CREW: Department of The Treasury: Regarding AIG Bonuses: 7/15/10 - 2009-03-124 - Binder 3

McCarthy, Mary (Contractor)
From: Sachs, Lee

Sent: Friday, March 27,200911 ;14 AM
To: Hsu, Michael; Lambright, James; Kashkari, Neel; Solomon, Ian
Cc: FerlaZl:o, Ronald; Tae, Michael; Fu, Alan
SUbject: Re; polley Issues re; AIG closing MONDAY
Thanks. Pis Include neal wolin on all ofthls. Particularlycomp
--_ _-_
.........
From: Hsu, Michael
_"'_ _---_ __----_
........... .... ... ....... ..... ......_---~-...........-_._---
To: lambright, James; Kashkarl, Neeli Solomon, ran; Sachs, Lee
Cc: Ferlazzo, Ronald; Tae; Michael; ru, Alan
Sent: Frl Mar 27 11:07:34 2009
Subject: policy Issues re: AIG closing MONDAY
Attached are the key polley Issues related to the pending closing of the $30bn capital facility, which Is slated to close on
Tuesday, with signing of docs on Monday (3/30).
We need the attached polley decisions - at least the first three - to be made prior to slgnlng/closlng.
Perhaps we can discuss before or after the 2:30 call re: comp (which Is clearly linked to this).
Outside of the closing, there are other AIG Issues In the mix. I wlll type up a summary to help folks make sense of the
flood of emails and prlorltlle Issues.
T001194
McCarthy,Ma~(Contracton
From: Albrecht, Steph!'n

Sent: Monday, Maroh 16, 200912:53 PM
To: Wolin, Neal
Subject: RE: Posslblle Legal Avenue
--,---_.
From: Wolin, Neal
Sent: Monday, March 16,2.00912:46 PM
To: Albrecht, Stephen
Subject: Fw: Posslblle Legal Avenue
Thoughts? (b) (5)
From: Levine, Marne L.

To: Wolin, Neal
Sent: Mon Mar 16 12:42:03 2009
Subject: FW: Posslblle, Legal Avenue
Is this true? I kept asking a version ofthls yesterday, ..
-_._---,------------- --'---' -----, ---

From: Josh Gotbaum [mallto:jg@blue-wolf.com]
_.
Sent: Monday, March 16, 2009 12:37 PM

To: Levine, Marne L.
SUbject: AlG: Posslblle Legal Avenue
Don't have Larry's email. In light of Pres statement that 'Will follow "aUlegel avenues" on
AIG bonuses.
Josfi
From: Josh Gotbaum

---._-_.
Sent: sunday, March 15, 2.009 5:09 PM
To: Mark Patterson (TRS); Lee Sachs (TRS)
Subject: AlG Possibility
TOOl 196
Josfi .
Josh Gotbaum
Operating Partner
Blue WolfCapltaI Management
48 WaD Stree~ 31st Floor
New York, NYl11iJ1J5
212-488-1347
"hl!'~;~m
TOOl197
McCarthy, Ma2' (Contractor)
From: Wolin, Neal
To: Albrecht, Stephen·
Subject: Fw: Posslblle Legal Avenue
Thoughts? (b) (5)
From: Levine, Marne L

To: Wolin, Neal
Sent: Mon Mar 16 12:42:03 2009
Subject: FW: Possiblle legal Avenue .
Is this true? I kept asking a version of this yesterday...
--_ _--_._---..
From: Josh Gotbaum [mallto:jg@blue-wolf.coml
To: levine, Marne L.
Subject: AIG: Posslblle Legal Avenue
Don't have Larry's email. In light of Pres statement that will fonow "an legal avenues" on
AIG bonuses.
Josli
From: Josh Gotbaum

Sent: Sunday, March IS, 2009 5:09 PM
To: Mark Patterson (TRS); Lee Sachs (TRS)
Subject: AIG Possibility
Josli
Josh Gotbaum
Opetating Patmet
Blue Wolro.piml M'magement
48 WaO Sttee~ 31st Floot
T001198
'iii:if!iiiC
4tJP ParkgJen CTNW
•
2Q007·21J7
ell
TOOl 199
McCarthx. Mal)' I..
C..o..
nt.ra:;;,;c;,;;;to:;;,;r",> ..... _
From: Goodman, Mary
Sent: Frld.ay, Mar.ch 27,20095:45 PM
To: Hsu, Mlchaal
SUbject: RE: Posslbla AIG Compensation Protocol
Favor for you. I know you are swamped, but could you give me a call?
I just triedyou from the desk I am sitting at Rm 2442 (temp) MT. .
. Ishould be reachable on my cell all evening and w/e... _
From: Hsu, Michael

Sent: Friday, Mard127, 2009 8:12 AM
.To: lambright, James; Kashkari, Neel; Wolln, Neal; solomon, Ian; Sachs, Lee; Greene, Michelle; Goodman, Mary; Jaconl,
Kristen; Fitzpayne, Alastair . .
Ce: Williams, Andrew; Wallace, Kim; Ferlazzo, Ronald; Tae, Michael; FU, Alan
Subject: Fw: Possible AIG Compensation Protocol
Fyi.
._._-~-------,-----
From: Chase, Beverly Fanger
To: Albrecht, Stephen; Sarah Dahlgren; 'James.Hennessy@ny.frb.org' ; Hsu, Michael; martha.cook@ey.com ;
Nancy,Kelly1@ey.com ; 'wllllam.murphy05@ey.com'
Ce: Huebner, Marshall S. ; James, Ethan T. ; Wright, John T.
Sent: Frl Mar 27 08:03:53 2009
Subject: Possible AIG compensation protocol
Attached is Marshall's summary of the proposed protocol we have discussed: We have called out some items for
partiCUlar further discussion, but naturally the entire proposal Is subject to all of our further collective thoughts..
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 attaclunents)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 Of matter
addressed herein.
*************************
Beverly F. Chase
Davis Polk & Wardwell
450 Lexington Avenue
New Yoi:k, New York 10017
s;hase@dpw.com (email)
212-450-4383 (tel)
212-450-3383 (fax)
*************************
T001200
From: Morse, Duane
Sent: Friday, March 27, 2009 3:49 PM
To: Hsu, Michael
SubJect: RE: Possible All> Compensaflon Protocol
Thanks
Duane D. Morse .
ChiefCounseJ - Office ofPlnanelot Stability
Department ofthe Treasury
202-622-1192
Duane.Mome@do,treas,goy
From: Hsu, Michael

Sent: Friday, March 27, 2009 3:47 PM
To: Morse, Duane
Subject: Fw: Possible All> Compensation Protocol
Sorry.

---_._--------
Nancy.Kellyl@ey.com; 'wllllam.murphy05@ey.com'
Co: Huebner, Marshall S. ; James, Ethan T. ; Wright, John T.
Sent: Frl Mar 27 06:03:53 2009
Subject: Possible AIG Compensation Protocol
Attached Is Marshall's summary of the proposed protocol we have discussed. We have called out some Items for
particular further discussion, but naturally the entire proposal Is subject to all of our further collecflve thoughts..
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 no~
Revenue Code or (H) promoting, marketing or recommending to another party any transaction or matter
addressed herein.
*************************
Beverly F. Chase
New York, New York 10017
chase@dpw.com (email)
212-450-4383 (tel)
212-450-3383 (fax)
*************************
TOOl201
McCarthy, Marx (Contractor)
From: Kashkarl, Neel
Sent: Friday, March 27, 2009 9:32 AM
To: Sachs, Lee; Hsu, Michael; Lambright, James; Wolin, Neal; Solomon, Ian; Greene, Michelle;
Goodman, Mary; Jaconl, Kristen; Fltzpayne, Alastair; Hunt, Anita Marla; Abdelrazek, Rawan
Cc: Williams, Andrew; Wallace, Kim; Ferlazzo, Ronald; Tae, Michael; Fu, Alan
SUbJect: RE: Possible AIG Compensation Protocol
sure, Anita - let's start with this one, thx
From: Sachs, Lee

--,-----------, ---,-,--
To: Kashkarl, Neel; Hsu, Michael; Lambright, James; Wolin, Neal; Solomon, Ian; Greene, Michelle; Goodman, Mary;
Jaconl, KrIsten; Fitzpayne, AlastaIr
Co: WI11Iams, Andrew; Wallace, Kim; Ferlazzo, Ronald; Tae, Michael; FU, Alan
Subject: Re: Possible AIG Compensatlon Protocol
Sounds right Neel. Want to start with a call today at 2:30?

v . . . ._ ,

~ _ . _ , .. _~....,.--
---,----
To: Hsu, Michael; lambright, James; Wolin, Neal; Solomon, Ian; Sachs, Lee; Greene, Michelle; Goodman, Mary; Jaeonl,
Kristen: Fltzpayne, Alastair
ee: Williams, Andrew; Wallace, Kim; Ferlano, Ronald; Tae, Michael; FU, Alan
Sent: Fri Mar 27 09:'07:03 2009
Subject: RE: Poss)ble AIG Compensatlon Protocol . .
there Is so much going on with thIs topic, I hate to suggest It... but wonder If we should have a standing meetIng every day
to quickly discuss the Issues until we get a program In place, .
thoughts?
__---------,
...
FrQm: HSU, Michael
....-..--.,._---' --,----------
Sent: Friday, March 27, 20098:12 AM
To:· Lambright, James; Kashkarl, Neel: Wolin, Neal; Solomon, Ian; Sachs, Lee; Greene, Michelle; Goodman, Mary; Jaconl,
Kristen; Fltzpayne, Alastair .
Ce: Wllllams, Andrew; Wallace, Kim; Ferlano, Ronald; Tae, MIchael; Fu, Alan
Subject: Fw: Possible AIG COmpensation Protocol
FyI.

-----------_.._--- ----_ -,-- ....
To: Albrecht, Stephen; Sarah Dahlgren; 'James,Hennessy@nyJrb,org' ; Hsu, Michael; martha.cook@ey,com ;
Nancy,Kelly1@ey,com; 'wllllam,murphy05@ey,com'
Ce; Huebner, Marshall S, ; James, Ethan T, ; Wright, John T,
Sent: Frl Mar 27 08:03:53 2009
Subject: Possible AIG COmpensation Protocol
Attached Is Marshall's summary of the proposed protocol we have discussed, We have called out some items for
particular further discussion, but naturally the entire proposal Is sUbject to ail of our further collective thoughts"
T001202
otherwise, any U,S. federal tax advice contained in this communication (including any attachments) is not
inte~ded 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
212·450-4383 (tel)
212-450·3383 (fax)
*************************
TOOl203
From: Kashkari, Neel
To: Sachs, Lee; Hsu, Michael; Lambright, James; Wolin, Neal; Solomon, Ian; Greene, Michelle;
Goodman, Mary; Jaconl, Kristen; Flt!:payne, Alastair; Hunt, Anita Maria; Abdelrazek, Rawan
Ce: Williams, Andrew; Wailace, Kim; Fenazzo, Ronald; Tae, Michael; Fu, Alan
Subject: RE: Possible AIG Compensation Protocol
sure. Anita - let's start with this one. thx
From: Sachs, Lee

To: Kashkari, Neel; Hsu, Michael;' Lambright, James; Wolin, Neal; Solomon, Ian; Greene, Michelle; Goodman, MarY;
Jaconl, Kristen; Atzpayne, Alastair
Ce: Williams, Andrew; Wailace, Kim; Ferlazzo, Ronald; Tae, Michael; Fu, Alan
Subject: Re: Possible AIG compensation Protocol
Sounds right Neel. Want to start with a cailtoday at2:30?
._----_._--"-------~,--'-_
............ __ -..,.....,....,.,.,..--_.._-_._----
...
To: Hsu, Michael; Lambright, James; Wolin, Neal; Solomon, Ian; Sachs, Lee; Greene, Mlcheile: Goodman, Mary; Jaconl,
Krlsten; Fltzpayne, Alastair
Co: WllIlams, Andrew; Wallace, Kim; Fenazzo, Ronald; Tae, Michael; Fu, Alan
Sent: Frl Mar 27 09:07:03 2009
Subject: RE: POSsible AIG Compensation Protocol
there Is so much going on with this topic, I hate to suggest It... but wonder if we should have a standing meeting every day
to qUickly discuss the Issues until we get a program In place.
thoughts?
From: Hsu, Michael

To: lambright, James; Kashkari, Neel; Wolin, Neal; Solomon, Jan; Sachs, Lee; Greene, Michelle; Goodman, Mary; Jaconl,
'Krlsten; Fltzpayne, Alastair
Ce: Williams, Andrew; Wallace, Kim; Ferlazzo, Ronald; Tae, Michael; Fu, Alan
Subject: Fw: Possible AlG Compensation protocol
FyI.
--_.,,---------------_ _-------------_
... ............""
To: Albrecht, Stephen; sarah Dahlgren; 'James.Hennessy@ny.frb,org' ; Hsu, Michael; martha.cook@ey.oom ;

Nancy.Kelly1@ey.com ; 'wllllam,murphy05@ey,com'
Ce: Huebner, Marshall S, ; James, Ethan T. ; Wright, John T.
Sent: Frl Mar 27 08:03:53 2009
Attached is Marshail's summary of the proposed protocol we have disciJssed. We haVe called out some items for
P?lrtlcular further discussion, but naturally the entire proposal Is subject to all of oor furthar collective thoughts"
T001204
otherwise, any U.S, federal tax advice contained in this communication (including ~ny 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
chase@dpw,com (email)
212-450-4383 (tel)
212-450-3383 (fax)
*************~***********
T001205
From: Sachs, Lee
Sent: Fri(,lay, March 27, 2009 9:31 AM
To: Kashkarl, Neel; Hsu, Michael; Lambright, James; Wolin, Neal; Solomon, Ian; Greene,
Michelle; Goodman, Mary; Jaconl, Kristen; Fltzpayne, Alastair
SubJect: Re: Possible AIG Compensation Protocol
_-_.---,---_
Sounds right NeeL Want to start with a call today at 2:30?
'-.,.-----_._---....
.._................. _--,_._-----
To: Hsu, Michael: Lambright, James: Wolin, Neal: Solomon, Ian; sachs, Lee: Greene, Michelle; Goodman, Mary; Jaoonl,
Ce: Williams, Andrew: Wallace, Kim; Ferlazzo, Ronald: Tae, Michael: Fu, Alan
Sent: Frl Mar 27 09:07:03 2009
there is so much going on with this topic, I hate to suggest it.. but wonder If we should have a standing meeting every day
to quickly discuss the issues until we get a program In place. .
thcughtS?
. ....,...--_._--_._-----_._-------------
.
From: HSll, Michael

To: Lambright, James: Kashkarl, Neel: Wolin, Neal: SOlomon, Ian: Sachs, Lee: Greene, Michelle: Goodman, Mary: Jaconl,
Ce: WIlliams, Andrew: Wallace, Kim: Ferlazzo, Ronald; Tae, Michael; Fu, Alan
Subject: Fw: Possible AIG Compensation Protoool
FyI.
-------
-From:
....
Chase, Beverly Fanger
To: Albrecht, Stephen: Sarah Dahlgren: 'James.Hennessy@ny.frb.org' ; Hsu, Michael: martha.cook@ey.com ;
Nancy.KeI1y1@ey.com i 'wllllam.murphy05@ey.com'
Sent: Frl Mar 27 08:03:532009
Subject: Possible AIG Compensation Protoool
Attached is Marshall's summary of the proposed protocol we have discussed, We have called out some Items for
particular further discussion, but naturally the entire proposal is subject to all of our further collective thoughts..
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
addressed herein.
*************************
Beverly F. Chase
TOOl 206
212·450·4383 (tel)
212·450,3383 (fax)
*************************
T001207
McCarthy, MaQ' (Contractor)
Sent: Fliday, March 27, 2009 9:31 AM
To: Wallace, Kim; Fltzpayne, Alastair; Hsu, Michael; Lambright, James;Wolln, Neal; Solomon,
Ian; Sachs, Lee; Greene, Michelle; Goodman, Mary; Jaconl, Kristen .
ee: Williams, Andrew; Ferlazzo, Ronald; Tae, Michael; Fu, Alan; Hunt, Anita Marla; Abdelrazek,
Rawan
AnRa " can you schedule a dally mtg with as many of this group as possible for 30 minutes for the next couple weeks
beginning sometime today?
thx
From: Wallace, Kim

,-----------
sent: Frlday, March 27, 20099:16 AM
To: Fltzpayne, Alastair; Kashkarl, Neel; Hsu, Michael; Lambrlght, James; Wolin, Neal; Solomon, Ian; Sachs, Lee; Greene,
Michelle; Goodman, Mary; Jaconl, Kristen
CCI WIlliams, Andrew; Ferlazzo, Ronald; Tae, Michael; FU, Alan
Yes
From: Fltzpayne, Alastair

Sent: Friday, March 27, 2009 9:16 AM .
To: Kashkarl, Neel; Hsu, Michael; Lambflght, James; Wolin, Neal; Solomon, Ian; Sachs, Lee; Greene, Michelle; Goodman,
Mary; Jaconl, Kristen '
CCI Williams, Andrew; Wallace, KIm; Ferlazzol Ronald; Tae, Michael; Fu, Alan'
Subject: RE: POSSIble AIG Compensation Protocol
I think this Is a good Idea.
From: Kashkarl, Neel .

Sent: FridaYI March 271 2009 9:07 AM
To: Hsu, Michael; lambright, James; Wolin, Neal; Solomon, Ian; Sachs, Lee; Greene, Michelle; Goodman, Mary; Jaconl,
Kristen; Fltzpayne, Alastair
Ca Williams, Andrew; Wallace, Kim; Ferlazzo, Ronald; Tae, Michael; FU, Alan
there. Is so much going on with this topic, I hate to suggest It... but wonder If we should have a standing meeting every day
to quickly discuss the Issues until we get a program In place.
thoughts?
----,~-
From: Hsu, Michael
--------,,--_._----_. ----,---
...
Sent: friday, March 27, 20098: 12 AM
To: lambright, James; Kashkarl, Neel; Wolin, Neal; Solomon, Ian; Sachs, Lae; Greene, Michelle; Goodman, Mary; Jaconl,
Cc: Williams, Andrew; Wallace, KIm; Ferlazzol Ronald; Tae, Michael; Fu, Alan
Fyi.
TOOl208
-""" ...,,,..........--_... _-""'......_.,-------_ _----------- ......
To: Albrecht, Stephen; Sarah Dahlgren i 'James.Hennessy@ny.frb.org' ; Hsu, Michael; martha.cook@ey.com ;
Nancy.Kellyl@ey.com ; 'Wllllam.murphy05@ey.com'
Cc: Huebner, Marshall S. ; James, Ethan T. i Wright, John T.
Sent: Frl Mar 27 08:03:53 2009
Subject: Possible AIG compensation Protocol
Attached Is Marshall's summary of the proposed protocol we have discussed, We have called out some items for
particular further discussion, but naturally the entire proposal Is SUbject to all of our further collective thoughts..
otherwise, any U.S, federal tax advice contained in this communication (including any attachments) is not
addressed herein.
*************************
Beverly F. Chase
212-450-4383 (tel)
212-450-3383 (fax)
*************************
TOOl209
From: Sachs, Lee
Sllnt: Friday, March 27, 2009 9:31 AM
To: •Kashkari, Neel; Hsu. Michael; lambright, James; Wolin, Neal; Solomon, Ian; Greene,
Michelle; Goodman, Mary; Jaconl, Kristen; Filzpayne, AiCistair
Oil: Williams, Andrew; Wallace, Kim; Ferlmo, Ronald; Tae, Michael; Fu, Alan
SubJellt: Re: Possible AIG Compensation Protocol
Sounds right NeeL Want to start with a call today at 2:307
--------
......_-----------_._~ -----------,...-
To: Hsu, Michael; Lambright, James; Wolin, Neal; Solomon, Ian; sachs, t..ee; Greene, Michelle; Goodman, Mary; Jaconl,
Kristen; Frtzpayne, Alastair
Cc: Williams, Andrew; Wallace, Kim; Ferlano, Ronald; Tae, Michael; Fu, Alan
Sent: Frl Mar 27 09:07:03 2009
Subject: RE:. Possible AIG Compensation Protocol
there is so much going on with this topic, I hate to suggest It... but wonder if we shOUld have a standing meeting every day
to qUickly discuss the issues until we get a program in.place. .
thoughts?
------_.~_._--------
From: Hsu, Michael
----,--------------,--
To: Lambright, James; Kashkarl, Neel; Wolin, Neal; Solomon, Ian; Sachs, Lee; Greene, Michelle: Goodman, Mary; Jaconl,
Kristen; pitzpayne, Alastair
ee: WIlliams, Andrew: Wallace, Kim; Farlazzo, Ronald; Tae, Michael; Pu, Alan
SUbject: Fw: Possible AIG Compensation Protocol
Fyi.
--'-.----------
-------------
•. __ .
Nancy;Kelly1@ey.com : 'wllliam.murphy05@ey.com'
Sent: Prl Mar 27 08:03:53 2009 .
Subject: Possible AlG Compensation Protocol
Attached is Marshall's summary of the proposed protocol we have discussed. We have called out some items for
particular further discussion, but naturally the entire proposal Is SUbject to all of our further collective thoughts..
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, forthe p\U1lose of (i) avoiding penalties under the Internal
addressed herein.
***********************-**
Beverly F. Chase
TOOl210
212·450·4383 (tel)
212-450·3383 (fax)
****~********************
T001211
McCarthy, Mary I.;C.;o;.;nt..ra;;,;c;.::to;;,;r"'I _

Sent: Friday, March 27, 2009 9:31 AM ,
To: Wallace, Kim; Fltzpayne, Alastair; Hsu, Michael; Lambrlgh~ James; Wolin, Neal; Solomon,
Ian; Sachs, Lee; Greene, Michelle; Goodman, Mary; Jaconl, Kristen
Ce: Williams, Andrew; Ferlazzo, Ronald; Tae, Michael; Fu, Alan; Hunt, Anita Marla; Abdelrazek,
Rawan
Anita· can you schedule a dally mtg with as many of this group as possible for 30 minutes for the next couple weeks
beginning sometime today?
thx
From: Wallace, Kim

To: Fltzpayne, Alastair; 'Kashkarl, Neel; Hsu, Michael: lambrIght, James; Wolin, Neal: Solomon, Ian: Sachs, Lee: Greene,
Michelle; Goodman, Mary; Jaconi, Kristen
Ce: WllIlams, Andrew; Ferlazzo, Ronald; Tae, Michael; FU, Alan
SUbject: RE: Possible AIG Compensation Protocol
Yes
Fromi Fltzpayne, Alastair

To: Kashkarl, Neel: Hsu, MIChael; lambright, James: Wolin, Neal; Solomon, Ian: Sachs, Lee; Greene, Michelle; Goodman,
Mary: Jaconi, Kristen '
Cc: Williams, Andrew; Wallace, Kim; Farlazzo, Ronald: Tae, Michael: Fu, Alan
I think this Is a good Idea.

..._ ...,_._.,."_"...>""_,........".,__.. "_,,_._._~_ ...."... ..
~~ ~'n ...... " _ ~ " ' _.......... ~""''''''''~,_"_''" ....__.....rl . . . _ _' ' ' ' ' ' ' ' ' ' " . . . . . .M__''.''... ~ ......._''''".." ...Wrl......,,,.._"._,,_'",,""_".""."_""".M......"~~ .."'
From: Kashkari, Neel
To: Hsu, Michael; Lambright, James; Wolin, Neal; Solomon, Ian; Sachs, Lee; Greene, Michelle: Goodman, Mary; Jaconl,
Kristen; Fitzpayne, Alastair
Ce: Williams, Andrew; Wallace, Kim; Farlazzo; Ronald; Tae, MIchael; FU, Alan
Subject: RE:Posslble AIG Compensation Protocol
there Is so much going on with this topic, I hate to suggest it... but wonder If we should have a standing meeting every day
to qUickly discuss the issues untll we get a program in place.
thoughts?
From: Hsu, Michael

To: lambrIght, James; Kashkarl, Neel; Wolin, Neal; Solomon, Ian: Sachs, Lee; Greene, MIchelle; Goodman, Mary; Jaconi,
KrIsten; Fltzpayne, Alastair
Ce: Williams, Andrew; Wallace, Kim; Ferlazzo, Ronald; Tae, Michael; FU, Alan
Fyt
T001212
----,-_ _,_....
.......
_.-...~"""~ ....._~--_._""--" ~'''''''-'--- --,----,
~" ......
To: Albrecht, Stepheni Sareh Dahlgren; 'James.Hennessy@ny.frb.org' ; Hsu, Michael; martha.cook@ey.com i

Nancy.Kellyl@ey.com ; 'wllllam.murphyOS@ey.com'
Cc: Huebner, Marshall S. i James, Ethan T. ; Wright, John T.
Sent: Frl Mar' 2708:03:53 2009
Subject: Possible AlG Compensation Protocol
Attached is Marshall's summary of the proposed protocol we have discussed, We have called out some Items for
particular further discussion, but naturally the entire proposal Is sUbject to all of our further collective thoughts"
To ensure compl1ance with requirements imposed by the IRS, we inform you that, unless explicitly provided
intended or written to be used; and cannot be used, for the purpose of (i) avoiding penalties under the Internal
addressed herein.
*************************
Beverly F. Chase
Qbase@dpw,com (email)
212-450-4383 (tel)
212-450-3383 (fax)
*************************
T001213
McCarthy, Mary !Contractor)~_ ..... .;... _
From: Wallace, Kim

Sent: . Friday, March 27, 2009 9:16 AM
To: Fltzpayne, Alastair; Kashkarl, Neel: Hsu, Michael; Lambright, James; Wolin, Neal; Solomon,
Ian; Sachs, Lee; Greene, Michelle; Goodman, Mary; Jaconl, Kristen
Cc~ WIlliams, Andrew; Ferlazzo, Ronald; Tae, Michael; Fu, Alan
Yes
From: F1tzpayne, Alastair

Sent: Friday', March 27, 20099:16 AM
To: Kashkarl, Neel; Hsu, Michael; Lambright, James; Wolin, Neal; Solomon, Ian; Sachs, Lee; Greene, Michelle; Goodman,
Mary; Jaconl, Kristen
I think this Is a good idea.

To: Hsu, Michael; Lambright, James; Wolin, Neal; Solomon, Ian; Sachs, Lee; Greene, Michelle; Goodman, Mary; Jaconl,
Kristen; Fitzpayne, AlastaIr
ec: Williams, Andrew; Wallace, Kim; Ferlazzo, Ronald; Tae, Michael; Fu, Alan
there Is so much going on with this topic, i hate to suggest It.. but wonder If we should have a standing meeting every day
to quickly discuss the Issues until we get a program In place. .
thoughts?
--------_....._---_... _-_.
From: Hsu, Michael
_._----_.
Sent: Frlday, March 27, 20098:12 AM
To: lambright, James; Kashkarl, Neel; Wolin, Neal; Solomon, Ian; Sachs, Lee; Greene, Michelle; Goodman, Mary; Jaconl,
Krlsten;Fltzpayne, AlastaIr
Subject: Fw; PossIble AIG Compensation Protocol
Fyi.
_._---_._----_. ---_. ---_._----_._--_.

To: Albrecht, Stephen; Sarah Dahlgren; 'James.Hennessy@nyJrb.org' ; Hsu, Michael; martha.cook@ey.com ;
Nancy.Kellyl@ey.com; 'wlillam.murphyOS@ey.com'
cc: Huebner, Marshall S. ; James, Ethan T. ; Wright, John T.
sent: Frl Mar 27 08:03:53 2009
Subject: Possible AIG compensation Protocol
Attached is Marshall's summary of the proposed protocol we have discussed. We have called out some Items for
particular further discussion, but naturaily the entire proposal is SUbject to all of our further collective ihoughts"
T001214
intended or written to be used, and cannot be used, for the purpose of 0) avoiding penalties under the Internal
addressed herein.
*************************
Beverly F. Chase
212·450·4383 (tel)
212-450·3383 (fax)
*************************
T001215
McCarthy, Mary (,;;;C,;;;on:.:.;t:.:ra:;;c:.:to~rl.) ....;. _
From: FJtzpayne, Alastair

To: Kashkarl, Neel; Hsu, Michael; Lambright, James; Wolin, Neal; Solomon, Ian; Sachs, Lee;
Greene, Michelle; Goodman, Mary; Jaconi, Kristen
Cc: Williams, Andrew; Wallace, Kim; Ferlalzo, Ronald; Tae, Michael; Fu, Alan
SubJect: RE: Possible AIG Compensation Protocol
I think this Is agood Idea,
From: Kashkarl,· Neel

To: Hsu, Michael: LambrIght, James: Wolin, Neal; Solomon, Ian: Sachs, Lee; Greene, Michelle: Goodman, Mary: Jaconl,
Kristen: F1tzpayne, Alastair
C<;: Williams, Andrew: Wallace, Kim; FeriazlO, Ronald; Tae, Michael: Fu, Alan
there Is so much going on With this toplO, I hate to suggest It.. but wonder if we should have a standing meeting every day
to quickly discuss the issues until we get a program in plaoe.
thoughts?
From: Hsu, Michael

Sent: Friday, March 27, 2009 8:12 AM •
To: Lambright, James; Kashkarl, Neel; Wolin, Neal; Solomon, Ian: Sachs, Lee: Greene, Michelle; Goodman, Mary: Jaconl,
Krlsten: Fitzpayne, Alastair
Ce: Williams, Andrew; Wallace, Kim; Ferlazzo, Ronald: Tae, Michael: Fu, Alan
FyI.
-~---- ---~----------
To: Albrecht, Stephen; Sarah lYahlgren : 'James.Hennessy@ny.frb.org' ; Hsu, Michael; martha.cook@ey.com ;
Nancy.KeI1y1@ey.com ; 'wllllam.murphy05@ey.com'
Ce: Huebner, Marshall S. : James, Ethan T. : Wright, John T.
Sent: Frl Mar 27 08:03:53 2009
Attached Is Marshall's summary of the proposed protocol we have discussed. We have called out some Items for
particular further discussion, but naturally the entire proposal Is subject to all of our further collective thoughts,.
addressed herein.
*************************
Beverly F. Chase
TOOi216
chase@dpw,com (email)
212·450·4383 (tel)
212·450·3383 (fax)
*************************
T001217
From: Fltzpayne, Alastair
Sent: Friday, March 27, 2009 9;16 AM
To: Kashkari, Neel; Hsu, Michael; Lambright, James; WoJln, Neal; Solomon, Ian; Sachs, Lee;
Greene, Michelle; Goodman, Mary; Jaconl, Kristen . .
Cc: Williams, Andrew; Wallace, Kim; Ferlazzo, Ronald; Tae, Michael; Fu, Alan
Ithink this Is a good Idea.

To: Hsu, Michael; lambright, James; W01ln, Neal; Solomon, Ian; Sachs, Lee; Greene, Mlche1le; Goodman, Mary; Jaconl,
CCl WlI1Iams, Andrew; Wa1lace, Kim; Ferlazzo, Ronald; Tae, Michael; Fu, Alan
there Is so much going on with this topic, Ihate to suggesll!... but wonder If we should have a standing meeting every day
thoughts?
From: Hsu, Michael

To: lambright, James; Kashkarl, Neel; Wolin, Neal; Solomon, Ian; Sachs, Lee; Greene,:Mlchelle; Goodman, Mary; Jaconl,
Kristen; Fltzpayne, Alastair .
Cc: Williams, Andrew; Wallace, Kim; Ferlazzo, Ronald; Tae, MIchael; Fu, Alan
Subject: Fw: Possible AIG Compensation Protocol .
__ __ _-_...-.
FyI.
""'--,------,....,.--,
From: Chase, Eleverly Fanger
.. ........ "" ... ... .
...-""...................."'''''''',, _-------
To: Albrecht, stephen; Sarah Dahlgren; 'James.Hennessy@ny.frb.org' ; Hsu, Michael; martha.cook@ey.com ;
Nancy.Kellyl@ey.com ; 'wllllam.murphy05@ey.com'
Cc: Huebner, Marshall S. ; James, Ethan T. ; Wright, John T.
Sent: Frl Mar 27 08:03:53 2009
Attached Is Marshall's summary 01 the proposed protocol we have discussed. We have called out some Items lor
particular furlher discussion, but naturally the entire proposal is subject to all 01 our further collective thoughts..
addressed herein.
*************************
Beverly F. Chase
T001218
212·450·4383 (tel)
212·450·3383 (fax)
********************~****
TOOl219
McCarthy,Ma~(Convamon
From: Hsu, Mlohael

Sent: Friday, Maroh 27, 2009 9:08 AM
To: Kashkarl, Neel
Thank you,

To: Hsu, Michael; lambright, James; Wolin, Neal; Solomon, Ian; sachs,·l.ee; Greene, Michelle; Goodman, Mary; Jaconl,
Ce: Wllllams, Andrew; Wallace, Kim; Ferlazzo, Ronald; Tae, Michael; FU, Alan
there Is so much going on with this topic, I hate to suggest It... but wonder If we should have a standing meeting every day
to quickly discuss the issues until we get a program In place,
thoughts?
-,
From: Hsu, Michael
, --_
...,-"~, .... _--
............ --...-----~--_ .......... .............~~-------~._--
Sent: friday, March 27, 20098:12 AM
To: Lambright, James; Kashkarl, Neel; Wolin, Neal; Solomon, lan; sachS, lee; Greene, Michelle; Goodman, Mary; Jaconl,
Kristen; Fitzpayne, Alastair
Subject: Fw: Possible AIG CompensatIon Protocol
Fyi,
-----..,.....--._._-_._'---'
To: Albrecht, Stephen; Sarah Dahlgren; 'James.Hennessy@nyJrb.org' ; Hsu, Michael; martha.cook@ey.com ;
Nancy.Kelly1@ey.com ; 'willlam.murphy05@ey.com'
CO: Huebnert Marshall S. ; James, Ethan T. ; Wright, Jolin T.
Sent: Frl Mar 27 08:03:53 2009
Subject: Possible AIG compensatIon Protocol
Attached Is Marshall's summary of the proposed protocol we have disoussed. We have oalled out some Items for
pertlcular further discussion, but naturally the entire proposal Is SUbject to all of our further collective thoughts,.
To ensure oompliance with requirements imposed by the IRS, we inform you that, unless explioitly provided
addressed herein.
*************************
Beverly F. Chase
212-450-4383 (tel)
T001220
212·450·3383 (fax)
*~***********************
T001221
McCarthY, Mary f,;;C,;;o..n.,tr.a:.;ct;;o.r.",> _
To: Hsu, Michael; Lambright, James; Wolin, Neal; Solomon, Ian; Sachs, Lee; Greene, Mlohelle;
Goodman, Mary; Jaconi, Kristen; Fltzpayne, Alastair
Co: Williams, Andrew; Wallace, Kim; Ferlazzo, Ronald; Tae, Michael; Fu, Alan.
Subject: RE: POSsibia AIG Compensation Protoool
there Is so much going on wlth this topic, I hate to suggest it... but wonder If we should have a standing meeting every day
thoughts?
--~--_.
From: Hsu, Michael

__ ._"---,~---_

...
_._.~' -----_._..._._-_._---.._---
To: lambright, James; Kashkarl, Neel; Wolin, Neal; Solomon, Ian; sachs, lee; Greene, Michelle; Goodman, Mary; JaCOnl,
te: Williams, Andrew; Wallace, Kim; Farlazzo, Ronald; Tae, Michael; Fu, Alan
Fyi.

To: Albrecht, Stephen; sarah Dahlgren; 'James.Hennessy@ny.frb.org' ; Hsu, Michael; martha.cook@ey.com ;
Nancy.Kellyl@ey.com ; 'wlillam.murphy05@ey,com:
te: Huebner, Marshall S. ; James, Ethan T. ; Wright, John T.
sent; Fri Mar 27 08;03:53 2009
Attached is Marshall's summary of the proposad protocol we have discussed. We have called out some items for
particular further discussion, but naturally the entire proposal is subject to all of our further collective thoughts..
To ensure compliance with requirements imposed by the IRS, we infol'm you that, unless explicitly provided
addressed herein.
** *** ***** ***** *******.***
Beverly F. Chase
Qhase@dbw.com (email)
212-450-4383 (tel)
212-450-3383 (fax)
"*************************
T001222
McCarthy, Mary. (Contractor)
From: Hsu, Michael
Sent: Friday, March 27,20098:29 AM .
To: 'beverly.chase@dpw.com'; Albrecht, Stephen; 'Sarah.Dahlgren@ny.frb.org';
'James.Hennessy@ny.frb.org'; 'martha.cook@ey.com'; 'Nancy.Kelly1@ey.com';
'wllliam.murphy05@ey.com'
Cc: 'marshall.huebner@dpw.com'; :ethan.james@dpw.com'; 'john.wrlght@dpw.com'
Subject: Re: Possible AIG Compensation Protocol .
Thanks. We will begin reviewing Immediately.
-"----------
To: Albrecht, Stephen; sarah Dahlgren; 'James.Hennessy@ny.frb.org' ; Hsu, Michael; martha.cook@ey.com;
Nancy.Kellyl@ey.com ; 'Wiillam.murphy05@ey.com'
Cc: Huebner, Marshall S. ; James, Ethan T. ; Wlight, John T.
Sent: Frl Mar 27 08:03:53 2009
subject: Possible AIG Compensation Protocol
Attached Is Marshall's summary of the proposed protocol we have discussed. We have called out some items for
particular further discussion, but naturally the entire proposal Is sUbject to all. of our further collective thoughts..
intended or written to be used, and caunot be used, for the purpose of (I) avoiding penalties under the Internal
Revenue Gode or (li) promoting, marketing or recommending to another party any transaction or matter
addressed herein.
*******¢****~************
Beverly F. Chase
212-450·4383 (tel)
212·450·3383 (fax)
*~***********************
T001223
Jim
From; Shirley, WIlliam

Sent 23 March 2009 02,41
TOf Shephard, jIm
ttl Gabrlele, Mauro;
Subject, Next Ste
Jim,
The information contained herein is highly conlldenllaland Is being furnished I'Dr discussion purposes only and may be
subject to completion or ameudment througb lire delivery ofaddltlonal doeumcnlatlon. Tills communieallon docs not
constitute an offer to sell or the solicitation iJfau offer to purchase any securily, fulure.pr other l1nanelallnstrument or
prod.ct.. Sltbjeclto applicable law and nolwilllStauding anylhlng thai may bc construed 10 the contrary,tbe rcciplcnl hcreof
and its employ..., "'presenlatives, and otber agents may dlscloselhe U.S. federal Ineome Ia. lreatment and slrueture ohny
transactions de.cribed herein, We are not an advisor a.to legal, taxation, aceountlng, regulatory or Ilnanclal matters In any
jurisdiction, and are not providing any advice as to any snch matter to the recipient. The rcclplenl should discuss sueb matte'"
with tbe recipient's advisors or counsel and make an independent evaluation and jndgmenl with respeclto them.
T001224
McCarthy. Mary IContractor)
From: Kleran,Fallon@frb,gov
Sent: Sunday, March 29, 20092:38 PM
To: Hsu, Michael
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
-----MlchaeI.Hsu@do.treas.gov wrote: -----
To: Kleran.Fallon@frb.gov
From: Michael.Hsu@do.treas.gov
Date: 03/29/2009 12:58PM'
Subject: Fw: Impact of AIG FP Deterloratlon
What do you think?
It ls a falrly long document, but the key takeaways are summarized on the first page.
Regards,
Alex Latorre ,
Federal Reserve Bank of New York
Offlce: 212-720-2728
cell:_
[attachment "Impact ofFP Deterioration,doc"'removed by Kieran Fallon/BOARDIFRS]
TOOl233
MCCarthy,Ma7(Conuacto~
From; Schaffer, Laurie

Sent: Tuesday, Maroh 03, 2009 11 :57 AM
To: Morse, Duane; Ferlazzo, Ronald; Albreoht, Stephen
Cc; Knight, ~; Haeger, Sharon
Subject: RE: F w : _ call related to AIG
Laurie Schaffer
From: Stephanle,Heller@ny,frb,org [mallto:Stephanie,Heller@ny,frb,orgJ
Sent: Tuesday, Marth 03, 2009 9:39 AM
TOI Schaffer, laurie
COl Knight, Bernard Jr,; Morse, Duane; Farlazzo, Ronald; Albrecht, Stephen; )oyce,Hansen@nyJrb,org;
HaeRan;Klm@ny,f~
Subject: Re: Fw: _ call related to AlG
Laune, Steve, Ron and Duane--
The meeting between FRBNY and Treasury to discuss e has been set for 2-3pm
Wednesday, .The dial-In Information is as follows
Dlall'"
Code .
(b) (5)
TOOl234
212·720·8198
YurJ&.Schmfur(ij!do.treat>·90V To llteph,nl••heUel\1linv.fIl>.o11l
CC Slephen.A1brecfll@do,treas.gov, RQnalo.J:.'erlauo@do.traas,SQv,
03/021200911,04 PM Puanti.Mol"$tl@dD,ttaas.gov, 6emard,Knlght@do,tmas,golJ
SUbJeot Fw: call related 10 AIG
Stephanie, please include steve, ron, and duane on Ihe caU for aig, They are the .ig experts. Thanks. Hope all is well.
••••• Original Message ••_.
Prom: Schaffer, laurie
To: Albrecht, Stephen; Perla""o, Ronald; Morse, Duane
Cc: Knlghl, l>emard Jr.
Senl: Mon Mar 02 23:0 1:04 2009
Subject:_ call related to AIG
(b) (5)
The NY PRB wants to sel up a call for wed ' - - f o r alg. I have not been Involved with alg so It would
make sense for you to be on the call. 1wllJ f~
TOOl235
McCarthY!Ma&IContramo~
From: Stephanle,Heller@ny.frb,org
Sent: Tuesday, March 03, 2009 9:39 AM
To: Schaffer, Laurte
Co: Knight, Bernard Jr,; Morse, Duane; Ferlazzo, Ronald; Albrecht, Stephen;
Joyce,H~, frb.org; HaeRan,Klrn@nyJrb,org
Subject: Re: F w : _ call related 10 AlGI .
Laurie, Steve, Ron and Duane -
The maetlng between FRBNY and Treasury to discuss has been set for 2·3pm
Wednesday. The dlal·ln Information Is as follows
Dlall~
Code b
Laprla.Schaffrtr@do.treas.goy
0310212009 11:04 PM
Stephanie, please Include SIeve, ron, and duane on the call for alg, They are the alg experts. Thanks, Hope all is well,
_ •• Original Message --•••
From: Schaffer) Laurie
To: Albrecht, Stephen; Ferlatto, Ronald; Morse, Duane
Cc: Knight, Bernard Jr,
Sent: Mon Mar 02 23:01:04 2009
Subject:.-acall related to AlG
1'm""l"5T
TOOl236
(b) (5)
The NY FRB wants \0 sel up a call for wed or aig. I have not been involved with alg so it would
make sense for you to be on the call. I will forward your names to the ny·frb.
. ''1-:/'
T001237
McCarthy. Marx (Contractor)
From: Stephanie. Heller@ny.frb.org
Sent: Tuesday, March 03, 20099:39 AM
To: Schaffer, Laurie
ec: Knight, Bernard Jr.; Morse, Duane; Ferlazzo, Ronald; Albrecht, Stephen;
Joyce.H~.frb.org; HaeRan.Kim@ny.frb.org
Subject: Re: F w : _ call related to AIG
.Laurie, Steve, Ron and Duane -
The meeting between FRBNY and Treasury to discuss a has be~n set for 2·3pm
Wednesday. The dial·ln information Is as follows
Dlall~
Code_ _ _
Laurle.Schaffer@do.treas.qov
03/0212009 11 :04 PM
Stephanie, please include steve, ron, and duane on the call for aig. They are the aig experts. Thanks. Hope all i. well.
•.•.. Original Message ••--

From: Schaffer, Laurie
To: Albrecht, Stephen; Ferlazzo, Ronald; Morse, Dnane
Cc: Knight, Bernard Jr.
Sent: Mon Mar 0223:01:042009
Subject:" call related to AIG
TOOl238
(0) (5)
The NY FRB wantHo set up a call for wed for .lg. 1bave not been involVed with alg So It would
make' sense for you to be on the call. 1will forward your names to the ny-frb.
TOOl239
McCarthy. Mary (Contractor)
From: Sarah.Dahlgren@ny.frb.org
Sent: Saturday, March 21, 200911:46 AM
To: Scott.Alvarez@frb.gov; James.Hennassy@ny.frb,Org
Cc: Heu, Michael; Rich.Ashton@frb.gov; Albrecht, Stephen
Subject: Re: Fw: Scans of Retention Plan docs
Sarah Of' Igren

Senior Vice President
Office: 212·726·7537
Cell:
Sent from my BlackBerry Handheld •
••••• original Message ..•••

From: Scott Alvarez
Sent: e3/21/2e69 11:64 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 26 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@BOARO
63/21/2669 16:S6 cc
AM michael.hsu@do.treas.gov, Rich
Ashton/BOARO/FRS@Board, Sarah
Dahlgren/NY/FRS@FRS,
stephen.albrecht@do.treas.gov
SUbject
Re~ Fw: Scans of Retention Plan
docs(Document link: Scott Alvarez)
TOOl 240
to have a call with them later this morning to make sure,
Scott
Alvarez/BOARD/FRS
@BOARD To
'ames Hennessy/NY/FRS@FRS
03/21/2009 10:03 cc
Ashton/BOARD/FRS@Board, Sarah
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,
03/20/2009 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
T001241
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)
TOOl242
From: Sarah.Dahlgren@ny.frb.org
Sent: Saturday, March 21,200911:46 AM
To: Scott.Alvarez@frb.gov; James.Hennessy@ny.frb.org
ee: Hsu, Michael; Rich.Ashton@frb.gov; Albrecht, Stephen
SUbject: Re: Fw: Scans of Retention Plan docs
Sara Dah gren,

Senior Vice President
Office: 212-720-7537
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 OT FP employees io 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
stephen:albrecht@do.treas.gov
Subject
docs(Documeot link: Scott Aivarez)
T001243
to have a.call with them later this morning to make sure,
Scott
Alvarez/BOARD/FRS
@BOARD To
James Hennessy/NY/FRS@FRS
03/21/2009 10:03
AM michael.hsu@do.treas.gov, Rich'
Subject
docs(Document link: James Hennessy)
Jim,
Any response from E&Y yet? We'll need this ASAP.
Thanks!
Scott
James
HennessY/NY/FRS@F
U ~
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/NY/FRS@FRS
SUbject
Fw: Scans of Retention Plan docs
T001244
Scott and Steve:
Hope to have more for you later today.

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)
TOOl245
MeCarthr. MalI (..
Co_ntra"'OlOct~o~rl _
From: James.Hennessy@ny,ffb.oJg
Sent; Sal1lrday, Maroh 21, 2001l11:10 AM
To; SCQIt.AlVareZ@frb.gov
Ocr Hsu, Michael; Rlch.Allhton@frb.gov;Sarah.Dahlgren@ny.frb.org;Albrecht, stephen
Subject: Re: Fw: Scans of Retention Plan docs
very true (see below). Pecpls al head office have also been accosted outside lI1e building and In Ihe subways. Ths
company Is actively kelitplng traok of thrli>ats posted on blags, litte.
(Ill (3)
Sent. Fri Mar 20 17,53,52 2009

SUbject, IMPORTANT: Oonnecticut Working Families
All, In ca.e you are not already aware, this group is arranging a bus tour tor tomorrow
that will point out the adctresses of AIG fP employee.. Bloomberg News and other. will
probably cover. See link below for detail ••
(b) (4) .
I wanted to make sure all of you and security is aware.

Tllanks,
(I)) (6)
Vice I?resident
Corporate Media Relations
offioe
I
@aig.com
Scott AlvaroVllOARDIl'RS@80AIIO T. Jam.. Hcnn'!lll\'IIIYIFRSill\FRS

ec mlcbaeJ,hsu@dO',tmM,gt1v, Rich ,A$lrtoIllBOARDIFR3ffj8atm:l, Barall
0312112009 11:04 AM DahlgnmlllYlFRS@FRS, "",phon.._t@<jo.tre...gov
SUbJeQt Re: 'Fw: Scans of REttemlOn Plan ~iJ~IJ'nk .
Jim,
Thlitrlit mrlit slorllits yesterdii>y that only 20 plitrclitnt of ths FP folks showad up for work on Friday and Ihallhllre has
blitlitn public Intimidation of FP employees In thlit US (e.g., busses of protestors plcklittlng In front of psople's houses). Is
any ofthaI true?
Thanks,
T001246
McCarthy, Mary {.,;;C;,;;o;,;,";,;tr;,;a;::c.to
..r:.ll _
From: Hsu, Michael

Sent: Friday, February 20,20099:14 PM
To: Lambright, James
Subject: RE: Scheduling a meeting with GAO on AIG
Yes. 622·7772
From: Lambright, James

To: Hsu, Michael
Subject: Re: Scheduling a meeting with GAO on AIG
Are you free for a two minute call?
From: Hsu, Michael

To: Wolftelch, Paul; Lambright, James; Albrecht, Stephen
Cc: Kashkarl, Neel; Abdelrazek, Rawan
Sent: FrI Feb 20 20:15:30 2009
I can be available to answer technical (not policy) questions.
From: Wolftelch, Paul

To: Lambright, James; Hsu, Michael; Albrecht, stephen
Ce: Kashkarl, Neel; Abdelrazek, Rawan
I understand. I also have to schedule something. Perhaps we can plan to suit someone else's schedule, and educate
that person If you are unavailable. Would that work?

Sent: Friday, February 20, 2009 6:10 PM
To: Wolftelch, Paul; Hsu, Michael; Albrecht, Stephen
I expect to be very tired at any of those times, I'll have to walt til we know how it's playing out to know what the final
timing/pian will be.

To: lambright, James; Hsu, Michael; Albrecht, Stephen
Subject: Scheduling a meeting with GAO on AIG
T001247
GAO has agreed to delay its meeting on AIG with us until March 3 or 4, after AIG's earnings report. Please let me know
your availability for these dates and times:
March 3, anytime except 1 p.m. to 2 p'.m.
March 4, anytime.
Thanks very much.
Paui
TOOl 248
Sent: Friday, February 20, 2009 9: 14 PM
To: Hsu, Michael
SUbJect: Re: Scheduling a meeting with GAO on AIG
Are you free for a two minute call?
From: Hsu, Michael

To: Wolftelch, Paul; lambright, James; Albrecht, Stephen
CC: Kashkarl, Neel; Abdelrazek, Rawan
Sent: Fri Feb 20 20: 15:30 2009
Subject: RE: Scheduling a meeting with GAO on AlG
I can be available to answer technical (not polley) questions.

To: lambright, James; Hsu, Michael; Albrecht, Stephen
SUbject: RE: Scheduling a meeting with GAO on AlG
i understand. I also have to schedule something. Perhaps we can plan to suit someone else's schedule, and educate
that person if you are unavailable. Would that work?
From: lambright, James

Sent: Friday, February 20, 2009 6: 10 PM
CC: Kashkarl, Neel; Abdelrazek, Rawan
I expect to be very tired at any of those times. I'll have to walt til we know how it's playing out to know whatthe final

To: Lambright, James; Hsu, Michael; Albrecht, Stephen
Subject: Scheduling a meeting with GAO on AlG
GAO has agreed to delay Its meeting on AIG with us until March 3 or 4, after AIG's earnings report. Please let me know
March 3, anytime except 1 p.m. to 2 p.m.
March 4, anytime.
Thanks very much.
T001249
Paul
T001250
To: Wolfteich, Paul; Hsu, Michael; Albrecht, Stephen
Cc: Kashkari, Neel; Abdelrazek, Rawan
SUbject: Re: Scheduling a meeting with GAO on AIG
Sure.
From: Wolfteich, Paul

Sent: Fri Feb 20 18:16:492009

Subject: RE: SCheduling a meeting with GAO on AIG
I expect to be very tired at any of those times. I'li have to wait til we know how it's playing out to know what the final

Ce: Kashkari, Neel; Abdelrazek, Rawan
SUbject: SchedUling a meeting with GAO on AIG
March 4, anytime.
Thanks very much.
Paul
T001251
From: Hsu, Michael
Sent: Friday, February 20, 2009 8:16 PM .
To: Wolfteich, Paul; Lambright, James; Albrecht, Stephen
Cc: Kashkarl, Neel; Abdelrazek, Rawan
I can be available to answer technicai (not policy) questions.

ee: Kashkari, Neel; Abdelrazek, RawaR
I understand. I also have to schedule something, Perhaps we can plan to suit someone else's schedule, and educate

Sent: Friday, February 20, 20096:10 PM
To: Wolfteich, Paul; Hsu, Michael; Albrecht, Stephen
ee: Kashkarl, Neel; Abdelrazek, Rawan
I expect to be very tired at any of those times. I'll have to wait til we know how it's playing out to know what the final
timing/plan will be.

March 4, anytime.
Thanks very much.
Paul
TOOl252

Cc:· Kashkari, Neel; Abdelrazek, Rawan

SUbject: RE: SCheduling a meeting with GAO on AIG
I expect to be very tired at any of those times. I'll have to wait til we know how it's playing out to know what the final

youravallability for these dates and times:
March 4, anytime.
Thanks very much.
Paul
T001253

To: Wolfielch, Paul; Iisu, Michael; Albrecht, Stephen
ec: Kashkarl, Neel; Abdelrazek, Rawan
I expect to be very tired at any of those times. I'll have to wait til we know how It's playing out to know what the final

Sent: FrldaY,February 20, 2009 6:08 PM
ec: Kashkari, Neel; Abdelrazek, Rawan
your availability for these dates and times: .
March 3, anytime except 1 p.m. to 2 p,m.
March 4, anytime.
Thanks very much.
Paul
TOOl254
From: Wolftelch. Paul

Sent: Friday. February 20. 20096:08 PM
To: Lambright. James; Hsu. Michael; Albrecht. Stephen
SUbject: Scheduling a meeting with GAO on AIG
March 4, anytime.
Thanks very much.
Paul
T001255
From: Chase, Beverly Fanger {beverly.chase@dpw.com]
Sent: Wednesday, March 18, 2009 11 :26 AM
To: 'James.Hennessy@ny.frb.org'; Sarah Dahlgren; Albrecht, Stephen
Cc: James, Ethan T.; Huebner, Marshall S.; Wright, John T.
SUbject: FW: Senate Finance Commillee executive compensation proposal
You are probably already aware of this.
From the press folks at the Finance committee:
Today, Finance Chairman Baucus and Ranking Member Grassley announced the core principles
of a proposal to discourage excessive compensation.by companies that have taken taxpayer
funds as well as recoup payments made to executives at American Internationa~ Group (AIG)
last weekend, and to other executives at recipient institutions of funds from the
Troubled Assets Relief (TARP) program.
The proposed measure is made up of the following components:
Excise tax on excessive compensation
o Provisions for Companies - company must pay a 35% excise tax on:
§ All retention 'bonuses
§ All other bonuses over $50,000
o Provisions for Individuals - individual must pay a 35% excise tax on:
§ All retention bonuses
§ Ail other bonuses over $50,000
o For foreign employees - if the excise tax cannot be collected from the
individual through normal withholding, then the oompany is responsible for paying the
employee's 35% excise tax amount
o Provides regulatory safeguards that help to prevent companies from

characterizing bonus payments as salaries to avoid the tax
o Provisions apply to all TARP recipients·of governmBnt funds as well as companies

in which the government holds an equity interest, including Fannie Mae and Freddie Mac
T001259
o Applies to all retention bonuses or other bonuses earned or paid beginning on
1/1/09 and continuing through the period during which the company retains TARP funds
One million dollar ~ap on deferred compensation
o There would be a $1 million limit on nonqualified deferred compensation, meaning

that a taxpayer cannot defer more than $1 million in a 12 month period
§ $1 million limit would be indexed for inflation
§ If the $1 million limit is violated, compensation deferred under all

nonqualified deferred compensation plans covering the taxpayer (including compensation
deferred in previous years) would be taxable and such deferred amounts would be subject
to a 20% penalty tax and interest payment
o Interest and earnings on deferred oompensation
§ Interest and earnings on compensation deferred during the 12 month period would
not be counted against the $1 million limit, so long as the earnings are based on a
"market rate" of return.
§ In general, a "market rate" of return would mean a predetermined actual

investment (which may include book value and a reasonable fixed rate of return)
§ The Department of Treasury would be given the authority to define a "market

rate" of return
o Provisions apply to all TARP recipients of government funds as well as companies

in which the government holds an equity interest, including Fannie Mae and Freddie Mac
o Applies to all compensation deferred after date of enactment and continuing

through the period during which the company retains TARP funds
**********************
otherwise, any U.S. federal tax advice contained in this communication (including any attacrunents) is not
Revenue Code or (li) promoting, marketing or recommending to another party any transaction or matter
addres$ed herein.
*************************
Beverly F. Chase
TOOl260
212-450-4383 (tel)
212-450-3383 (fax)
*************************
T001261
From: Albrecht, Stephen

Sent: Monday, March 16, 2009 11 :43 AM
To: Williams, Andrew; Jaconl, Kristen
SUbJect: RE: Senior staff meeting
(~(5) _
-----original Message-----
From: Williams, Andrew
Sent: Monday, March 16, 2009 11:40 AM
To: Albrecht, Stephen; Jaconi, Kristen
Subject: RE: Senior staff meeting
From: Cutter, Stephanie
To: Albrecht, Stephen; Williams, Andrew
SUbject: Re: Senior staff meeting
(b) (5)
Original Message -----

To: cutter, stephanie; Williams, Andrew
Sent: Mon Mar 16 11:16:59 2009
SUbject: RE: Senior staff meeting
(b) (5)
-----Original Message-----
To: Williams, Andrew; Albrecht, stephen
TOOl262
To: Cutter, Stephanie; Albrecht, Stephen
Sent: Mon Mar 16 11:@6:@4 2@09
bonuses for the top ·five executive, it also applies to the next

From: cutter, Stephanie
To: Williams, Andrew
Sent: Mon Mar 16 1@:5@:27 2009
Subject: Re: Senior staff meeting
I just need the facts.
----- Original Message

To: Cutter, Stephanie
Sent: Mon Mar 16 1@:49:28 20@9
Albrecht is getting some talking points
From: Cutter, stephanie
Are u and isaac putting together that exec comp stuff?

To: Cutter, Stephanie; Engebretsen, Jenni
Sent: Mon Mar 16 10:47:35 2009
I. can go.
Sent: Monday, March 16, 2@@9 10:46 AM
To: Williams, Andrew; Engebretsen, Jenni
Subject: Senior staff meeting
T001263
Is at 11 - if either of you can go, pIs do.
T001264
McCarthy, Mary (Contractorl:.... :.... _

Sent: Monday, March 16, 200911:40AM
To: Albrecht, Stephen; Jaconi, Kristen
(b) (5)
··-··Original Message-----
Original Message -----

To: Cutter, Stephanie; Williams, Andrew
Sent: Mon Mar 16 11:16:59 2009
(b) (5)
···--Original Message·--·-
To: Williams, Andrew; Albrecht, Stephen
(b) (5)
_._-- Original Message .. _-.

T001265
Sent: Mon Mar 16 11:06:04 2009
Dodd restricts non contract for the to five executive, it also applies to the next
20 highly compensated •
..... Original Message .....

To:, Williams, 'Andrew
Sent: Mon Mar 16 10:50:27 2009
I just need the facts .
.•••. Original Message
Sent: Mon Mar 16 10:49:28 2009
·····Original Message·····
·····Original Message
Sent:Mon Mar 16 10:47:35 2009
I can go.
·····Original Message·····
Is at 11 . if either of you can go, pIS do.
T001266

Sent: Monday, March 16, 200911:32 AM
Cc: Jaconi, Kristen
Kristen· can you help Andrew with these questions? Andrew, you can reach Kristen at 2-1868.
·····Original Message-····
From: Cutter, Stephahie
(b) (6)
original Message .....

To: Cutter, stephanie; Williams, Andrew
Sent: Mon Mar 16 11:16:59 2009
•••··Original Message·····
•..•• Original Message ' .. '.

Sent: Mon Mar 16 11:06:e4 2ee9
TOOl267
bonuses for the top five executive it also applies to the next
•••.. Original Message .•..•

Sent: Mon Mar 16 10:50:27 2009
I just need the facts .
••... Original Message
To: Cutter, stephanie
Sent: Mon Mar 16 10:49:28 2009
·····Original Message··---
Original Message --- ••
Sent: Mon Mar 16 10:47:35 2009
~.~ ~
I can go. f.:"
-----original Message·--·-
T001268
Sent: Monday, March 16, 200911:23AM
b) (5)
original Message -----

Sent: Mon Mar 16 11:16:59 2009
-----original Message··_··
b) (5)
----- original Message,-·---

To: cutter, Stephanie; Albrecht, Stephen
sent: Mon Mar 16 11:06:04 2009
contract bonuses for the top five
•
'_. __ . original Message -----

To; Williams, Andrew
Sent: Mon Mar 16 10:50:27 2009
T001269

Sent: Mon Mar 16 10:49:28 2009
Original Message
From: williams, Andrew
Sent: Mon Mar 16 10:47:35 2009
I can go.
TOOl270
McCarthy, MarY (Contractor)
(b) (5)
(b) (5)
·····Original Message···--
b){5)
"--' Original Message ••.• -

To: Cutter, Stephanie; Albrecht, stephen
Sent: Mon Mar 16 11:06:04 2009
.••• , Original Message .....

Sent: Mon Mar 16 10:50:27 2009
- .. -. Original Message
Sent: Mon Mar 16 10:49:28 2009
···.·Original Message·_···
T001271
Original Message
Sent: Mon Mar 16 10:47:35 2009
. SUbject: RE: Senior staff meeting
. :~\:,I"'" '....,. . '"
I can go.
;.
.,~'~- ,. '" ~,.;l!~-:
:*'
TOOI272

Sent: Tuesday, March 17, 2009 1:53 PM
To: Cutter, Stephanie; Lambright, James; Aibrecht, Stephen; Wolin, Neal
Cc: Hsu, Michael; Knight, Bernard Jr.
SUbject: RE: sensitive and urgent
Printing out this:
REVISED DRAFT:
TOOI2?3
To: Lambright, James; Albrecht, Stephen; Williams, Andrew; Wolin, Neal
Subject: Re: sensitive and urgent
(b) (5)

To: Cutter, Stephanie; Albrecht, Stephen; Williams, Andrew; Wolin, Neal
TOOl274
Sent: Tue Mar 17 13:46:21 2009
Subject: RE: sensitive and urgent
I doh't know if this helps, and if it doesn't please disregard, but in one or two sentences, her.e's what happened:
Jim

Ce: Hsu, Michael; Knight, Bernard Jr.
Piease look at the most recent additional questions sent asround.

To: Albrecht, Stephen; Cutter, Stephanie; Williams, Andrew; Wolin, Neal
I'm ok with Steve's edits.

To: Cutter, Stephanie; Williams, Andrew; Wolin, Neal
Ce: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Some further edits.

To: Williams, Andrew; Albrecht, Stephen; Wolin, Neai
.Ce: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Are we set to go with this?

To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
T001275
To: Williams, Andrew; Albrecht, Stephen; Wolin, Neal
ee: lambright, James; Hsu, Michael; Knight, Bernard Jr.

To: Albrecht, Stephen; Cutter, stephanie; Wolin, Neal
CC: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
REVISED DRAFT:
TOOl276
Sent: Tuesday, March 17, 200911:46 AM
To: Williams, Andrew; Cutter, Stephanie; Wolin, Neal
ee: Lambright, James; Hsu, Michael; Knight, Bernard Jr.

DRAFT - (b) (5)
T001277
(b) (5)

Sent: Tuesday, March 17,200911:13 AM
Can you boil this down pis?

To: Albrecht:, Stephen; Wolin, Neal; Williams, Andrew
Subject: sensitive and urgent
T001278
T001279

Cc: . Lambright, James; Hsu, Michael; Knight, Bernard Jr.
(b) (5)
REVISED DRAFT:
T001280
Sent: Tuesday, March 17,200912:05 PM
Cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr.

To: Albrecht, Stephen; Cutter, Stephanie; Wolin, Neal
Cc: lambright, James; Hsu, Michael; Knight, Bernard Jr.
T001281
(b) (5)



Can you boll this down pis?
T001282
From: WIlliams, Andrew
To: Cutter, stephanie; Albrecht, Stephen; Wolirn, Neal
Sent: Tue Mar 17 11:09:272009

To: Albrecht, Stephen; Wolin, Neal; Williams, Andrew
T001283

Sent: TueSday, March 17, 2009 12:02 PM
REVISED DRAFT:
T001284
To: WIlliams, Andrew; Cutter, Stephanlei Wolin, Neal
From: WIlliams, Andrew

DRAFT - (b) (5)

Sent: Tuesday, March 17, 2009 11: 13 AM
To: Williams, Andrew; Albrecht, Stepheni Wolin, Neal

To: Cutter, Stephanlei Albrecht, Stephen; Wolin, Neal
Sent: Tue Mar 17 11:09:272009
T001285
T001286
To: Albrecht, Stephen; Cutler, Stephanie; Wolin, Neal
SUbJect: RJ;:: sensitive and urgent
REVISED DRAFT:

Sent: Tuesday, March 17,2009 11:46 AM
Subject: RE: sensitiVe and urgent
TOOl287


To: Cutter, stephanie; Albrecht, Stephen; Wolin, Neal
Sent: Tue Mar 17 11:09:27 2009
TOOl288
Fron:t: Cutter, Stephanie
SUbject: sensitive and urgent
T001289

Subject: RE: sensitive and urgent .
From: Williams, Andrew.

To: Cutter, Stephanie; Albrecht, stephen; Wolin, Neal
DRAFT - (b) (5)

.To: Williams, Andrew; Albrecht, Stephen; Wolin, Neal
T001290
From: Will1ams, Andrew
Sent: Tue Mar 17 11:09:272009
First cut of what I hear from the NYFRB:

TOOl291
(b) (5)
," ~ . . . ....
Sent: Tue Mar 17 12:52:21 2009
....
REVISED DRAFT:
T001292
(b) (5)

To: Williams, Andrew; AlbreCht, Stephen; Wolin, Neal
See notes below

(b) (5)

REVISED DRAFT:
T001293
CC: Lambright, James; Hsu, Michael; Knight, Bernard Jr.

To: Cutter, stephanie; Aibrecht, Stephen; Wolin, Neal


To: Cutter, Stephanie; Albrecht, stephen; Wolin, Neal
T001294
Sent: Tue Mar 17 11:09:272009
(b) (5)
Frain: Cutter, Stephanie

T001295

Sent: Tuesday, March 17,20091 :51 PM
To: Kashkari, Neei; Lambright, James
Subject: FW: sensitive and urgent
(b) (5)

Cc: Hsu, Michael; Knight, Bernard Jr,
Jim

Please look a!'the most recent additional questions sent asround.

Sent:Tuesday, March 17,20091:35 PM

T001296
Some further edits.
.... _ " ' , _ _ ~"".,.,."" . ._ ...........~ .MT><................. .............. _

Cc: Lambright, James; Hsu, Michael; Knight, 8emard Jr.
SUbject: Re: sensitive and urgent

Cc: lambright, James; Hsu, Michael; Knlght,Bemard Jr.
Sent: Tue Mar 17 12:52:21 2009
Sub'ect· RE' sensitive and ur•ent
(b) (5)
REVISED DRAFT:
TOOl297
To: Williams, Andrewi Albrecht, Stepheni Wolin, Neal
Cc: Lambright, James; Hsu, Mlchaeli Knight, Bernard Jr.
See notes beiow

(b) (5)

To: Albrecht, Stepheni Cutter, Stephaniei Wolin, Neal
Ce: Lambright, James; Hsu, Mlchaeli Knight, Bernard Jr.
REVISED DRAFT:
TOOl298
, '
,~_,_""",,,,,_,,,,,,,,,,,,-,,,,-, -,-,,,,_",,,,,,,,,_.......... ~
,
. _ _...,,,,,,_._ _,,,,,,,,,,,,_ _ -..~,,,"",,,,,,,, ......._
'._"'~'_«<M_'"",,,,

T001299
(b) (5)

To: Williams, Andrew; Albrecht, stephen; Wolin, Neal

Sent: Tue Mar 17 11:09:272009
Sub ect: RE: sensitive and u ent

Subject: senSitive and urgent
T00i300
TOOl301
From: Lambright. James

Sent: Tuesday. March 17. 20091:51 PM
To: Kashkari. Neel; Lambright. James
Subject: FW: sensitive and urgent
(b) (5)

To: Cutler, Stephanie; Albrecht, Stepheni Williams, Andrewi Wolin, Neal
Cc: Hsu, Mlchaeli Knight, Bernard Jr.
Jim
From: Cutler, Stephanie

Please look at the most recent additional questions sent asround.

To: Albrecht, Stepheni Cutter, stephaniei Williams, Andrew; Wolin, Neal

To: Cutter, stephanie; Williams, Andrew; Wolin, Neal
T001302
Some further edits.

Sent: Tuesday, March 17, 200912:58 PM

Sent: Tue Mar 17 12:52:21 2009
(b) (5)
REVISED DRAFT:
T001303
(b) (5)

REVISED DRAFT:
TOO 1304
Subject: RE: sensitive and urgent .

Sent: T\lesday, March 17, 2009 11:34 AM
TOO 1305
(b) (5)

To: Williams, Andrew; Albrecht, stephen; Wolin, Neal
From; Williams, Andrew

Sent: Tue Mar 1711:09;272009

T001306
TOO 1307
(b) (5) . Andrew - can you compile all this together and bring to tim's office asap?

CC: Hsu, Michael; Knight, Bernard Jr.
Sent: Tue Mar 17 13:46:21 2009
Subject: RE: sensitive and ur ent
Jim


Ce: Hsu, Michael; Knight, Bernard Jr,

T001308
Some further edits.

TOl Williams, Andrew; Albrecht, Stephen; Wolin, Neal
eel Lambright, James; Hsu, Michael; Knight, Bernard Jr.

ce: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Sent: Tue Mar 17 12:52:21 2009
(b) (5)
REVISED DRAFT:
TOO 1309
Ce: Lambrlght, James; Hsu, Michael; Knight, Bernard Jr.

Ce: Lambrlght, James; Hsu, Michael; Knight, Bernard Jr.
REVISED DRAFT:
TOO 13 10
To: WIlliams, Andrew; Cutter, Stephanie; Wolin, Neal
eCl Lambright, James; Hsu, Michael; Knight, Bernard Jr.
From: Wi11lams, Andrew

T001311
b) (5)


Sent: Tue Mar 1711:09:272009

Subject: sensitIve and urgent
T001312
T001313
(b) (5)
Jim

Sent: Tuesday, March 17,2009 1:3S PM

Cc: Hsu, Michael; Knight, Bernard Jr,

Some further edits.

T0013i4
From; Williams, Andrew

To; Cutler, Stephanie; Albrecht, Stephen; Wolin, Neal
Cc; Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Sent: Tue Mar 1712:52:212009
) (5)
.. ~:, .. . ~ ... .-.
REVISED DRAFT;
T001315

T001316
(b) (5)

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

"'~--
From: Wiliiams, Andrew

Sent: Tuesday, March 17, 2009 11:34 At-'!

T001317
Sent: Tue Mar 17 11:09:27 2009

T001318
From: Cutler, Stephanie

Sent: Tuesday, March 17, 20091:35 PM .
To: Lambright, James; Aibrecht, Stephen; Williams, Andrew; Wolin, Neal
Cc: Hsu, Michaei; Knight, Bernard Jr.


Sent: Tuesday, March 17,2009 1:22 PM
Some further edits.


Ce: Lambright, James; Hsu, Michael; Knight, BernardJr.
Sent: Tue Mar 17 12:52:21 2009
'."l:: -. ~.,. ,-,
(b) (5)
REVISED DRAFT:
T001319
b)(5)
TOOl320
(b) (5)


T001321
To: Cutter, StephanIe; Albrecht, Stephen; Wolin, Neal
Subject: RE: sensitive.and urgent


Sent: Tue Mar 17 11:09:27 2009
TOOl 322
T001323

To: Albrecht, Stephen; Cutter, Stephanie; Wiliiams, Andrew; Wolin, Neal
ec: Hsu, Michael; Knight, Bernard Jr.

Cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr,
Some further edits.

Froln: Wililams, Andrew

To: Cutter, Stephanie; Albrecht, Stephen; WOlin, Neal
Sent: Tue Mar 17 12:52:21 2009
b) (5)
REVISED DRAFT:
T001324
cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr.

T001325
REVISED DRAFT:

Cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr,
Subjec:t: RE: sensitive and urgent

To: Cutler, Stephanie; Albrecht, Stephen; Wolin, Neal
(b) (5)
T001326

To: Cutter, Stephanie; Albrecht, stephen; Woiln, Neal
Sent: Tue Mar 17 11:09:272009
From.: Cutter, Stephanie

To: Albrecht, Stephen; Woiln, Neal; Williams, Andrew
b) (5)
TOO 1327
T001328

To: Wiiiiams, Andrew; Albrecht, Stephen; Wolin, Neal
Cc: Lambright, James; Hsu, Michael; Knight, Bemard Jr.
(b) (5)

.Cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr,
(b) (5)

Sent: Tuesday, March 17, 2009 12:5B PM
To: Williams, Andrew; Albrecht, Stephen; Wolin,.Neal

Cc: Larnbright, James; Hsu, Michael; Knight, Bernard Jr.
Sent: Tue Mar 17 12:52:21 2009
• "til ~ ~. • .... • ~.
(hi (5)
REVISED DRAFT:
T001329
T001330
REVISED DRAFT;

TOOl331
DRAFT (b) (5)


Sent: Tue Mar 17 11 :09:27 2009
TOOJ332
TOOl333

To: Cutter, Stephanie;Williams, Andrew; Wolin, Neal
_._ ..____
Some further edits.
.._ .
.

Ce: Lambright, Jamesi Hsu, Michaeli Knight, Bernard Jr.

. _.. __ ------
.•.
To: Cutter, Stephanie; Albrecht, Stepheni Wolin, Neal
Ce: Lambright, Jamesi Hsu, Michqeli Knight, Bernard Jr.
Sent: Tue Mar 17 12:52:21 2009
(b) (5)
REVISED DRAFT:
T001334

T001335

DRAFT - (b) (5)
T001336
To: Williams, Andrew; Albrecht, Stepheni Wolin, Neal

To: Cutter, stephaniei Albrecht, Stephen; Wolin, Neal
Sent: Tue Mar 17 11:09:272009
b" d •
(b) (5)

To: Albrecht, Stepheni Wolin, Neal; Williams, Andrew
T001337
T001338
Subject: . RE: sensitive and urgent


To: Culter, Stephanie; Albrecht, Stephen; Wolin, Neal
. Cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Sent: Tue Mar 17 12:52:21 2009
REVISED DRAFT:
T001339
Subject: RE: sensItive and urgent

REVISED DRAFT:
TOOl340
To: Williams, Andrew; cutter, Stephanie; Wolin, Neal

DRAFT (b) (5)
(b) (5)
TOOl341
To: Williams, Andrew; Aibrecht, Stephen; Wolin, Neal

Sent: Tue Mar 1711:09:272009
Subject: RE: sensitive and ur ent
. From: Cutter, Stephanie

T001342
T001343
Cc: Aibrecht, Stephen
SUbJect: RE: sensitive and urgent
Minor edits directly below in blue. Call to discuss If needed.

REVISED DRAFT:

TOOl 344
Subject: RE: sensitive and urgent.
DRAFT - (b) (5)


Sent: Tue Mar 17 11:09:272009
T001345
T001346
From: Culter, Stephanie

Sent: Tuesday, March 17, 200912:5B PM

cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Sent: Tue Mar 1712:52:212009
SbctRE T d • t
(b) (5)
REVISED DRAFT:
TOO 1347

Sent: Tuesday, March 17, 2009 11 :34 AM
To: Culter, Stephanie; Albrecht, Stephen; Wolin, Neal
DRAFT- (b) (5)

Sent: Tuesday, March 17, 2009 11: 13 AM
To: Wllliams,.Andrew; Albrecht, Stephen; Wolin, Neal
Can you boll this down pis?

Sent: Tue Mar 17 11:09:27 2009
T001348
(b) (5)

To: Albrecht, Stephen; Wolin, Neal; Wiliiams, Andrew
TOO 1349


T001350
T001351
. Aiken, Justin I_C_o_nt_ra_c_to_r.} _
From: Abdelrazek, Rawan
Sent: Tuesday. March 31. 2009 5:01 PM
.To: Cutter, Stephanie; Patterson) Mark (DO); Williams, Andrew; Baker. Isaac; Engebretsen•
Jenni; Kashkarl, Neel; Greenet Michelle
SUbJect: Re: ABC News: Treasury Under Fire for Handling of TARP
- .
.
" . '
.
. '.'
.
(b) (5)
".
. .
.
.. .
. .
'.
. ..
. . ..' ':.'.
~
. .
. . " . '. . . . ' : ..... . ..' . '.. . .

....... ..
.. " . . . -
. . . . . " ' . . .. .
~ . .. . .. . . . ... ... " ~." ." . .... _.. ~

To: Patterson; Mark (DO)i Williams, Andrew; Baker, Isaac; Engebretsen, Jenni; Kashkarl, Neel; Abdelrazek, Rawan;
Greene, 'Mlchelle
Sent: Tue Mar 31 16:40:09 2009
Subject: Fw: ABC News: Treasury Under Fire for Handling of TARP
From: Gudmundson, Erika

To: _DL_Communicatlons
Sent: Tue Mar 3116:32:28 2009
Subject: ABC News: Treasury Under Fire for Handling ofTARP
http://abctiews~go.com{PoJitics{storv?ig=7220163&page=1
. By Matthew Jaffe
March $1, 2009
Six months after the Troubled Asset Relief Program was signed into Jaw, lawmakers and oversight offlciaJs, worried
about tl)e trillions of taxpayer dollars at stake, said Tuesday that the Treasury Department had not resolved problems
regarding the program's accountability and transparency, nor a.communications strategy~
One watchdog group' said flatly that Treasury had not cooperated with over~lght,effortsup to this poi~t .
•tOur concern right now is that we do not seem to be a priority for the Treasury Department," Elizabeth Warren
chairwoman of the Congressional Oversight Panel told a Senate Finance Committee hearing today.. "We have sent·
letters.. We have requested that there be someone named so that we ~n get technical information. And so far" we have
not been a first priority." .
uAs 1see it, you really have two options here,'l Warren sald~ It Either you get Treasury to get some religion on this point-..
and put their own standards in place, or Congress is forced to step inlt We will do everything we can on your behalf, as
your congressional oversight pane', but what we can best do for you now Is to identify and pinpoint that this is precisely
where the problem starts."
Neil Barofsky~ special inspector general forTARP, voiced similar concerns.. He noted that his office had recently
conducted a survey" of all 364 TARP recipients on their use of government funds, something his office had requested
Treasury do, only for the department to decline to do "it except for Citigroup and Bank of America.
T001368
HOne thing is clear: Complaints that it was impractical, impossible or a waste of time to require bc;tnks to detail how they
used TARP funds were unfounded," Barofsky said.
"The survey strongly supports my earlier recommendation to Treasury/' he emphasized. tlBanks can and should be
required to report on their use C?f taxpayer money to provide maximum transparency and not simply be asked to report
on the possible impact of the funds, such as giving only lending activity.u
rassl~y Says Program Must Increase Transparency

Ranking committee member Sen. Chuck Grasstey, R-Iowa said the administration must start living up to its promise to
increase the programts transparency.
"Unfortunately, despite saying aU-the right things about open government, the new administration has not made any
major changes aimed at making TARP more transparent/' he said. "Moreover, I have heard about potential problems
with access to information from all three of the oversight bodies testifying."
Barofsky also told the committee about concerns his office now has to monitor nearly $3 trillion, which "is just short of
what the entire federal government ·spent in fiscal year 2008. Committee Chairman Max Baucus, D-Mont., noted, Ult's
like having a second United States government budget dedicated solely to saving the financial system, and that is truly
u
surreal.
And Baucus cautioned that this number could skyrocket to $7 trillion when other measures are added, such as $3 trillion
in Federal Reserve programs.. Treasury's $400 billion support for Fannie Mae and Freddie Mac, and the administration's
budget request for a placeholder worth up to $750 billion.
nif all these additional amounts.materialize, taxpayers could be on the hook for a total of more th~n $7 trillion," Baucus
said. uThis is a huge, unprecedented financial commitment. It strains the comprehension of taxpayers and policymakers
a'like. u
Barofsky and Warren w,eren't the only watchdogs to express concerns today. Gene Dodaro of the Government
Accountability Office warned that Treasury would be hard-pressed to get additional funds approved by Congress unless
it improves its communication strategy.
"Treasury continues to struggle with developing an effective overall communication strategy that is integrated into TARP
operations," said a new GAO report released today. UWithout such a strategy, Treasury may fac~ challenges should it
need additional funding for the program . " .
Barofsky said the TARP likely has $109 billion left in it, not $135 billion as state.d by SecretaryTim Geithner Sunday on
ABC's "This Week," l?ut thedlfference,hesald, s.tems from I reasury calculating an anticipated return of about $25 billioll
from banks paying back TARP money as they get out of the program.
The GAO Says Treasury Has $109 Billion Left to Dole Out
The GAO report also said Treasury had about $109 billion left to allocate. Dodaro said Treasury has announced funding
for TARP at $667.4 billion, but expects to spend only about $590 billion of that. So far, they have already spent $30~
billion.
Barofsky also announced today that next week his office, after receiving a letter from 27 members of Congress} would
announce an audit into AI~ts TARP money that's going to counterparties. Also next week, Warrents Congressional
Oversight Panel will release its fifth oversight report on TARP.
After today·s hearing on Capitol Hill, that report will not likely be rosy.
Copyright © 2009 ABC News Internet Ventures
T001369
Aiken, Justin (_C_o-nt.r.a.c-t.or... ! .... _
From: Abdelrazek, Rawan
To: Cutter. Stephanie; Patterson. Mark (DO); Williams, Andrew; Baker, Isaac; Engebretsen,
Jenni; Kashkari, Neel; Greene, Michelle
SUbject: Re: ABC News: Treasury Under Fire for Handling of TARP
(b) (5)
. . . ' . ..' - - - . .
. . . ' . . . ' . " -. . .. ' . .-
. . . ~. - . .
. , , ' .
I • • I. •
"
. . ' . ' ..
- . - .
-. - ~ . . .. .' . - . . . : . . .- - " .. ' .. ' .
..
"~ ~~.".f' I! l' " t . d l . t ~ ~ ~ ~ ~ r' I'· '1""C~~~~~""""" )I.' • Jlrtb .. 41.-....~_._._
From: Cutter, Step~an1e

To: Patterson, Mark (DO); Williams, Andrew; Baker, Isaac; Engebretsen, Jennl; Kashkari, Neel; Abdelrazek, Rawan;
Greene/Michelle .
Sent: Tue Mar 3116:40:09 2009 .
Subject: Fw: ABC NeWs: Treasury Under Fire for Handling ofTAR~
From:·Gudmund$on, Erika
To: _DL_Communlcations
Sent: Tue Mar 31 16:32:28 2009
Subject: ABC News: Treasury Under Fire for Handling of TARP
http://abcnews.go.com!PoUtJcs!story?id=7220163&page=1
By Matthew Jaffe
March 31, 2009
Six months after the Troubled Asset Relief Program was signed into law, lawmakers and oversightofficials~ worried
about the trillions of taxpayer dollars at stake1 said Tuesday that the Treasury Departmen,t had not resolved problems
regarding the program's accountability and tra~sparency, nor a communications strategy_
One watchdog group said flatly that Treasury had nof cooperated with oversight efforts up to this polnt~
"Our concern right now is that we do not seem to be a priority for the Treasury Department," Elizabeth Warren
chairwoman of the Congressional Oversight Panel told a Senate Finance Committee hearing today.. "We have sent
letters. We have requested that there be someone named so that we can get technical information. And so far, we have
not been a first priority."
ttAs 1see it, you really have two options here,n Warren siJid. "Eitheryou get Treasury to get some religion on this point .. w
and put their own standards in pJace, or Congress is forced to step in.. We will do everything we can on your behalf.. as
your congressional oversight panel, but what we can best do for you 'now is to identify and pinpoint that thls is precisely
where ~he problem starts." .
Neil Barofsky, specIal inspector general for TARP, voiced similar concerns. He noted that his office had recently
conducted a survey of all 364 TARP recipients on their use of government funds.. something his office had requested
Treasury do, only for the department to decline to do it except for Citigroup and Bank of America.
T001370

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McCarthy, Mary (Contractor)

From: Sachs, Lee

Thanks. Pis Include neal wolin on all ofthls. Particularlycomp

From: Albrecht, Steph!'n

Thoughts? (b) (5)

From: Levine, Marne L.

-_._---,------------- --'---' -----, ---

Sent: Monday, March 16, 2009 12:37 PM

From: Josh Gotbaum

Thoughts? (b) (5)

From: Levine, Marne L

From: Josh Gotbaum

From: Hsu, Michael

From: Hsu, Michael

From: Chase, Beverly Fanger

sure, Anita - let's start with this one, thx

From: Sachs, Lee

Sounds right Neel. Want to start with a call today at 2:30?

From: Kashkarl, Neel

From: Chase, Beverly Fanger

sure. Anita - let's start with this one. thx

From: Sachs, Lee

Sounds right Neel. Want to start with a cailtoday at2:30?

From: Hsu, Michael

To: Albrecht, Stephen; sarah Dahlgren; 'James.Hennessy@ny.frb,org' ; Hsu, Michael; martha.cook@ey.oom ;

From: HSll, Michael

From: Wallace, Kim

From: Fltzpayne, Alastair

I think this Is a good Idea.

From: Kashkarl, Neel .

Sounds right NeeL Want to start with a call today at 2:307

From: Kashkarl, Neel

From: Wallace, Kim

Fromi Fltzpayne, Alastair

I think this Is a good Idea.

From: Hsu, Michael

To: Albrecht, Stepheni Sareh Dahlgren; 'James.Hennessy@ny.frb.org' ; Hsu, Michael; martha.cook@ey.com i

From: Wallace, Kim

From: F1tzpayne, Alastair

I think this Is a good idea.

From: Kashkarl, Neel

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

From: FJtzpayne, Alastair

I think this Is agood Idea,

From: Kashkarl,· Neel

From: Hsu, Michael

Ithink this Is a good Idea.

From: Kashkarl, Neel

From: Hsu, Michael

From: Hsu, Mlohael

From: Kashkarl, Neel

From: Hsu, Michael

Sent: Friday, March 27, 20098:12 AM

From: Chase, Beverly Fanger

Thanks. We will begin reviewing Immediately.

From; Shirley, WIlliam

-----MlchaeI.Hsu@do.treas.gov wrote: -----

What do you think?

[attachment "Impact ofFP Deterioration,doc"'removed by Kieran Fallon/BOARDIFRS]

From; Schaffer, Laurie

Laune, Steve, Ron and Duane--

Laurie, Steve, Ron and Duane -

.Laurie, Steve, Ron and Duane -