The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
July 23, 2010
Via Email & Mail
Phil Angelides
BrianT. Markley
Cahill Gordon & Reindel LLP
Eighty Pine Street
New York, NY I 0005-1702
Clrairma11
Re:
Treatment of S&P Non-Public Information
Hon. Bill Thomas
Vice Clrairman
Brooksley Born
Commissioner
Dear Mr. Markley:
On behalf of the Financial Crisis Inquiry Commission ("the Commission"), I write
to memorialize our understanding with respect to the treatment of certain nonpublic mortgage database propriety information (Global Data Solutions)
voluntarily provided by Standard & Poor's Ratings Services and its affiliates
("S&P ")to the Commission and its staff ("Proprietary Information").
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
First of all, we want to thank S&P for providing the Commission staff with access
to the Proprietary Information. Access will enable the Commission to better
understand certain aspects of the housing market which may relate to the causes
of the financial and economic crisis which we are charged to investigate.
This letter pertains only to the Proprietary Information and not to other
information provided to the Commission pursuant to other letters and
understandings.
With respect to the Proprietary Information, the Commission agrees as follows:
1.
Any Proprietary Information that is obtained from S&P (please note that it
is possible that some of the Information we receive from S&P 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.
2.
The Commission will only use the Proprietary Information for statistical
purposes and reporting thereon and analysis thereof in public hearings and any
interim or final reports which the Commission may issue. The Proprietary
Information will not be made available to the public, and the Commission will
respect its status as nonpublic information which is central to a portion of S&P's
business.
1717 Pennsylvania Avenue, NW, Suite 800 • Washington, DC 20006-4614
Wendy Edelberg
Executive Director
202.292.2799 • 202.632.1604 Fax
3.
The Commission will not try to reverse engineer the Proprietary Information or seek
information regarding individual mortgages and borrowers which is included in the Proprietary
Information.
4.
The Commission will oppose any subpoena issued to it which attempts to access the
Proprietary Information, will promptly notify S&P should any such subpoena be served on the
Commission, and will allow S&P the opportunity to object to its production.
5.
The Commission will request that the National Archives and Records Administration
(NARA) designate a 10 year hold on the Proprietary Information prior to such Information being
made available to the public at NARA.
This letter does not supersede our letter to you of March 30, 2010, which shall continue in full
force and effect with respect to the matters discussed therein.
Nothing as described in this letter will prevent the Commission or its staff from complying with
a subpoena or court order or a request or demand for the Proprietary Information from a duly
authorized Committee of the United States Congress with authority to require and receive the
non-public information.
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 S&P's continued cooperation.
Financial Crisis Inquiry Commission
Cc: Wendy Edelberg
Executive Director
Brad Bondi
Assistant Director & Deputy General Counsel
@FedFRASER