More Inconsistencies in the AIG Email Scandal

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“Our position has always been that if AIG’s securities lawyers determine that AIG is legally obligated to make a particular filing or disclosure, then that is what AIG must do,” said Jack Gutt, a spokesman for the New York Fed, in an e- mailed statement. Gutt said it was appropriate for the New York Fed, as party to deals outlined in the filings, “to provide comments on a number of issues, including disclosures, with the understanding that the final decision rested with AIG’s securities counsel.”

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While we agree as a technical matter that the agreements listed in the index do not need to be filed with the 8-Kand could be delayed in the Form 10-K, we and Sullivan & Cromwell believe that the better practice and better disclosure in this complex arena is to file the agreements currently rather than delay. I also believe that given the extensive comments we have received from the Staff with respect to this area, that the Staff would not be particularly happy with a decision to withhold the documents at this time.