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September 30, 20 I0
Via Email & Mail
Phil Angelides
C/wirmnrt
Hon. Bill Thomas
Peter L. Simmons
Fried, Frank, Harris, Shriver & Jacobson LLP
One New York Plaza
New York, NY I0004
Peter .simmons @friedfrank.com
Re: Treatment of Vanderbilt Capital Advisors Non-Public Information
Vice Chairman
Dear Mr. Simmons:
Brooksley Born
Commissioner
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 Vanderbilt Capital Advisors and its affiliates
("Vanderbilt") to the Commission and its staff.
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 infonnation to the Commission please indicate what is truly
"non-public" to allow the Commission to track Vanderbilt'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 Vanderbilt (please note that it is
likely that some of the information we receive from Vanderbilt 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 Vanderbilt 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 Vanderbilt, and allow Vanderbilt to
consult with the Commission before the Commission uses any of the Vanderbilt'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
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 Vanderbilt or relating to Vanderbilt 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 Vanderbilt 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
Vanderbilt 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 Vanderbilt's continued cooperation.
Very truly yours,
Financial Crisis Inquiry Commission
Cc:
Wendy Edelberg, Executive Director
Peter Kavounas, Counsel
Sarah Zuckerman, Legal Assistant to the General Counsel
@FedFRASER