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March 17, 2010
Phil Angelides
Via Email & Mail
Mr. John Moon, Executive Director & Counsel
UBS Investment Bank
1285 A venue of the Americas
13th Floor
New York, NY 10019
Clwirmau
Re:
Treatment of UBS Non-Public Information
Hon. Bill Thomas
Vice Clwirman
Dear Mr. Moon:
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 provided by UBS Investment Bank and its affiliates ("UBS ") to the
Commission and its staff.
Co111111 issio11er
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
When submitting information to the Commission please indicate what is truly
"non-public" to allow the Commission to track UBS'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.
Any non-public information that is obtained from UBS 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 UBS 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 UBS, and allow UBS to consult with the
Commission before the Commission uses any of the UBS'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
1717 Pennsylvania Avenue, NW, Suite 800 • Washington, DC 20006-4614
Thomas Greene
Executive Director
202.292.2799 • 202.632.1604 Fax
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 nonpublic information or testimony related thereto.
Finally, all information obtained from UBS or relating to UBS 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 UBS 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 UBS 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 UBS's continued cooperation.
Very truly yours,
Financial Crisis Inquiry Commission
Cc: Lewis Brothers (via Email)
UBS Wealth Management
Tom Greene
Executive Director
Tom Krebs
Assistant Director & Deputy General Counsel
4832-7640-9093, v. 1
@FedFRASER