The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
April27, 2010
Via Email & Mail
Phil Angelides
Cltnll'111nt1
Hon. Bill Thomas
Magnetar Capital
c/o Mr. Steven R. Ross
Akin Gump Strauss Hauer & Feld LLP
1333 New Hampshire Ave, N.W.
Washington, D.C. 20036-1564
Re:
Treatment of Magnetar Non-Public Information
Vice Cltnirman
Dear Mr. Ross:
Brooksley Born
Commissioner
Byron S. Georgiou
Commissioner
Senator Bob Graham
Commissioner
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 Magnetar Capital, LLC and its affiliates ("Magnetar") 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 Magnetar'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.
Keith Hennessey
Commissioner
Douglas Holtz-Eakin
Commissioner
Heather H. Murren, CFA
Commissioner
John W. Thompson
Commissioner
Peter I. Wallison
Commissioner
Any non-public information that is obtained from Magnetar (please note that it is
likely that some of the information we receive from Magnetar 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 Magnetar 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 Magnetar, and allow Magnetar to consult
with the Commission before the Commission uses any of the Magnetar's nonpublic information in any interim or final report to the President and Congress, or
in any public hearing.
Thomas Greene
Executive Director
1717 Pennsylvania Avenue, NW, Suite 800 • Washington, DC 20006-4614
202.292.2799 • 202.632.1604 Fax
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 Magnetar or relating to Magnetar 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 Magnetar non-public information for an appropriate length oftime,
likely five years or more. If you have a legal basis to believe that the Commission is not required
by law to provide certain Magnetar 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 Magnetar's continued cooperation.
Very truly yours,
Financial Crisis Inquiry Commission
Cc: Tom Greene
Executive Director
Chris Seefer
Assistant Director & Deputy General Counsel
@FedFRASER