Rep. Henry Waxman, chairman of the U.S. House Committee on Oversight and Government Reform, has asked the new chief executive officer at American International Group Inc. to give his committee internal documents related to events that culminated in the $85 billion rescue by the government of the giant insurer.
The key Democratic lawmaker has written to newly-named ÌìÃÀÍøÕ¾´«Ã½´«Ã½ CEO Edward Liddy requesting all documents or communications including e-mails transmitted to or from the former CEO of ÌìÃÀÍøÕ¾´«Ã½´«Ã½ during the 180-day period ending on Sept. 16.
Liddy officially replaced Robert Willumstad today as CEO as part of the terms of the $85 billion loan. Liddy, the former CEO of Allstate Insurance, will oversee the sale of ÌìÃÀÍøÕ¾´«Ã½´«Ã½ assets to pay back the government loan.
Waxman has also asked officials at Lehman Brothers for documents.
His committee has scheduled a public hearing for Oct. 7 on the ÌìÃÀÍøÕ¾´«Ã½´«Ã½ rescue plan.
Waxman is also asking ÌìÃÀÍøÕ¾´«Ã½´«Ã½ for additional documents from the 180-day period leading up to the government intervention, including:
All documents sent to the board of directors from any employee of ÌìÃÀÍøÕ¾´«Ã½´«Ã½ or received by any employee of ÌìÃÀÍøÕ¾´«Ã½´«Ã½ from any member of the board of directors during the I80-day period.
All documents or communications, including e-mails, transmitted between former ÌìÃÀÍøÕ¾´«Ã½´«Ã½ CEO Maurice Greenberg or his representatives and any member of the board of directors of ÌìÃÀÍøÕ¾´«Ã½´«Ã½ or
All documents relating to the compensation of the CEO of ÌìÃÀÍøÕ¾´«Ã½´«Ã½ or the compensation of members of the board of directors o f ÌìÃÀÍøÕ¾´«Ã½´«Ã½ from January 1, 2000, including minutes from compensation committee meetings and employment agreements including severance agreements.
This information is to include the value of the total compensation of the CEOs and board members of ÌìÃÀÍøÕ¾´«Ã½´«Ã½ and a list of all instances in which a CEO or a board member exercised stock options or sold company shares during or after their time as CEO or board member.
Waxman gave ÌìÃÀÍøÕ¾´«Ã½´«Ã½ until Sept. 25 to provide the documents or to notify him by Sept. 22 that it will not comply.
Topics Legislation ÌìÃÀÍøÕ¾´«Ã½´«Ã½
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