Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
--_ _-_
.........
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: Wolin, Neal
Sent: Monday, March 16,2.00912:46 PM
To: Albrecht, Stephen
Subject: Fw: Posslblle Legal Avenue
Don't have Larry's email. In light of Pres statement that 'Will follow "aUlegel avenues" on
AIG bonuses.
Josfi
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
--_ _--_._---..
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
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... _
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
Sorry.
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
---,----
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.
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
._----_._--"-------~,--'-_
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?
FyI.
--_.,,---------------_ _-------------_
From: Chase, Beverly Fanger
... ............""
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?
. ....,...--_._--_._-----_._-------------
.
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
Yes
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
--------
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 _
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
Yes
thoughts?
Fyt
T001212
----,-_ _,_....
.......
From: Chase, Beverly Fanger
_.-...~"""~ ....._~--_._""--" ~'''''''-'--- --,----,
~" ......
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)~_ ..... .;... _
Yes
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.
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.) ....;. _
thoughts?
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
__ __ _-_...-.
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
Thank you,
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?
--~--_.
Fyi.
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 .
-"----------
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
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
To: Kleran.Fallon@frb.gov
From: Michael.Hsu@do.treas.gov
Date: 03/29/2009 12:58PM'
Subject: Fw: Impact of AIG FP Deterloratlon
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:_
TOOl233
MCCarthy,Ma7(Conuacto~
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
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 .
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
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.
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
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
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:
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)
Vice I?resident
Corporate Media Relations
offioe
I
@aig.com
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 _
Yes. 622·7772
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?
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.
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 4, anytime.
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
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?
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.
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 4, anytime.
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.
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.
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 4, anytime.
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 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?
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.
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 4, anytime.
Paul
TOOl252
McCarthy, Mary (Contractor)
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?
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.
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 4, anytime.
Paul
T001253
McCarthy, Mary (Contractor)
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.
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 4, anytime.
Paul
TOOl254
McCarthy, Mary (Contractor)
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 4, anytime.
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
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.
o Provisions for Companies - company must pay a 35% excise tax on:
§ All retention 'bonuses
o Provisions for Individuals - individual must pay a 35% excise tax on:
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
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
§ Interest and earnings on compensation deferred during the 12 month period would
not be counted against the $1 million limit, so long as the earnings are based on a
"market rate" of return.
**********************
To ensure compliance with requirements imposed by the IRS, we inform you that, unless explicitly provided
otherwise, any U.S. federal tax advice contained in this communication (including any attacrunents) is not
intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal
Revenue Code or (li) promoting, marketing or recommending to another party any transaction or matter
addres$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)
-----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: 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
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?
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:.... :.... _
(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: Cutter, stephanie
Sent: Monday, March 16, 2009 11:09 AM
To: Williams, Andrew; Albrecht, Stephen
Subject: Re: Senior staff meeting
(b) (5)
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
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)
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: Cutter, Stephanie
Sent: Monday, March 16, 2009 11:09 AM
To: Williams, Andrew; Albrecht, Stephen
SUbject: Re: Senior staff meeting
TOOl267
bonuses for the top five executive it also applies to the next
·····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: Cutter, Stephanie
Sent: Monday, March 16, 2009 11:09 AM
To: Williams, Andrew; Albrecht, Stephen
Subject: Re: Senior staff meeting
b) (5)
T001269
I just need the facts.
-----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)
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
;.
.,~'~- ,. '" ~,.;l!~-:
:*'
TOOI272
McCarthy, Mary (Contractor)
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)
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
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
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
T001277
(b) (5)
T001278
T001279
McCarthy, Mary (Contractor)
(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
T001281
(b) (5)
T001282
From: WIlliams, Andrew
To: Cutter, stephanie; Albrecht, Stephen; Wolirn, Neal
Sent: Tue Mar 17 11:09:272009
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
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
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:
TOOl287
From: Williams, Andrew
Sent: Tuesday, March 17, 2009 11:34 AM
To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
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)
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:
TOOl291
(b) (5)
," ~ . . . ....
Sent: Tue Mar 17 12:52:21 2009
....
REVISED DRAFT:
T001292
(b) (5)
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
T001294
Sent: Tue Mar 17 11:09:272009
Subject: RE: sensitive and urgent
(b) (5)
T001295
McCarthy. Mary (Contractor)
(b) (5)
Jim
T001296
Some further edits.
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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
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
, '
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T001299
(b) (5)
T00i300
TOOl301
McCarthy, Mary (Contractor)
(b) (5)
Jim
T001302
Some further edits.
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)
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 .
TOO 1305
(b) (5)
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?
Jim
T001308
Some further edits.
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
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
T001311
b) (5)
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
T0013i4
Are we set to go with this?
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
T001316
(b) (5)
T001317
From: Williams, Andrew
To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
Sent: Tue Mar 17 11:09:27 2009
T001318
McCarthy, Mary (Contractor)
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)
T001321
From: Williams, Andrew
Sent: Tuesday, March 17, 2009 11:34 AM
To: Cutter, StephanIe; Albrecht, Stephen; Wolin, Neal
Subject: RE: sensitive.and urgent
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)
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
T001325
REVISED DRAFT:
T001326
From: Cutter, Stephanie
Sent: Tuesday, March 17, 2009 11:13 AM
To: Williams, Andrew; Albrecht, Stephen; Wolin, Neal
Subject: Re: sensitive and urgent
TOO 1327
T001328
McCarthy, Mary (Contractor)
(b) (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;
TOOl331
From: Williams, Andrew
Sent: Tuesday, March 17, 2009 11:34 AM
To: Cutter, Stephanie; Albrecht, Stephen; Wolin, Neal
Subject: RE: sensitive and urgent
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)
_._ ..____
Some further edits.
.._ .
From: Cutter, Stephanie
.
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
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
T001336
From: Cutter, Stephanie
Sent: Tuesday, March 17, 2009 11:13 AM
To: Williams, Andrew; Albrecht, Stepheni Wolin, Neal
Subject: Re: 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
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
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
(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
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
REVISED DRAFT:
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.
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)
REVISED DRAFT:
TOO 1347
McCarthy, Mary (Contractor)
T001348
(b) (5)
TOO 1349
McCarthy, Mary (Contractor)
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
- .
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.
. '.'
.
(b) (5)
".
. .
.
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. .
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. . . . . " ' . . .. .
~ . .. . .. . . . ... ... " ~." ." . .... _.. ~
. 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
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 $30~
billion.
Barofsky also announced today that next week his office, after receiving a letter from 27 members of Congress} would
announce an audit into AI~ts TARP money that's going to counterparties. Also next week, Warrents Congressional
Oversight Panel will release its fifth oversight report on TARP.
After today·s hearing on Capitol Hill, that report will not likely be rosy.
Copyright © 2009 ABC News Internet Ventures
T001369
Aiken, Justin (_C_o-nt.r.a.c-t.or... ! .... _
From: Abdelrazek, Rawan
Sent: Tuesday, March 31, 20096:01 PM
To: Cutter. Stephanie; Patterson. Mark (DO); Williams, Andrew; Baker, Isaac; Engebretsen,
Jenni; Kashkari, Neel; Greene, Michelle
SUbject: Re: ABC News: Treasury Under Fire for Handling of TARP
(b) (5)
. . . ' . ..' - - - . .
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From:·Gudmund$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