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Financial Planning > Behavioral Finance

Panel Asks AIG For Derivatives Unit Records

By Arthur D. Postal

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The House Oversight and Government Reform Committee is seeking documents relating to the activities of the American International Group Inc. financial products subsidiary.

Rep. Henry Waxman, D-Calif., chairman of the panel, has sent AIG Chairman Edward Liddy a letter asking for 2 years of records dealing with AIG Financial Corp., London.

The letter follows up on matters discussed during the AIG hearing the committee held Oct. 7.

Waxman has asked for information about:

- 2008 AIG agent and broker events.

- Bonuses paid to AIG executives since the company arranged for $85 billion in emergency financing from the Federal Reserve Bank of New York Sept. 17.

- Other recent AIG expenditures.

- The weekly conference calls top-level AIG managers held with the managers of AIG Financial Products.

- All compensation paid to Joseph Cassano, the former president of AIG Financial Products, this decade, “other than salary and cash bonus information previously provided to the committee.”

The information about “conferences, events or retreats” should include a listing of all events paid for by AIG, subsidiaries or affiliates since Jan. 1, Waxman writes.

The information also should include “documents sufficient to show the charges paid for each conference, event, or retreat, including lodging, transportation, food, drink, and other charges,” Waxman writes.

“I also ask that you provide a listing of any similar conferences, events, or retreats planned for the next 6 months,” Waxman writes.

The request for information about AIG Financial Products includes a call for “all documents and communications” between the company and the people who ran the unit during the past 2 years.

“Of course we will respond to Waxman’s letter,” AIG spokesman Joe Norton says.

AIG says it is working with New York Attorney General Andrew Cuomo to address the issues raised by the letter.

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