Roles - AIG - FCIC

Hi folks,

Just want to reiterate some perspective that we all need to keep in mind.

  • 1. We are not involved in AIG from a supervisory perspective (in contrast to LEH where we did have responsibilities as a result of PDCF)
  • 2. As a result, we need to be clear that we are NOT holding ourselves out as responsible when we deal with firms and other supervisors.
  • 3. Our perspective is on understanding the actions others are taking.

To that end, we have three key activities:

  • 1. We need to understand the exposures of our firms (banks and IBs)
  • 2. We need to stay in the information loop, but "low key" our interactions with NYS-Insurance and the UK-FSA. We will have some light-interface with other supervisors (OTS, etc).
  • 3. Through Legal, we want to understand how the bankruptcy process will play out.

We will not be doing things that hold us out as having responsibility, such as holding regulatory coordinating calls, etc.

We also believe that the private sector is and should be actively working on a resolution, and that based on our earlier dimensioning work that AIG has options (albeit unpleasant) to solve this themselves.

  • 2008 0915 - FCIC - FRB (Brian Peters) - FCIC-AIG0017238 - 2p