Could AIG Have Easily Lopped of the Insurance Companies?

  • Mr. LUETKEMEYER. Mr. Paulson, one of the things that we are looking into here with AIG, can you explain to me, AIG and their Financial Products, was that a subsidiary of AIG or was that part of their business model?
  • Mr. PAULSON. I believe it was part of the business model.
  • Mr. LUETKEMEYER. There wasn’t a separate entity that was separately capitalized?
  • Mr. PAULSON. It was clearly at the holding company and it was part of——
  • Mr. LUETKEMEYER. The thing that makes——
  • Mr. PAULSON. It wasn’t part of an insurance business model, but it was sure part of the company’s business strategy.
  • Mr. LUETKEMEYER. Because it makes a big difference. If it is not part of the insurance product company and it is a subsidiary that is separately capitalized, you can let that thing go down and it doesn’t impact the insurance part of it, which I believe it was. Is that not correct?
  • Mr. PAULSON. Well, I would say this to you. This company was so big and intertwined that it was—if there was any way that the people who were working on this could have found a way to just hive off and let one small part of the company go down——  (p140)

  • Mr. PAULSON. So to just be clear, there was no way to hive off and handle this situation differently. There was a very few days to act to prevent bankruptcy with no wind-down powers to let this company be liquidated and avoid bankruptcy.
  • Mr. LUETKEMEYER. Well, with all due respect, if it is a separate entity, a subsidiary, it could go beyond and the rest of it could still stand on itself, sir, but that being——
  • Mr. PAULSON. Well——

2010 0127 - GOV - The Federal Bailout AIG

2009 1231 - Examination Report of AIG - AGC Life Insurance Company - Missouri (p6/10)

Federal Income Tax Allocation Agreements

The Company entered into a consolidated federal income tax allocation agreement with AIG in 2007.

  • This agreement provides that AIG will charge AGC for that portion of the consolidated tax liability. before tax credits, that would have been paid by the Company if it had filed a separate return, and will reimburse the Company for certain deductions and tax credits.
  • Under this agreement AIG agrees not to charge the Company a greater portion of tax liability than would
    have been paid by the Company if it had filed a separate return.  (p10/14)

2009 1231 - Examination Report of AIG - AGC Life Insurance Company - Missouri - 25p

  • 35. In the Separation Agreement entered into by AIG, MG subsidiary American Home Assurance Corp. ("AHAC") (which nominally owned the majority of AIG's THI common stock), and THI, the parties expressly designated certain "Intercompany Agreements" that would remain in place post-separation, including the Securities Lending Agreements between AIG and THI, TRC and TRZ, as well as certain related investment management agreements between AIG and TRH.  (p12)
  • 40. The primary source of AIG's control was AIG's beneficial ownership, until June 2009, of approximately 59% of THI's outstanding common, voting stock (as noted, THI wholly owns TRC and TRZ). (p13)
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2010 0629 - LC - Transatlantic vs AIG - Affirmation of Anthony J. Albanese - 116p

National Union is a subsidiary of AIG Property Casualty U.S., Inc.,
  • which is a subsidiary of AIG Property Casualty Inc.,
  • which is a subsidiary of AIUH LLC,
  • which is a subsidiary of American International Group, Inc. American International Group, Inc. common stock is listed on the New York Stock Exchange (NYSE: AIG) as well as the Tokyo Stock Exchange.
National Union discloses the following subsidiaries: AIG Home Loan 1, LLC AIG Lodging Opportunities, Inc. AIGGRE 6037 Investor LLC AIGGRE Bridges/Angeline Investor, LLC AIGGRE Cherry Creek Investor, LLC AIGGRE Columbia Pike, LLC AIGGRE Dunwoody Investor, LLC AIGGRE Gardens Investor, LLC AIGGRE LSU Baton Rouge LLC AIGGRE Maple LLC AIGGRE Market Street LLC AIGGRE Park Central LLC AIGGRE Retail Investor II LLC AIGGRE Vista LLC Akita, Inc. American International Overseas Association DS Acquisition JV, LLC DS Acquisition Property Owner, LLC, Franco Investment I Corp. Franco Investment II Corp. Marlwood Commercial, Inc. Mt. Mansfield Company, Inc. National Union Fire Insurance Company of Vermont Ridgeway Universal S.A. Spruce Peak Realty, LLC Stowe Mountain Holdings, Inc. Stowe Mountain Club, LLC Stowe Mountain Lodge, LLC.

National Union discloses its affiliates in a Supplemental Disclosure that follows the Conclusion section of this brief.

 
Court of Appeals - New York - APL-2014-00271 - CaseText Link