Financial Crisis Inquiry Commission

Hearings & Testimony

The Role of Derivatives in the Financial Crisis

9 a.m. ET, June 30, 2010
Dirksen Senate Office Building, Room 538, Washington DC
Opening Remarks of Chairman Phil Angelides
Documents for the Record
Charts and Graphs
Official Transcript

• Session 1: Overview of Derivatives

  Michael Greenberger
  Professor
  University of Maryland School of Law
  Testimony (PDF) | Video
  Steve Kohlhagen
  Former Professor of International Finance, University of California at Berkeley and former Wall Street derivatives executive
  Testimony (PDF) | Video
  Albert "Pete" Kyle
  Charles E. Smith Chair Professor of Finance
  University of Maryland
  Testimony (PDF) | Video
  Michael Masters
  Chief Executive Officer
  Masters Capital Management, LLC
  Testimony (PDF) | Video

• Session 2: American International Group, Inc. and Derivatives

  Joseph J. Cassano
  Former Chief Executive Officer
  American International Group, Inc. Financial Products
  Testimony (PDF) | Video
  Robert E. Lewis
  Senior Vice President and Chief Risk Officer
  American International Group, Inc.
  Testimony (PDF) | Video
  Martin J. Sullivan
  Former Chief Executive Officer
  American International Group, Inc.
  Testimony (PDF) | Video

• Session 3: Goldman Sachs Group, Inc. and Derivatives

  Craig Broderick
  Managing Director, Head of Credit, Market and Operational Risk
  Goldman Sachs Group, Inc.
  Testimony (PDF) | Video
  Gary D. Cohn
  President and Chief Operating Officer
  Goldman Sachs Group, Inc.
  Testimony (PDF) | Video

• Documents for the Record

  AIG Risk Management (PDF)
  AIG-Goldman Sachs Collateral Call Timeline & Supporting Docs (20 MB PDF)
  Summary of AIG 12-5-07 Statements (PDF)
  2007 Email between Ash and Friedman (PDF)
  2007 Email between Brafman and Lehman (PDF)
  2007 Email between Lehman and Sparks (PDF)
  
  
  

  Charts and Graphs

  Amplification (PDF)
  Abacus 2004-1 How The Deal Works (PDF)
  Goldman's Mortgage-Related Securities Referenced Multiple Times (PDF)
  Goldman's Top Derivatives Counterparties (PDF)
  Leverage (PDF)