High Quality
Open the downloaded document, and select print from the file menu (PDF reader required).
HENRY
A.
WAXMAN,CALIFORNIA,
CHAIRMAN
EDOLPHUS
TOWNS,NEWYORK
PAUL
E.
KANJORSKI,PENNSYLVANIACAROLYN
B.
MALONEY,
NEWYORK
ELIJAH
E.
CUMMINGS,MARYLAND
DENNIS
J.
KUCINICH,OHIODANNY
K.
DAVIS,
ILLINOIS
JOHN
F.
TIERNEY,
MASSACHUSETTSWM.
LACYCLAY,
MISSOURI
DIANE
E.
WATSON,
CALIFORNIA
STEPHEN
F.
LYNCH,MASSACHUSETTSBRIANHIGGINS,
NEWYORK
JOHN
A.
YARMUTH,KENTUCKY
BRUCE
L.
BRALEY,
IOWA
ELEANORHOLMESNORTON,DISTRICTOF
COLUMBIA
BETTY
McCOLLUM,
MINNESOTA
JIM
COOPER,TENNESSEE
CHRIS
VAN
HOLLEN,MARYLANDPAUL
W.
HODES,NEW
HAMPSHIRE
CHRISTOPHERS.
MURPHY,CONNECTICUT
JOHN
P.
SARBANES,MARYLAND
PETERWELCH,VERMONT
JACKIE
SPEIER,
CALIFORNIA
ONEHUNDREDTENTHCONGRESS
~ o n g r t 5 5
oftbt
Wnfttb
~ t a t t 5
j!}ouge
of
l\epregentatfbeg
COMMITIEE
ON
OVERSIGHTANDGOVERNMENTREFORM2157
RAYBURN
HOUSE
OFFICEBUILDINGWASHINGTON,
DC20515-6143
MAJORITY
(202)
225-5051
FACSIMILE
(202)
225-4784
MINORITY
(202)
225-5074
www.oversight.house.gov
October17,2008
TOM
DAVIS,
VIRGINIA,RANKINGMINORITYMEMBER
DAN
BURTON,
INDIANA
CHRISTOPHERSHAYS,
CONNECTICUTJOHN
M.
McHUGH,
NEW
YORK
JOHN
L.
MICA,FLORIDA
MARK
E.
SOUDER,
INDIANA
TODDRUSSELL
PLATTS,
PENNSYLVANIA
CHRIS
CANNON,
UTAH
JOHNJ.
DUNCAN,JR.,TENNESSEE
MICHAEL
R.
TURNER,
OHIO
DARRELL
E.
ISSA,
CALIFORNIA
KENNY
MARCHANT,
TEXASLYNN
A.
WESTMORELAND,GEORGIA
PATRICK
T.
McHENRY,
NORTH
CAROLINAVIRGINIA
FOXX,
NORTH
CAROLINA
BRIAN
P.
BILBRAY,CALIFORNIABILL
SALI,IDAHO
JIMJORDAN,
OHIO
Mr.EdwardM.LiddyChiefExecutiveOfficerAmericanInternationalGroup,Inc.70PineStreetNewYork,
NY
10270DearMr.Liddy:Iamwritingtorequestadditionalinformationanddocumentsaspart
of
theOversightCommittee'sinvestigationintothefederalrescue
of
theAmericanInternationalGroupanditsconnectiontotheongoingfinancialcrisis.DuringtheCommittee'shearingonOctober
7,2008,
witnesseswereaskedaboutaweeklongconferenceheldattheSt.RegisMonarchBeachResortapproximatelyoneweekaftertheTreasuryDepartmentagreedtospend$85billiontosaveAIGfromcollapse.Yourpredecessor,formerCEORobertWillumstad,toldtheCommitteethatthecharges
of
$200,000forrooms,$23,000forspaservices,and$7,000ongreensfeesseemed"veryinappropriate"andthathe"absolutely"wouldnothaveapprovedthem.
1
Hispredecessor,formerCEOMartinSullivan,testifiedthat,
"ifI'd
haveseenbillslikethat,IcanassureyouastheCEOIwould'vebeenaskingquestions.,,2Thenextday,yousentalettertoTreasurySecretaryPaulsonexplainingthatalthoughthisretreatwas"standardpracticeinourindustry,"youwere"reevaluatingthecosts
of
allaspects
of
ouroperationsinlight
of
thenewcircumstancesinwhichwearealloperating.,,3Sincethen,therehavebeenreportsthatAIGmayhavepaidforothersimilareventsheldafterreceivingaccessto$85billionintaxpayerfunds,suchasaneventonSeptember20,2008,
1
HearingontheCausesandEffects
o/the
AIGBailout,
FederalNewsService(Oct.7,2008).2
Id
SeealsoPressBriefingbyPressSecretaryDanaPerino,
TheWhiteHouse(Oct.
8,
2008)(onlineatwww.whitehouse.gov/news/releasesI2008110/20081008-2.html)(callingtheseactivities"despicable").3LetterfromEdwardM.Liddy,ChairmanandChiefExecutiveOfficer,AIG,Inc.,toHenryM.Paulson,Secretary
of
theTreasury(Oct.8,2008).
Mr.Edward
M.
LiddyOctober17,2008Page2attheSteven
F.
Udvar-HazyCenterinWashington,D.C.,withover800peopleandahuntingtripinEnglandforAIGexecutivesthatreportedlycost$85,000.Yesterday,youandtheNewYorkAttorneyGeneralannouncedthatAIGwouldbecancellingover160conferencesandevents.
4
ToassisttheCommitteeininvestigatingthisissue,IaskthatAIGprovidetheCommitteewithalisting
of
allconferences,events,orretreatspaidforbyAIG,itssubsidiaries,oraffiliatesfromJanuary
1,
2008,tothepresent,alongwithdocumentssufficienttoshowthechargespaidforeachconference,event,orretreat,includinglodging,transportation,food,drink,andothercharges.Ialsoaskthatyouprovidealisting
of
anysimilarconferences,events,orretreatsplannedforthenextsixmonths.Inaddition,IaskthatyouprovidetheCommitteewithadditionalinformationanddocumentsrelatingtotheactionstakenbyJosephCassano,thehead
of
AIG's
FinancialProductsDivision;bonuspaymentsmadetoAIGexecutives;andtheuse
of
fundsprovidedbythefederalgovernmenttodate.Specifically,IrequestthatyouprovidetotheCommittee:
1.
Alldocumentsandcommunications,includinge-mails,sent,received,orreviewedbyJosephCassano,WilliamKolbert,PierreMicottis,orDougPolingduringthetwo-yearperiodendingonOctober15,2008;2.Alldocumentsrelatingtotheweekly"GlobalConferenceCalls"conductedby
AIG's
FinancialProductsDivision,includingpresentations,transcripts,minutes,andaudiorecordings,forthetwo-yearperiodendingonOctober15,2008;
3.
Alisting
of
allcompensationandperquisitesprovidedtoMr.Cassanofrom2000tothepresent,otherthansalaryandcashbonusinformationpreviouslyprovidedtotheCommittee;
4.
Foreach
of
thefollowinggroups,thenumber
of
employeesineachgroup;thetotalamount
of
basesalarypaidtoeachgroupannuallyfromJanuary
1,2006,
tothepresent;andthetotalamount
of
non-basesalarycashcompensation
(e.g.,
cashbonusorotherincentivepayments)paidtoeachgroupannuallyfromJanuary
1,2006,
tothepresent:
a.
Allemployees
of
AIG,itssubsidiaries,anditsaffiliates;b.ParticipantsinAIG'sPartnersPlan;
c.
ParticipantsinAIG'sSeniorPartnersPlan;and
4
JointStatementfromtheNewYorkAttorneyGeneralandAmericanInternationalGroup(Oct.16,2008).
Commenting has been disabled.