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January 5, 2011
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T ROBERT ZOCHOWSK I , J R
• NOT ADMITT ED TO TH E N EW YO RK BA R
Via Email and Federal Express
Cassidy Waskowicz, Esq.
Financial Crisis Inquiry Commission
1717 Pennsylvania A venue, NW, Suite 800
Washington, DC 20006-4614
Re:
Potential Use of Quotes ofGreg Lippmann
Dear Cassidy:
We represent Greg Lippmann in connection with your letter to him dated
as of January 3, 2010. We understand from your letter that the Financial Crisis Inquiry
Commission ("FCIC") is considering the use in its Final Report of a specific statement
purportedly made by Mr. Lippmann in the course of his May 20,2010 interview (the
"Statement"), as well as certain materials related to that statement. While we appreciate
the opportunity to review and comment on the use of this information, it is difficult for us
to do so on the basis of the information in your letter.
The Statement, which refers to certain credit default swap transactions
executed by Deutsche Bank's ABS trading desk, was made in connection with a
discussion about market making activities whereby the desk would effectively
intermediate trades between buyers and sellers of protection without retaining risk
exposure. It is difficult for us to assess the accuracy of the Statement without seeing the
full context in which you expect to use it. Your letter' s general reference to the use of
CONFIDENTIAL TREATMENT REQUESTED BY DEUTSCHE BANK AG
PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
2
Cassidy Waskowicz, Esq.
"related materials" similarly offers very little basis for consideration and comment. As
such, we respectfully request that you provide us with the section of the Report in which
you expect to use the Statement, along with any specific materials that the FCIC is
considering including in the Report.
In any event, we object to the public disclosure of this information. For
the reasons set forth in our letter to you dated December 13, 2010, it is our view that the
disclosure of any of the content of Mr. Lippmann's interview (or those of other current or
former Deutsche Bank personnel) would be unfair and inappropriate at this time.
Please be advised that, notwithstanding the foregoing, Mr. Lippmann and
Deutsche Bank reserve any and all rights they may have in connection with the ultimate
content of the Final Report.
Please do not hesitate to contact me if you have any questions.
Sincerely,
I
v
Walter Ricciardi
cc:
Charlie Gambino, Esq.
Director and Counsel
Deutsche Bank AGNew York
H. Christopher Boehning, Esq.
CONFIDENTIAL TREATMENT REQUESTED BY DEUTSCHE BANK AG
@FedFRASER