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ALLEN & OVERY Via Email Allen & Overy LLP Avenue of the Americas New York NY 10020 1221 212 610 6300 Tel 212 610 6399 Fax 212 610 6323 Direct line patricia.hynes@allenovery.com Gary J. Cohen General Counsel Financial Crisis Inquiry Commission 1717 Pennsylvania Avenue, NW Suite 800 Washington, DC 20006-4614 December 7, 2010 Potential Use of Quotes -Richard S. Fuld, Jr. Dear Mr. Cohen: Thank you for your letter regarding a quote the Commission may want to use from Mr. Fuld. We have reviewed the record of Mr. Fuld's statement and request that the following changes be made to provide the proper context: Former CEO Richard Fuld would later describe Lehman's main problem as one of market confidence, and he suggested that the company's image was damaged by investors taking a "naked short" position§_ in Lehman, hoping that it would fail and even helping it to fail through a deterioration in by eroding confidence. "Bear went down on rumors and a liquidity crisis of confidence," Fuld told the FCIC. "Immediately thereafter, the rumors and the naked short sellers came after us." We appreciate your consideration of this matter. Allen & Overy LLP Is a limited liability partnership registered In England and Wales with registered number OC306763. It Is regulated by the Solicitors Regulation Authority of England and Wales. Allen & Overy LLP Is a multi-jurisdictional law firm with lawyers admitted to practice In a variety of jurisdictions. A list of the members of Allen & Overy LLP and their professional qualifications Is open to lnspecllon at its registered office, One Bishops Square, London, E1 SAD and at the above address. The term partner Is used to refer to a member of Alien & Overy LLP or an employee or consultant with equivalent standing and qualifications. Allen & Overy LLP or an affiliated undertaking has an office In each of: Abu Dhabi, Amsterdam, Antwerp, Athens, Bangkok, Beijing, Bratislava, Brussels, Bucharest (associated office), Budapest, Doha, Dubal, DUsseldorf, Frankfurt, Hamburg, Hong Kong, Jakarta (associated office), London, Luxembourg, Madrid, Mannhelm, Milan, Moscow, Munich, New York, Paris, Perth, Prague, Riyadh (associated office), Rome, Sao Paulo, Shanghai, Singapore, Sydney, Tokyo and Warsaw.
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