View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

September 30, 20 I0

Via Email & Mail

Phil Angelides

Hon. Bill Thomas

Robert F. Carangelo
Weil, Gotshal & Manges, LLP
767 Fifth Avenue
New York, NY 10153
Robert.carangelo@ wei

Re: Treatment of Stone Tower Capital, LLC Non-Public Information

Vice Clrnirmnn

Dear Mr. Carangelo:
Brooksley Born


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 voluntarily provided by your client, Stone Tower Capital, LLC and
its affiliates ("Stone Tower") to the Commission and its staff.

Byron S. Georgiou

Senator Bob Graham


When submitting information to the Commission please indicate what is truly
"non-public" to allow the Commission to track Stone Tower'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

Douglas Holtz-Eakin

Heather H. Murren, CFA

John W. Thomp on

Peter J. Wallison


Any non-public information that is obtained from Stone Tower (please note that it
is likely that some of the information we receive from Stone Tower 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 Stone Tower 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 Stone Tower, and allow Stone Tower to
consult with the Commission before the Commission uses any of the Stone
Tower'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

Wendy Edelberg

202.292.2799 • 202.632.1604 Fax

Executive Director


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 Stone Tower or relating to Stone Tower 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 Stone Tower 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 Stone Tower 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
Thank you very much for Stone Tower's continued cooperation.

Very truly yours,

Financial Crisis Inquiry Commission


Wendy Edelberg, Executive Director
Peter Kavounas, Counsel
Sarah Zuckerman, Legal Assistant to the General Counsel
Marian Brancaccio, General Counsel and Chief Compliance Officer