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SULLIVAN & CROMWELL LLP
TELEPHONE:: 1·212·558·4000
FACSIMILE: 1·212·558-3588
WWW.SULLCROM.COM
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LOS ANGELES • PALO ALTO • WASHINGTON, D.C.
FRANKFURT • LONDON • PARIS
BEIJING • HONG KONG • TOKYO
MELBOURNE • SYDNEY
December 9, 20 I 0
Via Email and First Class Mail
Gary J. Cohen,
General Counsel,
Financial Crisis Inquiry Commission,
I717 Pennsylvania Avenue, NW,
Washington, DC 20006-4614.
Re:
Financial Crisis Inquiry Commission's Potential Use of
Mark Zandi's Interview
Dear Mr. Cohen:
I write on behalf of Mark Zandi, Chief Economist at Moody's
Economy.com, and Moody's Investor's Service, Inc. ("Moody's" or the "Company") in
response to your letters to Mr. Zandi dated October 27, 20 I 0 and December 6, 2010. In
your October 27 letter, you notified Mr. Zandi that the Commission may use portions of
his interview in the Commission's upcoming Report-"whether by way of reference,
audio excerpt or quotation"-and that the Commission may include transcripts, audio
files or summaries of those interviews as part of its oral history project on the
Commission's website. In your December 6 letter, you identified one statement made by
Mr. Zandi during an interview given to the Commission under a confidentiality
understanding, and stated that the Commission may include or paraphrase that statement
in its written Report.
Neither Mr. Zandi nor Moody's has any objection to the use of the
identified statement in the Commission's Report. Mr. Zandi does request, however, that
he and Moody's be informed if any additional material is to be released, and specifically
requests that a brief personal conversation between himself and the Commission staff that
appears on the recording after the close of the interview not be disclosed. (Interview at
1:07:35-1 :09:30.) That conversation was intended to be personal and did not relate to the
subject matter of Mr. Zandi's interview.
Gary J. Cohen
-2-
Please do not hesitate to contact me at (212) 558-4976 if you would like to
discuss any of these matters.
Very truly yours,
~~~/MKJM
Sharon L. Nelles
cc:
Cassidy Waskowicz
Sarah Zuckerman
Sarah Knaus
(Financial Crisis Inquiry Commission)
@FedFRASER