Waxman asks CEOs of Lehman Brothers, AIG for documents

The House Oversight panel on Thursday asked the CEOs of Lehman Brothers and American International Group (AIG) for all official communications of the past six months, as well as information about their compensation. 

In letters to Lehman Brothers CEO Richard Fuld and AIG CEO Edward Liddy, Rep. Henry Waxman (D-Calif.), chairman of the Committee on Oversight and Government Reform, also asked for documents sent to or from board members of the company.

{mosads}The lawmaker wants Fuld and Liddy to indicate by Monday whether they will comply on a voluntary basis with the request.

Waxman also asked the two to provide him with detailed information regarding their compensation and that of other top Lehman Brothers and AIG officials. The lawmaker is seeking information regarding the value of the CEOs’ and boards’ compensations in table format, broken down by individual and year and type of compensation, which includes base salary, cash bonuses and stock grants. In addition, the letter asked Fuld and Liddy for a list of all instances in which the companies’ CEOs or board members exercised stock options or sold company shares during their time at the company.

The letter addressed to Liddy also requested any communication transferred between 27-year AIG CEO Maurice “Hank” Greenberg or his representatives and members of the board of directors or AIG employees. Greenberg’s compensation was not requested.

Liddy, who previously served as the president and CEO of The Allstate Corporation, was named AIG’s CEO on Thursday, one day after the U.S. government provided an $85 billion emergency loan to rescue the company.

Fuld has served as CEO of Lehman Brothers since the firm’s 1994 demerger from American Express. The company filed for bankruptcy protection Monday.