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Confidential Treatment Requested
WILMERHALE
Reginald J. Brown
December 17, 2010
+1 202 663 6430(t)
VIA EMAIL
+ 1 202 663 6363 (f)
reginald.brown@wilmerhale.com
Gary Cohen, Esq.
Financial Crisis Inquiry Commission
1717 Pennsylvania Ave. NW, Suite 800
Washington, DC 20006-4614
Re:
Use of Quotes from Interview with John Mack
Dear Gary:
On behalf of our client, Morgan Stanley (the "Firm"), we write in response to your letter
dated December 16, 201 0, notifying us of the possible use of certain excerpts from the Financial
Crisis Inquiry Commission's ("FCIC") interview with John J. Mack.
With respect to the first statement contained in your letter, we request that Mr. Mack's
complete statement be accurately included in the FCIC's report. In particular, in order to make
the statement accurate, we request that the FCIC include the last sentence below in which Mr.
Mack states that he does not know whether investors were shorting Morgan Stanley stock. We
believe that the complete and accurate statement provided by Mr. Mack during his interview
was:
•
"One hedge fund manager said to me after the fact that he thought- this was way after the
fact, six or seven months later- he thought preannouncing earnings a day early was a sign of
weakness. So I guess it was, because people certainly continued to short our stock or sell our
stock- I don't know ifthey were shorting it but they were certainly selling it."
With respect to the second statement, we do not believe it leaves a misleading
impression, except insomuch as it implies that the two quotes followed one another. In fact, Mr.
Mack made the two statements several minutes apart, so in the interest of accuracy the FCIC
may want to clarify this.
With respect to the third statement, the Firm does not have any comments regarding the
use of this material.
With respect to the fourth statement, we request that the FCIC provide context for the
statement that Mr. Mack was "waiting all weekend for confirmation.... " We believe this
sentence refers to confirmation regarding an investment by Mitsubishi UFJ Financial Group and
request that the FCIC include this context. We also request that Mr. Mack's statement be
accurately included in the report. We believe that the complete and accurate statement provided
by Mr. Mack during his interview was:
•
"Basically they said they wanted me to sell the Firm."
Wilmer Curler Pickering Hale and Dorr
Beijing
Berlin
Boston
Brussels
Frankfurt
LLP,
London
1875 Pennsylvania Avenue NW, Washington, DC 20006
Los Angeles
New York
Oxford
Palo Alto
Waltham
Washington
WILMERHALE
Gary Cohen, Esq.
December 17, 2010
Page2
Consistent with your March 8, 2010 letter to Raul F. Yanes regarding the treatment of
confidential information provided by Morgan Stanley and its affiliates and Mr. Yanes's letters to
you dated November 2, 2010, and November 15, 2010, we request that if the FCIC decides to
make public any additional portions of Mr. Mack's interview sooner than five years, that the
FCIC notify us which additional portions it anticipates releasing and provide us with an
opportunity to discuss our confidentiality concerns with respect to those specific portions with
you at that time, prior to any final decision being made regarding the release of this material.
Please do not hesitate to contact us if you have any questions regarding the foregoing.
We appreciate the opportunity to comment on the potential use of statements from Mr. Mack's
interview.
Sincerely,
Reginald J. Brown
Michael J.P. Hazel
cc: Raul F. Yanes
CONFIDENTIAL TREATMENT REQUESTED
@FedFRASER