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News :: U.S. Government
Congress to Conduct AIG Hearing Oct. 7
Author
- InsuranceNewsNet
Date Created
- 21 Sep 2008
Date Edited
- 21 Sep 2008 12:29:10 PM
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This work is in the public domain.
House Oversight Committee Chairman Henry Waxman, D-Calif., scheduled an Oct. 7 hearing into AIG. Besides calling witnesses, Waxman sent new AIG Chairman Edward Liddy for what looks to be reams of documents, mostly centered on e-mail messages . The hearing is “to examine the regulatory mistakes and financial excesses that led to … the government bailout of AIG,” a Waxman statement said.
September 19, 2008
SOURCE: InsuranceNewsNet, Inc.
By Steven A. Morelli, Senior Editor
Some in Congress will be busy even after the session ends next week with a slew of hearings looking into the financial meltdown, including the AIG situation.
House Oversight Committee Chairman Henry Waxman, D-Calif., scheduled an Oct. 7 hearing into AIG. Besides calling witnesses, Waxman sent new AIG Chairman Edward Liddy for what looks to be reams of documents, mostly centered on e-mail messages . The hearing is “to examine the regulatory mistakes and financial excesses that led to … the government bailout of AIG,” a Waxman statement said .
Called to testify are former AIG CEOs Maurice Greenberg, Martin Sullivan and Robert Willumstad, who was replaced by Liddy this week when the Federal Reserve agreed to lend $85 billion and take an 80 percent stake in the insurer.
House Speaker Nancy Pelosi, D-Calif., said she asked for that hearing along with others to be conducted by Waxman and House Financial Services Committee Chairman Barney Frank, D-Mass. House Budget Committee Chairman John Spratt, D-S.C., will also investigate the $85 billion loan’s impact on the federal budget.
Waxman asked Liddy for:
All documents or communications, including e-mails: sent to or from the AIG CEO during the 180-day period ending on Sept. 16, 2008; sent to or from any member of the AIG board of directors and any employee of AIG during the same period; sent to and from Greenberg or his representatives and any AIG board member or employee.
All documents or communications, including e-mails, relating to the compensation of the AIG CEO or the compensation of members of the board (including severance terms and perquisites) from Jan. 1, 2000, along with many other documents related to compensation, including stocks.
Liddy will not have much time to gather the information, due on Sept. 25. The request also asks Liddy to tell them by Monday if he would be “voluntarily” complying.
insurancenewsnet.com/article.asp
Waxman's letter to Liddy here:
oversight.house.gov/documents/20080918144919.pdf
SOURCE: InsuranceNewsNet, Inc.
By Steven A. Morelli, Senior Editor
Some in Congress will be busy even after the session ends next week with a slew of hearings looking into the financial meltdown, including the AIG situation.
House Oversight Committee Chairman Henry Waxman, D-Calif., scheduled an Oct. 7 hearing into AIG. Besides calling witnesses, Waxman sent new AIG Chairman Edward Liddy for what looks to be reams of documents, mostly centered on e-mail messages . The hearing is “to examine the regulatory mistakes and financial excesses that led to … the government bailout of AIG,” a Waxman statement said .
Called to testify are former AIG CEOs Maurice Greenberg, Martin Sullivan and Robert Willumstad, who was replaced by Liddy this week when the Federal Reserve agreed to lend $85 billion and take an 80 percent stake in the insurer.
House Speaker Nancy Pelosi, D-Calif., said she asked for that hearing along with others to be conducted by Waxman and House Financial Services Committee Chairman Barney Frank, D-Mass. House Budget Committee Chairman John Spratt, D-S.C., will also investigate the $85 billion loan’s impact on the federal budget.
Waxman asked Liddy for:
All documents or communications, including e-mails: sent to or from the AIG CEO during the 180-day period ending on Sept. 16, 2008; sent to or from any member of the AIG board of directors and any employee of AIG during the same period; sent to and from Greenberg or his representatives and any AIG board member or employee.
All documents or communications, including e-mails, relating to the compensation of the AIG CEO or the compensation of members of the board (including severance terms and perquisites) from Jan. 1, 2000, along with many other documents related to compensation, including stocks.
Liddy will not have much time to gather the information, due on Sept. 25. The request also asks Liddy to tell them by Monday if he would be “voluntarily” complying.
insurancenewsnet.com/article.asp
Waxman's letter to Liddy here:
oversight.house.gov/documents/20080918144919.pdf
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