• (p219) - Damon SILVERS. What you’ve said is, is that—you said that all kinds of terrible things would have happened had they defaulted on the collateral posting obligations.
  • But it was, but it’s the collateral posting obligations that were the triggering issue, right?
• Jim MILLSTEIN. (Chief Restructuring Officer U.S. Department of the Treasury): The collateral posting obligations were actually triggered by the downgrade. The downgrade——
• Mr. SILVERS. Yes, I know that. But that’s where the cash need was that week.
• Jim MILLSTEIN. I’m sorry.
• Mr. SILVERS. All the witnesses, all day long have said this.
• Jim MILLSTEIN. And the——
• Mr. SILVERS. You’re not disputing that.
• Jim MILLSTEIN. And the securities lending part——
• Mr. SILVERS. Right, exactly.
• Jim MILLSTEIN. They refused to roll over——
• Mr. SILVERS.  Okay, so we all agree.
• Jim MILLSTEIN.  Okay. 

2010 0526 - COP - Hearing - TARP and Other Government Assistance for AIG - [PDF-241p,