Excerpts from the depositions - Wall Street Journal
Excerpts from the depositions - Wall Street Journal
Excerpts from the depositions - Wall Street Journal
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Case 2:11-cv-10549-MRP-MAN Document 254-1 Filed 03/28/13 Page 2 of 35 Page ID<br />
#:16591<br />
Deposition Testimony of Christopher J. Swift<br />
March 21, 2013<br />
Christopher Swift was <strong>the</strong> lead businessperson acting for AIG on Maiden Lane II.<br />
• “A. In <strong>the</strong> fall of 2008, I was <strong>the</strong> CFO of <strong>the</strong> Life and Retirement Services Business<br />
Unit.” 10:3–5.<br />
• “Q. You were involved with <strong>the</strong> Maiden Lane II transaction, correct? A. Yes. Q. Could<br />
you describe for me your role in connection with that transaction? A. I was, I would say,<br />
<strong>the</strong> principal business person quarterback to find <strong>the</strong> solution. Q. A solution to <strong>the</strong><br />
securities lending program? A. Yes. The mission was to wind it down.” 35:14–25.<br />
• “Q. So, you were involved in negotiations over Maiden Lane II with <strong>the</strong> Fed, correct? A.<br />
Correct.” 42:4–7.<br />
• “Q. So, you said that―in response to one of Mr. Fry’s questions, that you were <strong>the</strong><br />
principal business person, <strong>the</strong> quarterback to find a solution to securities lending. Do you<br />
recall that? A. Yes. Q. Were you also <strong>the</strong> principal business person, <strong>the</strong> quarterback, in<br />
negotiating <strong>the</strong> Maiden Lane II transaction? A. Yes.” 74:12–21.<br />
• “Q. And <strong>from</strong> your perspective as <strong>the</strong> chief negotiator for AIG, who were <strong>the</strong> primary<br />
negotiators on <strong>the</strong> Fed side of <strong>the</strong> table? A. I would say I interacted with two on a<br />
principal basis: Jim Mahoney on a daily basis, and Steve Manzari on a two-, threetimes-a-week<br />
basis during this time. So, those would be <strong>the</strong> two principal ones.”<br />
75:7–15.<br />
Swift testified that he had no discussions with anyone about transferring AIG’s fraud claims.<br />
• “Q. During that time period, did you ever discuss with anyone <strong>the</strong> question whe<strong>the</strong>r or<br />
not AIG would be transferring litigation claims to Maiden Lane II? A. No, I did not<br />
discuss it with anyone. Q. You didn’t discuss it with anyone at AIG? A. True. Q. You<br />
didn’t discuss it with anyone <strong>from</strong> <strong>the</strong> Fed? A. True. Q. You didn’t discuss it with any<br />
lawyers for <strong>the</strong> Fed? A. Correct. Q. You didn’t discuss it with any lawyers for AIG? A.<br />
Correct.” 58:6–23.<br />
• “Q. During <strong>the</strong> time period <strong>from</strong> when you first heard of what became <strong>the</strong> Maiden Lane<br />
II solution, until <strong>the</strong> time that <strong>the</strong> Asset Purchase Agreement was signed, did you have<br />
any written communications with anyone concerning <strong>the</strong> question whe<strong>the</strong>r AIG would be<br />
transferring litigation claims to Maiden Lane II? A. I don’t―I don’t recall having<br />
written communication dealing with claims in litigation at all. Q. And would your<br />
answer to that question be <strong>the</strong> same if I referred to transferring litigation claims to <strong>the</strong><br />
Federal Reserve? A. Yes.” 59:4–19.<br />
• “Q. And with respect to discussions, is it correct that you did not have any discussions<br />
with anyone during that period concerning <strong>the</strong> question whe<strong>the</strong>r AIG would be<br />
transferring litigation claims to <strong>the</strong> Federal Reserve Bank of New York? A. Correct. I<br />
don’t recall talking about claims in litigation and―at all with <strong>the</strong> Fed.” 59:20–60:4.<br />
• “Q. What was <strong>the</strong> asset that comprised <strong>the</strong> bulk sale, <strong>from</strong> your perspective as <strong>the</strong> lead<br />
negotiator for AIG? A. $40 billion of par value of RMBS securities. Q. Did you<br />
believe that that asset included fraud claims? A. No. As we said, we’ve talked about a<br />
EXHIBIT 1<br />
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