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May 3, 2010
Via Email & Mail
Phil Angelides
Cltnimra11
Hon. Bill Thoma
Vice Clraimran
Brooksley Born
Commissioner
Byron S. Georgiou
Steven R. Ross
Akin Gump Strauss Hauer & Feld LLP
1333 New Hampshire Ave, N.W.
Washington, D.C. 20036-1564
Re:
Treatment of Moody's Non-Public Information
Dear Mr. Ross:
On behalf of the Financial Crisis Inquiry Commission ("the Commission"), I write
to set forth our approach with respect to the treatment of non-public information
provided by Moody's Corporation and its affiliates ("Moody's") to the
Commission and its staff. The arrangement in this letter may in writing be
revoked at any time with respect to documents not then produced.
Commissio11er
Senator Bob Graha m
Commissioner
Keith Hennessey
When submitting information to the Commission please indicate what is truly
"non-public" to allow the Commission to track Moody'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.
Commissioner
Any non-public information that is obtained from Moody's (please note that it is
likely that some of the information we receive from Moody's 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
is shared will be advised of and, as condition of receiving non-public information,
Commissioner
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 Moody's 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 Moody's, and allow Moody's to consult
with the Commission before the Commission uses any of the Moody'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
Thomas Greene
Executive Director
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 Moody's or relating to Moody's 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 Moody's 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 Moody's 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.
I look forward to Moody's future and more responsive cooperation.
Very truly yours,
Financial Crisis Inquiry Commission
Cc: Wendy Edelberg
Executive Director
Brad Bondi
Assistant Director and Deputy General Counsel
@FedFRASER