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May 12,2010
Via Email & Mail
Phil Angelides
Clmimm11
Dr. Michael Burry
Scion Capital LLC
c/o Mr. Jonathan W. Ware
Freshfields Bruckhaus Deringer US LLP
701 Pennsylvania Ave. NW, Suite 600
Washington, DC 20004
Hon. Bill Thomas
Vice Cltnirmnn
Re:
Treatment of Scion Non-Public Information
Dear Mr. Ware:
Brooksley Born
Commissioner
Byron S. Georgiou
Commissioner
Senator Bob Graham
Commissioner
Keith Hennessey
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 Dr. Michael Burry and Scion Capital LLC and its
affiliates ("Scion") 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 Scion'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 Scion (please note that it is
likely that some of the information we receive from Scion 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 Scion 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 or 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
1717 Pennsylvania Avenue, NW, Suite 800 • Washington, DC 20006-4614
Thomas Greene
Executive Director
202.292.2799 • 202.632.1604 Fax
jurisdiction, the Commission will give written notice to Scion, and allow Scion to consult with
the Commission before the Commission uses any of the Scion' s non-public information in any
interim or final report to the President and Congress, or in any public hearing.
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, provided, however, that in such case, if permitted to do so, the
Commission will use its best efforts to give to Scion notice of such demand and an opportunity
to contest the same.
Finally, all information obtained from Scion or relating to Scion 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 Scion 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
Scion 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 Scion's continued cooperation.
Very truly yours,
Financial Crisis Inquiry Commission
Cc: Wendy Edelberg
Executive Director
Chris Seefer
Assistant Director & Deputy General Counsel
@FedFRASER