The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
May 4, 2010
Via Email & Mail
Phil Angelides
Chnirmnn
Ms. Patricia Alcamo
Legal Counsel, Managing Director
MKP Capital Management, L.L.C.
600 Lexington Ave., 171h Floor
New York, NY I 0022
Hon. Bill Thomas
Vice Clmirmmr
Re:
Treatment of MKP Non-Public Information
Dear Ms. Alcamo:
Brooksley Born
Commissioner
Byron S. Georgiou
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 MKP Capital Management, LLC and its affiliates
("MKP") to the Commission and its staff.
Commissioner
Senator Bob Graham
Commissioner
Keith Hennessey
When submitting information to the Commission please indicate what is truly
"non-public" to allow the Commission to track MKP'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.
Comm issimrer
Any non-public information that is obtained from MKP (please note that it is
likely that some of the information we receive from MKP we may also receive
Douglas Holtz-Eakin
from other sources without restriction) will be used only by employees and agents
Commissioner
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 nonHeather H. Murren, CFA public status and applicable law. All persons with whom non-public information
Commissioner
is shared will be advised of and, as condition of receiving non-public information,
will agree to comply with the understanding in this letter.
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 MKP 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 MKP, and allow MKP to consult with the
Commission before the Commission uses any of the MKP's non-public
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 MKP or relating to MKP 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 MKP 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
MKP 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 MKP's continued cooperation.
Very truly yours,
inancial Crisis Inquiry Commission
Cc: Wendy Edelberg
Executive Director
Chris Seefer
Assistant Director and Deputy General Counsel
@FedFRASER