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Ot.:Lober 12, 20 I 0
Via Email & Mail
Phil Angelides
Gerald Lins, General Counsel
lNG Investment Management
230 Park Avenue
New York, NY 10169
Chairman
Re: Treatment of lNG Investment Management Non-Public Information
Hon. Bill Thomas
Vice Clwirman
Dear Mr. Lins:
Brooksley Born
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 voluntarily provided by lNG Alternative Investment Management,
LLC and its affiliates ("lNG") to the Commission and its staff.
Commissioner
Byron S. Georgiou
Commissioner
Senator Bob Graham
Commissioner
Keith Hennessey
Commissioner
Douglas Holtz-Eakin
Commissioner
Heather H. Murren, CFA
Commissioner
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 ING'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 lNG (please note that it is likely
that some of the information we receive from lNG 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 nonpublic 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 lNG 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 lNG, and allow lNG to consult with the
Commission before the Commission uses any of the ING'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
•-9-•
*
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 lNG or relating to ING will be transmitted to the National
Archives and Records Administration (NARA) following the completion of the Commission's
work. To the extent permitted by law, the Commission will request that NARA not release to the
public the lNG non-public information for an appropriate length of time. If you have a legal
basis to believe that the Commission is not required by law to provide certain lNG 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@ lcic.gov.
Thank you very much for ING'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