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PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
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By Email
Gary J. Cohen, Esq.
General Counsel
Financial Crisis Inquiry Commission
1717 Pennsylvania A venue, NW
Suite 800
Washington, DC 20006-4614
Re: Commission Letter to James Cayne re: Potential Use of Quote
Dear Gary:
On behalf of JPMorgan Chase & Co. and counsel for James Cayne,
Kramer Levin Naftalis & Frankel LLP, in response to the Commission's December 3,
2010 letter to James Cayne, I write to object to the Commission's use of three purported
quotes from Mr. Cayne's interview with Commission staff (the "Interview").
As the Commission is aware, there was no tape-recording made of the
Interview, and we therefore cannot con finn with certainty the accuracy of any statements
made by the witness. Indeed, no statement resembling the first purported quote is
reflected in the Commission's own Memorandum of the Interview. As such, we have no
reason to believe the quote is accurate, and we therefore object to its use 111 the
Commission's Report.
Confidential Treatment Requested by JPMorgan
PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
Gary J. Cohen, Esq.
2
The second purported quote contains typographical errors in the first
sentence and does not make sense as written. Moreover, the context provided for the
purported quote is misleading. Based on the Commission's Memorandum, Mr. Cayne
was referring to the downgrade of the outlook on Bear Stearns by Standard & Poor's on
August 3, 2007, not a downgrade of Bear Stearns itself.
The context provided for the third purported quote- specifically, the
Commission's characterization ofMr. Cayne's statements as ''accept[ing] blame for the
deterioration ofBear Steams"-is also misleading. As reflected in the Commission's
own Memorandum, Mr. Cayne was not asked if he accepted "blame" for the
"deterioration" of Bear Steams. Rather, he was asked whether, looking back, he had
made any mistakes from 2007 to 2008.
Accordingly, we object to any quotation or paraphrase of the alleged
statements by Mr. Cayne in the Commission's Report that is inconsistent with the context
in which the quotes were made.
Thank you for your attention to this matter.
Eric S. Goldstein
Attorneys for JPMorgwz
David S. Frankel
Michael J. Sternhell
Kramer Levin Naftalis & Frankel LLP
1177 Avenue ofthe Americas
New York, New York 10036
Attorneys for James CaJ ·ne
Confidential Treatment Requested by JPMorgan
@FedFRASER