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New York
Menlo Park
Washington DC
London
Paris
Davis Polk
Madrid
Tokyo
Beijing
Hong Kong
Raul F. Yanes
Davis Polk & Wardwell LLP
901 151h Street, N.W.
Washington, DC 20005
202 962 7122 tel
202 962 7091 fax
raul.yanes@davispolk.com
December 7, 2010
Re:
Use of Statements from David K. Wong Interview
NON-PUBLIC INFORMATION
CONFIDENTIAL TREATMENT REQUESTED
Gary J. Cohen, Esq.
General Counsel
Financial Crisis Inquiry Commission
1717 Pennsylvania Avenue, NW, Suite 800
Washington, DC 20006-4614
Dear Mr. Cohen:
On behalf of our client, Morgan Stanley (the "Firm"), we write in response to your letter dated
December 2, 2010, notifying us of the possible use of certain excerpts from the Financial Crisis
Inquiry Commission's ("FCIC") interview with David K. Wong.
With respect to the first two statements contained in your letter, the Firm does not have any
comments regarding the use of this material.
With respect to the third statement, we have reviewed the interview recording provided for our
review through the FCIC's virtual data room and we do not believe that Mr. Wong provided this
information during his interview, other than the language included within quotations, to which the
Firm does not object. Accordingly, the FCIC should not attribute this information to Mr. Wong or
to Morgan Stanley in its final report. Further, if the FCIC decides to include the information, we
request that the FCIC identify for us any Morgan Stanley source of the information so that we
may discuss any confidentiality concerns the Firm may have at that time.
Finally, with respect to the fourth statement, we request that Mr. Wong's complete statement be
1
accurately included in the report. We believe based on our review of the interview recording
that the complete and accurate statement provided by Mr. Wong during his interview was:
•
"Increasingly, over the course of the week, a decreasing number of people [were] willing
to do new repos. Meaning increase the size of the repos that they were willing to issue.
1
If the FCIC decides not to use the complete statement, we request that ellipses be used to identify where
information provided by Mr. Wong has been omitted.
Gary J. Cohen, Esq.
2
December 7, 2010
And then increasingly also over the week and into the following week and subsequent
weeks, there was, from the existing repos that they were doing, they started to also
shrink that. And I guess that was as a result of everyone starting to feel some
contraction of credit and liquidity in the system. And so everyone was less willing to lend
or less able to lend .... They just couldn't lend anymore."
Consistent with your March 8, 2010 letter to me regarding the treatment of confidential
information provided by Morgan Stanley and its affiliates and my letters to you dated November
10, 2010 and November 15, 2010, we req uest that if the FCIC d ecides to ma ke public any
additional portions of Mr. Wong'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 me if you have any questions regarding the foregoing. We
appreciate the opportunity to comment on the potential use of statements from Mr. Wong's
interview.
Very truly yours,
(�tG� Ya�'(?_)sfwv,
Raul F. Yanes
cc:
Reginald Brown, Esq.
By Electronic Deliverv
@FedFRASER