AIG - Life Insurance Subsidiaries
2014 1008 - Starr International Company, Inc. v. The United States - Case 1:11-cv-00779-TCW - Trial Volume 8 - Geithner - 254p
- (p62-63) - Q. Now, with respect to AIG, the financial problems that AIG had were financial problems that related to subsidiaries other than the insurance subsidiaries; correct?
- A. I believe that's true, but I couldn't say with confidence today that there were not also problems in some of the insurance subsidiaries.
- Q. In September of 2008, you were not aware of any problems in the insurance subsidiaries; correct?
- A. I'm just being careful because I don't think I could say with confidence today or even then what was the precise locus of the losses and the funding needs that were the basis for their coming to us and asking for assistance.
- Q. Didn't you speak to Mr. Dinallo, the insurance commissioner of New York?
- A. I did.
- Q. And didn't he tell you that the insurance subsidiaries were stable and well-capitalized?
- A. I don't know if that's exactly how he would have said it or generally how he would have said it.
- Q. Is that the substance of what he conveyed to you, sir?
- A. I guess the reason I'm being careful is because I don't know the extent to which he could have spoken to all of AIG's insurance subsidiaries. He could have spoken to those with respect to those within his jurisdiction I suspect, but I'm not sure he would have represented that with respect to the firm as a whole.
- (p73) - Q. Let me show you Plaintiffs' Trial Exhibit 2762. This is a news release by the National Association of Insurance Commissioners, dated September 16, 2008.
- (p77) - Q. I mean, for example, if you look at the last paragraph and indeed the last sentence, where it says, "Strict solvency standards and keen financial oversight -- based on conservative investment and accounting rules -- continue to be the bedrock of state-based insurance regulation." Do you see that?
- A. I do.
- Q. And did you understand that the point that the National Association of Insurance Commissioners were making were that the individual AIG insurance subsidiaries were stable and properly capitalized?
- A. That is my sense. Yes.
- Mr. Boies: Let me go back now to the issue with respect to the Doomsday Books. <WishList>