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Practice Management > Compensation and Fees

Panel Schedules AIG Hearing

By Staff Writer

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The House Oversight Committee plans to meet Oct. 7 to review the “regulatory mistakes and financial excesses” that led to the current problems at American International Group Inc.

“Lax oversight and reckless investments on Wall Street are causing massive disruption throughout our economy,” Rep. Henry Waxman, D-Calif., chairman of the committee, says in a statement. “Our hearings will examine what went wrong and who should be held to account.”

Witnesses invited include Maurice Greenberg, Martin Sullivan and Robert Willumstad, former chief executives of AIG, New York.

The committee also has invited the new AIG chairman and chief executive, Edward Liddy, and asked him for:

1. All documents or communications, including e-mails, transmitted to or from the Chief Executive Officer (CEO) of AIG during the 180-day period ending on September 16, 2008, excluding personal communications.

2. All documents or communications, including e-mails, (a) transmitted to any member of the board of directors of AIG from any employee of AIG or (b) received by any employee of AIG from any member of the board of directors of AIG during the 180-day period ending on September 16, 2008.

3. All documents or communications, including e-mails, transmitted between Maurice Greenberg or his representatives and (a) any member of the board of directors of AIG or (b) any employee of AIG during the 180-day period ending on September 16, 2008.

4. All documents or communications, including e-mails, relating to the compensation of the CEO of AIG or the compensation of members of the board of directors of AIG (including severance terms and perquisites) from January 1, 2000, including minutes from compensation committee meetings or board of director meetings; recommendations to the compensation committee or the board of directors; presentations to the compensation committee or the board of directors; resolutions of the board of directors; and employment agreements and any other agreements (including severance agreements, stock option agreements, or restricted stock agreements). In addition, please provide from January 1, 2000:

a. The value of the total compensation of the CEOs and board members of AIG, in table format, broken out by individual and year and type of compensation (e.g., base salary, cash bonus, stock grants, etc.).

b. For equity or equity-based awards, the grant date value of the award and an estimate of its current value.

c. A list of all instances in which a CEO or a board member exercised stock options or sold company shares during or after their time as CEO or board member. For each instance, provide the date, number of shares, and the value of the transaction.

HYPERLINK “http://oversight.house.gov/documents/20080918144919.pdf”A copy of the letter to Liddy is available here.

Another committee, the House Budget Committee, plans to hold a hearing on the budget effects of the recent market turmoil Sept. 26.

The Senate Banking, Housing and Urban Affairs Committee plans to hold a hearing on U.S. credit market turmoil Sept. 23.

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