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Octohcr 5, 20 I0
Via Email & Mail
Phil Angelides
Mark Manley
All ianceBernstein
1345 Avenue of the Americas
New York, NY 10105
Clwimum
Re:
Treatment of AllianceBernstein Non-Public Information
Hon. Bill Thomas
Vice Cltnirmn11
Dear Mr. Manley:
Brooksley Born
On behalf of the Financial Crisis Inquiry Commission ("the Commission"), J write
to memorialize our understanding with respect to the treatment of non-public
information voluntarily provided hy AllianceBernstein and its affiliates
("AllianceBernstein") to the Commission and its staff.
Commissioner
Byron S. Georgiou
Comm issio11er
Senator Bob Graham
Commissioner
Keith Hennessey
Commis ioner
Douglas Holtz-Eakin
Commissio11er
Heather H. Murren, CFA
Com111 issioner
John W. Thompson
Commissioner
Peter J. Wallison
Commissioner
When submitting information to the Commission please indicate what is truly
"non-public" to allow the Commission to track AllianceBcrnstein's submissions
appropriately. Please avoid categorizing everything as non-public, as to do so
will make the Commission's work more difficult and may lead to inadvertent
public disclosure outside of the terms of this letter.
Any non-public information that is obtained from AllianceBernstein (please note
that it is likely that some of the information we receive from AllianceBernstein
we may also receive from other sources without restriction) will be used only by
employees and agents of the Commission who have a need to know and use the
information in the performance of their official work duties in a manner consistent
with its non-public status and applicable law. All persons with whom non-public
information is shared will be advised of and, as condition of receiving non-public
information, will agree to comply with the understanding in this letter.
In accordance with its statutory mandate and its duty to the American public, the
Commission, if it determines it is in the public interest, may release to the public
non-public information obtained from AllianceBernstein as part of any interim or
final report to the President and Congress, or in connection with any public
hearings, if the Commission determines to do so by a majority vote, or by the
decision of the Chairman and Vice Chairman acting together on behalf of the
Commission.
Prior to any release of non-public information under the above paragraph, the
Commission will give written notice to AllianceBernstein, and allow
AllianceBernstein to consult with the Commission before the Commission uses
any of the AllianceBernstein's non-public information in any interim or final
report to the President and Congress, or in any public hearing.
1717 Pennsylvania Avenue, NW, Suite 800 • Washington, DC 20006-4614
Wendy Edelberg
Executive Director
202.292.2799 • 202.632.1604 Fax
•-G-·
*
Nothing as described in this letter will prevent the Commission or its staff from complying with
a request or demand from a duly authorized Committee of the United States Congress with
authority to require and receive the non-puhlic information, or a legally valid and enforceable
subpoena or order hy a court of competent jurisdiction for the non-public information or
testimony related thereto.
Finally, all information obtained from AllianceBernstein or relating to AllianceBernstein will be
transmitted to the National Archives and Records Administration (NARA) following the
completion or the Commission's work. To the extent permitted by law, the Commission will
request that NARA not release to the public the AllianceBernstein non-public information for an
appropriate length of time. If you have a legal basis to believe that the Commission is not
required by Jaw to provide certain AllianceBernstein information to NARA, please let us know.
If you have any questions or concerns, please do not hesitate to contact me at 202-292-1339 or
GCohen@fcic.gov.
Thank you very much for AllianceBernstein's continued cooperation.
Very truly yours,
Financial Crisis Inquiry Commission
Cc:
Wendy Edelberg, Executive Director
Peter Kavounas, Counsel
Sarah Zuckerman, Legal Assistant to the General Counsel
@FedFRASER