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March 25,2010
Phil Angelides
Via Email & Mail
Ms. Carolina de Onis
Director, Legal
Barclays Capital
745 Seventh Avenue, 201h Floor
New York, NY 10019
Chnirmmz
Re:
Treatment of Barclays Capital Non-Public Information
Hon. Bill Thomas
Vice Clznirmnn
Brooksley Born
Commissioner
Byron S. Georgiou
Commissioner
Senator Bob Graham
Commissioner
Dear Ms. de Onis:
On behalf of the Financial Crisis Inquiry Commission ("the Commission"), I write
to memorialize our understanding with respect to the treatment of non-public
information provided by Barclays Capital and its affiliates ("Barclays") to the
Commission and its staff.
When submitting information to the Commission please indicate what is truly
"non-public" to allow the Commission to track Barclays' 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 Barclays (please note that it is
likely that some of the information we receive from Barclays we may also receive
Commissioner
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
Douglas Holtz-Eakin
performance of their official work duties in a manner consistent with its nonCommissioner
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,
Heather H. Murren, CFA will agree to comply with the understanding in this letter.
Keith Hennessey
Commissioner
John W. Thompson
Commissioner
Peter J. Wallison
Commissioner
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 Barclays 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 Barclays, and allow Barclays to consult
with the Commission before the Commission uses any of the Barclays' nonpublic 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
Thomas Greene
Executive Director
202.292.2799 • 202.632.1604 Fax
•-..3-•
*
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-public information, or a legally valid and enforceable
subpoena or order by a court of competent jurisdiction for the non-public information or
testimony related thereto.
Finally, all information obtained from Barclays or relating to Barclays will be transmitted to the
National Archives and Records Administration (NARA) following the completion ofthe
Commission's work. To the extent permitted by law, the Commission will request that NARA
not release to the public the Barclays non-public information for an appropriate length of time,
likely five years or more. If you have a legal basis to believe that the Commission is not required
by law to provide certain Barclays 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 Barclays' continued cooperation.
Very truly yours,
Cc: Tom Greene
Executive Director
Tom Krebs
Assistant Director & Deputy General Counsel
David Braff
Sullivan & Cromwell
4848-6343-2709, v. 1
@FedFRASER