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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
Sent: Monday, March 16, 2009 12:46 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: Possiblle legal Avenue .
Is this true? I kept asking a version of this yesterday...

--_ _--_._---..
From: Josh Gotbaum [mallto:jg@blue-wolf.coml
Sent: Monday, March 16, 2009 12:37 PM
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
McCarthy, Mary (Contractor)
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.

From: Chase, Beverly 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'
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~
intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal
Revenue Code or (H) 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)
*************************

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


--,-----------, ---,-,--
Sent: Friday, March 27, 2009 9:31 AM
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 . . . ._ ,

From: Kashkarl, Neel


~ _ . _ , .. _~....,.--

---,----
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.

From: Chase, Beverly Fanger


-----------_.._--- ----_ -,-- ....
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
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
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
Davis Polk & Wardwell
450 Lexington Avenue
New York, New York 10017
chase@dpw.com (email)
212·450-4383 (tel)
212-450·3383 (fax)
*************************

TOOl203
McCarthy, Mary (Contractor)
From: Kashkari, 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; 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


Sent: Friday, March 27, 2009 9:31 AM
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?

._----_._--"-------~,--'-_
From: Kashkarl, Neel
............ __ -..,.....,....,.,.,..--_.._-_._----
...

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


Sent: Friday, March 27, 20098:12 AM
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.

--_.,,---------------_ _-------------_
From: Chase, Beverly Fanger
... ............""

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
Subject: Possible AIG Compensation Protocol
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
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 ~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
Davis Polk & Wardwell
450 Lexington Avenue
New York, New York 10017
chase@dpw,com (email)
212-450-4383 (tel)
212-450-3383 (fax)
*************~***********

T001205
McCarthy, Mary (Contractor)
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
Ce: Williams, Andrew; Wallace, Kim; Ferlazzo, Ronald; Tae, Michael; Fu, Alan
SubJect: Re: Possible AIG Compensation Protocol

_-_.---,---_
Sounds right NeeL Want to start with a call today at 2:30?

'-.,.-----_._---....
From: Kashkarl, Neel
.._................. _--,_._-----
To: Hsu, Michael: Lambright, James: Wolin, Neal: Solomon, Ian; sachs, Lee: Greene, Michelle; Goodman, Mary; Jaoonl,
Kristen: Fltzpayne, Alastair
Ce: Williams, Andrew: Wallace, Kim; Ferlazzo, 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. .

thcughtS?

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

From: HSll, 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,
Kristen: Fltzpayne, Alastair
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'
Ce: Huebner, Marshall S. ; James, Ethan T. ; Wright, John T.
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
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)

TOOl 206
212·450·4383 (tel)
212·450,3383 (fax)
*************************

T001207
McCarthy, MaQ' (Contractor)
From: Kashkarl, Neel
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
Subject: RE: Possible AIG Compensation Protocol

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
Subject: RE: Possible AIG Compensation Protocol

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
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
--------,,--_._----_. ----,---
...
Sent: friday, March 27, 20098: 12 AM
To: lambright, James; Kashkarl, Neel; Wolin, Neal; Solomon, Ian; Sachs, Lae; Greene, Michelle; Goodman, Mary; Jaconl,
Kristen; Fltzpayne, Alastair
Cc: Williams, Andrew; Wallace, KIm; Ferlazzol Ronald; Tae, Michael; Fu, Alan
Subject: Fw: Possible AIG Compensation Protocol

Fyi.

TOOl208
-""" ...,,,..........--_... _-""'......_.,-------_ _----------- ......
From: Chase, Beverly Fanger
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..
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)
*************************

TOOl209
McCarthy, Mary (Contractor)
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

--------
From: Kashkarl, Neel
......_-----------_._~ -----------,...-
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
----,--------------,--
Sent: Friday, March 27, 20098:12 AM
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.

--'-.----------
From: Chase, Beverly Fanger
-------------
To: Albrecht, Stephen; Sarah Dahlgren; 'James.Hennessy@ny.frb.org' ; Hsu, Michael; martha.cook@ey.com ;
•. __ .

Nancy;Kelly1@ey.com : 'wllliam.murphy05@ey.com'
Ce: Huebner, Marshall S. ; James, Ethan T. ; Wright, John T.
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..

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, forthe p\U1lose 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)

TOOl210
212·450·4383 (tel)
212-450·3383 (fax)
****~********************

T001211
McCarthy, Mary I.;C.;o;.;nt..ra;;,;c;.::to;;,;r"'I _

From: Kashkarl, Neel


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
Subject: RE: Possible AIG Compensation Protocol

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


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; Jaconi, Kristen
Ce: WllIlams, Andrew; Ferlazzo, Ronald; Tae, Michael; FU, Alan
SUbject: RE: Possible AIG Compensation Protocol

Yes

Fromi Fltzpayne, Alastair


Sent: Friday, March 27, 2009 9:16 AM
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
Subject: RE: Possible AIG Compensation Protocol

I think this Is a good Idea.


..._ ...,_._.,."_"...>""_,........".,__.. "_,,_._._~_ ...."... ..
~~ ~'n ...... " _ ~ " ' _.......... ~""''''''''~,_"_''" ....__.....rl . . . _ _' ' ' ' ' ' ' ' ' ' " . . . . . .M__''.''... ~ ......._''''".." ...Wrl......,,,.._"._,,_'",,""_".""."_""".M......"~~ .."'
From: Kashkari, Neel
Sent: Friday, March 27, 20099:07 AM
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


Sent: Friday, March 27, 20098:12 AM
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
Subject: Fw: Possible AIG Compensation Protocol

Fyt

T001212
----,-_ _,_....
.......
From: Chase, Beverly Fanger
_.-...~"""~ ....._~--_._""--" ~'''''''-'--- --,----,
~" ......

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
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
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
SUbject: RE: Possible AIG Compensation Protocol

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
Ce: Williams, Andrew; Wallace, Kim; Ferlazzo, Ronald; Tae, Michael; Fu, Alan
Subject: RE: Possible AIG Compensation Protocol

I think this Is a good idea.

From: Kashkarl, Neel


Sent: Friday, March 27, 20099:07 AM
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
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
_._----_.
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
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@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"

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

T001214
intended or written to be used, and cannot be used, for the purpose of 0) 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)
*************************

T001215
McCarthy, Mary (,;;;C,;;;on:.:.;t:.:ra:;;c:.:to~rl.) ....;. _

From: FJtzpayne, Alastair


Sent: Friday, March 27, 2009 9:16 AM
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


Sent: Friday, March 27, 20099:07 AM
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
Subject: RE: Possible AIG Compensation Protocol
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
Subject: Fw: Possible AIG Compensation Protocol

FyI.

-~---- ---~----------
From: Chase, Beverly Fanger
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
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 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

TOOi216
chase@dpw,com (email)
212·450·4383 (tel)
212·450·3383 (fax)
*************************

T001217
McCarthy, Mary (Contractor)
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
Subject: RE: Possible AIG Compensation Protocol

Ithink this Is a good Idea.

From: Kashkarl, Neel


Sent: Friday, March 27, 2009 9:07 AM
To: Hsu, Michael; lambright, James; W01ln, Neal; Solomon, Ian; Sachs, Lee; Greene, Mlche1le; Goodman, Mary; Jaconl,
Kristen; Fltzpayne, Alastair
CCl WlI1Iams, Andrew; Wa1lace, Kim; Ferlazzo, Ronald; Tae, Michael; Fu, Alan
Subject: RE: Possible AIG Compensation Protocol
there Is so much going on with this topic, Ihate to suggesll!... 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, 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
Subject: Possible AIG Compensation Protocol
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..
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

T001218
chase@dpw.com (email)
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
SUbject: RE: Possible AIG Compensation Protocol

Thank you,

From: Kashkarl, Neel


Sent: Friday, March 27, 2009 9:07 AM
To: Hsu, Michael; lambright, James; Wolin, Neal; Solomon, Ian; sachs,·l.ee; Greene, Michelle; Goodman, Mary; Jaconl,
Kristen; Fltzpayne, Alastair
Ce: Wllllams, Andrew; Wallace, Kim; Ferlazzo, Ronald; Tae, Michael; FU, Alan
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
, --_
...,-"~, .... _--
............ --...-----~--_ .......... .............~~-------~._--
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
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@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
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)

T001220
212·450·3383 (fax)
*~***********************

T001221
McCarthY, Mary f,;;C,;;o..n.,tr.a:.;ct;;o.r.",> _
From: Kashkarl, Neel
Sent: Friday, March 27, 2009 9:07 AM
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
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, lee; Greene, Michelle; Goodman, Mary; JaCOnl,
Kristen; Fltzpayne, Alastair
te: Williams, Andrew; Wallace, Kim; Farlazzo, 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.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
Subject: Possible AIG Compensation Protocol
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
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
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.

-"----------
From: Chase, Beverly Fanger
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..

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 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
Davis Polk & Wardwell
450 Lexington Avenue
New York, New York 10017
chase@dpw.com (email)
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
Federal Reserve Bank of New York
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
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: 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
McCarthy. Mary (Contractor)
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
Federal Reserve Bank of New York
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
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(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'
Ashton/BOARD/FRS@Board, Sarah
Dahlgren/NY/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
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


Sent: Friday, February 20,20099:14 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 AIG
I can be available to answer technical (not policy) questions.

From: Wolftelch, Paul


Sent: Friday, February 20,20096:17 PM
To: Lambright, James; Hsu, Michael; Albrecht, stephen
Ce: Kashkarl, Neel; Abdelrazek, Rawan
Subject: RE: Scheduling a meeting with GAO on AIG

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
To: Wolftelch, Paul; Hsu, Michael; Albrecht, Stephen
Ce: Kashkarl, 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 walt til we know how it's playing out to know what the final
timing/pian will be.

From: Wolftelch, Paul


Sent: Friday, February 20, 2009 6:08 PM
To: lambright, James; Hsu, Michael; Albrecht, Stephen
Ce: Kashkarl, Neel; Abdelrazek, Rawan
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
McCarthy, Mary (Contractor)
From: Lambright, James
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.

From: Wolftelch, Paul


Sent: Friday, February 20, 2009 6:17 PM
To: lambright, James; Hsu, Michael; Albrecht, Stephen
Ce: Kashkarl, Neel; Abdelrazek, Rawan
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
To: Wolftelch, Paul; Hsu, Michael; Albrecht, Stephen
CC: Kashkarl, 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 walt til we know how it's playing out to know whatthe final
timing/pian will be.

From: Wolftelch, Paul


Sent: Friday, February 20, 2009 6:08 PM
To: Lambright, James; Hsu, Michael; Albrecht, Stephen
Ce: Kashkarl, Neel; Abdelrazek, Rawan
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
your availability for these dates and times:

March 3, anytime except 1 p.m. to 2 p.m.

March 4, anytime.

Thanks very much.

T001249
Paul

T001250
McCarthy, Mary (Contractor)
From: Lambright, James
Sent: Friday, February 20,20096:19 PM
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


To: Lambright, James; Hsu, Michael; Albrecht, Stephen
Cc: Kashkari, Neel; Abdelrazek, Rawan
Sent: Fri Feb 20 18:16:492009
Subject: RE: Scheduling a meeting with GAO on AIG
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
To: Wolftelch, Paul; Hsu, Michael; Albrecht, Stephen
Ce: Kashkarl, Neel; Abdelrazek, Rawan
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
timing/pian will be.

From: Wolfteich, Paul


Sent: Friday, February 20, 2009 6:08 PM
To: Lambright, James; Hsu, Michael; Albrecht, Stephen
Ce: Kashkari, Neel; Abdelrazek, Rawan
SUbject: SchedUling a meeting with GAO on AIG

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.

Paul

T001251
McCarthy, Mary (Contractor)
From: Hsu, Michael
Sent: Friday, February 20, 2009 8:16 PM .
To: Wolfteich, Paul; Lambright, James; Albrecht, Stephen
Cc: Kashkarl, Neel; Abdelrazek, Rawan
Subject: RE: Scheduling a meeting with GAO on AIG

I can be available to answer technicai (not policy) questions.

From: Wolftelch, Paul


Sent: Friday, February 20,20096:17 PM
To: Lambright, James; Hsu, Michael; Albrecht, Stephen
ee: Kashkari, Neel; Abdelrazek, RawaR
Subject: RE: Scheduling a meeting with GAO on AIG

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, 20096:10 PM
To: Wolfteich, Paul; Hsu, Michael; Albrecht, Stephen
ee: Kashkarl, 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
timing/plan will be.

From: Wolfteich, Paul


Sent: Friday, February 20, 2009 6:08 PM
To: Lambright, James; Hsu, Michael; Albrecht, stephen
Cc: Kashkari, Neel; Abdelrazek, Rawan
Subject: Scheduling a meeting with GAO on AIG

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.

Paul

TOOl252
McCarthy, Mary (Contractor)

From: Wolfteich, Paul


Sent: Friday, February 20, 2009 6:17 PM
To: Lambright, James; Hsu, Michael; Albrecht, Stephen
Cc:· Kashkari, Neel; Abdelrazek, Rawan
Subject: RE: Scheduling a meeting with GAO on AIG

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
To: Wolftelch, Paul; Hsu, Michael; Albrecht, Stephen
Ce: Kashkarl, 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
timing/plan will be.

From: Wolftelch, Paul


Sent: Friday, February 20, 2009 6:08 PM
To: Lambright, James; Hsu, Michael; Albrecht, stephen
Ce: Kashkarl, Neel; Abdelrazek, Rawan
Subject: Scheduling a meeting with GAO on AIG

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
youravallability for these dates and times:

March 3, anytime except 1 p.m. to 2 p.m.

March 4, anytime.

Thanks very much.

Paul

T001253
McCarthy, Mary (Contractor)

From: Lambright, James


Sent: Friday, February 20,20096:10 PM
To: Wolfielch, Paul; Iisu, Michael; Albrecht, Stephen
ec: Kashkarl, 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
timing/plan will be.

From: Wolfteich, Paul


Sent: FrldaY,February 20, 2009 6:08 PM
To: Lambright, James; Hsu, Michael; Albrecht, Stephen
ec: Kashkari, Neel; Abdelrazek, Rawan
Subject: Scheduling a meeting with GAO on AIG

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.

Paul

TOOl254
McCarthy, Mary (Contractor)

From: Wolftelch. Paul


Sent: Friday. February 20. 20096:08 PM
To: Lambright. James; Hsu. Michael; Albrecht. Stephen
Cc: Kashkari, Neel; Abdelrazek, Rawan
SUbject: Scheduling a meeting with GAO on AIG

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.

Paul

T001255
McCarthy, Mary (Contractor)
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

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

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 attacrunents) 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 (li) promoting, marketing or recommending to another party any transaction or matter
addres$ed herein.
*************************
Beverly F. Chase
Davis Polk & Wardwell
450 Lexington Avenue
New York, New York 10017
chase@dpw.com (email)

TOOl260
212-450-4383 (tel)
212-450-3383 (fax)
*************************

T001261
McCarthy, Mary (Contractor)

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

-----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)

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

TOOl262
----- Original Message -----
From: Williams, Andrew
To: Cutter, Stephanie; Albrecht, Stephen
Sent: Mon Mar 16 11:@6:@4 2@09
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 1@:5@:27 2009
Subject: Re: Senior staff meeting
I just need the facts.

----- Original Message


From: Williams, Andrew
To: Cutter, Stephanie
Sent: Mon Mar 16 1@: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
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, 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:.... :.... _

From: Williams, Andrew


Sent: Monday, March 16, 200911:40AM
To: Albrecht, Stephen; Jaconi, Kristen
Subject: RE: Senior staff meeting

(b) (5)

··-··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)

···--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

T001265
Sent: Mon Mar 16 11:06:04 2009
Subject: Re: Senior staff meeting

Dodd restricts non contract for the to 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 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
Is at 11 . if either of you can go, pIS do.

T001266
McCarthy, Mary (Contractor)

From: Albrecht, Stephen


Sent: Monday, March 16, 200911:32 AM
To: Cutter, Stephanie; Williams, Andrew
Cc: Jaconi, Kristen
SUbJect: RE: Senior staff meeting

Kristen· can you help Andrew with these questions? Andrew, you can reach Kristen at 2-1868.

·····Original Message-····
From: Cutter, Stephahie
Sent: Monday, March 16, 2009 11:23 AM
To: Albrecht, Stephen; Williams, Andrew
Subject: Re: Senior staff meeting
(b) (6)

original Message .....


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

•••··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:e4 2ee9
Subject: Re: Senior staff meeting

TOOl267
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 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. f.:"

-----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.

T001268
McCarthy, Mary (Contractor)
From: Cutter, Stephanie
Sent: Monday, March 16, 200911:23AM
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

-----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
contract bonuses for the top five

'_. __ . original Message -----


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

T001269
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
Is at 11 - if either of you can go, pIs do.

TOOl270
McCarthy, MarY (Contractor)
From: Albrecht, Stephen
Sent: Monday, March 16, 2009 11:17 AM
To: Cutter, Stephanie; Williams, Andrew
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

.••• , 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

T001271
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"'" '....,. . '"
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.

;.
.,~'~- ,. '" ~,.;l!~-:

:*'

TOOI272
McCarthy, Mary (Contractor)

From: Williams, Andrew


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
From: cutter, Stephanie
Sent: Tuesday, March 17, 2009 1:49 PM
To: Lambright, James; Albrecht, Stephen; Williams, Andrew; Wolin, Neal
Cc: Hsu, Michael; Knight, Bernard Jr.
Subject: Re: sensitive and urgent

(b) (5)

From: Lambright, James


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

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

From: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 1:35 PM
To: Lambright, James; Albrecht, Stephen; Williams, Andrew; Wolin, Neal
Ce: Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

Piease look at the most recent additional questions sent asround.

From: Lambright, James


Sent: Tuesday, March 17, 2009 1:35 PM
To: Albrecht, Stephen; Cutter, Stephanie; Williams, Andrew; Wolin, Neal
Ce: Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

I'm ok with Steve's edits.

From: Albrecht, Stephen


Sent: Tuesday, March 17, 2009 1:22 PM
To: Cutter, Stephanie; Williams, Andrew; Wolin, Neal
Ce: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

Some further edits.

From: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 12:58 PM
To: Williams, Andrew; Albrecht, Stephen; Wolin, Neai
.Ce: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: Re: sensitive and urgent

Are we set to go with this?

From: Williams, Andrew


To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
Ce: Lambright, James; Hsu, Michael; Knight, Bernard Jr.

T001275
From: cutter, Stephanie
Sent: Tuesday, March 17, 2009 12:05 PM
To: Williams, Andrew; Albrecht, Stephen; Wolin, Neal
ee: lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

From: Williams, Andrew


Sent: Tuesday, March 17, 2009 12:02 PM
To: Albrecht, Stephen; Cutter, stephanie; Wolin, Neal
CC: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
SUbject: RE: sensitive and urgent

REVISED DRAFT:

TOOl276
From: Albrecht, Stephen
Sent: Tuesday, March 17, 200911:46 AM
To: Williams, Andrew; Cutter, Stephanie; Wolin, Neal
ee: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
SUbject: RE: sensitive and urgent

From: Williams, Andrew


Sent: Tuesday, March 17, 2009 11:34 AM
To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
Subject: RE: sensitive and urgent

DRAFT - (b) (5)

T001277
(b) (5)

From: Cutter, Stephanie


Sent: Tuesday, March 17,200911:13 AM
To: Williams, Andrew; Albrecht, Stephen; Wolin, Neal
Subject: Re: sensitive and urgent

Can you boil this down pis?

From: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 10:26 AM
To: Albrecht:, Stephen; Wolin, Neal; Williams, Andrew
Subject: sensitive and urgent

T001278
T001279
McCarthy, Mary (Contractor)

From: Williams, Andrew


Sent: Tuesday, March 17, 2009 12:52 PM
To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
Cc: . Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

(b) (5)

REVISED DRAFT:

T001280
From: Cutter, Stephanie
Sent: Tuesday, March 17,200912:05 PM
To: Williams, Andrew; Albrecht, Stephen; Wolin, Neal
Cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

From: Williams, Andrew


Sent: Tuesday, March 17, 2009 12:02 PM
To: Albrecht, Stephen; Cutter, Stephanie; Wolin, Neal
Cc: lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

T001281
(b) (5)

From: Albrecht, Stephen


Sent: Tuesday, March 17, 2009 11:46 AM
To: Williams, Andrew; Cutter, Stephanie; Wolin, Neal
ee: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

From: Williams, Andrew


Sent: Tuesday, March 17, 2009 11:34 AM
To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
Subject: RE: sensitive and urgent

From: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 11:13 AM
To: Williams, Andrew; Albrecht, Stephen; Wolin, Neal
Subject: Re: sensitive and urgent

Can you boll this down pis?

T001282
From: WIlliams, Andrew
To: Cutter, stephanie; Albrecht, Stephen; Wolirn, Neal
Sent: Tue Mar 17 11:09:272009

From: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 10:26 AM
To: Albrecht, Stephen; Wolin, Neal; Williams, Andrew
Subject: sensitive and urgent

T001283
McCarthy, Mary (Contractor)
From: Cutter, Stephanie
Sent: Tuesday, March 17, 2009 12:05 PM
To: Williams, Andrew; Albrecht, Stephen; Wolin, Neal
Cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
SUbject: RE: sensitive and urgent

From: Williams, Andrew


Sent: TueSday, March 17, 2009 12:02 PM
To: Albrecht, Stephen; Cutter, Stephanie; Wolin, Neal
Cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

REVISED DRAFT:

T001284
From: Albrecht, Stephen
Sent: Tuesday, March 17, 2009 11:46 AM
To: WIlliams, Andrew; Cutter, Stephanlei Wolin, Neal
Cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
SUbject: RE: sensitive and urgent

From: WIlliams, Andrew


Sent: Tuesday, March 17,200911:34 AM
To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
Subject: RE: sensitive and urgent

DRAFT - (b) (5)

From: cutter, Stephanie


Sent: Tuesday, March 17, 2009 11: 13 AM
To: Williams, Andrew; Albrecht, Stepheni Wolin, Neal
Subject: Re: sensitive and urgent

Can you boil this down pis?

From: Williams, Andrew


To: Cutter, Stephanlei Albrecht, Stephen; Wolin, Neal
Sent: Tue Mar 17 11:09:272009
Subject: RE: sensitive and urgent

T001285
From: Cutter, Stephanie
Sent: Tuesday, March 17, 2009 10:26 AM
To: Albrecht, Stephen; Wolin, Neal; Williams, Andrew
Subject: sensitive and urgent

T001286
McCarthy, Mary (Contractor)
From: Williams, Andrew
Sent: Tuesday, March 17, 2009 12:02 PM
To: Albrecht, Stephen; Cutler, Stephanie; Wolin, Neal
Cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
SUbJect: RJ;:: sensitive and urgent

REVISED DRAFT:

From: Albrecht, Stephen


Sent: Tuesday, March 17,2009 11:46 AM
To: Williams, Andrew; Cutter, Stephanie; Wolin, Neal
Cc: lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitiVe and urgent

TOOl287
From: Williams, Andrew
Sent: Tuesday, March 17, 2009 11:34 AM
To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
SUbject: RE: sensitive and urgent

From: Cutter, Stephanie


Sent: Tuesday, March 17,200911:13 AM
To: Williams, Andrew; Albrecht, Stephen; Wolin, Neal
Subject: Re: sensitive and urgent

Can you boil this down pis?

From: Williams, Andrew


To: Cutter, stephanie; Albrecht, Stephen; Wolin, Neal
Sent: Tue Mar 17 11:09:27 2009
Subject: RE: sensitive and urgent

TOOl288
Fron:t: Cutter, Stephanie
Sent: Tuesday, March 17,200910:26 AM
To: Albrecht, Stephen; Wolin, Neal; Williams, Andrew
SUbject: sensitive and urgent

T001289
McCarthy, Mary (Contractor)

From: Albrecht, Stephen


Sent: Tuesday, March 17, 2009 11:46 AM
To: Williams, Andrew; Cutter, Stephanie; Wolin, Neal
Cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent .

From: Williams, Andrew.


Sent: Tuesday, March 17, 2009 11:34 AM
To: Cutter, Stephanie; Albrecht, stephen; Wolin, Neal
SUbject: RE: sensitive and urgent

DRAFT - (b) (5)

From: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 11:13 AM
.To: Williams, Andrew; Albrecht, Stephen; Wolin, Neal
Subject: Re: sensitive and urgent

Can you boil this down pis?

T001290
From: Will1ams, Andrew
To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
Sent: Tue Mar 17 11:09:272009
Subject: RE: sensitive and urgent
First cut of what I hear from the NYFRB:

From: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 10:26 AM
To: Albrecht, Stephen; Wolin, Neal; Williams, Andrew
Subject: sensitive and urgent

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

T001292
(b) (5)

From: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 12:05 PM
To: Williams, Andrew; AlbreCht, Stephen; Wolin, Neal
Cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
SUbject: RE: sensitive and urgent

See notes below


(b) (5)

From: Williams, Andrew


Sent: Tuesday, March 17, 2009 12:02 PM
To: Albrecht, Stephen; Cutter, Stephanie; Wolin, Neal
Ce: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

REVISED DRAFT:

T001293
From: Albrecht, Stephen
Sent: Tuesday, March 17, 2009 11:46 AM
To: Williams, Andrew; Cutter, Stephanie; Wolin, Neal
CC: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

From: Williams, Andrew


Sent: Tuesday, March 17,2009 11:34 AM
To: Cutter, stephanie; Aibrecht, Stephen; Wolin, Neal
Subject: RE: sensitive and urgent

From: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 11:13 AM
To: Williams, Andrew; Albrecht, Stephen; Wolin, Neal
Subject: Re: sensitive and urgent

Can you boil this down pis?

From: Williams, Andrew


To: Cutter, Stephanie; Albrecht, stephen; Wolin, Neal

T001294
Sent: Tue Mar 17 11:09:272009
Subject: RE: sensitive and urgent
(b) (5)

Frain: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 10:26 AM
To: Albrecht, Stephen; Wolin, Neal; Williams, Andrew
SUbject: sensitive and urgent

T001295
McCarthy. Mary (Contractor)

From: Lambright, James


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

(b) (5)

From: Lambright, James


Sent: Tuesday, March 17, 2009 1:46 PM
To: Cutter, Stephanie; Albrecht, Stephen; Williams, Andrew; Wolin, Neal
Cc: Hsu, Michael; Knight, Bernard Jr,
Subject: RE: sensitive and urgent

Jim

From: Cutter, Stephanie


Sent: Tuesday, March 17,20091:35 PM
To: Lambright, James; Albrecht, Stephen; Williams, Andrew; Wolin, Neal
Cc: Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

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

From: Lambright, James


Sent:Tuesday, March 17,20091:35 PM
To: Albrecht, Stephen; Cutter, Stephanie; Williams, Andrew; Wolin, Neal
Cc: Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

I'm ok with Steve's edits.

From: Albrecht, Stephen


Sent: Tuesday, March 17,20091:22 PM
To: Cutter, Stephanie; Williams, Andrew; Wolin, Neal
Cc: lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

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

From: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 12:58 PM
To: Williams, Andrew; Albrecht, Stephen; Wolin, Neal
Cc: Lambright, James; Hsu, Michael; Knight, 8emard Jr.
SUbject: Re: sensitive and urgent

Are we set to go with this?

From: Williams, Andrew


To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
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
From: Cutter, Stephanie
Sent: Tuesday, March 17, 2009 12:05 PM
To: Williams, Andrewi Albrecht, Stepheni Wolin, Neal
Cc: Lambright, James; Hsu, Mlchaeli Knight, Bernard Jr.
Subject: RE: sensitive and urgent

See notes beiow


(b) (5)

From: Williams, Andrew


Sent: Tuesday, March 17, 2009 12:02 PM
To: Albrecht, Stepheni Cutter, Stephaniei Wolin, Neal
Ce: Lambright, James; Hsu, Mlchaeli Knight, Bernard Jr.
Subject: RE: sensitive and urgent

REVISED DRAFT:

TOOl298
From: Albrecht, Stephen
Sent: Tuesday, March 17, 2009 11:46 AM
To: Williams, Andrew; Cutter, Stephanie; Wolin, Neal
Cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

, '
,~_,_""",,,,,_,,,,,,,,,,,,-,,,,-, -,-,,,,_",,,,,,,,,_.......... ~
,
. _ _...,,,,,,_._ _,,,,,,,,,,,,_ _ -..~,,,"",,,,,,,, ......._
'._"'~'_«<M_'"",,,,

From: Williams, Andrew


Sent: Tuesday, March 17, 2009 11:34 AM
To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
Subject: RE: sensitive and urgent

T001299
(b) (5)

From: Cutter, Stephanie


Sent: Tuesday, March 17,200911:13 AM
To: Williams, Andrew; Albrecht, stephen; Wolin, Neal
Subject: Re: sensitive and urgent

Can you boil this down pis?

From: Williams, Andrew


To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
Sent: Tue Mar 17 11:09:272009
Sub ect: RE: sensitive and u ent

From: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 10:26 AM
To: Albrecht, Stephen; Wolin, Neal; Williams, Andrew
Subject: senSitive and urgent

T00i300
TOOl301
McCarthy, Mary (Contractor)

From: Lambright. James


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

(b) (5)

From: Lambright, James


Sent: Tuesday, March 17, 2009 1:46 PM
To: Cutler, Stephanie; Albrecht, Stepheni Williams, Andrewi Wolin, Neal
Cc: Hsu, Mlchaeli Knight, Bernard Jr.
Subject: RE: sensitive and urgent

Jim

From: Cutler, Stephanie


Sent: Tuesday, March 17, 2009 1:35 PM
To: Lambright, James; Albrecht, Stephen; Williams, Andrew; Wolin, Neal
Cc: Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

Please look at the most recent additional questions sent asround.

From: Lambright, James


Sent: Tuesday, March 17, 2009 1:35 PM
To: Albrecht, Stepheni Cutter, stephaniei Williams, Andrew; Wolin, Neal
Cc: Hsu, Michael; Knight, Bernard Jr.
SUbject: RE: sensitive and urgent

I'm ok with Steve's edits.

From: Albrecht, Stephen


Sent: Tuesday, March 17, 2009 1:22 PM
To: Cutter, stephanie; Williams, Andrew; Wolin, Neal
Cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

T001302
Some further edits.

From: Cutter, Stephanie


Sent: Tuesday, March 17, 200912:58 PM
To: Williams, Andrew; Albrecht, Stephen; Wolin, Neal
Cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: Re: sensitive and urgent

Are we set to go with this?

From: Williams, Andrew


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

REVISED DRAFT:

T001303
From: Cutter, Stephanie
Sent: Tuesday, March 17, 2009 12:05 PM
To: Williams, Andrew; Albrecht, Stephen; Wolin, Neal
Ce: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
SUbject: RE: sensitive and urgent

(b) (5)

From: Williams, Andrew


Sent: Tuesday, March 17, 2009 12:02 PM
To: Albrecht, Stephen; Cutter, Stephanie; Wolin, Neal
Ce: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
SUbject: RE: sensitive and urgent

REVISED DRAFT:

TOO 1304
From: Albrecht, Stephen
Sent: Tuesday, March 17, 2009 11:46 AM
To: Williams, Andrew; Cutter, Stephanie; Wolin, Neal
ee: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent .

From: Williams, Andrew


Sent: T\lesday, March 17, 2009 11:34 AM
To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
Subject: RE: sensitive and urgent

TOO 1305
(b) (5)

From: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 11:13 AM
To: Williams, Andrew; Albrecht, stephen; Wolin, Neal
Subject: Re: sensitive and urgent

Can you boil this down pis?

From; Williams, Andrew


To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
Sent: Tue Mar 1711:09;272009

From: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 10:26 AM
To: Albrecht, Stephen; Wolin, Neal; Williams, Andrew
Subject: sensitive and urgent

T001306
TOO 1307
McCarthy, Mary (Contractor)
From: Cutter, Stephanie
Sent: Tuesday, March 17, 20091:49 PM
To: Lambright, James; Albrecht, Stephen; Williams, Andrew; Wolin, Neal
Cc: Hsu, Michael; Knight, Bernard Jr.
Subject: Re: sensitive and urgent

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

From: Lambright, James


To: Cutter, Stephanie; Albrecht, Stephen; Williams, Andrew; Wolin, Neal
CC: Hsu, Michael; Knight, Bernard Jr.
Sent: Tue Mar 17 13:46:21 2009
Subject: RE: sensitive and ur ent

Jim

From: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 1:35 PM
To: Lambright, James; Albrecht, Stephen; Williams, Andrew; Wolin, Neal
Ce: Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

Please look at the most recent additional questions sent asround.

From: Lambright, James


Sent: Tuesday, March 17, 2009 1:35 PM
To: Albrecht, Stephen; Cutter, Stephanie; Williams, Andrew; Wolin, Neal
Ce: Hsu, Michael; Knight, Bernard Jr,
Subject: RE: sensitive and urgent

I'm ok with Steve's edits.

From: Albrecht, Stephen


Sent: Tuesday, March 17, 2009 1:22 PM
To: Cutter, Stephanie; Williams, Andrew; Wolin, Neal
Ce: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
SUbject: RE: sensitive and urgent

T001308
Some further edits.

From: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 12:58 PM
TOl Williams, Andrew; Albrecht, Stephen; Wolin, Neal
eel Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: Re: sensitive and urgent

Are we set to go with this?

From: Williams, Andrew


To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
ce: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Sent: Tue Mar 17 12:52:21 2009
Subject: RE: sensitive and urgent
(b) (5)

REVISED DRAFT:

TOO 1309
From: Cutter, Stephanie
Sent: Tuesday, March 17, 2009 12:05 PM
To: Williams, Andrew; Albrecht, Stephen; Wolin, Neal
Ce: Lambrlght, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

From: Williams, Andrew


Sent: Tuesday, March 17, 2009 12:02 PM
To: Albrecht, Stephen; Cutter, Stephanie; Wolin, Neal
Ce: Lambrlght, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

REVISED DRAFT:

TOO 13 10
From: Albrecht, Stephen
Sent: Tuesday, March 17, 2009 11:45 AM
To: WIlliams, Andrew; Cutter, Stephanie; Wolin, Neal
eCl Lambright, James; Hsu, Michael; Knight, Bernard Jr.
SUbject: RE: sensitive and urgent

From: Wi11lams, Andrew


Sent: Tuesday, March 17, 2009 11:34 AM
To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
Subject: RE: sensitive and urgent

T001311
b) (5)

From: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 11:13 AM
To: Williams, Andrew; Albrecht, Stephen; Wolin, Neal
Subject: Re: sensitive and urgent

Can you boil this down pis?

From: Williams, Andrew


To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
Sent: Tue Mar 1711:09:272009

From: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 10:26 AM
To: Albrecht, Stephen; Wolin, Neal; Williams, Andrew
Subject: sensitIve and urgent

T001312
T001313
McCarthy, Mary (Contractor)
From: Lambright, James
Sent: Tuesday, March 17,20091:46 PM
To: Cutter, Stephanie; Albrecht, Stephen; Williams, Andrew; Wolin, Neal
Cc: Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

(b) (5)

Jim

From: Cutter, Stephanie


Sent: Tuesday, March 17,2009 1:3S PM
To: Lambright, James; Albrecht, Stephen; Williams, Andrew; Wolin, Neal
Cc: Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

Please look at the most recent additional questions sent asround.

From: Lambright, James


Sent: Tuesday, March 17, 2009 1:35 PM
To: Albrecht, Stephen; Cutter, Stephanie; Williams, Andrew; Wolin, Neal
Cc: Hsu, Michael; Knight, Bernard Jr,
Subject: RE: sensitive and urgent

I'm ok with Steve's edits.

From: Albrecht, Stephen


Sent: Tuesday, March 17, 2009 1:22 PM
To: Cutter, Stephanie; Williams, Andrew; Wolin, Neal
Cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

Some further edits.

From: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 12:58 PM
To: Williams, Andrew; Albrecht, Stephen; Wolin, Neal
Cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
SUbject: Re: sensitive and urgent

T0013i4
Are we set to go with this?

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
From: Cutter, Stephanie
Sent: Tuesday, March 17, 2009 12:05 PM
To: Williams, Andrew; Albrecht, Stephen; Wolin, Neal
Cc: lambright, James; Hsu, Michael; Knight, Bernard Jr.
SUbject: RE: sensitive and urgent

From: Williams, Andrew


Sent: Tuesday, March 17, 2009 12:02 PM
To: Albrecht, Stephen; Cutter, Stephanie; Wolin, Neal
ee: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
SUbject: RE: sensitive and urgent

T001316
(b) (5)

From: Albrecht, Stephen


Sent: Tuesday, March 17, 2009 11:46 AM
To: Williams, Andrew; Cutter, Stephanie; Wolin, Neal
ee: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

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


"'~--

From: Wiliiams, Andrew


Sent: Tuesday, March 17, 2009 11:34 At-'!
To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
Subject: RE: sensitive and urgent

From: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 11:13 AM
To: Williams, Andrew; Albrecht, Stephen; Wolin, Neal
SUbject: Re: sensitive and urgent

Can you boil this down pis?

T001317
From: Williams, Andrew
To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
Sent: Tue Mar 17 11:09:27 2009

From: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 10:26 AM
To: Albrecht, Stephen; Wolin, Neal; Williams, Andrew
Subject: sensitive and urgent

T001318
McCarthy, Mary (Contractor)

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.
Subject: RE: sensitive and urgent

Please look at the most recent additional questions sent asround.

From: Lambright, James


Sent: Tuesday, March 17, 2009 1:35 PM
To: Albrecht, Stephen; Cutter, Stephanie; Williams, Andrew; Wolin, Neal
Ce: Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

I'm ok with Steve's edits.

From: Albrecht, Stephen


Sent: Tuesday, March 17,2009 1:22 PM
To: Cutter, Stephanie; Williams, Andrew; Wolin, Neal
Ce: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

Some further edits.

From: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 12:58 PM
To: Williams, Andrew; Albrecht, Stephen; Wolin, Neal
Ce: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: Re: sensitive and urgent

Are we set to go with this?

From: Williams, Andrew


To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
Ce: Lambright, James; Hsu, Michael; Knight, BernardJr.
Sent: Tue Mar 17 12:52:21 2009
'."l:: -. ~.,. ,-,
(b) (5)

REVISED DRAFT:

T001319
From: Cutter, Stephanie
Sent: Tuesday, March 17, 2009 12:05 PM
To: Williams, Andrew; Albrecht, Stephen; Wolin, Neal
Cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

b)(5)

TOOl320
(b) (5)

From: Williams, Andrew


Sent: Tuesday, March 17, 2009 12:02 PM
To: Albrecht, Stephen; Cutter, Stephanie; Wolin, Neal
Ce: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

From: Albrecht, Stephen


Sent: Tuesday, March 17, 2009 11:46 AM
To: Williams, Andrew; Cutter, Stephanie; Wolin, Neal
Ce: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
SUbject: RE: sensitive and urgent

T001321
From: Williams, Andrew
Sent: Tuesday, March 17, 2009 11:34 AM
To: Cutter, StephanIe; Albrecht, Stephen; Wolin, Neal
Subject: RE: sensitive.and urgent

From: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 11:13 AM
To: Williams, Andrew; Albrecht, Stephen; Wolin, Neal
SUbject: Re: sensitive and urgent

Can you boil this down pis?

From: Williams, Andrew


To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
Sent: Tue Mar 17 11:09:27 2009

TOOl 322
From: Cutter, Stephanie
Sent: Tuesday, March 17,200910:26 AM
To: Albrecht, Stephen; Wolin, Neal; Williams, Andrew
Subject: sensitive and urgent

T001323
McCarthy, Mary (Contractor)

From: Lambright, James


Sent: Tuesday, March 17, 20091:35 PM
To: Albrecht, Stephen; Cutter, Stephanie; Wiliiams, Andrew; Wolin, Neal
ec: Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

I'm ok with Steve's edits.

From: Albrecht, Stephen


Sent: Tuesday, March 17, 2009 1:22 PM
To: Cutter, Stephanie; Williams, Andrew; Wolin, Neal
Cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr,
Subject: RE: sensitive and urgent

Some further edits.

From: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 12:58 PM
To: Williams, Andrew; Albrecht, Stephen; Wolin, Neal
Cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: Re: sensitive and urgent

Are we set to go with this?

Froln: Wililams, Andrew


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

REVISED DRAFT:

T001324
From: Cutter, Stephanie
Sent: Tuesday, March 17,2009 12:05 PM
To: Williams, Andrew; Albrecht, Stephen; Wolin, Neal
cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

From: Williams, Andrew


Sent: Tuesday, March 17, 2009 12:02 PM
To: Albrecht, Stephen; Cutter, Stephanie; Wolin, Neal
Cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

T001325
REVISED DRAFT:

From: Albrecht, Stephen


Sent: Tuesday, March 17, 2009 11:46 AM
To: Williams, Andrew; Cutter, Stephanie; Wolin, Neal
Cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr,
Subjec:t: RE: sensitive and urgent

From: Williams, Andrew


Sent: Tuesday, March 17, 2009 11:34 AM
To: Cutler, Stephanie; Albrecht, Stephen; Wolin, Neal
Subject: RE: sensitive and urgent
(b) (5)

T001326
From: Cutter, Stephanie
Sent: Tuesday, March 17, 2009 11:13 AM
To: Williams, Andrew; Albrecht, Stephen; Wolin, Neal
Subject: Re: sensitive and urgent

Can you boil this down pis?

From: Williams, Andrew


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

From.: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 10:26 AM
To: Albrecht, Stephen; Woiln, Neal; Williams, Andrew
Subject: sensitive and urgent
b) (5)

TOO 1327
T001328
McCarthy, Mary (Contractor)

From: Cutter, Stephanie


Sent: Tuesday, March 17, 20091:30 PM
To: Wiiiiams, Andrew; Albrecht, Stephen; Wolin, Neal
Cc: Lambright, James; Hsu, Michael; Knight, Bemard Jr.
Subject: RE: sensitive and urgent

(b) (5)

From: Williams, Andrew


Sent: Tuesday, March 17, 2009 1:22 PM
To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
.Cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr,
Subject: RE: sensitive and urgent
(b) (5)

From: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 12:5B PM
To: Williams, Andrew; Albrecht, Stephen; Wolin,.Neal
Cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
SUbject: Re: sensitive and urgent

Are we set to go with this?

From: Williams, Andrew


To: Cutter, Stephanie; 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
From: Cutter, Stephanie
Sent: Tuesday, March 17, 2009 12:05 PM
To: Williams, Andrew; Albrecht, Stephen; Wolin, Neal
ee: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

T001330
From: Williams, Andrew
Sent: Tuesday, March 17,2009 12:02 PM
To: Albrecht, Stephen; Cutter, Stephanie; Wolin, Neal
Cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

REVISED DRAFT;

From: Albrecht, Stephen


Sent: Tuesday, March 17, 2009 11:46 AM
To: Williams, Andrew; Cutter, Stephanie; Wolin, Neal
Cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
SUbject: RE: sensitive and urgent

TOOl331
From: Williams, Andrew
Sent: Tuesday, March 17, 2009 11:34 AM
To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
Subject: RE: sensitive and urgent

DRAFT (b) (5)

From: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 11:13 AM
To: Williams, Andrew; Albrecht, Stephen; Wolin, Neal
Subject: Re: sensitive and urgent

Can you boil this down pis?

From: Williams, Andrew


To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
Sent: Tue Mar 17 11 :09:27 2009

TOOJ332
From: Cutter, Stephanie
Sent: Tuesday, March 17, 2009 10:26 AM
To: Albrecht, Stephen; Wolin, Neal; Williams, Andrew
Subject: sensitive and urgent

TOOl333
McCarthy, Mary (Contractor)

From: Albrecht, Stephen


Sent: Tuesday, March 17, 20091:22 PM
To: Cutter, Stephanie;Williams, Andrew; Wolin, Neal
Cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

_._ ..____
Some further edits.
.._ .
From: Cutter, Stephanie
.

Sent: Tuesday, March 17, 2009 12:58 PM


To: Williams, Andrew; Albrecht, Stephen; Wolin, Neal
Ce: Lambright, Jamesi Hsu, Michaeli Knight, Bernard Jr.
Subject: Re: sensitive and urgent

Are we set to go with this?

From: Williams, Andrew


. _.. __ ------
.•.
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
From: Cutter, Stephanie
Sent: Tuesday, March 17, 2009 12:05 PM
To: Williams, Andrew; Albrecht, Stephen; Wolin, Neal
Ce: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

From: Williams, Andrew


Sent: Tuesday, March 17, 2009 12:02 PM
To: Albrecht, Stephen; Cutter, Stephanie; Wolin, Neal
Ce: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

T001335
From: Albrecht, Stephen
Sent: Tuesday, March 17,2009 11:46 AM
To: Williams, Andrew; Cutter, Stephanie; Wolin, Neal
ee: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

From: Williams, Andrew


Sent: Tuesday, March 17, 2009 11:34 AM
To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
Subject: RE: sensitive and urgent

DRAFT - (b) (5)

T001336
From: Cutter, Stephanie
Sent: Tuesday, March 17, 2009 11:13 AM
To: Williams, Andrew; Albrecht, Stepheni Wolin, Neal
Subject: Re: sensitive and urgent

Can you boil this down pis?

From: Williams, Andrew


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

From: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 10:26 AM
To: Albrecht, Stepheni Wolin, Neal; Williams, Andrew
Subject: sensitive and urgent

T001337
T001338
McCarthy, Mary (Contractor)
From: Williams, Andrew
Sent: Tuesday, March 17,2009 1:22 PM
To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
Cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: . RE: sensitive and urgent

From: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 12:58 PM
To: Williams, Andrew; Albrecht, Stephen; Wolin, Neal
Cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: Re: sensitive and urgent

Are we set to go with this?

From: Williams, Andrew


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
From: Cutter, Stephanie
Sent: Tuesday, March 17, 2009 12:05 PM
To: Williams, Andrew; Albrecht, Stephen; Wolin, Neal
Cc: lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensItive and urgent

From: Williams, Andrew


Sent: Tuesday, March 17, 2009 12:02 PM
To: Albrecht, Stephen; Cutter, Stephanie; Wolin, Neal
Cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
SUbject: RE: sensitive and urgent

REVISED DRAFT:

TOOl340
From: Albrecht, Stephen
Sent: Tuesday, March 17, 2009 11:46 AM
To: Williams, Andrew; cutter, Stephanie; Wolin, Neal
Cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

From: Williams, Andrew


Sent: Tuesday, March 17, 2009 11:34 AM
To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
Subject: RE: sensitive and urgent

DRAFT (b) (5)

(b) (5)

TOOl341
From: Cutter, Stephanie
Sent: Tuesday, March 17, 2009 11:13 AM
To: Williams, Andrew; Aibrecht, Stephen; Wolin, Neal
Subject: Re: sensitive and urgent

Can you boil this down pis?

From: Williams, Andrew


To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
Sent: Tue Mar 1711:09:272009
Subject: RE: sensitive and ur ent

. From: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 10:26 AM
To: Albrecht, Stephen; Wolin, Neal; Williams, Andrew
Subject: sensitive and urgent

T001342
T001343
McCarthy. Mary (Contractor)
From: Lambright, James
Sent: Tuesday, March 17, 20091:18 PM
To: Williams, Andrew
Cc: Aibrecht, Stephen
SUbJect: RE: sensitive and urgent

Minor edits directly below in blue. Call to discuss If needed.

From: Williams, Andrew


Sent: Tuesday, March 17, 2009 12:02 PM
To: Albrecht, Stephen; Cutter, Stephanie; Wolin, Neal
Cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

REVISED DRAFT:

From: Albrecht, Stephen


Sent: Tuesday, March 17, 2009 11:46 AM
To: Williams, Andrew; Cutter, Stephanie; Wolin, Neal
Cc: lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: RE: sensitive and urgent

TOOl 344
From: Williams, Andrew
Sent: Tuesday, March 17, 2009 11:34 AM
To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
Subject: RE: sensitive and urgent.

DRAFT - (b) (5)

From: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 11:13 AM
To: Williams, Andrew; Albrecht, Stephen; Wolin, Neal
Subject: Re: sensitive and urgent

Can you boil this down pis?

From: Williams, Andrew


To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
Sent: Tue Mar 17 11:09:272009
Subject: RE: sensitive and urgent

T001345
From: Cutter, Stephanie
Sent: Tuesday, March 17, 2009 10:26 AM
To: Albrecht, Stephen; Wolin, Neal; Williams, Andrew
Subject: sensitive and urgent

T001346
McCarthy, Mary (Contractor)

From: Culter, Stephanie


Sent: Tuesday, March 17, 200912:5B PM
To: Williams, Andrew; Albrecht, Stephen; Wolin, Neal
Cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Subject: Re: sensitive and urgent

Are we set to go with this?

From: Williams, Andrew


To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
cc: Lambright, James; Hsu, Michael; Knight, Bernard Jr.
Sent: Tue Mar 1712:52:212009
SbctRE T d • t
(b) (5)

REVISED DRAFT:

TOO 1347
McCarthy, Mary (Contractor)

From: Williams, Andrew


Sent: Tuesday, March 17, 2009 11 :34 AM
To: Culter, Stephanie; Albrecht, Stephen; Wolin, Neal
Subject: RE: sensitive and urgent

DRAFT- (b) (5)

From: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 11: 13 AM
To: Wllliams,.Andrew; Albrecht, Stephen; Wolin, Neal
Subject: Re: sensitive and urgent

Can you boll this down pis?

From: Williams, Andrew


To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
Sent: Tue Mar 17 11:09:27 2009

T001348
(b) (5)

From: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 10:26 AM
To: Albrecht, Stephen; Wolin, Neal; Wiliiams, Andrew
Subject: sensitive and urgent

TOO 1349
McCarthy, Mary (Contractor)

From: Williams, Andrew


Sent: Tuesday, March 17, 2009 11:09 AM
To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
Subject: RE: sensitive and urgent

From: Cutter, Stephanie


Sent: Tuesday, March 17, 2009 10:26 AM
To: Albrecht, Stephen; Wolin, Neal; Williams, Andrew
SUbject: sensitive and urgent

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)

".

. .
.
.. .
. .
'.

. ..
. . ..' ':.'.
~
. .

. . " . '. . . . ' : ..... . ..' . '.. . .


....... ..

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

From: Cutter, Stephanie


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
Sent: Tuesday, March 31, 20096:01 PM
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. •

"
. . ' . ' ..

- . - .
-. - ~ . . .. .' . - . . . : . . .- - " .. ' .. ' .

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"~ ~~.".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