FP Payments

FYI

From: James.Hennessy@nyJrb.org [mallto:James.Hennessy@ny.frb.org]


Sent: Monday, March 16,20094:11 PM
To: Rlch.Ashton@frb.gov; Hsu, Michael; Albrecht, Stephen; thomas.baxter@nyJrb.org
Cc: Mlchael.Nelson@ny.frb.org; Brian.J.Gross@frb.gov; Sarah.Dahlgren@ny.frb.org; Mlchael.Alix@nyJrb.org; Jon Polk;
Soott.Alvarez@frb.gov .
Subject: Fw: Paul Hastings Opinion re FP Payments

FYI. Attached below please find a legal opinion addressed to Mr. Baxter by counsel for AIG FP re the Employee
Retention Plan payments. (I am also attaching the ERP contract. which you have previously received.)

T001142
~.~.~ Forwarded by James Hennessy/NY/FRS on 03116'2009 04~04 PM-
Ilt]" @alg.eom> To "'James.Hennessy@nyJrb,org'''<Jemes,Hennesiy@OYfrb.orq>
co
031161200904:01 PM
Sub)ec1 r:w: Paul Hastings

From: Bernstein, Marc


sen!!i!!:
Monda March 16 2009 2:32 PM
To:
'josep .allerhand@W~@
• '; 'Granese, Nancy L.'i
corp Legali 'TSVlnom@SUllim.cOm'i
Blake, Stephen L@Notesi • • •
._ c o m ; Norat, Cecilia' .

Subject: Paul Hastings


Importance: High'

Attached is the final Paul Hastings letter. I plan to send this to Cuomo, as he had requested.

PRIVILEGED & CONFIDENTIAL

TOOl 143
McCarthy, Mary (Contractor)
'From: Albrecht, Stephen
Sent: Monday, March 16, 2009 5:31 PM
To: Knight, Bernard Jr.
Subject: RE: Paul Hastings Opinion re FP Payments

Tim requested a re-wrlte of the letter -- that section came out.

Here's the new version - the new relevant paragraphs are as follows. Let me know your thoughts,

---------
From:
--_._---
Knight, Bernard Jr.
Sent: Monday, March 16, 2009 5:28 PM
To: Albrecht, Stephen
Subj,ect: RE: Paul Hastings Opinion re FP Payments

Steve,

Bernard J. Knight, Jr.


Assistant General Counsel
, (General Law, Ethics & Regulation)
and Designated Agency Ethics Official
U.S. Department of Treasury
Phone:202·622·JJ37
Fax: 202·622-1176

TOOl 144
From: Albrecht, Stephen
Sent: Monday, March 16, 2009 4:32 PM
To: Wolin, Neal; Knight, Bernard Jr.; Schaffer, laurie; Lambright, James; Wallace, Kim; CUtter, Stephanie; Sachs, Lee;
Greene, Michelle
Subject: FW: Paul Hastings opinIon re FP Payments

FYI
__ ,~,_OI)'_ _,_".._ ._ _,..._._"_._,,,,~ _

From: James.Hennessy@ny.frb.org [mallto:James.Hennessy@ny.frb.org]


sent: Monday, March 16, 20094:11 PM
To: Rlch.Ashton@frb.gov; Hsu, Michael; Albrecht, Stephen; thomas.baxter@ny.frb.org
eel Mlchael.Nelson@nyJrb.org; Brlan-J.Gross@frb.gov; Sarah.Dahlgren@ny.frb.org; Michael.Allx@ny.frb.org; Jon Polk;
Scott.Alvarez@frb.gov
Subject: Fw: Paul Hastings Opinion re FP Payments

FYI. Attached below please find a legal opinion addressed to Mr. Baxter by counsel for AIG FP re the Employee
Retention Plan payments. (I am also attaching the ERP contract, which you have preViously received.)

_:..... Forwarded by James HenneSsy/NY/FRS on 0$116/2009 04:04 PM ....,,-


RPM y@alg.com> To ,dJames.Hennessy@ny,frb,org"l<Jawes,Hennessy@nvJroorg>
co
03f16f~009 04:01 PM
SUbject FW: Paul Hastings

(b) (6)

Attached Is the final Paul Hastings letter. I plan to send this to Cuomo. as he had requested.

PRIVILEGED & CONFIDENTIAL

TOOl i45
McCarth& Mary I..
C.,on.tr;,;,;a::.;;c.to;.;,r)'"- ...;.. _
From: Knight, Bernard Jr.
Sent: Monday, March 16, 2009 5:28 PM
To: Albrecht, Stephen
Subject: RE: Paul Hastings Opinion re FP Payments

Steve,
(b) (5)

Bernard J. Knight, Jr.


Assistant General Counsel
(General Law, Ethics & Regulation)
and Designated Agency Ethics Official
U.S. Department of Treasury
Phone: 202-622·1137
Fax: 202·622·1176

From: Albrecht, stephen .


Sent: Monday, March 16, 20094:32 PM
To: Wolin, Neal; KnIght, Bernard Jr.; Schaffer, Laurie; Lambright, James; Wallace, Kim; OJtter, stephanie; Sachs, Lee;
Greene, Michelle
Subject: FW: Paul Hastings Opinion re FP Payments

FYI

From: James.Hennessy@ny,frb:org [malito:James.Hennessy@ny.frb,org]


Sent: Monday, March 16, 20094:11 PM
To: Rlch.Ashton@frb.gov; Hsu, Michael; Albrecht, Stephen; thomas.baxter@nyJrb.org
Ct): Mlchael.Nelson@nyJrb.org; Brlan.J.Gross@frb.gov; Sarah.Dahlgren@nyJrb.org; MlchaeI.Allx@nyJrb.org; Jon Polk;
Scott.Alvarez@frb.gov
Subject: Fw: Paul Hastings Opinion re FP Payments

FYI. Attached below please find a legal opinion addressed to Mr. Baxter by counsel for AIG FP re the Employee
Retention Plan payments. (I am also ettachlng the ERP contract, which you have previously received.)

....... FOTWelrded by Jam6$ Henne6sy/NY/FRS 00 03(1612009 04:04 PM ......


f•••) "[ltll.' @ala,cotn> To ,uJames,Herme$sy@nyJrb.org'" <;JameS Hennessy@nyJrborg>
co
031161200904:01 PM
Subject FW: Paul Hastings

TOOl 146
From: Bernstein, Marc
Se~ch 16 20092:32 PM .
T o _ ; ~'Granese,NancyL"
'joseph.allerhand@we~@ Corp Legal; . revlnom@sullcrom.com',·
h s ;
Norat, cecllla; ; Blake, Stephen L@NotesA.7• • • •

Attached is the final Paul Hastings letter. I plan to send this to Cuomo, as he had requested.

PRIVILEGED & CONFIDENTIAL

TOOl 147
McCarthy. Mary (Contractorl
From: Wolin, Neal
Sent: Friday, March 27,200912:54 PM
To: Hau, Michael
SUbJect: RE: policy issues re: AIG closing MONDAY

Thanks. I have views on these Issues. What Is best way to convey?

From: Hsu, Michael


Sent: Friday, March 27, 2009 12:06 PM
To: Wolin, Neal
Subject: FW: policy Issues ret AIG closing MONDAY

Sorry to Inundate you with this stuff. Lee indicated I should loop you in. Let me know whether you want more or less...

From: Sachs, Lee


Sent: Friday, March 27, ~009 11:14 AM
To: Hsu, Michael; lambright, James; Kashkarl, Neel; Solomon, Ian
Cc: Ferlezzo, Ronald; Tae, Michael; Fu, Alan
. Subject: Re: policy Issues ret AIG dosing MONDAY

Thanks. Pis Include neal wolin on all of this. Particularly comp

._._-------------_._._.. ---_.-_..-.- _--


From: Hsu,Mlchael
_._. ..

To: lambright, James; Kashkarl, Neel; Solomon, Ian; Sachs, Lee


ee: Ferla~zo, Ronald; Tae, Michael; Fu, Alan
Sent: Frl Mar 27 11:07:34 2009
Subject: policy Issues ret AIG dosing MONDAY .
Attached are the key polley Issues related to the pending dosing of the $30bn capital facility, which Is slated to dose on
Tuesday, with signing of docs on Monday (3/30).

We need the attached policy decfsions - at'least the first three - to be made prior to signing/closing.

Perhaps we can.discuss before or after the 2:30 call ret comp (which Is clearly linked to this).

Outside of the closing, there are other AIG Issues In the mix. I will type up asummary to help folks make sense of the
flood of emalls and priorltl~e Issues.

TOOl193
To ensure compliance v.dth requirements imposeclby the IR.::l,we in(onn you that,lmless explicitly provided
otherwise, any U.S. federal tax advice contained in this communication (including any attachments) is not
hltended or written to be used, alid cannot be used, for the purpose of (i) avoIding penalties under the Internal
Revenue Code or (ii) promoting, marketing or reconnnendingto another party any transaction or matter
addressed. herein.
** ******* ********* **** ***
Beverly F. Chase
Davis Polk & Wardwell
450 Lexington Avenue
New York, NeW York 10017
chase@dpw.com (emall)
2T2A50-4383 (tel)
212-450-3383 (fax)
********.*************~**
From:' • .[mailt @aig.coll1]
Sent: Saturday, Marth 28, 20095:26 PM
To: 'Si'lrah.Dahlgren@ny.f @ey.com; Chase, Beverly Fanger; James, Ethan T.;
'william.mur h 05 .CO James.Hennessy@ny.frb.org
Cc: (b) (6)
Sub

nPIOS".d is our state ofplay onth", incentiv" data. Please see the note belOW• .ovides a summary of what is
E.

missing. Please pass this along to whomever I missed on the distribution list.

From:~
sen~
..~.
atura Mar.Ch.28, L:911:04AM
To: 0... .... . .... .
Subject:: Current Bonus Details

Attached is the latest bonus data we have available. It inclUde" Dawn's Non-qualified information.

Thereportincludes both the Marph 23 to May 31 and the June 1 to Oepember31 periods The June to December is not
complete as we only requir",d the fir"t period details. If you preferto only "end the March to May perio<;llet me know and I
will mOdify the file.

No weekly payment schedulesarelnclud"d f)or i" the summary as 1'1" di<;l not get D"wn's data uf)tiIlate in the day. Also,
as we <;liscussed at "bout 6pm last evening, we wililleed to modify the format of the summaryto onlyincludet,ue bOf)us
prog,ams if) the small, medhJm and lfl,geplan groupings, WewilLkeep theN Qual and Retention in their unique buckets
and ad hoc type programs such as sign on and counter offers; etc in a unique bucket as well.

Let me know if you need any modification to the attached.

T000402
McCarthy. Mary (Contractor)
From: Chase, Beverly Fanger [beverly.chase@dpw.com]
Sent: Saturday, March 28, 2009 6:38 PM
To: Hsu, Michael; Huebner, Marshall S.
Cc: James, Ethan T.; Solomon, Ian; Albrecht, Stephen; Ferlazzo, Ronald; Jaconi, KristenDisabled
SUbject: RE: Call tomorrow?

Works for me. I can be flexible tomorrow.

To ensure compliance with requirements imposed by the IRS, we inform you that, unless explicitly provided
otherwise, any U.S. federal tax advice contained in this communication (including any attachments) is not
intended or written to be used, and cannot be used, for the purpose of (i) avoicling penalties under the Internal
Revenue Code or (Ii) promotiug, marketing or recommending to another party any transaction or matter
addressed herein.
*************************
Beverly F. Chase
Davis Polk & Wardwell
450 Lexington Avenue.
New York, New York 10017
chase@dpw.com (email)
212-450-4383 (tel)
212-450-3383 (fax)
*************************
From: Michael.Hsu@do.treas.gov [mailto:Michae1.Hsu@do.treas.govj
Sent: Saturday, March 28, 2009 6:28 PM
To: Chase, Beverly Fanger; Huebner, Marshall S.
Cc: James, Ethan T.; Ian.Solomon@do.treas.gov; Stephen.Albrecht@do.treas.gov; Ronald.Ferlazzo@do.treas.gov;
Kristen.Jaconi@do.treas.gov
Subject: Call tomorrow?

Marshall and Beverly,

Ian Solomon (cc'd) is on the, policy team at UST. He's been working on the comp issue recently wi Albrecht and others.

We would like to have a call sometime tomorrow -- erha s around noon or 1 m -- to discuss •

.Can you be available? Or should we shoot for a different time?

Thanks,
-mike

From: Chase, Beverly Fanger


To: Albrecht, Stephen; Hsu, Michael
Cc: 'James.Hennessy@nyJrb.org' ; Sarah Dahlgren; Huebner, Marshall S. ; James, Ethan T. ; Wright, John T.
Sent: Sat Mar 2B 17:49.:382009
Sub'ect: WARNING: MESSAGE ENCRYPTED

(b) (5)
,

T000403
To ensure compliance witbeqllirementsimposed by the IRS, we inform you that, unless explicitly provided·
otherwise, any U,S. federaItaJ\ lidvice contained in this connnunication (including any attachments) is not
intended or written to be used, and cannot be used, for the purpose. of (i) avoiding penalties under theInternal
Revenue Code or (ii) prornoting, Illarketing or recornrnending to lUlother party any transaction or tOOtler
addressed herein.
* ** *** ****.**** ***********
Beverly F. Chase
Davis Polk & Wardwell
450 Lexington Avenue
New York, New York 10017
chase@dp'Y.corll (email)
·212-450-4383 (tel)
212-450-3383 (fax)
*************************
From: [mailt6 @aig.com]
Sent:Satur y, March 28,20095:26 PM
To: '$arah.Dahlgren@nyJ artha.cook@ey.com; Chase, Beverly Fanger; James, Ethan T.;
'willi James.Hennessy@nyJrb.org
.Cc (p) (6)
Subject: FW: Current Bonus DetailS

EnciO.sed is 0.4f st.ate O.f Play.on theincE!ntive dat.a. Please see the note beiow_ovides a summary of What is
missing. Pleasf' pass this along towhomf'vf'r I missf'd on the distribution list.
(b) (6)

From:' ;
sel1~.0911:04AM
To:'· "', "
Subject: Current Bonus Details

Attached is the latf'st bonus data we have available. It includes DaWn's Non..qualified Information.

ThereportinclUdes l:>oth the March 23 to May 31 and the JUM 1 to Dec<;>rnl:>er 31 periodS. The.June to December is not
complete as We only required the first period details. If you prefer to only sE!nd the March to May period let me know and I
will modifY the fiie.

No Weekly payment schedules.areinclude(j nor is the summary"s w" did not get Dawn's data untill~te in thE! day Also,
as we diScussed at about 6pm lastevening, we will nlled to modifY the formatof th.e SUIl)maryto only include true bOnus
progral11s in the small, me<liuman<llarge plan groupings. We willk""p th" N Qual and Retention in their unique buc.kets
and ad hoc type programs such as sign on and counter Qffers, etc in a unique bucket as w,,11.

let me know if you need any modification to the attached.

T000404
McCarthY. Mary (Contractor)
Froln: Hsu, Michael
Sent: Saturday, March 28, 2009 6;28 PM
To: 'tleverly,chase@dpw.com'; 'marshail,huebner@dpw.com'
Cc: 'ethanjames@dpw.com'; Solomon, Ian; Albrecht, Stephen; Ferlazzo, Ronald; Jaconi,
KristenDisabled
Subject: Call tomorrow?

Marshall and Beverly,


Ian Solomon (CC'd) Is on the policy team at UST. He's been working on tne corrip issue recently wi Altlrechtahdothers,

Can you be aVailable? Or should we shoot fora different time?


Thanks,
-mike

Fr()n): Chase, Beverly Fanger


T(): Albrecht, Stephen; Hsu,fI1ichael
ce: 'James,HennessY@hy,frb,org' ; Sarah Dahlgren; Huebner, Marshall S, ; James,Ethan T. ; Wright, JohnT.
Sent: salMar 28 17:49:38 2009
Sub'act: ARNING: MESSAGE ENCRYPTEDFW:CurrentB6nus Details

To ensure compliance willi reQwrel1Jentsimposed by llie IRS, we inform you that,unless explicitly provided
otherwise, any U,S. federal tax advice contained inlliis comlb.U1lication (including any attachments) iSllot
intended or writtell to be used, alld. call1lotbe used, for 111e purpose. of 0) avoiding penalties undet'llieInternal
Revenue Code or Oi) promoting, marketing or recommellding to another party any transaction or matter
addressed herein,
***************:* **:$ ** ****
Beverly F. Chase
Davis Polk & Wardwell .
450 Lexington Avenue
New York, New York 10017
chase@dpw,com (email)
212c450-4383 (tel)
212-450-3383 (fax)
******'**************'*****
From:' • mailto @aig,com]
Sent: Saturday, March 28,20095:26PM
To: 'sarah.Dahlgren@nY.frb._k@ey.com; Chase, Beverly Faflger; James, Ethan T.;
'wllliam.murphY05@ey.com'; James,Hennessy@ny.frb.org
(b) (6)

T000405
Cc:
Subject~ FW: Current Bonus Details

Enclosed is our state of play on,.he incentive data. Please see the note below~r.ovides a summary of what is
missing. Please pass this along to whomever I missed on the distribution lisLIIiI&ilII.

.~.__ "'_~;,;~" ....'""..; ; - - _


.. _~ _ _~
. . ...;.".;."•.. ,~"""""",""",~~;"";"",,
>,""c;.,..""",~"--=....".."""_;,;>-.",.._.,o""~","";:,.,..';"'.~;..,.".,..~,,,,,-,,_.:;,,;.:~.,..·,;,,,,,,.;

_ (b) (6)

Attached is the latest bonuS data We have available", It includes Dawn's Non-qualified information.

'[hereport includes both the March23 to fvlay 31 and tbe June 1 to December 31 periods. The June to December is not
. cOmplete as we only required the first period details. If you prefer to only send the March to May period let me know and I
will moc;lify the file.

No weekly payment schedules are Includ",d nor is the SUmmary as we did not.get Dawn's data until late in the day. Also,
as we discussed at about 6pm last evening, we will need to modify theformatofthe summarY toonlyincluc;le true bonus
programs in the small, mec;liurn anc;l largeplan grQupings. We will keep the N Qual anc;l Retention in their unique buckets
and ad hoe type prQgrams such as sign on and counteroffers, etc in a unique bucket aswell.

Let me know if you' need any mQdiftcationto the attached,

T000406
Mcnulty, Amy

From: Greene, Michelle


Sent: Tuesday, March 10,200912:52 PM
To: Herr, Julie
Cc: Wolin, Neal; Albrecht, Stephen; Jaconi, Kristen; Sachs, Lee; Sobel, Mark
Subject: meeting tomorrow on exec ccimp - AIG and FSF

Julie,

We have 2 urgent matters that we need to discuss with Tim relating to exec compo Recognizing how much he has to do
today, Lee asked if we could please get on his schedule for tomorrow. I think a half hour is probably realistic to cover
both. The group cc'ed here should be Invited, plus anyone else they think needs to be included. The IA folks only need to
be there for part of the meeting covering FSF.

Thanks so much,
Michelle

Michelle D. Greene - US Department afthe Treasury - (202) 622-2018

T000466
Mcnu!j;y, Amy
From: Herr, Julie
Sent: Tuesday, February 17, 2009 7:40 PM
To: Hsu, Michael; Abdelrazek, Rawan
Subject: RE: Meeting wi AIG

I will confirm time tomorrow morning. Have to work to move some meetings around to accommodate.

from: Hsu, Michael


Sent: Tuesday, February 17, 2009 7:30 PM
To: Herr, Julie
Ce: Lambright, James; Kabaker, Matthew; Kashkari, Neel; Pointer, Tanshel; Abdelrazek, Rawan
SUbject: Re: Meeting wi AIG

One hour would be best, but there is ftexibilily to make it shorter if necessary to get a Thursday meeting.

From; Herr, Julie


To: Hsu, Michael
Cc: Lambright, James; Kabaker, Matthew; Kashkari, Neel; Pointer, Tanshel
Sent: Tue Feb 17 19:16:13 2009
Subject: RE: Meeting wi AIG
How much time Is needed. I am sure that we can squeeze it in on either Thursday or Friday, but would be helpful to
have a sense of how much timewe need to allot.

From: Hsu, Michael


Sent: Tuesday, February 17, 20095:11 PM
To: Herr, Julie
Ce: Lambright, James; Kabaker, Matthew; Kashkari, Neel
Subject: Meeting wi AIG
(b) (6)
As we discussed with the Secretary in yesterday's briefing,_and~
_ _ at AIG, would like to meet with the Secretary some nne tIS wee .

They suggested Thursday. Is there a time on that day that works for the Secretary?

Thanks,
-Mike

T000467
Mcnulty, Amy
Frc;m: HsU, Michael
Sent: Tuesday, February 17, 2009 7:30 PM
To: Herr, Julie
Cc: Lambright, James; Kabaker, Matthew; Kashkari, Neel; Pointer, Tanshel; Abdelrazek, Rawan
Subject: Re: Meeting wi AIG

One hour would be best, but there is flexibility to make it shorter if necessary to get a Thursday meeting.

From: Herr, Julie


To: Hsu, Michael
Cc: Lambright, James; Kabaker, Matthew; Kashkari, Neel; Pointer, Tanshel
Sent: Tue Feb 17 19:16:13 2009
Subject: RE: Meeting wi AIG
How much time is needed. I am sure that we can squeeze it in on either Thursday or Friday, but would be helpful to
have a sense of how much time we need to allot.

From: Hsu, Michael


Sent: Tuesday, February 17, 20095:11 PM
To: Herr, Julie
Ce: Lambright, James; Kabaker, Matthew; Kashkari, Neel
Subject: Meeting wi AIG
(b) (6)
As we discussed with the secretary in yesterday's briefin g, _ a n d ~
_ a t AIG, would like to meet with the Secretary sometIme t 15 wee .

They suggested Thursday. Is there a time on that day that works for the Secretary?

Thanks,
-Mike

1000468
Menul!¥:, Amy
From: Herr, Julie
Sent: Tuesday, February 17, 2009 7:16 PM
To: Hsu, Michael
Cc: Lambright, James; Kabaker, Matthew; Kashkarl, Neel; Pointer, Tanshel
SUbject: RE: Meeting wi AIG .

How much time is needed. I am sure that we can squeeze it in on either Thursday or Friday, but would be helpful to
have a sense of how much time we need to allot.

From: Hsu, Michael


Sent: Tuesday, February 17, 2009 5:11 PM
To: Herr, Julie
Cc: Lambright, James; Kabaker, Matthew; Kashkari, Neel
Subject: Meeting wi AIG
(b) (6)
As we discussed with the Secretary in yesterday's b r l e f i n g , - - ' a n d ~
_ _ at AlGI would like to meet with the Secretary sometime this week.

They suggested Thursday. Is there a lime on that day that works for the Secretary?

Thanks,
-Mike

T000469
Mcnulty, Amy

From: Hsu, Michael


Sent: Tuesday, February 17, 2009 5:11 PM
To: Herr, Julie
Cc: Lambright, James; Kabaker, Matthew; Kashkari, Neel
Subject: Meeting wi AIG
(b) (6)
As we discussed with the Secretary in yesterday's briefing, and~
_ at AIG, would like to meet with the Secretary sometime is wee .

They suggested Thursday. Is there a time on that day that works for the Secretary?

Thanks,
-Mike

T000470
Mcnulty, Amy

From: lambright, James


Sent: Sunday, March 01, 2009 7:10 PM
To: Hsu, Michael
SUbject: Re: Monday morning Hill staff AIG calls

Yes. Whenever it's done.

._----_.__ .
From: Hsu, Michael
To: Lambright, James
Sent: Sun Mar 0119:09:53 2009
Subject: RE: Monday morning Hill staff AlG calls
Yes. Only the final right?

From: Lambright, James


Sent: Sunday, March 01, 2009 7:09 PM
To: Wallace, Kim; Kashkarl, Neel; Sachs, Lee; (b) (6) ; Sperling, Gene; Hsu, Michael
Cc: Patterson, Mark; Cutter, Stephanie; Greene, Michelle; Abdelrazek, Rawan; Munchus, Damon
Subject: RE: Monday morning Hill staff AIG calis

Mike Hsu, Can you please send the final press release and Q&As tonight to the addressees above to assist with Hill calls?
Thanks.
Jim

From: Wallace, Kim


Sent: Sunday, March 01, 2009 5: 16 PM
To: Lambright, James; Kashkari, Neel; Sachs, Lee; '; Sperling, Gene
Cc: Patterson, Mark; Cutter, Stephanie; Greene, Michelle; Abdelrazek, Rawan; Munchus, Damon
Subject: Monday morning Hill staff AIG calls

Attached is a minimal list of 17 leadership and policy staffers we should call in the morning once the press release goes.
Please suggest other must do calls, then we can split calls among ourselves based on relationships and morning
availability.

Not clear just now which Member calls Sec. Geithner will place during a possible 9·10a window. Bernanke has offered to
call Frank and Bachus.

Jim, please send talking points once edited.

As I mentioned earlier to most of you, Reuters and Bloomberg have run fairly comprehensive stories.

Thanks,
Kim

T000488
Mcnulty, Amy

From: HsU, Michael


Sent: Sunday, March 01, 2009 7:10 PM
To: Lambright, James
Subject: RE: Monday morning Hill staff AIG calls

Yes. Only the final right?

From: Lambright, James


Sent: Sunday, March 01, 2009 7:09 PM
To: Wallace, Kim; Kashkarl, Neel; Sachs, Lee; ; Sperling, Gene; Hsu, Michael
Ce: Patterson, Mark; Cutter, Stephanie; Greene, Michelle; Abdelrazek, Rawan; Munchus, Damon
Subject: RE: Monday morning Hill staff AIG calls

Mike Hsu, can you please send the final press release and Q&As tonight to the addressees above to assist with HiiI calls?
Thanks.
Jim

From: Wallace, Kim


Sent: Sunday, March 01, 2009 5: 16 PM
To: Lambright, James; Kashkarl, Neel; Sachs, Lee; '; Sperling, Gene
Ce: Patterson, Mark; Cutter, Stephanie; Greene, Michelle; Abdelrazek, Rawan; Munchus, Damon
Subject: Monday morning Hill staff AIG calls

Attached is a minimal list of 17 leadership and policy staffers we should call in the morning once the press release goes.
Please suggest other must do calls, then we can spilt calls among ourselves based on relationships and morning
availability.

Not clear just now which Member calls Sec. Geithner wlll place during a possible 9-10a window. Bernanke has offered to
call Frank and Bachus.

Jim, please send talking points once edited.

As I mentioned earlier to most of you, Reuters and Bloomberg have run fairly comprehensive stories.

Thanks,
Kim

T000489
Mcnulty. Amy
From: Lambright, James
Sent: Sunday, March 01, 2009 7:09 PM
To: Wallace, Kim; Kashkari, NeelDisabled ; Sachs, Lee; (b) (6) ; Sperling,
Gene; Hsu, Michael
Cc: Patterson, Mark (DO); Cutler, Stephanie; Greene, Michelle; Abdelrazek, Rawan; Munchus,
Damon
Subject: RE: Monday morning Hill staff AIG calls

Mike Hsu, can you please send the final press release and Q&As tonight to the addressees above to assist with Hili calis?
Thanks.
Jim

From: Waliace, Kim


Sent: Sunday, March 01, 2009 5:16 PM
To: Lambright, James; Kashkari, Neel; Sachs, Lee; ; Sperling, Gene
ec: Patterson, Mark; Cutter, Stephanie; Greene, Michelle; Abdelrazek, Rawan; Munchus, Damon
Subject: Monday morning Hill staff AIG calls

Attached is a minimal list of 17 leadership and policy staffers we should call in the morning once the press release goes.
Please suggest other must do calls,_ then we can split calls among ourselves based on relationships and morning
availability.

Not clear just now which Member calls Sec. Geithner wili place during a possible 9-10a window. Bernanke has offered to
cali Frank and Bachus.

Jim, please send talking points once edited.

As I mentioned earlier to most of you, Reuters and Bloomberg have run fairly comprehensive stories.

Thanks,
Kim

T000490
McCarthy, Mary (Contractor)
From: Cutter, Stephanie
Sent: Wednesday, February 04,20095:42 PM
To: Albrecht, Stephen; Baker, Isaac; Jaconi, Kristen; Sperling, Gene; Keshkari, Neel; Sachs, Lee
Subject: RE: Clarificatton Needed

(b) (5)

-----Original Message-----
From; Albrecht~ Stephen
Sent; Wednesday~ February e4~ 2009 5:36 PM
To: Baker, Isaac; Cutter, Stephanie; Jaconi~ Kristen; Sperling, Gene; Kashkari, Neel; Sachs,
Lee
Subject:. RE : Clarification Needed

(b) (5)

-----Original Message-----
From: Baker, Isaac
Sent: Wednesday, February 04, 2009 5:09 PM
To: Cutter, Stephanie; Albrecht, Stephen; Jaconi, Kristen; Sperling, Gene; Kashkari, Neel;
Sachs, Lee
SUbject: RE: Clarification Needed

-----Original Message-----
From: Cutter~ Stephanie
Sent: Wednesday, February 04. 2009 4:43 PM
To: Albrecht. Stephen; Baker. Isaac; Jaeoni, Kristen; Sperling, Gene; Kashkari. Neel; Sachs,
Lee
Subject: Re: Clarification Needed
(b) (5)

----- Original Message -----


From: Albrecht, Stephen
To: Cutter, Stephanie; Baker. Isaac; Jaconi, Kristen; Sperling, Gene; Kashkari, Neel; Sachs,
Lee

T000622
Sent: Wed Feb ~ 16:39:10 2009
Subject: RE: Clarification Needed.
(b) (5)

-----Original Message-----
From: Cutter, Stephanie
Sent: Wednesday, February 04, 2009 4:37 PM
To: Albrecht, Stephen; Baker, Isaac; Jaconi, Kristen; Sperling, Gene; Kashkari, Neel; Sachs, .
lee
Subject: Re: Clarification Needed
(b) (5)

----- Original Message -----


From: A16recflt;"'Sot ephel'l' ....
To:. cutter~ Stephanie; Baker, Isaac; Jaconi, Kristen; Sperling~ Gene; Kashkari, Neel; Sachs,
lee
Sent: Wed Feb 04 16:34:01 2009
.Subject: RE: Clarification Needed

-----Original Message-----
From: Cutter, Stephanie
Sent: Wednesday, February 04, 2009 4:29 PM
To: Albrecht, Stephen; Baker, Isaac; Jaconi, Kristen; Sperling, Gene; Kashkari, Neel; Sachs~
Lee
Subject: RE: Clarification Needed

Can we go with this?

-----Original Message-----
From: Albrecht, Stephen
Sent: Wednesday, February e4~ 2009 3:12 PM

T000623
TO: Baker, Isaac; Jaconi, Kristen; Cutter, Stephanie; Sperling, Gene; Kashkari, Neel; Sachs,
lee
Subject: RE: Clarification Needed

I see a few options:

-----Original Message-----
From: Baker, Isaac
Sent: Wednesday, February 04, 2009 2:49 PM
To: Jaconi, Kristen; Cutter, Stephanie; Sperling, Gene; Kashkari, Neel; Sachs, Lee
Cc: Albrecht, Stephen
Subject: RE: Clarification Needed

Can folks please weigh in--we've got several outstanding press questions on this we need to
answer.
Thanks.,
Isaac

-----Original Message-----
From: Jaconi, Kristen
Sent: Wednesday, February 04, 2009 2:43 PM
To: Cutter, Stephanie; Baker, Isaac; Sperling, Gene; Kashkari, Neel; Sachs, Lee
Cc: Albrecht, Stephen
Subject: RE: Clarification Needed

T000624
Including Steve Albrecht on this email as he has negotiated many of these deals,
·····Original Message·····
From: Cutter, Stephanie
Sent: Wednesday, February 34, 2339 2:3S PM
To: Baker, Isaac; Sperling, Gene; Kashkari, Neel; Sachs, Lee
Cc: Jaconi, Kristen
Subject: RE: Clarification Needed
(b) 5)

·····Original Message·····
From: Baker, Isaac
Sent: Wednesday, February 34, 2339 2:32 PM
To.Spel lillg;Gene .. Kaslikal i; Neel.. Saclls; Lee
Cc: Jaconi, Kristen; Cutter, Stephanie
Subject: Clarification Needed
(b) (5)

····-Original Message"'"
From: ROGER RUNNINGEN, BLOOMBERG/ NEWSROOM: [mailto:rrunningen@bloomberg.net)
Sent: wednesday, February 34, 2339 2:21 PM
To: Baker, Isaac
Subject: RE: exec comp question from Bloomberg
Here's the exact sentence, and is it accurate: "When a company applies for the exceptional
assistance, the government would determine how many executives the pay cap would apply to,"

T000625
McCarthy, Mary (Contractor)

From: Albrecht, Stephen


Sent: Monday, March 16,200912:34 PM
To: Cutter, Stephanie; Woltn, Neal; WilUams, Andrew; Jaconi, Kristen
Subject: RE: Clarity on Exec Comp/AIG/Dodd?

-----Original Message-----
From: Cutter. Stephanie
Sent: Monday. March 16. 20~9 12:30 PM
To: Wolin. Neal; Williams, Andrew; Albrecht, Stephen; Jaconi, Kristen
Subject: Re: Clarity on Exec Comp/AIG/Dodd?
Thanks. (b) (5) ,

----- Original Message -----


From: Wolin. Neal
To: Cutter. Stephanie; Williams, Andrew; Albrecht, Stephen; Jaconl. Kristen
Sent: Mon Mar 16 12:27:47 2009
Subject: RE: Clarity on Exec Comp/AIG/Dodd?

( ) (5)

-----Original Message-----
From: Cutter, Stephanie
Sent: Monday, March 16, 2009 12;16 PM
To: Wolin, Neal; Williams, Andrew; AlbreCht, stephen; Jaconi. Kristen
Subject: Re: Clarity on Exec Comp/AIG/Oodd?
(b) (5)

T000656
----- original Message -----
From: Wolin, Neal
To: Williams, Andrew; Albrecht, stephen; Jaconi, Kristen; Cutter, Stephanie
Sent: Mon Mar 16 12:10:12 2309
Subject: Re: Clarity on Exec Comp/AIG/Dodd?
(b) (5)

,
,

----- Original Message -----


From: Williams, Andrew
To: Williams, Andrew; Albrecht; Stephen; Jaconi, Kristen; Cutter, Stephanie; Wolin, Neal
Sent: Mon Mar 16 12:36:13 2339
Subject: RE: Clarity on Exec (Omp/AIG/Doad?

Stephanie,

(b) (5)

-----Original Message-----
From: Williams, Andrew
Sent: Monday, March 16, 2009 11:40 AM
To: Albrecht, Stephen; Jaconi, Kristen
Subject: RE: Senior staff meeting

-----Original Message-----
From: Cutter, Stephanie
Sent: Monday, March 16, 2009 11:23 AM

T000657
To: Albrecht, Stephen; Williams, Andrew
Subject: Re: Senior staff meeting
(b) (5)

Original Message --~-­


From: Albrecht, Stephen
To: Cutter, Stephanie; Williams, Andrew
Sent: Mon Mar 16 11:16:59 2009

-
Subject: RE: Senior staff meeting
(b) (5)
-(b) (5)

(b) (5)

---7-0riginal Message-----
From: cutter, Stephanie
Sent: Monday, March 16, 2009 11:09 AM
To: Williams, Andrew; Albrecht, Stephen
Subject: Re: Senior staff meeting
(b) (5)

----- Original Message -----


From: Williams, Andrew
To: Cutter, Stephanie; Albrecht, Stephen
Sent: Mon Mar 16 11:06:04 2009
Subject: Re: Senior staff meeting

Dodd restricts non contract bonuses for the top five executive, it also applies to the next
20 highly compensated Which •

----- Original Message -----


From: Cutter, Stephanie
To: Williams, Andrew
Sent: Mon Mar 16 10:50:27 2009
SUbject: Re: Senior staff meeting
I just need the facts.

----- Original Message


From: Williams, Andrew
To: Cutter, Stephanie

T000658
Sent: Mon Mar 16 10:49:28 2009
Subject: RE: Senior staff meeting
Albrecht is getting some talking points
-----Original Message-----
From: Cutter, Stephanie
Sent: Monday, March 16, 2009 10:48 AM
To: Williams, Andrew
Subject: Re: Senior staff meeting
Are u and isaac putting together that exec comp stuff?
Original Message
From: Williams, Andrew
To: Cutter, Stephanie; Engebretsen, Jenni
Sent: Mon Mar 16 10:47:35 2009

I can go.
-----Original Message-----
From: Cutter, Stephanie
Sent: Monday, March 16, 2009 10:46 AM
To: Williams, Andrew; Engebretsen, Jenni
Subject: Senior staff meeting
Is at 11 - if either of you can go, pIs do.

T000659
McCarthy, Mary (Contractpr)

From: Cutter, Stephanie


Sent: Monday, March 16.' 200912:30 PM
To: Wolln, Neal; Williams, Andrew; Albrecht, Stephen; Jaconl, Kristen
SUb~ect: Re: Clarity on Exec Comp/AIG/Dodd?

Thanks. (b) (5)

~---- Original Message


Fr0m: Wolin, Neal
To: Cutter. Stephanie; Williams, Andrew; Albrecht. Stephen; Jaconi. Kristen
Sent: Mon Mar 16 12:27:47 2009
Subject: RE: clarity on Exec Comp/AIG/Dodd?

(b) (5)

~~---Original Message---~­
From: cutter, Stephanie
Sent: Monday, March 16. 2009 12:16 PM
To: Wolin, Neal; Williams. Andrew; Albrecht, Stephen; Jaconi. Kristen
Subject: Re: Clarity on Exec Comp/AIG/Dodd?
(b) (5)

----- Original Message -----


From: Wolin. Neal
To: Williams, Andrew; Albrecht, Stephen; Jaconi. Kristen; Cutter. Stephanie
Sent: Mon Mar 16 12:10:12 2009
SUbject: Re: Clarity on Exec Comp/AIG/Dodd?
(b) (5)

----- Original Message -----


From: Williams. AndreW
To: Williams, Andrew; Albrecht, Stephen; Jaconi, Kristen; Cutter, Stephanie; Wolin~ Neal
Sent: Mon Mar 16 12:06:13 2009
Subject: RE: Clarity on Exec Comp/AIG/Dodd?

T000660
Stephanie 1

(b) (5) (b) (5)

-~~~~Original Message-----
From: Williams , Andrew
Sent: Monday, March 16, 2009 11:4e AM
To: Albrecht, Stephen; Jaconi l Kristen
Subject: RE: Senior staff meeting

~----Original Message-~-~­
From: Cutter, Stephanie
Sent: Monday, March 16, 2009 11:23 AM
To: Albrecht, Stephen; Williams 1 Andrew
Subject: Re: Senior staff meeting
(b) (5)

Original Message ~---­


From: Albrecht, Stephen
To: Cutter, Stephanie; Williams 1 Andrew
Sent: Mon Mar 16 11:16:59 2009

-
Subject: RE: Senior staff meeting
(b) (5)
(b) (5)

T000661
(b) (5)

~~~~~Original Message-----
From: Cutter, Stephanie
Sent: Monday, March 16, 2009 11:09 AM
To: Williams, Andrew; Albrecht, Stephen
Subject: Re: Senior staff meeting
(b) (5)

~---- Original Message ---~­


From :~Jilliams,Andrew
To: Cutter, Stephanie; Albrecht, Stephen
Sent: Mon Mar 16 11:06:04 2009
Subject: Re: Senior staff meeting
Dodd restricts non contract bonuses for the top five executive, it also applies to the next
20 highly compensated •

----- Original Message -----


From: Cutter, Stephanie
To: Williams, Andrew
Sent: Mon Mar 16 10:50:27 2009
Subject: Re: Senior staff meeting
I just need the facts.
---~- Original Message
From: Williams, Andrew
To: Cutter, Stephanie
Sent: Mon Mar 16 10:49:28 2009
SUbject: RE: Senior staff meeting
Albrecht 1s getting some talking points
-----Original Message-----
From: cutter, Stephanie
Sent: Monday, March 16, 2009 10:48 AM
To: Williams, Andrew
Subject: Re: Senior staff meeting
Are u and isaac putting together that exec compstuff?
~~--- Original Message --~-~
From: Williams, Andrew
To: Cutter, Stephanie; Engebretsen, Jenni
Sent: Mon Mar 16.10:47:35 2009
Subject: RE: Senior staff meeting

T000662
I can go.
-----Original Message-----
From: Cutter, Stephanie
Sent: Monday, March 16, 2009 10:46 AM
To: Williams, Andrew; Engebretsen, Jenni
Subject: Senior staff meeting
Is at 11 - if either of you can go, pIs do.

T000663
McCarthy, Mary (Contractor)

From: Wolin, Neal


Sent: . Monday, March 16, 2009 12:28 PM
To: Cutter, Stephanie; Williams, Andrew; Albrecht, Stephen; Jaconi, Krlsten
Subject: RE: Clarity on Exec Comp/AIG/Dodd?

(b) (5)

~----Original Message--~-­
From: Cutter, Stephanie
Sent: Monday, March 16, 2009 12:16 PM
To: Wolin, Neal; Williams, Andrew; Albrecht, Stephen; Jaconi, Kristen
Subject: Re: Clarity on Exec Comp/AIG/Dodd?
(b) (5)

____ NOriginal Message ----~


From: Wolin, Neal
To: Williams, Andrew; Albrecht, Stephen; Jaconi, Kristen; Cutter, Stephanie
Sent: Mon Mar 16 12:10:12 2009
Subject: Re: Clarity on Exec Comp/AIG/Dodd?
(b) (5)

----- Original Message -----


From: Williams, Andrew
To: Williams, Andrew; Albrecht, Stephen; Jaconi, Kristen; Cutter, Stephanie; Wolin, Neal
Sent: Mon Mar 16 12:06:13 2009
Subject: RE: Clarity on Exec Comp/AIG/Dodd?

Stephanie,
(b) (5) .

T000664
(b) (5) (5)

-----Original Message- w - - -
From: Williams~ Andrew
Sent: Monday, March 16, 20a9 11:4a AM
To: Albrecht, Stephen; Jaconi, Kristen
SUbject: RE :Selliolstaffmeeting

-----Original Message-----
From: Cutter, Stephanie
Sent: Monday, March 16, 2009 11:23 AM
To: Albrecht, Stephen; Williams, Andrew
Subject: Re: Senior staff meeting

Original Message -----


From: Albrecht, Stephen
To: Cutter, Stephanie; Williams, Andrew
Sent: Mon Mar 16 11:16:59 2009

-
Subject: RE: Senior staff meeting
(b) (5)
(b) (5)

(b) (5)

----wOriginal Message-----
From: Cutter, Stephanie
Sent: Monday, March 16, 2009 11:09 AM
To: Williams, Andrew; Albrecht, Stephen
Subject: Re: Senior staff meeting

T000665
original Message -----
From: Williams, Andrew
To: Cutter, Stephanie; Albrecht, Stephen
Sent: Mon Mar 16 11:06:04 2009
Subject: Re: Senior staff meeting
Dodd restricts non contract for the top five executive, it also a lies to the next
20 highly compensate •

----- Original Message -----


From: Cutter, Stephanie
To: Williams, Andrew
sent: Mon Mar 16 10:50:27 2009
Subject: Re: Senior staff meeting
I just need the facts.

----- Original Message


From: Williams, Andrew
To: Cutter, Stephanie
Sent: Mon Mar 16 10:49:28 2009
Subject: RE: Senior staff meeting
Albrecht is getting some talking points

-----Original Message---~­
From: Cutter, Stephanie
Sent: Monday, March 16, 2009 10:48 AM
To: Williams, Andrew
Subject: Re: Senior staff meeting
Are u and isaac putting together that exec comp stuff?
Original Message
From: Williams, Andrew
To: Cutter, Stephanie; Engebretsen, Jenni
Sent: Mon Mar 16 10:47:35 2009
Subject: RE: Senior staff meeting
I can go.
-----Original Message-----
From: Cutter, Stephanie
Sent: Monday~ March 16, 2009 10:46 AM
To: Williams, Andrew; Engebretsen~ Jenni
Subject: Senior staff meeting

T000666
Is at 11 - if either of you can go, pIs do.

T000667
McCarthy, Mary (Contractor)

From: Cutter, StephanIe


Sent: Monday, March 16, 2009 12:16 PM
To: Wolin, Neal; Williams, Andrew; Albrecht, Stephen: Jaconl, Kristen
Subject: Re: Clarity on Exec Comp/AIG/Dodd?

(b) (5)

----- Original Message


From: Wolin, Neal
To: Williams, Andrew; Albrecht, Stephen; Jaconi, Kristen; Cutter, Stephanie
Sent: Mon Mar 16 12:10:12 2e09
Subject: Re: Clarity on Exec Comp/AIG/Dodd?
(11) (5)

----- Original Message -----


From: Williams, Andrew
To: Williams, Andrew; Albrecht, Stephen; Jaconi, Kristen; Cutter, Stephanie; Wolin, Neal
Sent: Mon Mar 16 12:e6:13 2009
Subject: RE: Clarity on Exec Comp/AIG/Dodd?

Stephanie,

-----Original Message-----
From: Williams, Andrew
Sent: Monday, March 16, 2009 11:40 AM
To: Albrecht, Stephen; Jaconi, Kristen
Subject: RE: Senior staff meeting
(b) (5)

T000668
-----Original Message-----
From: Cutter. Stephanie
Sent: Monday. March 16, 2009 11:23 AM
To: Albrecht, Stephen; Williams. Andrew
Subject: Re: Senior staff meeting
(b) (5)

Original Message -.---


From: Albrecht, Stephen
To: Cutter. Stephanie; Williams. Andrew
Sent: Mon Mar 16 11:16:59 2009

-
Subject: RE: Senior staff meeting
(b) (5)
(b) (5)

(b) (5)

-----Original Message-----
From: Cutter. Stephanie
Sent: Monday, March 16, 2009 11:09 AM
To: Williams. Andrew; Albrecht. Stephen
Subject: Re: Senior staff meeting

----- Original Message -----


From: Williams, Andrew
To: Cutter. Stephanie; Albrecht. Stephen
Sent: Mon Mar 16 11:06:04 2009
Subject: Re: Senior staff meeting
Dodd restri~ts non contract bonuses for the top five executive. it also applies to the next
20 hi hI compensated

... -- Original Message -----

T000669
From: Cutter, Stephanie
To: Williams, Andrew
Sent: Mon Mar 16 10:S0:27 2009
Subject: Re: Senior staff meeting
I just need the facts.
----- original Message
From: Williams, Andrew
To: Cutter, Stephanie
Sent: Mon Mar 16 10:49:28 2009
Subject: RE: Senior staff meeting
Albrecht is getting some talking points

'---'Original Message-----
From: Cutter, Stephanie
Sent- Monday, MarGR 16, 2009 10'42 AM
To: Williams, Andrew
Subject: Re: Senior staff meeting
Are u and isaac putting together that exec comp stuff?
Original Message
From: Williams, Andrew
.To: Cutter, Stephanie; Engebretsen, Jenni
Sent: Mon Mar 16 10:47:35 20e9
Subject: RE: Senior staff meeting
I can go.

----·Original Message-----
From: Cutter, Stephanie
Sent: Monday, March 15, 2009 10:46 AM
To: Williams, Andrew; Engebretsen, Jenni
Subject: Senior staff meeting
Is at 11 - if either of you can go, pIs do.

T000670
McCarthl! Mary (Contractor)
From: Wolin, Neal
Seot: Monday, March 16,200912:10 PM
To: Williams, Andrew; Albrecht, Stephen; Jaconl, Kristen; Cutter, Stephanie
Subject: Re: Clarity on Exec Comp/AIGJDodd?

(b) (5)

----- Original Message -----


From: Williams. Andrew
To: Williams. Andrew; Albrecht. Stephen; Jaconi. Kristen; Cutter. Stephanie; Wolin. Neal
Sent: Mon Ma~ 16 12:06:13 2e09
SUbject: RE: Clarity on Exec Comp/AIG/Dodd?

Stephanie,

(b) (5)

-----Original Message-----
From: Williams. Andrew
Sent: Monday. March 16. 2609 11:46 AM
To: Albrecht; Stephen; Jaconi. Kristen
Subject: RE: Senior staff meeting

-----Original Message-----
From: Cutter, Stephanie

T000671
Sent: Monday 1 March 16 1 2009 11:23 AM
To: Albrecht~ Stephen; Wil1iams~ Andrew
Subject: Re: Senior staff meeting
(b) (5)

Original Message -----


From: Albrecht, Stephen
To: Cutter~ Stephanie; Williams, Andrew
Sent: Mon Mar 16 11:16:59 2009
Subject: RF: Senior staff meeting

-----Original Message-----
From: Cutter~ Stephanie
Sent: MondaYI March 16, 2009 11:09 AM
To: Williams, Andrew; Albrecht, Stephen
Subject: Re: Senior staff meeting
(b) (5)

----- Original Message -----


From: Williams, Andrew
To: Cutter, Stephanie; Albrecht, Stephen
Sent: Mon Mar 16 11:06:04 2009
Subject: Re: Senior staff meeting
Dodd restricts non contract bonuses for the top five executive, it also applies to the next
20 hi hI compensated

----- Original Message -----


From: Cutter, Stephanie
To: Williams, Andrew
Sent: Mon Mar 16 10:50:27 2009
Subject: Re: Senior staff meeting
I just need the facts.
Original Message
From: Williams, Andrew

T000672
To: Cutter, Stephanie
Sent: Mon Mar 16 10:49:28 2009
Subject: RE: Senior staff meeting
Albrecht is getting some talking points

·····Original Message·····
From: Cutter, Stephanie
Sent: Monday, March 16, 2009 10:48 AM
To: Williams, Andrew
Subject: Re: Senior staff meeting
Are u and isaac putting together that exec comp stuff?
Original Message
From: Williams, Andrew
To: Cutter, Stephanie; Engebretsen, Jenni
Sent. 'Ion Plar 16 10: 47: 35 2009
Subject: RE: Senior staff meeting
I can go.
·····Original Message·····
From: Cutter, Stephanie
Sent: Monday, March 16, 2009 10:46 AM
To: Williams, Andrew; Engebretsen, Jenni
Subject: Senior staff meeting
Is at 11 . if either of you can go, pIs do.

T000673
McCarthy, Mary (Contractor)
From: Williams, Andrew
Sent: Monday, March 16,200912:06 PM
To: Kashkari, Neel '
Subject: FW: Clarity on Exec Comp/AIGlDodd?

ignore
~--~-Original Message-~--­
From:,Williams, Andrew
Sent: Monday, March 16, 2009 12:06 PM
To: Albrecht, Stephen; Jaconi, Kristen; Cutter, Stephanie; Kashkari, Neel
Subject: Clarity on Exec Comp/AIG/Dodd?

(b) (5) (5)

-----original Message-----
From: Williams, Andrew
Sent: Monday, March 16, 2e09 11:40 AM
To: Albrecht, Stephen; Jaconi. Kristen
Subject: RE: Senior staff meeting

-----Original Message---~­
From: Cutter, Stephanie
Sent: Monday, March 16, 2009 11:23 AM
To: Albrecht, Stephen; Williams, Andrew
Subject: Re: Senior staff meeting

T000674
(b) (5)

Original Message -----


From: Albrecht, Stephen
To: Cutter, Stephanie; Williams, Andrew
Sent: Mon Mar 16 11:16:59 2009

-
SUbject: RE: Senior staff meeting
(b) (5)
(b) (5)

~-~~~Original Message-----
From: Cutter, Stephanie
Sent: Monday, March 16, 2009 11:09 AM
To: Williams, Andrew; Albrecht, Stephen
Subject: Re: Senior staff meeting
(b) (5)

----- Original Message -~--­


From: Williams, Andrew
To: Cutter, Stephanie; Albrecht, Stephen
Sent: Mon Mar 16 11:06:04 2009
Subject: Re: Senior staff meeting
Dodd restricts non contract bonuses
29 hi hI compensated •

----- Original Message -----


From: Cutter, Stephanie
To: Williams, Andrew
Sent: Mon Mar 16 10:50:27 2909
Subject: Re: Senior staff meeting
I just need the facts.
----~ Original Message
From: Williams, Andrew
To: Cutter, Stephanie
Sent: Mon Mar 16 10:49:28 2009
SUbject: RE: Senior staff meeting

T000675
Albrecht is getting some talking points
...•.Original Message·····
From: Cutter, Stephanie
Sent: Monday, March 16, 2009 10:48 AM
To: Williams, Andrew
SUbject: Re: Se~ior staff meeting
Are u and isaac putting together that exec comp stuff?
.•... Original Message
From: Williams, Andrew
To: Cutter, Stephanie; Engebretsen, Jenni
Sent: Mon Mar 16 10:47:3S 2009
Subject: RE: Senior staff meeting
I can go.
·····Original Message·····
From: Cutter, Stephanie
Sent: Monday, March 16, 2009 10:46 AM
To: Williams, Andrew; Engebretsen, Jenni
Subject: Senior staff meeting
Is at 11 . if either of you can go, pIs do.

T000676
McCarthy. Mary (Contractor)

From: Williams, Andrew


Sent: Monday, March 16, 200912:06 PM
To: Williams, Andrew; Albrecht, Stephen; Jaconi, Kristen; Cutter, Stephanie; Wolin, Neal
Subject: RE: Clarity on Exec Comp/AIG/Dodd?

Stephanie~

(b) (5) (b) (5)

~~~~~Original Message~~--­
From: Williams~ Andrew
Sent: MondaY3 March 16 3 2009 11:40 AM
To: Albrecht 3 Stephen; Jaconi, Kristen
Subject: RE: Senior. staff meeting

~-~--Original Message---~­
From: Cutter, Stephanie
Sent: Monday, March 16, 2039 11:23 AM
To: Albrecht, Stephen; Williams, Andrew
SUbject: Re: Senior staff meeting
(b) (5)

T000677
.---- Original Message ----.
From: Albrecht~ Stephen <

To: cutter~ Stephanie; Williams, Andrew


Sent: Mon Mar 16 11:16:59 2009

-
Subject: RE: Senior staff meeting
(b) (5)
(b) (5)

·----original Message-----
From:Cutter J Stephanie
Sent: MondaYJ March 16 J 2009 11:09 AM
To: Williams, Andrew; Albrecht~ Stephen
Subject: Re: Senior staff meeting
(b) (5) .

----- Original Message --.--


From: Williams, Andrew
To: Cutter J Stephanie; Albrecht, Stephen
Sent: Mon Mar 16 11:06:04 2009
SUbject, Re, Senior staff meeting

bonuses for the top five executive~ it'also applies to the next

----- Original Message -----


From: Cutter, Stephanie
To: Williams, Andrew
Sent: Mon Mar 16 10:50:27 2009
Subject: Re: Senior staff meeting

I just need the facts.

----- Original Message


From: Williams, Andrew
To: Cutter, Stephanie
Sent: Mon Mar 16 10:49:28 20~9
Subject: RE: Senior staff meeting

Albrecht is getting some talking points

-----Original Message-----
From: Cutter, Stephanie
Sent: Monday, March 16, 2009 10:48 AM
To: Williams~ Andrew
SUbject: Re: Senior staff meeting

T000678
Are u and isaac putting together that exec comp stuff?
Original Message
From: Williams, Andrew
To: Cutter, Stephanie; E~gebretsen, Jenni
Sent: Mon Mar 16 10:47:35 2009
Subject: RE: Senior staff meeting
I can go.

-----Original Message-----
From: Cutter, Stephanie
Sent: Monday, March 16, 2009 10:46 AM
To: Williams, Andrew; Engebretsen, Jenni
SUbject: Senior staff meeting

T000679
McCarthy, Mary (Contractor)

From: Williams, Andrew


Sent: Monday, March 16, 200912:06 PM
To: Albrecht, Stephen; Jaconi. Kristen; Cutter, Stephanie; Kashkari, Neel
Subject: Clarity on Exec CompfAIGfDodd?

Stephanie)

(b) (5) (5)

~~~~~Original Message-----
From: Williams) Andrew
Sent: Monday) March 16) 2009 11:40 AM
To: Albrecht) Stephen; Jaconi) Kristen
Subject: RE: Senior staff meeting

-----Original Message~---­
From: Cutter) Stephanie
Sent: Monday) March 16) 2009 11:23 AM
To: Albrecht, Stephen; Williams, Andrew
Subject: Re: Senior staff meeting
(b) (5)

original Message -----

T000680
From: Albrecht, Stephen
To: Cutter, Stephanie; Williams, Andrew
Sent: Mon Mar 16 11:16:59 2009

-
Subject: RE: Senior staff meeting
(b) (5)
(b) (5)

~----Original Message-----
From: Cutter, Stephanie
Sent: Monday. March 16, 2009 11:09 AM
To: Williams, Andrew; Albrecht, Stephen
SUbject: Re: Senior staff meeting
(b) (5)

----- Original Message -----


From: Williams, Andrew
To: Cutter, Stephanie; Albrecht, Stephen
Sent: Mon Mar 16 11:e6:04 2009
Subject: Re: Senior staff meeting

-~--- Original Message -----


From: Cutter, Stephanie
To: Williams, Andrew
Sent: Mon Mar 16 10:5e:27 2009
Subject: Re: Senior staff meeting

I just need the facts.

----- Original Message


From: Williams, Andrew
To: cutter, Stephanie
Sent: Mon Mar 16 10:49:28 2009
Subject: RE: Senior staff meeting

Albrecht is getting some talking points

-----Original Message-----
From: Cutter, Stephanie
Sent: Monday, March 16, 2009 10:48 AM
To: Williams, Andrew
SUbject: Re: Senior staff meeting

T000681
Are u and isaac putting together that exec comp stuff?
----- Original Message -----
From: Williams, Andrew
To: Cutter, Stephanie; Engebretsen, Jenni
Sent: Mon Mar 16 10:47:35 2009
Subject: RE: Senior staff meeting
I can go.

-----Original Message-----
From: Cutter, Stephanie
Sent: Monday, March 16, 2009 10:46 AM
To: Williams, Andrew; Engebretsen, Jenni
Subject: Senior staff meeting
Is at 11 - if either of you can go, pIs do.

T000682
McCarthy~ Mary (Contractor)
. From: Fu, Alan
Sent: Tuesday, March 03, 2009 10:19 AM
To: Lambright, James
SUbject: FW: Closing timeline template

,,~·,~~_··· .. ~·~,~ ...·_..


_·_~.·· ...•••__.... ·,","~" ...... ,.W·w"\'~''''''''''".! .. ........
~, ~--.._.~._ •• "._I_"."'''.'.'·''''~.'~·'' __ '_'~'~II~'~'~~'<"'''.'''''-'''.''''''''I.' ... "_._._.~ __.•_~,.~,, ........ ~.•,...•.••,_•._ •.• ,-._.~_ ......_.--...._ ......
__ ''_''~_P'_''''_''·~_'''~.~''.·_'' ~_._ .. ~-,

From: FU, Alan


Sent: Monday, March 02, 2009 1:40 PM
To: Miller, David N; Tae, Michael
Subject: Closing timellne template

Based on the AIG, Citl, and TALF memos, here's what I have so far. Let me know if t should add/remove/rearrange

• Finalize terms & documents


• Finalize Executive Comp certifications
• Finalize and distribute Investment Committee memo
• Finalize Program Guidelines
• Finalize form of Troubled Asset Determination
• OMB apportionment
• Investment Committee meeting
• Finalize FSOB presentation
• Fed approval
• Receive letter from Chairman Bernanke
.• Consult with NCUA and OT$
• Secretary executes Troubled Asset Determination
• Transmittal of Troubled Asset Determination
• Prepare Press Release and deal talking points
•. Execute deal documents
• Treasury funding
• Deal settlement:
o Funds transfer
o Take custody of securities
• Press Release
• Transaction Report
• Media Briefing
• Legis.latlve Briefing
• Public release of Program Guidelines
• Public release of Transaction Report

T000708
McCarthy? Mary (Contractor)
From: Albrecht. Stephen
Sent: Monday, March 30,20092:40 PM
To: 'Chase, Beverly Fanger'; Hsu. Michael; 'James.Hennessy@ny.frb.org';
'Sarah. Dahlgren@ny.frb.org'
Cc: 'Huebner, Marshall S.'; 'James, Ethan T.'; 'Wright. John T.'
Subject: RE: CMRC Meeting - March 30th at 3:00 p.m.

Beverly or Marshall- Can you call me really qUick? 202-622-1143

From: Chase, Beverly Fanger [mailto:beverly.chase@dpw,com]


Sent: Monday, March 30, 2009 2:17 PM
To: Albrecht, Stephen; Hsu, Michael; 'James.Hennessy@ny.frb.org'j Sarah.Dahlgren@ny.frb.org
Cc: Huebner,Marshatl S.; James, Ethan T.; Wright, John T.
Subject: FW: CMRC Meeting - March 30th at 3:00 p.m.
Importance: High

FYI--New materials for this <;;lfternoon's CMRC meeting.

To ensure compliance with requirements imposed by the IRS, we inform you that, unless explicitly provided
otherwise, any U.S. federal tax advice contained in this communication (including any attachments) is not
intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal
Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter
addressed herein.
*************************
Beverly F. Chase
Davis Polk & Wardwell
450 Lexington Avenue

T000709
New York, New York 10017
chase@dpw.com (email)
212-450-4383 (tel)
212·450-3383' (fax)
,
*********••**************
',' '." ••• , " .1 •• .,. "w"'" "., ,,~ ,.,,, ,...... ••••• , , ' . . •• '. l ' '"",,, ." • • • • • • • • • • , • • • '. • • •• '.' • • • , 1 • " . " • • • " •• _ -, •• , •.•• " 'p" '.' '.' .. - '.' . ' '_. , , , • .

From:~[mailto~@AIG,com]
sent:~~rc 30,2.00912~
To: 'James Orr'; '; (lJ) (6) 'i (bi (6) m'; 'Glnnl
Rometti' (b) (
Cc: & JI ; Tursl J Adrll;ma; sell,. . . . . . .; 'MartIe Fack1er';~ 'Guenlotl Oaudlne';
'Alrwe LBums'; tols Westerholm'; Chase~ri Papadopoulos, ~@ey,com'i
'Marla,Epnett@ey.wm'i 'sarah.dahlgren@ny.frb.org'i 'danlelle.chel@ny,frb.org'; 'jeanette,dlaz@ny.fro,org'i
'cella,marra:ao@ny,frb,org'; 'jgamble@stblaw.com'j 'Evans, Faith'; (b) (6)
'james,henn_ 'Wendy Hilburn'; Huebner, Marshall .; unn n9 am nn' ames, an T.j Pisani,
Francine Do; BllIhardt, UlIlaJ'l',' I 9smlthl Charmian; Aronson Jon'
wllUam.murphy05@ey,comj k~tle,edwards@ey,wm'i TrevInO, Marc; 'Decarlol Rosemary'; NY;
Margalit, Rlva; COyle, Jacquelyn, Papandrea, Tlffan'/
Subject: CMRC Meeting - March 30th at 3:00 p,m.
Importance: High

On behalf of• • • • • please see the attached memorandum and attachments. Thanl< you.

_ srvle"
Office of the Corporate Secretary
AMERiCAN INTERNATIONAL GROUP, INC.
70 Pine S reet, 2T" Floor
New Yo ,NY 10210

- 212 785-1584 w

This ~mail, and any attachments thereto, Is Intended only for use by the addressee(s) named herein and may contain
legally privileged andfor confidentlallnformatlon, If you are not the Intended recipient of this a-maU, you are hereby
notIfied that any dissemination, distribution or copying of this e--mail, a~nts thereto, is strictly prohlbtted. If
you have reoeived this e·mall in error, please Immediately notify me at~ and permanently delete the original
l;Ind any copy of any e·mail and any printout thereof-

T000710
McCarthy. Mary (Contractor)
From: Solomon, Ian
Sent: Saturday, March 28,20094:25 PM
To: Jaconf, Kristen; Albrecht, Stephen
Cc: Hsu, Michael; Fitzpayne, Alastair
SubJect; FW: CMRC Meeting on Monday-~ACTrONS TO BE TAKEN--ATIENTION REQUIRED

From: Hsu, Michael


Sent:Sattndav, Malcll28, 2009 4~:l:3 PM
To: Solomon, Ian
Subject: Fw: CMRC Meeting on Monday--ACTIONS TO BE TAKEN--ATTEN110N REQUIRED

To your question....

From: Chase, Beverly Fanger


To: Hsu, Michael
Sent: Sat Mar 28 16:11 :34 2009
Subject: Re: CMRC Meeting on Monday--ACTIONS TO BE TAKEN--AlTENTION REQUIRED

From: Michael.Hsu@do.treas.gov
To: Chase, Beverly Fanger
Sent: Sat Mar 2814:15:592009
Subject: Re: CMRC Meeting on Monday--ACITONS TO BE TAKEN--ATTENTION REQUIRED
(b) (5)

From: Chase, Beverly Fanger


To: tJames.Hennessy@nyJrb.org' i Sarah.Dahlgren@nyJrb.org ; Albrecht, stephen; Hsu, Michael
Cc; Huebner, Marshall S. ; James, Ethan T. ; Wright, John T. ; Martha Cook; 'william.murphyOS@ey.com' i
Nancy.Kellyl@ey.com
Sent: sat Mar 28 08:23:04 2009
Subject: CMRC Meeting on Monday--ACTIONS TO BE TAKEN--ATTENTION REQUIRED
1. Investments 2009 Bonus Payments.
(b) (5)

T000711
To ensure compliance with requirements imposed by the IRS, we inform you that, unless explicitly provided
otherwise, any U.S. federal tax advice contained in this communication (including any attachments) is not
intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal
Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter
addressed herein.
*************************
Beverly F. Chase
Davis Polk & Wardwell
450 Lexington Avenue
New York, New York 10017
chase@dpw.com (email)
212-450-4383 (tel)
212-450-3383 (fax)
*************************

T000712
McCarthy. Ma!y (Contractor)
From: Solomon, Ian
Sent: Saturday, March 28, 2009 4:21 PM
To: Hsu, Michael
SUbject: RE: CMRC Meeting on Monday-ACTIONS TO BE TAKEN--ATTENTION REQUIRED

(b) (6)

From: Hsu, Michael


Sent: Saturday, March 28,20094:20 PM
To: Solomon, Ian
Subject: Re: CMRC Meeting on Monday--ACTIONS TO BE TAKEN--ATTENTION REQUIRED

From: Solomon, Ian


To: Hsu, Michael
Sent: Sat Mar 2816:17:482009
Subject: RE: CMRC Meeting on Monday--ACTIONS TO BE TAKEN--ATTENTION REQUIRED
Thanks. If you're in MT and want to share a speakerphone, I'm in 3319.

From: Hsu, Michael


Sent: saturday, March 28, 2009 4:15 PM
To: Lambright, James; Kashl<arl, Neel; Sachs, Lee; Solomon, Iani Wolin, Neal; Goodman, Mary; Jaconl, Kristen
Cc: Albrecht, Stephen; Morse, Duane; Ferlazzo, Ronald; Fitzpayne, Alastair; Wallace, Kim.
Subject: Re: CMRC Meeting on Monday--ACTIONS TO BE TAKEN--ATTENTION REQUIRED

The passwordto access the doc i s _

And, no, I don't know who came up with that.

From: Hsu, Michael


To: Lambright, James; Kashkari, Neel; Sachs, Lee; Solomon, Iani Wolin, Neali Goodman, Mary; Jaconi, Kristen
Cc: Albrecht, Stepheni Morse, Duane; Ferlazzo, Ronald; Fitzpayne, Alastair; Wallace, Kim
Sent: Sat Mar 2808:41:382009
Subject: Fw: CMRC Meeting on Monday--ACTIONS TO BE TAKEN~-ATTENTION REQUIRED

Something to add to the agenda.

What time are we conf calling today?

From: Chase, Beverly Fanger


To: 'James.Hennessy@nyJrb.org' ; Sarah.Dahlgren@nyJrb.org ; Albrecht, Stephen; Hsu, Michael
Cc: Huebner, Marshall S. ; James, Ethan T. ; Wright, John T. ; Martha Cook; 'wllliam.murphy05@ey.com' i
Nancy.Kelly1@ey.com
Sent: Sat Mar 28 08:23:04 2009
SUbject: CMRC Meeting on Monday--ACTIONS TO BE TAKEN--ATTENTION REQUIRED

T000713
To ensure compliance with requirements imposed by the IRS~ we inform you that, unless explicitly provided
otherwise~ any U.S. federal tax advice contained in this communication (including any attachments) is not
intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal
Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter
addressed herein.
*************************
Beverly F. Chase
Davis Polk & Wardwell
450 Lexington Avenue
New York, New York 10017
chase@dpw.com (email)
212-450~4383 (tel)
212~450-3383 (fax)
*************************

T000714
McCarthy. Mary (Contractor)
From: Solomon, Ian
Sent: Saturday, March 28, 20094;18 PM
To: Hsu, Michael
Subject: RE: CMRC Meeting on Monday·-ACTIONS TO BE TAKEN-ATTENTION REQUIRED

Thanks. If you're in MT and want to share a speakerphone, I'm in 3319.

From: Hsu, Michael


Sent: Saturday, March 28, 2009 4: 15 PM
To: lambright, James; Kashkari, Neel; Sachs, Lee; Solomon, Iani Wolin, Neal; Goodman, Mary; Jaconi, Kristen
Cc: Albrecht, Stepheni Morse, Duane; Ferlazzo, Ronald; Fltzpayne, Alastair; Wallace, KIm
Subject: Re: CMRC Meeting on Monday--ACTIONS TO BE TAKEN·-ATTENTION REQUIRED

The password to access the doc i s _

And, no, I don't know who came up with that.

From: Hsu, Michael


To; Lambright, James; Kashkari, Neel; Sachs, Lee; Solomon, Ian; Wolin, Neal; Goodman, Mary; Jaconlr Kristen
Cc: Albrecht, Stephen; Morser Duane; Ferlazzo, Ronald; Fltzpayne, Alastair; Wallacer Kim
Sent: Sat Mar 2808:41:382009
Subject: Fw: CMRC Meeting on Monday--ACTIONS TO BE TAKEN--ATTENTION REQUIRED

Something to add to the agenda.

What time are we conf calling today?

.From: Chase, Beverly Fanger


To: 'James.Hennessy@ny.frb.org' ; Sarah.Dahlgren@nyJrb.org ; Albrecht, Stepheni Hsu, Michael
Cc: Huebner, Marshall S. ; Jamesr Ethan T. ; Wright, John T. ; Martha Cook i 'wllllam.murphyOS@ey.com' ;
.Nancy.Kelly1@ey.com
Sent: Sat Mar 28 08:23:04 2009
Subject: CMRC Meeting on Monday-~ACTIONS TO BE TAKEN--ATTENTION REQUIRED
1.lnvestments 2009 Bonus Payments.

T000715
To ensure compliance with requirements imposed by the IRS, we inform you that, unless explicitly provided
otherwise, any U.S. federal tax advice contained in this communication (including any attachments) is not
intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Intemal
Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter
addressed herein.
*************************
Beverly F. Chase
Davis Polk & Wardwell
450 Lexington A venue
New York, New York 10017
chase@dpw.com (email)
212-450-4383 (tel)
212-450-3383 (fax)
*************************

T000716
McCarthYJ Mary (Contractor)
From: HsU, Michael
. Sent: Saturday, March 28,20094:15 PM
To: lambright, James; Kashkarl, Neel; Sachs, Lee; Solomon, Ian; Wolin, Neal; Goodman, Mary;
Jaconi, Kristen
Cc: Albrecht, Stephen; Morse, Duane; Ferlazzo, Ronald; Fitzpayne, Alastair; Wallace, Kim
Subject: Re: CMRC Meeting on Monday-.ACTIONS TO BE TAKEN·-ATTENTION REQUIRED

The password to access the doc i s _

And, no, I don't know who came up with that.

From: Hsu, Michael


To: Lambright, James; Kashkari, Neel; ~achs,Lee; Solomonl Ian; Wolin,Neal; Goodman, Mary; Jaconi, Kristen

Something to add to the agenda.

What time are we conf calling today?

.From:· Chase, Beverly Fanger


To: 'James.Hennessy@nyJrb.org' ; sarah.Dahlgren@ny.frb.org ; Albrecht, Stepheni Hsu, Michael
Cc: Huebner, Marshall S. ; James, Ethan T. ; Wright, John T. i Martha Cook; 'william.murphy05@ey.com' ;
Naricy.Kelly1@ey.com
Sent: Sat Mar 2808:23:042009
Subject: CMRC Meeting on Monday--ACTIONS TO BE TAKEN--ATTENTION REQUIRED
1, Investments 2009 Bonus Payments.

TOOD?1?
To ensure compliance with requirements imposed by the IRS) we infonn you that, unless explicitly provided
otherwise, any U.S. federal tax advice contained in this commUnication (including any attachments) is not
intended or written to be used) and cannot be used, for the purpose'of (i) avoiding penalties under the Internal
Revenue Code or (iiJpromoting) markeiing or recommending to another party any transact1onormatter
addressed herein.
*************************
Beverly F. Chase
Davis Polk & Wardwell
450 Lexington Avenue
New York, New York 10017
chase@dpw.com (email)
212-450-4383 (tel)
212-450~3383 (fax)
*************************

T000718
McCarthl. Mary (Contractor)
From: Chase, Beverly Fanger [beverly.chase@dpw.com]
Sent: Saturday, March 28,20094:12 PM
To: Hsu, Michael
SUbject: Re: CMRC Meeting on Monday--ACTIONS TO BE TAKEN--ATTENT10N REQUIRED

From: .MichaeI.Hsu@do,treas.gov
To: Chase, Beverly Fanger
Sent: Sat Mar 28 14:15:59 2009
Subject: Re: CMRC Meeting on Monday--ACTIONS TO BE TAKEN--ATTEN110N REQUIRED
(b) (5) .

From: Chase, Beverly Fanger


To: 'James.Hennessy@nyJrb.org' i Sarah.Dahtgren@nyJrb.org ; Albrecht, Stephen; Hsu, Michael
Cc: Huebner, Marshall S. ; James, Ethan T. ; Wright, John T. ; Martha Cook ;'william,murphy05@ey.com' i
Nancy.Kellyl@ey.com
Sent: Sat Mar 28 08:23:04 2009
Subject: CMRC Meeting on Monday--ACTIONS TO BE TAKEN--ATTENTION REQUIRED
1.lnvestments 2009 Bonus Payments.

T000719
To ensure 'compliance with requirements imposed by the IRS. we inform you that. unless explicitly provided
otherwise. any U.S. federal tax advice contained in this communication (including any attachments) is not
intended or written to be used, and cannot be used, for the purpose, of (i) avoiding penalties under the Internal
Revenue Code or (ii) promoting. marketing or recol111ilending to another party any transaction or matter
addressed herein.
*************************
Davis Polk & Wardwell
450 Lexington Avenue
New York, New York 10017
chase@dpw.com (email)
212-450-4383 (tel)
212-450-3383 (fax)
*************************

Tooono
McCarthy, Mary (Contractor)

From: Wallace, Kim


Sent: Saturday, March 28,20091:'01 PM
To: Hsu, Michael
Subject: RE: CMRC Meeting on Monday--ACTIONS TO BE TAKEN--ATTENTION REQUIRED

Do you have passcode to open docs?

From: Hsu, Michael


Sent: Saturday, March 28, 2009 8:42 AM
To: Lambright, James; Kashkarir Neel; Sachsr Lee; Solomon, Ian; Wolin, Neal; Goodmanr Mary; Jaconi, Kristen
Cc: Albrecht, Stephen; Morse, Duane; Ferlazzor Ronald; Fltzpayne, Alastair; Wallace, Kim
Subject: Fw: CMRC Meeting on Monday--ACTIONS TO BE TAKEN--ATTE~TION REQUIRED

Something to add to the agenda.

What time are we conf calling today?

From: Chase, Beverly Fanger


To: 'James.Hennessy@ny.frb.org' ; Sarah.Dahlgren@nyJrb.org ; Albrecht, Stepheni Hsur Michael
Cc: Huebner, Marshall S. ; James, Ethan T. i Wright, John T. ; Martha Cook i 'william,murphyOS@ey.com' ;
Nancy.Kellyl@ey.tom
Sent: Sat Mar 28 08:23:04 2009
Subject: CMRC Meeting on Monday--ACTIONS TO BE TAKEN--ATTENTION REQUIRED
1, Investments 2009 Bonus Payments.

T00072 I
(b) (6)

To ensure compliance with requirements imposed by the IRS, we inform you that, Unless explicitly provided
. otherwise, any U.s. federal tax advice contained in this communication (including any attachments) is not
intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal
Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter
addressed herein.
*************************
Beverly F. Chase
Davis.Polk & Wardwell
450 Lexington Avenue
New York, New York 10017
chase@dpw.com (email)
212-450-4383 (tel)
212-450-3383 (fax)
*************************

T000722
McCarthy. Mary (Contractor)
From: Sachs, Lee
Sent: Saturday, March 28,200910:44 AM
To: Hsu, Michael; Lambright, James; Kashkari, NeelDisabled; Solomon, Ian; Wolin, Neal;
Goodman, Mary; Jaconi, KristenDisabled
Cc: Albrecht, Stephen; Morse, Duane; Ferlazzo, Ronald; Filzpayne, Alastair; Wallace, Kim;
'Ieesachs@mac.com'
Subject: Re: CMRC Meeting on Monday~~ACTIONS TO BE TAKEN··ATTENTION REQUIRED

From: Hsu, Michael


To: Lambright, James; Kashkari, Neel; Sachs, Lee; Solomon, Ian; Wolin, Neal; Goodman, Mary; Jaconi, Kristen
Cc: Albrecht, Stephen; Morse, Duane; Ferlazzo, Ronald; Fitzpayne, Alastair; Wallace, Kim
Sent: Sat Mar 28 08:41:38 2009 '
Subject: Fw: CMRCMeeting on Monday-~AcnONS TO BETAKEN-:-ATTENTION REQUIRED

Something to add to the agenda.

What time are we conf calling today?

From: Chase, Beverly Fanger


To: 'James.Hennessy@ny.frb.org' ; Sarah.Dahlgren@nyJrb.org ; Albrecht, Stephen; Hsu, Michael
Cc: Huebner, Marshall S. i James, Ethan T. i Wright, John T. ; Martha Cook i 'william.murphy05@ey.com' j
Nancy.KeUyl@ey.com
'Sent: Sat Mar 2808:23:042009
Subject: CMRC Meeting on Monday·-ACTIONS TO BE TAKEN--ATTENTION REQUIRED
1.lnvestments 2009 Bonus Payments.

TOO@723
To ensure compliance with requirements imposed by the IRS, we inform you that, unless explicitly provided
otherwise; any U.S. federal tax advice contained in this communication (including any attachments) is not
intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal
Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter
addressed herein.
*************************
Davis Polk & Wardwell
. 450 Lexington Avenue
New York, New York 10017
chase@dpw.com (email)
212~450-4383 (tel)
212~450-3383 (fax)
*************************

T000724
McCarthYf Mary (Contractor!
From: Solomon, Ian
Sent: Saturday, March 28,20099:54 AM
To: Hsu, Michael; Lambright, James; Kashkari, Neel; Sachs, Lee;· Wolin, Neal; Goodman, Mary;
Jaconf, Kristen
Cc: Albrecht, Stephen; Morse, Duane; Fertazzo, Ronald; Fitzpayne, Alastair; Wallace, Kim
Subject: Re: CMRC Meeting on Monday-ACTIONS TO BE TAKEN--ATTENTION REQUIRED

(b) (5)

I propose 4pm for a conf call.

From: Hsu, Michael


To: Lambright, James; Kashkarl, Neel; Sachs, Lee; Solomon, Ian; Wolin, Neal; Goodman, Mary; Jaconi, Kristen
cc: Albrecht, Steph~n; Morse, Duane; Ferlazzo, Ronald; Fltzpayne, Alastair; Wallace, Kim
Sent: Sat Mar 28 08:41:38 2009
Subject: Fw: CMRC Meeting on Monday--ACfIONS TO BE TAKEN--ATTENllON REQl,lIRED

Something to add to the agenda.

What time are we conf calling today?

From: Chase, Beverly Fanger


To: 'James.Hennessy@ny.frb.org' i Sarah.Dahlgren@ny.frb.org ; Albrecht, Stephen; Hsu, Michael
Cc: Huebner, Marshall S. ; James, Ethan T. ; Wright, John T. ; Martha Cook; 'wilUam.murphy05@ey.com' ;
Nancy.Kellyl@ey.com
Sent: Sat Mar 28 08:23:04 2009
Subject: CMRC Meeting on Monday~-AmONS TO BE TAKEN-~ATTENllON REQUIRED
1.lnv~stments 2009 Bonus, Payments,

T000725
To ensure compliance with requirements imposed by the IRS, we inform you that, unless explicitly provided
otherwise, any U.S. federal tax advice contained in this communication (including any attachments) is not
intended or written to beused, and caPllotbeusecl.Jor the llli!P0se of (1) Rvpidingpenalties under thelnternal
Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter
addressed herein.
*************************
Beverly F. Chase
Davis Polk & Wardwell
450 Lexington Avenue
New York, New York 10017
chase@dpw.com (email)
212-450-4383 (tel)
212-450-3383 (fax)
*************************

T000726
McCarthy. Mary (Contractor)
From: Chase, Beverly Fanger [beverly.chase@dpw.com]
Sent: Saturday, March 28, 2009 8:52 AM
To: 'James.Hennessy@ny.frb.org'; Sarah.Dahlgren@ny.frb.org; Albrecht, Stephen; Hsu, Michael
Cc: Huebner~ Marshall S.; James, Ethan T.: Wright, John T.; Martha Co.ok; 'william.murphy05
@ey.com'; Nancy. Kelly1 @ey.com
Subject: RE: CMRC Meeting on Monday~~ACTIONS TO BE TAKEN-~ATTENTION REQUIRED

Apologies for any confusion caused by the typo in my previous email. Item 1. should have read: "Investments 2008
Bonus Payments."

To ensure compliance with requirements imposed by the IRS, we infonn you that, unless explicitly provided
otherwise, any U.S. federal tax advice contained in this communication (including any attachments) is not
intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal
Revenue GGQe QV (ii) promoting;matketing or recommending toanotber party any transaction or matter .
addressed herein.
*************************
Beverly F. Chase
Davis Polk & Wardwell
450 Lexington Avenue
New York, New York W017
chase@dpw.com (email)
212~450~4383 (tel)
212-450~3383 (fax)
*************************
From: Chase, Beverly Fanger
Sent: Saturday, March 28, 2009 8:23 AM
To; 'James.Hennessy@nyJrb.org'i sarah.Dahlgren@ny.frb.org; 'Stephen.Albrecht@do.treas.gov';
'Michael. Hsu@do.treas.gov'
ee: Huebner, Marshall S.; James, Ethan T.; Wright, John T.; Martha Cook; 'wllllam,murphy05@ey.com';
Nancy.Kellyl@ey.com
Subject: CMRC Meeting on Monday~~AcnONS TO BE TAKEN--ATTEN110N REQUIRED

T000727
Beverly F. Chase
Davis Polk & Wardwell
450 Lexington Avenue
New York, New York 10017
chase@dpw.com (email)
212~450-4383 (tel)
212-450-3383 (fax)
*************************

TO00728
McCarthy. Mary (Contractor)

From: Chase, Beverly Fanger [beverly.chase@dpw.com]


Sent: Saturday I March 28, 2009 8:52 AM .
To: 'James.Hennessy@nyJrb.org'; Sarah.Dahlgren@nyJrb.org; Albrecht, Stephen; Hsu, Michael
Cc: Huebner, Marshall S.; James, Ethan T.; Wright, John T.; Martha Cook; 'william.murphy05
@ey.com'; Nancy.Kelly1@ey.com
Subject: RE: CMRC Meeting on Monday··ACTIONS TO BE TAKEN-ATIENT10N REQUIRED

Apologies for any confusion caused by the typo in my previous email. Item 1. should have read: "Investments 2008
Bonus Payments. t'

To ensure compliance with requirements imposed by the IRS, we inform you that, unless explicitly provided
otherwise, any u.s. federal tax advice contained in this conimunication (including any attachments) is not
intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal
R.evenue Cgde or (ii~ promoting, marketing or recommending to anotbet party: any:transaction ormatt:er
addressed herein.
*************************
Beverly F. Chase
Davis Polk & Wardwell
450 Lexington Avenue
New York, New York 10017
chase@d12w.com (email)
212-450-4383 (tel)
212-450-3383 (fax)
*************************
From: Chase,. Beverly Fanger
Sent: Saturday, March 28,20098:23 AM
To: 'James.Hennessy@ny.frb.org'; Sarah.Dahlgren@nyJrb.org; 'Stephen.Albrecht@do,treas.gov·;
'Michael. Hsu@do.treas.gov'
Cc: Huebner, Marshall S.; James, Ethan T.; Wright, John T.; Martha Cook; 'william.murphy05@ey.com';
Nancy.Kellyl@ey.com
Subject: CMRC Meeting on Monday·-ACllONS TO BE TAKEN-·ATTENTION REQUIRED

1.1nvestments 2009 Bonus Payments.

T000729
To ensure compliance with requirements imposed by the IRS~ we inform you that~ unless explicitly provided

Beverly F. Chase
Davis Polk & Wardwell
450 Lexington Avenue
NewYork~ New York 10017
chase@dpw.com (email)
212A50-4383 (tel)
212~450-3383 (fax)
*************************

T000730
From: Lambright, James
Sent: Saturday, March 28,20098:46 AM
To: Hsu, Michael
SUbject: Re: CMRC Meeting on Monday~~ACTIONS TO BE TAKEN-ATTENTION REQUIRED

Mike-i'm not available til 100. And out at 7.

From: Hsu, Michael


, To: Lambright, James; Kashkarl, Neel; Sachsl lee; Solomon, Ian; Wolln, Neal; Goodman, Mary; Jaconl, Kristen
Cc: Albrecht, Stephen; Morse, Duane; Ferlazzo, Ronald; Atzpayne, Alastair; Wallace, Kim
Sent: Sat Mar 28 08:41:38 2009
Subject: Fw; CMRC Meeting on Monday~~AC110NS TO BE TAKEN--ATTENTION REQUIRED

Something to add to the agenda.

What time are we conf calling today?

From: Chase, Beverly Fanger


To: 'James.Hennessy@nyJrb.org' ; Sarah.D~hlgren@ny.frb.org ; Albrecht, Stephen; Hsu, Michael
Cc; Huebner, Marshall S. ; James, Ethan T. ; Wright, John T. ; Martha COok; 'william.murphy05@ey.com' ;
Nancy.Kellyl@ey.com '
Sent: Sat Mar 2808:23:042009
SUbject: CMRC Meeting on Monday--AC110NS TO BE TAKEN~-ATTENTION REQUIRED'
1.lnvestments 2009 Bonus Payments.

T000731
To ensure compliance with requirements imposed by the IRS, we inform you that, unless explicitly provided
otherwise, any U.S, federal tax advice contained in this communication (including any attachments) is not
intended or written to be used, and cannot be used) for the purpose of (i) avoiding penalties under the Internal
Revenue Code or (ii) promoting) ll1arketing or recommending to another party any transaction or matter
addressed herein.
*************************
Davis Polk & Wardwell
450 Lexington Avenue
New York, New York 10017
chase@dpw.com (email)
212-450-4383 (tel)
212-450-3383 (fax)
*************************

T000732
McCarthy, Mary !Contractor)
From: Hsu, Michael _
Sent: Monday, March 02, 200912:07 PM
To: Baker, Isaac; Lambright, James; Williams, Andrew
Cc: Kabaker, Matthew
SUbject: Re: CNBC INTERVIEW WITH AIG CHA1RMAN & CEO EDWARD LIDDY ON SQUAWK BOX'
TODAY

Gotta give it to farber. First question (first word!) nails it on the head.

we have our work cut out for us over the next three months or so.

Drafting up a master strategic plan now. Will need everyone's help w it.

From: Baker, Isaac


To; Lambright, Jamesi Hsu, Michael; Smith, Michelle A,,; calvin.Mltchell@nyJrb.org i Williams, Andrew
Cc: Kabaker, Matthew
Sent: Man Mar 02 12:00:34 2009 _
Subject: CNBC INTERVIEW WITH AIG CHAIRMAN & CEO EDWARD LIDDY ON SQUAWK BOX TODAY

CNBC INTERVIEW WITH AIQ CHAIRMAN & CEO EDWARD LIDDY ON SQUAWI< BOX TODAY

WHEN: Today, Monday, March 2nd

. WHERE: CNBC's Squawk Box

Following is the unofficial transcript ofa CNBC interview with AJG Chainnan & CEO Edward Liddy

All references must be sourced to CNBC.

DAVlD FABER: JOINING ME NOW IN HIS FIRST iNTERVIEW SINCE Tins MORNING'S CONFERENCE CALL IS
EDWARD LIDDY. HE'S CHAIRMAN & CEO-OF AIG. MR. LIDDY THANKS FOR BEING WITH US.

EDWARD LIDDY: GOOD MORNING:

FABER: LIQUIDATION Of' AIG. IT SEEMS AS THOUGH OVER THE LAST FEW MONTHS AND PERHAPS EVEN WEEKS
THAT ]S NOW FRONT AND CENTER. WOULD YOU AGREE? ARE YOU SORT OF UNDERTAKING WHAT IS AN
ORDERLY LIQUIDATION OF THIS COMPANY?

LIDDY: DAVID, I WOULDN'T REFER TO IT OR THINK OF IT AS A LIQUIDATION. I WOUDTHINKOF IT AS


PROTECTING OUR POLICY HOLDERS FIRST AND FOREMOST, THEN TAKING THESE VERY VALUABLE INSURANCE
BUSINESSES AND SETTING SOME OF THEM OUT ON THEIR OWN AS WAY TO SATISFY TIlE DEBT THAT WE OWE
THE FEDERAL RESERVE, WE'LL PA Y BACK THE TAR.P. MONEY.

FABER: HOW LONG ULTIMATELY DOES THlS PROCESS PLAY OUT OVER? CLEARLY IT'S GOING TO TAKE QUITE
SOME TIME TO TAKE SOME OF THOSE UNITS PUBLIC AND TO CONTINUE TO, AS YOU SAY, TRANSFER RISK AND
EVERYTHING ELSE. WHEN DO WE GET TO THE END OF THIS?

LIDDY; WELL, I THINK YOU'LL SEE SOME VERY SIGNIFICANT PROGRESS VERY QUICKLY. SO AS A PART OF
WHAT WE ANNOUNCED THIS MORNING, WE'RE GOING TO TAKE TWO OF OUR BEST ASSETS, AlU AND AlA, I'M
SORRY AND ALICO, PUT THEM IN A TRUST AND GIVE THEM TO THE FEDERAL RESERVE. THAT WILL SERVE TO
REDUCE THE DEBT THAT WE HAVE OUTSTANDING. THEY'LL GET VERY VALUABLE ASSETS AND WE GET A

T000733
REDUCTION IN THE DEBT. WE CAN DO THAT QUI E QUICKLY. SOME OF THE OTIiER ISSUES, SAY, TAKING
COMPANIES PUBLIC, TI'lAT MAY TAKE NINE TO 12 MONTHS IN ORDER TO BE ABLE TO REAI,.LY MAKE
MEANINGFUL PROGRESS ON THAT. BUT IT GETS US SET DOWN A PATH THAT DOESN'T NECESSARILY DEPEND
UPON THE OVERALL CAPITAL MARKETS WHICH ARE IN SUCH A STATE OF DISREPAIR RIGHT NOW.

ERIN BURNETT: MR. LIDDY I WANT TO FOLLOW UP ON DAVID'S QUESTION. WHEN YOU'RE MENTIONING
BUSINESSES THAT YOU MAY EITHER SPINOUT TO THE PUBLIC MARKETS OR YOU'RE LOOKING FOR BUYERS.
THE HEADLINE TODAY OFf YOUR CONFERENCE CALL, SAYS THAT YOU HAVE SEEN BUYER INTEREST IN YOUR
ILSC UNIT. THAT UNIT IS THE BIGGEST BUVER OF 787 BOEINGS IN THE WORLD AND YOU'RE IN THE BUSINESS OF
LEASING THOSE. WHEN I DO SEARCHES ON THAT I SEE THAT THE BIDDERS FOR THAT UNIT COULD COME FROM
CHINA. AS A MATTER OF fACT, WHEN I DO A SEARCH Of ALL THE BUSINESSES THAT YOU'RE LOOKING FOR
SELLING, YOU SEE A LOT OF SOVEREIGN COUNTRIES BIDDING. ARE YOU CONCERNED THAT YOU'RE BEING PUT
IN A POSIT ON WHERE YOU'RE BEING FORCED TO SELL FOR INCREDIBLY DEPRESSED PRICES KEY ASSETS THAT
ARE FUNCTIONING TO PERl-lAPS FOREIGN GOVERNMENTS AND AMERICA HAS NOT REALIZED TIIE
CONSEQUENCES OF THIS?

LIDDY: YOU KNOW, ERIN, NO. IN FACT, WHAT WE'RE TRYING TO DO IS AVOID TI'lAT FIRE SALE ASPECT. SO ON
THE ALICO AND AlA PIECE, BY TRANSFERRING THE OWNERSHIP OF THOSE AT THEIR INTRINSIC VALUE TO THE
!'lIDE!tAI::RESERVE, WE DON't IlAVE 'fO SEl:;b tHEM RIGHT NOW AT FIRE SAbE PRIDES. WE'RE *YING 'fO .
PREVENT THE EXACT SITUATION THAT YOU MENTIONED. ILSC, IS A HECK OF A BUSINESS, IT'S NUMBER ONE IN
IT'S INDUSTRY, IT'S GOT A GREAT MANAGEMENT TEAM AND IT'S A MORE DIGESTIBLE BITE. IT IS NOT A 15 OR
$20 BILLION PURCHASE. SO Tl-IERE'S GREAT DEMAND FOR A PROPERTY LIKE TI'lAT. GENERALLY WHAT WE'RE
SEEING, SMALLER PROPERTIES, GREAT DEMAND. CASH CAN BE THE MEDIUM THAT'S USED FOR PAYMENT.
LARGER PROPERTIES, THESE COMPANIES ARE LIFE INSURANCE COMPANIES THAT WOULD NORMALLY BUY
THOSE. THEY'VE BEEN SEVERELY HURT BY THE EQUITY CONTRACTION OVER THE AST COUPLE OF MONTHS
AND QUARTERS AND THEY DON'T HAVE THE CAPITAL TO BUY THE ASSETS.

BURNETT: AND SO AIG WOULD EMERGE STILL AN AMERICAN COMPANY FROM THIS. WHAT ABOUT THE
QUESTION, THE BIG QUESTION, WHICH IS WHY ARE YOU TOO BIG TO FAIL? I KNOW THAT DAVID'S BEEN
TALKING THlS MORNING. $162.5 BILLION POTENTIALLY OF TAXPAYER MONEY. YOU'VE GOT A 50% GREATER
PRESENCE THIS THIS ESOTERIC DERIVATIVE MARKET THAN LEHMAN BROTHERS HAD, SO EVERYONE TAKES IT
AS A fACT THAT IF YOU FAIL, THE GLOBAL FINANCIAL SYSTEM WOULD FALL. IS TI'lAT A FACT?

LIDDY: YOU KNOW, ERIN, A LITTLE MORE COMPLICATED. WE HAVE AN INSTITUTIONAL ASPECT TO AIG. YOU
JUST REFERENCED THAT. BUT THEN THERE'S THE RETAIL ASPECT. WE'RE THE LARGEST SELLER OF ANNUITY
PRODUCTS AND 401 (k) PLANS TO TEACHERS IN THE K THROUGH 12th GRADE.WE DON'T WANT THOSE PEOPLE IN
ANY WAY THREATENED BY THE FAILURE OF AIG. THIS IS THE UNITED STATES OF AMERICA. WE SIMPLY CAN'T
HAVE A PROVERBIAL RUN ON THE BANK. THAT SHOULDN'T BE ALLOWED 0 HAPPEN.

MARK HAINES: WHAT WILL AIG LOOK LIKE WHEN YOU'RE fINISHED? WHAT KIND OF COMPANY IS IT GOING TO
BE?

LIDDY: YEAH. NOT EXACTLY SURE. IT WILL BE A MUCH SMALLER COMPANY. CLEARLY WITH THE SALE OR
DISPOSITION OF AlA AND ALICO, THAT'S A LARGE CHUNK OF OUR WORLDWIDE LIFE BUSINESS, WE'LL GET
SMALLER. WE'D LIKE TO TAKE UP TO 20% OF OUR PROPERTY CASUALTY BUSINESS PUBLIC, GIVE IT A SEPARATE
BRAND NAME, A SEPARATE IDENTITY. WE'LL BE A MUCH SMALLER COMPANY. THAT'S WHAT WE HAVE TO DO
IN ORDER TO PAYBACK THE TAXPAYER. AT AIG WE BELIEVE WE SHOULD PAY BACK THE MONEY TI'lAT HAS
BEEN LOANED TO US.

HAINES: I'LL GO BACK TO A QUESTION THAT ERIN ASKED BUT ASK IT IN A DIFFERENT WAY. AS YOU DESCRIBE
IT, IT SOUNDS LIKE IT'S NOT A FIRE SALE, A SALE UNDER SOME DURESS, AND THE FACT THAT YOU REALLY
AREN'T SURE WHAT AIG'S GOING TO LOOK LIKE FIVE YEARS DOWN THE LINE, KIND Of REINFORCES THE
IMPRESSION THAT YOU'RE JUST RAISING CASH AND NOT REALLY THINKING ABOUT WHAT'S GOING TO BE LEFT
OVER?

LID Y: NO, MY ANSWER MORE REFLECTED THE FACT THAT IT'S SO DIFFICULT TO fIGURE OUT WHAT ARE THE
CAPITAL MARKETS GOING TO DO TO THE WORLD ECONOMIES OVER THE NEXT FIVE YEARS, Irs HARD ENOUGH
TO FIGURE OUT WHAT THEY'RE GOING TO DO OVER THE NEXT fIVE HOUR OR FIVE DAYS. THAT WILL HAVE A
LARGE IMPACT ON EXACTLY WHAT GETS DONE. AN AlA, THAT COULD BE SOLD TO A BUYER, IT COULD BE
TAKEN PUBLIC. TI'lAT SPECIFIC ANSWER WILL VERY MUCH BE A FUNCTION Of WHAT'S THE HEALTH Of THE
WORLDWIDE CAPITAL MARKETS.

T000734
FABER: MR. LIDDY, SPECIFIC TO THE FOURTH QUARTER RESULTS, 61 PLUS BILLION DOLLAR LOSS, A DECENT
AMOUNT OF THAT COMING FROM WRITEDOWNS ON YOUR COMMERCIAL MORTGAGE BACKED SECURITIES .
PORTFOLIO. CAN YOU GIVE US A BIT MORE INFORMATION ON THAT IF POSSIBLE? ARE YOU TAKING MARKS
MORE AGGRESSIVELY PERHAPS THAN SOME OTHERS GIVEN YOUR UNIQUE POSITION? AND JUST HOW MUCH
WAS IT IN TERMS OF COMMERCIAL MORTGAGE BACKED SECURITIES OR COMMERCIAL REAL ESTATE COSTING
THE COMPANY?

LIDDY: THE $62 BILLION IS A LARGE NUMBER. LET ME TELL YOU WHAT I THINK IS REALLY IMPORTANT ABOUT
THAT, IS WE ARE BEING CONSUMED BY THE SAME ISSUES THAT ARE DRIVING HOUSE PRlCES DOWN AND 401 (k)
STATEMENTS DOWN AND WARREN BUFFETTS INVESTMENT PORTFOLIO DOWN. ASSET VALUES ARE IN A FREE
FALL AROUND THE GLOBE. WE'RE THE LARGEST INSURER IN THE UNITED STATES. ONE OF THE LARGEST.
ARGUABLY THE LARGEST IN THE WORLD. WE HAVE A MASSIVE INVESTMENT PORTFOLIO. ALL ASPECTS OF
THOSE ASSETS ARE GOING DOWN IN VALUE. WHEN THEY GO DOWN IN VALUE, WE TAKE THAT DECLINE
THROUGH OUR P & L. , SO CNBSs, RNBSs, HYBRlD SECURlTlES, CONVERTIBLE SECURlTlES, WE OWN ALL OF
THEM, WHEN ANY OR ALL COME UNDER SOME SORT OF DURESS, IT HITS OUR P & 1. AND SINCE WE'RE SO
LARGE IT GETS MAGNIFIED.

BURNB'ff. MR.CeSA:NO IS A NAME 'fllA:'l'S BECOMEVERY FAMlblA:R IN TI liS COUNTRY, 'FIlE MAN IN LONDElN
WHO RAN THE UNIT OF AIG THAT HAS CAUSED THIS PROBLEM. ACCORDING TO REPORT THERE WERE 377
PEOPLE IN HIS UNIT. THERE ARE 116,000 EMPLOYEES OF AIG WHICH SORT OF BRINGS HOME HOW ONE ACT ON
CAN IMPACT SO MANY. THE OTHER REPORTS INDICATE THAT OVER A FEW YEAR TIME FRAME MR. CUSANO'S
UNIT GOT $3.6 BILLION IN COMPENSATION. YOU WEREN'T THERE WHEN THIS HAPPENED. SO YOU CAN BE AN .
OBJECTIVE EYE. DO YOU THINK THIS WAS A CASE WHERE THE AMERICAN PEOPLE, AND IN THIS CASE ALSO THE
PEOPLE IN EUROPE, SHOULD BE DEMANDING THAT MR, CUSANO AND HIS GROUP GIVE BACK THAT
COMPENSATION?

LIDDY: ERIN, IF I WAS HERE, THE COMPENSATION AS YOU SAY GOES BACK MULTIPLE YEARS, I WOULD HAVE
DONE THAT WHOLE THING DIFFERENTLY. BUT WE KIND OF ARE WIiERE WE ARE. WE HAVE SOME RETENTION
ARRANGEMENTS FOR PEOPLE IN OUR FP BUSINESS. WE HAVE TO HOLD SOME OF THOSE PEOPLE IN PLACE. THAT
BOOK OF BUSINESS IS NOW $2 TRlLLlON. AND WE WANT TO WIND IT DOWN. WE ARE SHUTTING IT DOWN, WE
ARE WINDING IT DOWN IN A VERY ORDERLY WAY. WHEN YOU LOOK BACK ON THE HISTORY OF THIS, THERE
WAS NOT ENOUGH VISIBILITY, NOT ENOUGH TRANSPARENCY ON WIiAT WAS GOING ON IN THE FP UNIT. THA1'S
WHAT GIVES RISE TO THE ANGER AGAINST MR. CUSANO AND THE W OLE UNIT.

HAINES: ARE WE DONE NOW? IS THIS THE LAST TIME WE'RE GOING TO HAVE TO WRlTE A CHECK TO KEEP AIG
AFLOAT?

LIDDY: WELL, I WOULD LIKE TO SAY 100% YES SO THAT, BUTIT'S DIFFICULT TO DO THAT. IT REALLY DEPENDS
ON WHAT HAPPENS TO THE CAPITAL MARKETS FROM HERE, SINCE SEPTEMBER, WE'VE MADE ENORMOUS
PROGRESS. BACK IN SEPTEMBER WE HAD A LIQUIDITY CRlSIS OF UNBELIEVABLY LARGE PROPORTIONS. THAT'S
BEEN STABILIZED. OUR CASH AND LIQUIDITY IS FINE RIGHT NOW. BUT NOW BECAUSE THE CAPlTAL MARKETS
ARE IN SUCH A FREEFALL, WE'RE FIGHTING ANOTHER ISSUE WHICH IS DO WE HAVE ENOUGH EQUITY TO·
SUPPORT THE DEBT THAT WE HAVE. THAT'S WHAT THIS WHOLE RESTRUCTURING IS ALL ABOUT I THINK IT
WILL BE IN VERY GOOD SHAPE, BUT IT IS VERY DEPENDENT ON WHAT HAPPENS TO THE CAPITAL MARKETS IN
THE NEAR TERM.

FABER: MR. LIDDY, WE'RE LOOKING AT THE CAPITAL MARKETS OR THE EQUITY MARKETS..THEY CONTINUE TO
BE IN FREE FALL. THANK YOU FOR YOUR TIME THIS MORNING, WE APPRECIATE IT.

LIDDY: THANK YOU.

FABER: ED L DDY, THE CHAIRMAN AND CEO OF AIG

T000735
McCarthy,Mary(Contracto~

From: Kinsella, Erin


Sent: Tuesday, January 27, 20093:45 PM
To: Lambright, James
Subject: RE: comp charts

• Expense control is the same across the board - only difference is we require management to 'maintain and
implement Its comprehensive written policy on corporate expenses' for AIG as opposed to having
'Corporate expenditures polley to be approved by Treasury' •

N/R N/R N/R


Risk mana ement were not explicit inllllilllllor

• AIG shall establish a risk management


Directors that will oversee the major r
operations and review AIG's actions tt

• Dividend polley is as follows: . No


dividend for 5yrs for AIG.

I'll put these in more explicit terms In a chart.

From: Lambright, James


Sent: Tuesday, January 27, 20093:26 PM
To: Kinsella, Erin
Subject: comp charts

What happened to expense control, risk, .and dividend polley summaries-they seem to have disappeared...

T000777
McCarthy, Mary (Contractor) .

From: Hsu, Michael


Sent: Tuesday, March 31, 2009 9: 58 PM
To: Lambright, James
Cc: Albrecht, Stephen
SUbject: Comp staffing

T000778
McCarthy, .Mary (Contractor)
From: Albrecht, Stephen
Sent: Saturd;;ly, March 21, 2009 3:01 PM
To: Adeyemo, Adewale (Wally); Fitzpayne, Alastair; Sperling, Gene; Solomon, Ian; Munchus,
Damon; Wallace, Kim; Gerety, Amias; Knight, Bernard Jr.; Williams, Andrew; Jaconi, Kristen;
Abdelrazek, Rawan; Apsel, Sarah; Lambright, James; Johnson, Alfred I.; Mayock, Andrew;
Hsu, Michael
Subject: Comp update

A few points oncomp for the benefit of the group.

From: Adeyemo, Adewale (Wally)


To: Fitzpayne; Alastair; Sperling, Gene; Solomon, Ian; Albrecht, Stephen; Munchus, Damon; Wallace, Kim; Gerety, Amias;
Knight, Bernard Jr.; Williams, Andrew; Jaconi, Kristen; Abdelrazek, Rewan; Apsel, Sarah; Lambright, James; Johnson,
Alfred I.; Mayock, Andrew
Sent: Sat Mar 21 08:34:41 2009 . .
Subject: Hearing Prep Meeting Agenda: 9am 3 / 2 1 / 0 9 / _ Code:_#

T000779
T000780
McCarthy. Mary (Contractor)
From: MlchaeI.Alix@ny.frb.org
Sent: Tuesday, March 31, 2009 11 :43 PM
To: Hsu, Michael
Subject: Re: Compensation schemes

Let's plan to catch up early tomorrow, I'd like to plug you in to E&Y and dpw discussions on fp compo
Don't know about you but for me this is exhausting

Office: 212 720


Cell:
6'
*******************

From: Michael.Hsu
Sent: 03/31/2009 06:50 PM AST
To:~@aigfpc,com;Michael Alix; Alejandro LaTorre; Catherine Voigts
Snb~ensation schemes .

Agree. I will run It up the chain here.


One big challenge Is that we are in the midst of finalizing the comp rules, Whatever scheme is put In place has got to.
comply with that. And the finla rule Is stili in flux, which makes this even more challenging.

From: Hsu, Michael


To: Hsu, Michael
Sent: Tue Mar 3118:45:20 2009
SUbject: Fw: Compensation schemes
---:=-_.._.._.. - ~- ..---._._-." ------_._-_._-
From:~@algfpc,com .
To: Mi~b.org ; Catherine.Voigts@nyJrb.org ; Alejandro.LaTorre@nyJrb.org ; Hsu, Michael
Sent: Tue Mar 3113:41:17 2009
Subject: Compensation schemes

F rth t v f thO • h 'd d . pi nd d' t I f ht'f t th


(b) (4)

AIG Financial Products


50 Danbury Road
Wilton, CT 06897

T00078 1
The information contained herein is highly confidential and is heing furnished for discnssion purposes only and may he
subject to completion or amendment through the delivery of additional documentation. This communication does not
constitute an offer to sell or the solicitation of an offer to purchase any securUy, future or other fiuanCial instrument or
product.. Subject to applicable law. and notwithstanding anything that may be construed to the contrary, the recipient hereof
and its employees, representatives, and other agents may disclose the U.S. federal income tax treatment aud structure of any
transactions described herein. We are not an advisor as to legal, taxatiou, accounting, regnlatory or financial matters in any
jurisdiction, and are uot providing any advice as to any such matter to the recipient. The recipient should discuss such matters
with the recipient's advisors or connsel and make an Independent evalnation andjudginent with respect to them.

T000782
McCarthy. Mary (Contractor)
From: MichaeLAlix@ny.frb.org
Sent: Tuesday, March 31, 20097:04 PM
To: Hsu, Michael
Subject: Re: Compensation schemes

We have e&y on this

*******************
Office: 2I2 720 6632
CeJJ:_

From: Michael.Hsu
Sent: 03/31/2009 06:50 PM AST
To:~@aigfpc.com; Michael Alix; Alejandro LaTorre; Catherine Voigts
SUb~ensation schemes

Agree. I will run it up the chain here.


One big challenge is that we are in the midst of finalizing the comp rules. Whatever scheme is put in place has got to
comply with that. And the finla rule is still in flux, which makes this even more challenging.

_._------------------_._ .._--_._.._----------.--- _---- ..


From: Hsu, Michael
To: Hsu, Michael
Sent: Tue Mar 31 18:45:202009
Subject: Fw: Compensation schemes

From: @algfpc.com
To: Michael.alix@nyJrb.org ; Catherine.Volgts@nyJrb.org ; Alejandro.LaTorre@nyJrb.org ; Hsu, Michael
Sent: Tue Mar 31 13:41:172009
Subject: Compensation schemes
F h t' th' • h 'd d d d' I t' If
(b) (4)

(b) (6)

AIG Financial Products


50 Danbury Road
Wilton CT 06897
(b) (6)
,(b) (6)
(b) (6) • ai f c,com

T000783
The information contained herein is highly conlidcntial and is being furnisbed for discnssion purposes ouly aud may he
subject to completion or amendment through the delivery of additional documentation. This communication does not
constitute an offer to sell or the solicitation of an offer to purchase any security, future or other fmancialinstrument or
product.. SUbject to applicable law and notwithstanding anything that may be construed to the eontrary, the recipient hereof·
and its employees, representatives, and other agents may diselose the U.s. federal income tax treatment and structlire of any
transactions described herein. We are not an advisor as to legal, taxation, accounting, regulatory or linancial matters in any
jurisdiction, and are not prOViding any advice,as to any such matter to the recipient. The recipient should discuss sueh matters
with the recipient's advisors or counsel and make an independent evaluation and judgment with respect to them.

T000784
McCarthy. Mary (Contractor)

From: MichaeI.Alix@ny.frb.org
Sent: Tuesday, March 31, 20097:04 PM
To: Hsu, Michael
Subject: Re: Compensation schemes

We have e&y on this

*******************

From: Michael.Hsu
Sent: 03/3112009 06:50PM AST
To:~@aigtpc.com; Michael Alix; Alejandro LaTorre; Catherine Voigts
SUb~nsation schemes

Agree. I will run it up the chain here.


One big challenge is that we are in the midst of finalizing the comp rules. Whatever scheme is put in place has got to
comply with that. And the flnla rule is still in flux, which makes this even more challenging.

From: Hsu, Michael


To: Hsu, Michael
Sent: Tue Mar 3118:45:202009
Subject: Fw: Compensation schemes
---:::===._--""~""_._"""""~"""'._,_ ....... -.........---,---~~~ . ._ - -
From:_@aigfpc.com
To: MI~b.org ; Catherine.Voigls@ny.frb.org ; Alejandro.LaTorre@ny.frb.org i Hsu, Michael
Sent: Tue Mar 3113:41:172009
Subject: Compensation schemes

•• ~ •• *R ~ '" ••• II • • It 'o' . . . . . . •


(b) (4)

(b) (6)

T000785
The information contained herein is highly confidential and Is being furnished Ibr discussion purposes only and may be
subject to completion or amendment through tbe delivery of additional documentation. This communication does uot
constitute an offer to sell or the solicitation of an offer to pnrchase any security, future or other financial instrument or
produet.• Subject to applicable law and notwitbstanding anything that may be construed to the contrary, the recipient hereof
and its employees, representatives, and other agents may disclose the U.S. federal income tax treatment and structure of auy
trausactlous described herein. We are not au advisor asto legal, taxatiou, accounting, regulatory or financial matters in any
jurisdiction, and are not providing any advice as to any snch matter to the recipient. The recipient should discuss such matters
with the recipieut's advisors or counsel and make an independeut evaluatiou and jndgment with respect to them.

T000786
McCarthy. Mary (Contractor)
From: Hsu, Michael [HSUM@SEC,GOVj
Sent: Tuesday, March 31, 20096:45 PM
To: Hsu, Michael
. Subject: Fw: Compensation schemes

---
From:~@aigfpc,com
""_...... _-,-,--""""--.. ..,--""'-~....,,...,.......... _.....-...,.,--------
TO:Mi~b,org ; Catherine.Volgts@nyJrb.org ; Alejandro.LaTorre@nyJrb,org ; Hsu, Michael
Sent: Tue Mar 3113:41:172009
Subject: Compensation schemes

.I~" _.-... t
(b) (4)

(b) (6)

f c.co

The information contained herein is highly conlidential and is heing furnished for discussion purposes only and may be
sUbject to completiou or amendment through the delivery of additional documentation. This commuuication does not
constitute an offer to sell or the solicitation ofan offer to purchase any security, future or other linancial instrumeut or
product.. Subject to applicable law and notwithstanding anything that may be construed to the contrary, the recipient hereof
and its employees, representatives, and other agents may disclose the U.S. federal income tax treatment and structure of any
transactions described herein. We are not an advisor as to legal, taxation, accounting, regulatory or financial matters in any
jurisdictiou, and are not providing any advice as to any such inatter to the recipient. The recipient should discuss such matters
with the recipient's advisors or counsel.and make an independent evaluaUon and judgment with respect to them.

T000787
McCarthy, Mary (Contractor)
From: Hsu, Michael [HSUM@SEC.GOVJ
Sent: Tuesday, March 31, 2009 6:45 PM .
To: Hsu, Michael
SUbJect: Fw: Compensation schemes

---:::=..,...-""---,.. . . . ""'~--""',..,. ... ~_ . . . ._.. _----~-""' ... ..


_.,-""~ -----~_ ..,-_._._._--,.,..",.,.. .- ---.
From:~@algfpc.com .
To: Mi~,org ; Catherine.Volgt5@ny.frb,org ; Alejandro,LaTorre@ny.frb,org ; Hsu, Michael
Sent: Tue Mar 3113:41:17 2009
Subject: Compensation schemes

F rth I I' Ihl • h Id d d d' I If hn I th


(b) (4)

(b) (6)

AIG Financial Products


50 Danbury Road
Wliion CT 06897
(b) (6)
\0) \OJ
(b) (6) • f c.com

The information contained herein Is highly confidential and is being furnished for discussion purposes only and may be
subject to completion or amendment through the delivery of additional documentation. This commnnication does not
constitute an offer to sell or the solicitation ofan offer to purchase any security, future or other financial instrument or
product.. Subject to applicable law and notwithstauding anything that may be construed to the contrary, the recipient hereof
and its employees, representatives, and other agents may disclose the U.S. federal income tax treatment and structure of any
transactions described herein. We are not an advisor as to legal, taxation, accounting, regulatory or fi.ancialmaUers in any
jurisdiction, and are not providing any 'advice as to any such maUer to the recipient. The recipient shonld discuss such matters
with the recipient's advisors or counsel and make an independent evaluation and judgment with respect to them..

T000788
McCarthy, Mary (Contractor)
From: Hsu, Michael
Sent: Monday, March 30, 2009 3:18 PM
To: Solomon, Ian; Morse, Duane; Ferlazzo, Ronald; Lambright, James; Jaconi, Kristen
Cc: Albrecht, Stephen; Wallace, Kim; Sachs, Lee
Subject: FW: Compensation/Governance

From: Huebner, Marshall S. [mailto:marshall.huebner@dpw.comj


Sent: Monday, March 30, 2009 3:10 PM
To: Albrecht, Stephen; Hsu, Michael
Subject: FW: Compensatlon/<:iovernance
Didn't want to trouble the whole grollp with this FYi

From: Huebner, Marshall S.


Sent: Monday, March 30, 20093:07 PM
To: Huebner, Marshall S.; 'peter.zirnroth@aporter.com'; 'kevin.barnard@aporter.com'
ee: Chase, Beverly Fanger; James, Ethan T.
Subject: Compensation/Governance

T000789
T000790
McCarthy, Mary (Contractor)

From: Huebner, Marshall S. [marshall.huebner@dpw.com]


Sent: Monday, March 30,20093:10 PM
To: Albrecht, Stephen; Hsu, Michael
SUbject: FW: Compensation/Governance

Didn't want to trouble the whole group with this. FYI.

From: Huebner, Marshall S.


Sent: Monday, March 30, 2009 3:07 PM
To: Huebner, Marshall S.; 'peter.zlmroth@aporter.com'; 'kevln.barnard@aporter.com'
Cc; Chase, Beverly Fanger; James, Ethan T.
Subject: Compensation/Governance

T000791
T000792
McCarthy, Malj' (Contractor)

From: Huebner, Marshall S. [marshall.huebner@dpw.com]


Sent: Monday, March 30, 2009 3:10 PM
To: Albrecht, Stephen; Hsu, Michael
Subject: FW: Compensation/Governance

Didn't want to trouble the whole group with this. FYI.

From: Huebner, Marshall S,


Sent: Monday, March 30, 2009 3:07 PM
To: Huebner, Marshall S.; 'peter.zimroth@aporter.com'; 'kevin.barnard@aporter.com'
Cc: Chase, Beverly Fanger; James, Ethan T,
Subject: Compensation/Governance .

T000793
(b) (5)

T000794
McCarthy. Mary !Contractor)
From: Hsu, Michael
Sent: Saturday, March 21, 2009 4:43 PM
To: Solomon, Ian; Lambright, James; Williams, Andrew
SUbJect: Fw: Conn. Attorney General Releases Partial List of AIG Bonus RecipIents

From: Mlchael.Allx@ny.frb.org
To: mlchael.s.glbson@frb.gov ; Alejandro.LaTorre@ny.frb.org ; Hsu, Michael
Sent: sat
Mar 21 16:00:31 2009
Subject: Fw: COnn. Attorney General Releases Paltlal List of AIG Bonus Recipients

MichaelAhx
Senior Vice President
Federal Reserve Bank of New York
Offic~32
Cell:_
~_.P FOIWarded by Michael AlixfNY/FRS on 03/2:11200903:51 PM ._••
f'Dlli> @aiqfpc..com> To <Mlchael.alix@nyfrb,Qr9>
co
03121/200903:53 PM Subject Fw: Conn. Attorlley General Ralea"6s Partial List of AlG Bonus Raclplen1$

General Releases Partial List of AIG Bonus Recipients

Sorry guys

http://www.pubrecord.org/nationworld/782-connecticut-attorney-general-releases-partial-
list-of-aiq ponus-recipients.html

Conn. Attorney General Releases Partial List of AIG Bonus Recipients'

subpoenaed Friday who received a portion of the $165 roilllon are:


. ld
I New Canaan
airfield
New Canaan
tamford
Westport
Fairfield

T000843
(b) (6)
Darien
Redding
Weston
Norwalk

___________ w ~ --------------------

The information contained herein is highly confidential and is being furnished for
discussion' purposes only and may be subject to completion or amendment through the
delivery of additional documentation. This communication does not constitute an offer to
sell or the solicitation of an offer to purchase any security, future or other financial
instrument or product .. Subject to applicable law and notwithstanding anything that may
be construed to the contrary, the recipient hereof and its employees, representatives,
and other agents may disclose the O,S. federal income tax treatment and structure of any
transactions described herein. We are not an advisor as to legal, taxation{ accounting,
regulatory or financial matters ~n any Jurl:SdibC:tOJi, and aLe nol PLOy ielin9 aft) ael::iee as
to any such matter to the recipient. The recipient should discuss such matters with the
recipient's advisors or counsel and make an independent evaluation and judgment with
respect to them.

T000844
McCarthy. Mary (Contractor)
From: MichaeI.Allx@ny.frb.org
Sent: Saturday, March 21,20094:01 PM
To: mlchael,s,gibson@frb,gov; Alejandro,LaTorre@ny,frb,org; Hsu, Michael
Subject: Fw: Conn. Attorney General Releases Partial List of AIG Bonus Recipients

MichaelAlix
Senior Vice President
Federal Reserve Bank of New York
Offt~2
Cell:_
Forwarded by MIchael AlixlNY/FRS on 0312112009 03::57 PM V"'""

IMD @algfpe.com> To <Mlchael,aljX@nyfiborg>


C<
031211200903:53 PM Subject Fw: Conn. Attorney General Relea'S8s Partial Ust of AIG Bonus Recipients

Attorney General Releases Partial List of AIG Bonus Recipients

Sorry guys

http;/lwww.pub~ecord.org/nationworld/782-connecticut-attorneY-gerieral-rele~se$-partial­
list-of-aiq-bonus-recipients.html

Conn. Attorney General Releases Partial List of AIG Bonus Recipients

who received a portion of the $165 million are:

Cb) (6)

T000845
--------------------------------------------------------------------------
The information contained herein is highly confidential and is being furnished for
discussion purposes only and may be sUbject to completion or amendment through the
delivery of additional documentation. This communication does not constitute an otfer to
sell or the solicitation of an offer to purchase any security, future or other financial
instrument or product .. Subject to applicable law and notwithstanding anything that may
be construed to the contrary, the recipient hereof and its employees, representatives,
and other agents may disclose the U.S. federal income tax treatment and structure of any
transactions desoribed herein. We are not an advisor as to legal, taxation, accounting,
regulatory or financial matters in any jurisdiction, and are not providing any advice as
to any such matter to the recipient. The recipient should discuss suoh matters with the
recipient's advisors or counsel and make an independent evaluation and judgment with
respect to them.

T000846
McCarthy. Mary (Contractor)

From: Hsu, Michael


Sent: Friday, March 20, 200912:11 PM
To: Lambright, James
Cc: Miller, David N; Spurry, Steven; Segal, Zachary
SUbject: FW: Contagion

Fyi

From: Alejandro,LaTorre@ny,frb,org [mailto:Alejandro,LaTorre@ny.frb,org]


Sent: Friday, March 20, 2009 12:00 PM
To: Hsu, Michael
Subjett: Co, ,tagioll

Hi Mike;

Hope you enjoyed the trip up here. Thought I'd pass along the first evidence of contagion from the AIG situation
regarding treatment of bonuses in the House bill passed yesterday to other programs and facilities. Extremely
problematic .

Alex Latorre
Federal Reserve Bank of New York
Office: 212-720-2728
Cell: 917-916-0760
Forwarded by Alejandro LaTorre/NY/FRS on 03120/2009 11 :58 AM -_.
w __

Scott Sherman/NYtFRS To Niall E Coffey/NYJFRS@FRS


cc James G Clarl<!NY/FRS@FRS. NY MKT iNTEL
03/20/2009 11 :52 AM
Subject Re: Buyslde ConcernsLink

I received an email from one of our Treasury contacts expressing similar concern and frustration:
(b) (4)

Scott Sherman
Markets Group
Federal Reserve Bank of New York

Email; scottsherman@ny.frb.org
Phone: (212)720-5173

Niall E COffey/NYIFRS To James G ClarkfNYIFR$@:FRS


cc NY MKT INTEL
03120/200911:48 AM
Subject Re: Buyslde ConcernsLink

(b) (4)

T000865
come into work over the 90 percent tax bill.

James G CtarklNYfFRS To NY MKT Moma Management Team, NY MKT INTEL


cc
03/20/2009 11 :36 AM SUbject Buyslde Concerns

James Clark, CFA


Markets Group
Federal Reserve Bank of New York
~
~
Note that you can also use area code (646) for all FRBNY phone numbers.

The information contained in this message is the opinion of the sender and not necessarily that of the Bank or Federal
Reserve System.

T000866
Shaw, Karen (Contractor):.... _

From: Spurry, Steven


Sent: Wednesday, March 11, 2009 12:29 PM
To: Bellinger, Lori; Hsu, Michael
Subject: RE: weren't we just talking about this phrase?

What timing

http:Uwww.reuters.com/artlde/ousiv/idUSTRE52AOSY20090311

From: Bettinger, Lori


Sent: Wednesday, .March 11, 2009 11:24 AM

Are you watching the testimony? Cummings is talking about retention payments for aig, can't figure if it is about past or
future

From: Hsu, Michael


To: Bettinger, Lori; Spurry, Steven
Sent: Wed Mar 11 09;09:07 2009
Subject: RE: weren't we just talking about this phrase?
I've got AIG on the brain.

(b) (5)

From: Bettinger, Lori


Sent: Wednesday, March 11, 2009 9:06 AM
To: Hsu,. Michael; spurry, Steven
Subject: RE: weren't we Just talking about this phrase?
(b) (5

From: Hsu, Michael


Sent: Wednesday, March 11, 2009 9:04 AM
To: Bettinger, lori; Spurry, Steven
Subject: RE: weren't we Just talking about this phrase?
b 5

T000998
From: Bettinger, Lori
Sent: Wednesday, March 11, 2009 9:02 AM
To: Hsu, Michael; Spuny, Steven
Subject: weren't we just talking about this phrase?

C. R. Cloutier, the president of MidSouth Bank of Lafayette, La., and a survivor of the
savings and loan debacle, said that his institution received $20 million from the rescue
fund because he and his board believed it was patriotic and would help them offerloans
during a recession.

But faced with what he says is an unwarranted stigma of participating in the program,
as well as the new restrictions on banks taking the money, he is now considering
whether to return the money, as other mstltuhons have sought to do.

"Two things you learn in the banking business," Mr. Cloutier said. "The first is,
concentration is bad. We now have 64 percent of deposits in eight institutions. The
second rule is, your first loss is your best loss. Get it over with. Don't pump water in a
dead fish."

T000999

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