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American International Group's Impact on the Global Economy: Before, During, and After Federal Intervention Hearing Committee On AMERICAN INTERNATIONAL GROUP'S IMPACT ON THE GLOBAL ECONOMY: BEFORE, DURING, AND AFTER FEDERAL INTERVENTION HEARING BEFORE THE SUBCOMMITTEE ON CAPITAL MARKETS, INSURANCE, AND GOVERNMENT SPONSORED ENTERPRISES OF THE COMMITTEE ON FINANCIAL SERVICES U.S. HOUSE OF REPRESENTATIVES ONE HUNDRED ELEVENTH CONGRESS FIRST SESSION MARCH 18, 2009 Printed for the use of the Committee on Financial Services Serial No. 111-15 C P-M AMERICAN INTERNATIONAL GROUP'S IMPACT ON THE GLOBAL ECONOMY: BEFORE, DURING, AND AFTER FEDERAL INTERVENTION HEARING BEFORE THE SUBCOMMITTEE ON CAPITAL MARKETS, INSURANCE, AND GOVERNMENT SPONSORED ENTERPRISES OF THE COMMITTEE ON FINANCIAL SERVICES U.S. HOUSE OF REPRESENTATIVES ONE HUNDRED ELEVENTH CONGRESS FIRST SESSION MARCH 18, 2009 Printed for the use of the Committee on Financial Services Serial No. 111-15 U.S. GOVERNMENT PRINTING OFFICE 48-868 PDF WASHINGTON : 2009 For sale by the Superintendent of Documents, U.S. Government Printing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512-1800; DC area (202) 512-1800 Fax: (202) 512-2104 Mail: Stop IDCC, Washington, DC 20402-0001 HOUSE COMMITTEE ON FINANCIAL SERVICES BARNEY FRANK, Massachusetts, Chairman PAUL E. KANJORSKI, Pennsylvania SPENCER BACHUS, Alabama MAXINE WATERS, California MICHAEL N. CASTLE, Delaware CAROLYN B. MALONEY, New York PETER T. KING, New York LUIS V. GUTIERREZ, Illinois EDWARD R. ROYCE, California NYDIA M. VELAZQUEZ, New York FRANK D. LUCAS, Oklahoma MELVIN L. WATT, North Carolina RON PAUL, Texas GARY L. ACKERMAN, New York DONALD A. MANZULLO, Illinois BRAD SHERMAN, California WALTER B. JONES, JR., North Carolina GREGORY W. MEEKS, New York JUDY BIGGERT, Illinois DENNIS MOORE, Kansas GARY G. MILLER, California MICHAEL E. CAPUANO, Massachusetts SHELLEY MOORE CAPITO, West Virginia RUBEN HINOJOSA, Texas JEB HENSARLING, Texas WM. LACY CLAY, Missouri SCOTT GARRETT, New Jersey CAROLYN McCARTHY, New York J. GRESHAM BARRETT, South Carolina JOE BACA, California JIM GERLACH, Pennsylvania STEPHEN F. LYNCH, Massachusetts RANDY NEUGEBAUER, Texas BRAD MILLER, North Carolina TOM PRICE, Georgia DAVID SCOTT, Georgia PATRICK T. McHENRY, North Carolina AL GREEN, Texas JOHN CAMPBELL, California EMANUEL CLEAVER, Missouri ADAM PUTNAM, Florida MELISSA L. BEAN, Illinois MICHELE BACHMANN, Minnesota GWEN MOORE, Wisconsin KENNY MARCHANT, Texas PAUL W. HODES, New Hampshire THADDEUS G. McCOTTER, Michigan KEITH ELLISON, Minnesota KEVIN McCARTHY, California RON KLEIN, Florida BILL POSEY, Florida CHARLES A. WILSON, Ohio LYNN JENKINS, Kansas ED PERLMUTTER, Colorado CHRISTOPHER LEE, New York JOE DONNELLY, Indiana ERIK PAULSEN, Minnesota BILL FOSTER, Illinois LEONARD LANCE, New Jersey ANDRE CARSON, Indiana JACKIE SPEIER, California TRAVIS CHILDERS, Mississippi WALT MINNICK, Idaho JOHN ADLER, New Jersey MARY JO KILROY, Ohio STEVE DRIEHAUS, Ohio SUZANNE KOSMAS, Florida ALAN GRAYSON, Florida JIM HIMES, Connecticut GARY PETERS, Michigan DAN MAFFEI, New York JEANNE M. RoSLANOWICK, Staff Director and Chief Counsel SUBCOMMITTEE ON CAPITAL MARKETS, INSURANCE, AND GOVERNMENT SPONSORED ENTERPRISES PAUL E. KANJORSKI, Pennsylvania, Chairman GARY L. ACKERMAN, New York SCOTT GARRETT, New Jersey BRAD SHERMAN, California TOM PRICE, Georgia MICHAEL E. CAPUANO, Massachusetts MICHAEL N. CASTLE, Delaware RUBEN HINOJOSA, Texas PETER T. KING, New York CAROLYN McCARTHY, New York FRANK D. LUCAS, Oklahoma JOE BACA, California DONALD A. MANZULLO, Illinois STEPHEN F. LYNCH, Massachusetts EDWARD R. ROYCE, California BRAD MILLER, North Carolina JUDY BIGGERT, Illinois DAVID SCOTT, Georgia SHELLEY MOORE CAPITO, West Virginia NYDIA M. VELAZQUEZ, New York JEB HENSARLING, Texas CAROLYN B. MALONEY, New York ADAM PUTNAM, Florida MELISSA L. BEAN, Illinois J. GRESHAM BARRETT, South Carolina GWEN MOORE, Wisconsin JIM GERLACH, Pennsylvania PAUL W. HODES, New Hampshire JOHN CAMPBELL, California RON KLEIN, Florida MICHELE BACHMANN, Minnesota ED PERLMUTTER, Colorado THADDEUS G. McCOTTER, Michigan JOE DONNELLY, Indiana RANDY NEUGEBAUER, Texas ANDRE CARSON, Indiana KEVIN McCARTHY, California JACKIE SPEIER, California BILL POSEY, Florida TRAVIS CHILDERS, Mississippi LYNN JENKINS, Kansas CHARLES A. WILSON, Ohio BILL FOSTER, Illinois WALT MINNICK, Idaho JOHN ADLER, New Jersey MARY JO KILROY, Ohio SUZANNE KOSMAS, Florida ALAN GRAYSON, Florida JIM HIMES, Connecticut GARY PETERS, Michigan CONTENTS Page Hearing held on: M arch 18, 2009 ................................................................................................. 1 Appendix: M arch 18, 2009 ................................................................................................. 129 WITNESSES WEDNESDAY, MARCH 18, 2009 Ario, Hon. Joel, Insurance Commissioner, Pennsylvania Insurance Depart- ment, on behalf of The National Association of Insurance Commissioners .... 18 Clark, Rodney, Managing Director, Insurance Ratings, Standard & Poor's R atings Services LLC (S& P) ............................................................................... 22 Liddy, Edward M., Chairman and Chief Executive Officer, American Inter- national G roup (AIG ) .......................................................................................... 53 Polakoff, Scott M., Acting Director, Office of Thrift Supervision (OTS) ............. 17 Williams, Orice M., Director, Financial Markets and Community Investment, United States Government Accountability Office (GAO) .................................. 20 APPENDIX Prepared statements: B achm ann, H on. M ichele ................................................................................. 130 C arson , H on . A n dre .......................................................................................... 132 Jen kin s, H on . Lyn n .......................................................................................... 133 M cC arthy, H on. C arolyn .................................................................................. 134 A rio, H on . Joel .................................................................................................. 136 C lark , R odn ey ...................................................................................................148 L iddy, E dw ard M . ............................................................................................. 157 Polakoff, Scott M . ............................................................................................. 210 W illiam s, O rice M . ............................................................................................ 23 1 ADDITIONAL MATERIAL SUBMITTED FOR THE RECORD Kanjorski, Hon. Paul E.: Letter from Hon. Timothy F. Geithner, Secretary of the Treasury, dated M arch 17, 2009 .............................................................................................. 254 Garrett, Hon. Scott: Excerpt from July 10, 2008, Committee on Financial Services hearing entitled, "Systemic Risk and the Financial Markets" . ............................... 257 Hensarling, Hon. Jeb: Article from the Wall Street Journal entitled, "The Real AIG Outrage," dated M arch 17, 2009 ................................................................................... 26 1 Liddy, Edward M.: Written responses to questions from Chairman Frank and Chairman K anjorsk i ....................................................................................................... 26 3 Written responses to questions posed during the hearing (questions are provided directly before responses) by: ....................................................... H on. B arney F rank ............................................................................... 270-274 H on. M ichael C astle .............................................................................. 275-289 H on. B rad Sherm an .............................................................................. 290-294 H on . E d R oyce ....................................................................................... 2 95-302 H on . Ju dy B iggert .................................................................................. a 03-308 H on. M ichele Bachm ann ........................................................................ a09-311 H on . Jackie Speier ................................................................................ a12-314 VI Page Liddy, Edward M.-Continued Written responses to questions posed during the hearing (questions are provided directly before responses) by-Continued H on. M ary Jo K ilroy ............................................................................. a15-321 H on. Carolyn M aloney .......................................................................... a22-324 H on . A lan G rayson ................................................................................ a25-328 H on. M arcy K aptur ............................................................................... a29-331 H on. Joseph Crow ley ............................................................................. a32-350 H on. E lijah Cum mings .......................................................................... a51-359 H on. D ennis M oore ................................................................................. 3a 0-362 Written responses to additional questions submitted after the hearing by H on. E lijah Cum m ings ............................................................................ 363 Written responses to additional questions submitted after the hearing by H on . A l G reen .........................................................................................
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