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 3 of 35 Page ID<br />
#:16592<br />
lot of things, we negotiated a lot of things; we did not negotiate a transfer price of<br />
terms and conditions for transferring fraud claims.” 76:25–77:12.<br />
• “Q. Now, I want to take you back to your interactions with Mr. Manzari and Mr.<br />
Mahoney. You said you spoke with <strong>the</strong>m. [Y]ou spoke with Mr. Mahoney on almost a<br />
daily basis during <strong>the</strong> negotiations of <strong>the</strong> ML II transaction, correct? A. Yes. Q. And<br />
with Mr. Manzari less frequently than that, but frequently? A. At least a couple of times<br />
a week. Q. [] Did Mr. Mahoney ever tell you that <strong>the</strong> Fed or Maiden Lane II wanted to<br />
acquire AIG’s fraud claims? A. No.” 81:13–82:3.<br />
• “Q. Now, did Mr. Mahoney ever tell you―and I’m going to quote <strong>from</strong> him<br />
directly―that ‘<strong>the</strong> FRBNY and ML II intended to receive all transferrable or assignable<br />
benefits associated with <strong>the</strong> securities and related instruments, including litigation claims<br />
associated with those securities or <strong>the</strong>ir acquisition by AIG?’ A. I never talked to him<br />
about litigation claims during this process. Q. And did he ever tell you he wanted to<br />
have an assignment, or <strong>the</strong> Fed wanted to have an assignment, of those tort claims―of<br />
those fraud claims? A. No. We never talked about claims, you know, of any types. Q.<br />
. . . [D]id he ever even mention <strong>the</strong> word ‘fraud claims’? A. No, he did not. Q. Did he<br />
ever say anything that suggested to you that <strong>the</strong> Fed wanted to acquire, or ML II wanted<br />
to acquire fraud claims? A. No, he did not. Q. Did he ever say anything that suggested<br />
to you <strong>the</strong> Fed needed to acquire all litigation claims to protect <strong>the</strong> Fed <strong>from</strong> downside<br />
risk? A. No. The downside risk was proved with <strong>the</strong> collateral performance in ML<br />
II. Q. And when you’re talking about ‘collateral performance’, are you speaking about<br />
<strong>the</strong> residential mortgage-backed securities? A. Yes.” 82:21–84:9.<br />
• “Q. Mr. Manzari, did he ever tell you that <strong>the</strong> Fed or ML II wanted to acquire fraud<br />
claims? A. No. Q. Did he ever mention fraud claims? A. No. Q. Did he ever say<br />
anything to suggest that <strong>the</strong> Fed or ML II wanted AIG’s fraud claims? A. No.” 84:10–<br />
19.<br />
• “Q. Did anyone at <strong>the</strong> Fed say or suggest that <strong>the</strong> Fed or ML II wanted to acquire AIG’s<br />
fraud claims? A. No. Q. Did anyone representing <strong>the</strong> Fed, including its attorneys, say or<br />
suggest that <strong>the</strong> Fed or ML II wanted to acquire AIG’s fraud claims? A. No.” 84:20–<br />
85:4.<br />
• “Q. Did anyone at AIG or representing AIG suggest, say anything to suggest that <strong>the</strong> Fed<br />
wanted to acquire AIG’s fraud claims? [Objection] Q. Were you told that by anyone at<br />
AIG? A. No.” 85:5–12.<br />
• “Q. During <strong>the</strong> negotiations of <strong>the</strong> ML II transaction, were you aware of any document<br />
suggesting an intent by <strong>the</strong> Fed or ML II to acquire AIG’s fraud claims? A. No.” 85:13–<br />
17.<br />
• “Q. If <strong>the</strong> fraud claims, <strong>the</strong> issue of assignment of fraud claims had been raised, is that<br />
something you would have expected to be brought to your attention? A. Yeah. I mean,<br />
we talked about, and presented to <strong>the</strong> Board, you know, what we thought <strong>the</strong> deal<br />
was; we presented to regulators, you know, what <strong>the</strong> deal was. And if it was a term<br />
and condition, I would have known about it.” 85:18–86:3.<br />
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