Defendant Federal Reserve Docum. Production Lehman Part II summer 2008 heavy redactions (Lawsuit #3)
-
Upload
vern-mckinley -
Category
Documents
-
view
1.027 -
download
7
description
Transcript of Defendant Federal Reserve Docum. Production Lehman Part II summer 2008 heavy redactions (Lawsuit #3)
i William BRODOWS /NNY/ RFRS
09/10/2008 08:06 AM
To Patrick M
Parkinson/BOARD/FRS@BOARD cc Arthur Angulo/NY/FRS@FRS, Lucinda
M Brickler/NY/FRS@FRS, Chris
McCurdy/NY/FRS@FRS, Theodore Subject Re: Quick comparison
----------------------------------------Sent from my BlackBerry Handheld.
Patrick M Parkinson
----- Original Message ----- From: Patrick M Parkinson
Sent: 09/10/2008 07:36 AM EDT
To: William BRODOWS
Cc: Arthur Angulo; Lucinda Brickler; Chris McCurdy; Theodore Lubke; Meg
McConnell
Subject: Re: Quick comparison
Bill,
PatWilliam BRODOWS/NY/FRS@FRS
iiWilliamWilliam SSBRODOWSBRODOWS// YYNYNY//FRSFRS
@FRS
09/09/2008 02:02 PM
To Meg McConnell/NY/FRS@FRS
cc Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Clinton Lively/NY/FRS@FRS, Craig Leiby/NY/FRS@FRS, Debby Perelmuter/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS, James P Bergin/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Jonathan Polk/NY/FRS@FRS, Kristin Mayer/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS, Michael Holscher/NY/FRS@FRS, Michael Schetzel/NY/FRS@FRS, Michael Silva/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Sandy Krieger/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS, Steven Friedman/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS,
Til Schuermann/NY/FRS@FRS, Wendy Ng/NY/FRS@FRSSubject Re: Quick comparison
Duplicate
(b) (5)
(b) (5)
BOG--FOIA 10-267--000344
i William BRODOWS /NNY/ RFRS
09/10/2008 08:34 AM
To Patrick M Parkinson/BOARD/FRS@BOARD
cc [email protected], [email protected], [email protected], Theodore
Subject Fw: LFI's Counterparty Credit Risk Exposure to Lehman - Clarification
As discussed.----- Forwarded by William BRODOWS/NY/FRS on 09/10/2008 08:33 AM -----
iiDianneDianne ooDobbeckDobbeck //NYNY//FRSFRS
09/09/2008 05:42 PM
To Timothy Geithner/NY/FRS@FRS, William Rutledge/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Steven J Manzari/NY/FRS@FRS, Meg McConnell/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS, Arthur Angulo/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS
cc Steven Mirsky/NY/FRS@FRS, Kyle Grieser/NY/FRS@FRS, Brandon Hall/NY/FRS@FRS, William Hallacy/NY/FRS@FRS
Subject Fw: LFI's Counterparty Credit Risk Exposure to Lehman - Clarification
I neglected to relay in my previous message that the matrix of below contained dated exposure detail and that the counterparty team was updating it through normal channels. Our presumption is that exposure levels have been reduced further and will clarify that in a follow-up message. Hope this helps to alleviate any confusion.
----- Forwarded by Dianne Dobbeck/NY/FRS on 09/09/2008 05:34 PM -----
iiDianneDianne ooDobbeckDobbeck //NYNY//FRSFRS
09/09/2008 03:54 PM
To Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Clinton Lively/NY/FRS@FRS, Craig Leiby/NY/FRS@FRS, Debby Perelmuter/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, HaeRan Kim/NY/FRS@NY, James P Bergin/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Jonathan Polk/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS, Meg McConnell/NY/FRS@FRS, Michael Holscher/NY/FRS@FRS, Michael Schetzel/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Sandy Krieger/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS, Steven Friedman/NY/FRS@FRS, Terrence Checki/NY/FRS@NY, Theodore Lubke/NY/FRS@FRS, Thomas Baxter/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS, Wendy Ng/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS, Timothy Geithner/NY/FRS@FRS, Steven J Manzari/NY/FRS, Jeanmarie Davis/NY/FRS
cc Steven Mirsky/NY/FRS@FRS, Kyle Grieser/NY/FRS@FRS, Brandon Hall/NY/FRS@FRS
Subject LFI's Counterparty Credit Risk Exposure to Lehman
Attached is the most recent update on the LFIs' counterparty credit risk exposure to Lehman. Thanks to Brandon for pulling this together.
----- Forwarded by Kyle Grieser/NY/FRS on 09/09/2008 03:45 PM -----
BrandonBrandon aaHallHall//NYNY////FRSFRS To Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, William
BOG--FOIA 10-267--000345
08/20/2008 03:32 PM
BRODOWS/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, Richard Cahill/NY/FRS@FRS
cc Steven Mirsky/NY/FRS@FRS, William Hallacy/NY/FRS@FRS, Kyle Grieser/NY/FRS@FRS
Subject CCR Exposures to Lehman - 8/20/08 Update
Regarding counterparty credit exposures to Lehman Brothers, as evidenced by LFIs' most updated top financial counterparty exposure lists, please see the table below (and attached).
____________________________________Brandon J. HallCounterparty Credit Risk & MonitoringFederal Reserve Bank of New York33 Liberty St. | New York, NY 10045
P: 212-720-1349F: 212-720-1468E: [email protected]
(b)(4) & (b)(8)
BOG--FOIA 10-267--000346
(b)(4) & (b)(8)
BOG--FOIA 10-267--000347
y W eAmy White /NNY/FRS
09/10/2008 08:41 AM
To Patrick M
Parkinson/BOARD/FRS@BOARD cc William BRODOWS/NY/FRS@FRS,
[email protected], Subject Quick Comparison
Dear Pat,
Attached please find a .pdf file with information on counterparties' exposures to Lehman.
Please let me know if you are unable to open the attachment.
Best,
Amy
Amy G. WhiteFederal Reserve Bank of New York(212) [email protected]
BOG--FOIA 10-267--000348
(b)(4) & (b)(8)
BOG--FOIA 10-267--000349
(b)(4) & (b)(8)
BOG--FOIA 10-267--000350
(b)(4) & (b)(8)
BOG--FOIA 10-267--000351
(b)(4) & (b)(8)
BOG--FOIA 10-267--000352
(b)(4) & (b)(8)
BOG--FOIA 10-267--000353
h eTheodore Lubke /NY/FRS
09/10/2008 08:51 AM
To Patrick M Parkinson/BOARD/FRS@BOARD
cc Arthur Angulo/NY/FRS@FRS Subject Re: Fw: Lehman's and
worldwide involvement in exchanges and clearing houses
Theo LubkeSenior Vice PresidentBank Supervision GroupFederal Reserve Bank of New [email protected]: 212-720-6334fax: 212-720-7818http://www.newyorkfed.orgPatrick M Parkinson/BOARD/FRS@BOARD
Patrick MPatrick M ParkinsonParkinson ////BOARDBOARD//FFSRS@ DBOARD
09/10/2008 08:19 AM
To Arthur Angulo/NY/FRS@FRS
cc Theodore Lubke/NY/FRS@FRS
Subject Re: Fw: Lehman's worldwide involvement in exchanges and clearing houses
Thanks
PatArthur Angulo/NY/FRS@FRS
ArthurArthur AnguloAngulo //NYNY//// RRFRSFRS@@@@FFSRS
09/10/2008 08:09 AM
To Patrick M Parkinson/BOARD/FRS@BOARD
cc Jeanmarie Davis/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS
Subject Fw: Lehman's and worldwide involvement in exchanges and clearing houses
Re your e-mail of a few minutes ago...
----- Forwarded by Arthur Angulo/NY/FRS on 09/10/2008 08:09 AM -----
hTheodore Lubke// YNY/F SFRS
09/09/2008 07:54 PM
To Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Clinton Lively/NY/FRS@FRS, Craig Leiby/NY/FRS@FRS, Debby Perelmuter/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, HaeRan Kim/NY/FRS@NY, James P Bergin/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Jonathan Polk/NY/FRS@FRS, Lucinda M
(b)(4) &
(b)(4) & (b)(8)
(b)(4) & (b)(8)
(b)(4) & (b)(8)
(b)(4) & (b)
BOG--FOIA 10-267--000354
Brickler/NY/FRS@FRS, Meg McConnell/NY/FRS@FRS, Michael Holscher/NY/FRS@FRS, Michael Schetzel/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Sandy Krieger/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS, Steven Friedman/NY/FRS@FRS, Terrence Checki/NY/FRS@NY, Theodore Lubke/NY/FRS@FRS, Thomas Baxter/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS, Wendy Ng/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS, Timothy Geithner/NY/FRS@FRS, Steven J Manzari/NY/FRS@FRS, Jeanmarie Davis/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS
cc
Subject Lehman's y and worldwide involvement in exchanges and clearing houses
(b)(4) &
Duplicate
BOG--FOIA 10-267--000355
W eLisa A White /RICH/ RFRS
09/10/2008 09:31 AM
To Nancy R Berlad/BOARD/FRS cc
Subject Fw: BAC CCR Exposure to Lehman
Thought you might be interested in this as well....
_______________________________
Lisa A. White
FRB Richmond - Charlotte Office
Sent via Blackberry
From: Brandon Hall
Sent: 09/10/2008 09:32 AM EDT
To: Alan Michael
Cc: Brad Evans; Dianne Dobbeck; Kerri Firestone; Kyle Grieser; Lisa White; Steven Mirsky; William Hallacy
Subject: Re: BAC CCR Exposure to Lehman
Excellent. Appreciate the swift response.
____________________________________Brandon J. HallCounterparty Credit Risk Monitoring & AnalysisFederal Reserve Bank of New York33 Liberty St. | New York, NY 10045
P: 212-720-1349F: 212-720-1468E: [email protected]
Alan Michael/RICH/FRS
09/10/2008 09:29 AM
To Brandon Hall/NY/FRS@FRS cc Brad Evans/RICH/FRS@frs, Dianne Dobbeck/NY/FRS@frs,
Kyle Grieser/NY/FRS@frs, Steven Mirsky/NY/FRS@frs, William Hallacy/NY/FRS@frs, Kerri
Firestone/RICH/FRS@FRS, [email protected] Subject Re: BAC CCR Exposure to LehmanLink
Brandon
BOG--FOIA 10-267--000356
This exposure is as of 9-3-08 and is posted weekly to our database.
Hope this helps.
Alan
Alan Michael
Principal Examiner, Banking Supervision and Regulation/Large Complex Bank OrganizationsThe Federal Reserve Bank of Richmond, Charlotte BranchOffice 704· 358· 2535 · Cell 704· 315· 8949
www.richmondfed.org
Brandon Hall/NY/FRS
09/10/2008 09:23 AMTo Alan Michael/RICH/FRS@FRS, Brad Evans/RICH/FRS@FRS
cc William Hallacy/NY/FRS@FRS, Kyle Grieser/NY/FRS@FRS, Steven Mirsky/NY/FRS@FRS, Dianne
Dobbeck/NY/FRS@FRS Subject BAC CCR Exposure to Lehman
Alan and Brad,
We are reaching out in an attempt to gain updated counterparty exposure numbers to Lehman Brothers
as well as any recent color around those numbers that you may have off hand.
This is not a request to reach out to the firm, but if you have recent information at hand regarding BAC's
counterparty positition vis-a-vis Lehman, we would appreciate it at your convenience.
Regards,
____________________________________Brandon J. HallCounterparty Credit Risk Monitoring & AnalysisFederal Reserve Bank of New York33 Liberty St. | New York, NY 10045
P: 212-720-1349F: 212-720-1468E: [email protected]
(b)(4) & (b)(8)
BOG--FOIA 10-267--000357
Dianne Dobbeck/NY/FRS
09/09/2008 09:03 PM
To Steven Mirsky/NY/FRS, William Hallacy/NY/FRS, Kyle
Grieser/NY/FRS@FRS, Brandon Hall/NY/FRS cc
Subject Fw: LEHMAN
Can we get this level of detail for the other big players and package whatever you have on a flow basis to
the distribution I originally sent Brandon's two-way along under?
-----------------
Sent from my BlackBerry Handheld.
----- Original Message -----
From: Caroline Frawley
Sent: 09/09/2008 07:28 PM EDT To: Sarah Dahlgren; Brian Peters; William Rutledge; Dianne Dobbeck; Steven
Manzari; Clinton Lively; William Hallacy; Jordan Pollinger; Steven Mirsky;
Arthur Angulo Cc: Caroline Frawley
Subject: LEHMAN
We received a few calls today from UBS...
[Message deleted]
BOG--FOIA 10-267--000358
09/10/2008 10:02 AM
To Rita C Proctor/BOARD/FRS@BOARD
cc Subject observations
Thanks. We are monitoring closely.Rita C Proctor/BOARD/FRS
i Ci CRita CRita C Proctor /BOARD/ RFRS
09/10/2008 10:01 AM
To
cc
Subject observations
Eric oRosengren //BOS// RFR
SS@@F SF SFRSFRS
09/10/2008 09:35 AM
To Rita C Proctor/BOARD/FRS@BOARD, Donald L Kohn/BOARD/FRS@BOARD, Kevin Warsh/BOARD/FRS@BOARD, Randall S Kroszner/BOARD/FRS@BOARD, Elizabeth A
Duke/BOARD/FRS@BOARD, Timothy Geithner/NY/FRS@FRScc
Subject observations
I had breakfast with They have a big exposure to Lehman in repos, including less liquid securities . They are monitoring closely and are nervous. They are gradually reducing their exposure, moving to more government only repos, and raising the haircuts for non-government collateral. They would move more quickly but they do not want to be blamed for triggering an event.
Eric
-------------------------------------------------Eric S. RosengrenPresident & CEOFederal Reserve Bank of Boston617.973.3090 Fax: [email protected]
(b)(4)
(b) (4)
(b) (4)
(b) (4)
(b) (6)
(b) (6)
BOG--FOIA 10-267--000359
insPatrick M Parkinson /BOARD/F SFRS
09/10/2008 12:26 PM
To Mark VanDerWeide/BOARD/FRS@BOARD
cc Subject Re: lehman
Thanks.Mark VanDerWeide
----- Original Message ----- From: Mark VanDerWeide
Sent: 09/10/2008 12:25 PM EDT
To: Scott Alvarez; Patrick Parkinson; Brian Madigan
Subject: lehman
Call with FRBNY just ended. FRBNY will send around call-in info when the next call gets scheduled.
Call ended with a discussion of various clearing utilities exposure to Lehman .
Mark
(b)(4) & (b)(8)
BOG--FOIA 10-267--000360
Patrick M ParkinsonPatrick M ParkinsonPatrick M ParkinsonPatrick M Parkinson ////BOARDBOARDBOARDBOARD////FRSFRSFRSFRS
09/10/2008 01:03 PM
To "Rita Proctor"
<[email protected]> cc
Subject Fw: LEH tri-party with proposed
haircuts
Could you print a copy? Thanks. Pat
----- Original Message -----From: Meg.McConnellSent: 09/10/2008 01:04 PM ASTTo: Patrick ParkinsonCc: Til SchuermannSubject: Fw: LEH tri-party with proposed haircuts
In case this comes up on the call at 1:00.--------------------------Margaret M. McConnellFederal Reserve Bank of New York212-720-8773
----- Original Message -----From: Til SchuermannSent: 09/10/2008 01:01 PM EDTTo: Meg McConnellSubject: LEH tri-party with proposed haircuts
Is attached.
Til
(See attached file: LEH tri-party haircuts 8Sept2008.xls)
---------------------------------------------------------Til SchuermannResearch, Financial IntermediationFederal Reserve Bank of New York(212) 720-5968http://nyfedeconomists.org/schuermann/
Any comments or statements in this message represent the views of theauthor only and not necessarily those of the Federal Reserve Bank of New
York or the Federal Reserve System. - LEH tri-party haircuts 8Sept2008.xls
BOG--FOIA 10-267--000361
Lehman U.S. Tri-party Repo Book
Sept. 8, 2008
Effective
Margin %
Proposed
Margin %
Collateral Value
Including Accrued
Interest (millions)
Collateral Value After
Margin Reduction
(millions)
Collateral Value after
FRBNY Margin
Reduction (millions)
Extra Collateral
Required
(millions)
US Treasuries and Strips 101.7% $43,026 $42,311
Freddie Mac & Fannie Mae MBS 101.8% $39,764 $39,080
US Government Agency Securities 101.6% $16,946 $16,679
Freddie Mac & Fannie Mae REMICs 100.3% $2,262 $2,255
Ginnie Mae MBS Pools 101.3% $1,376 $1,359
Ginnie Mae REMICs 100.0% $367 $367
101.7% $103,741 $102,050
2-DTC Fixed Income Securities
Investment Grade
Corporate Bonds 105.6% $9,625 $9,117
Private Label CMO 105.0% $5,775 $5,498
Other 102.0% $390 $382
Commercial Paper 106.0% $4,985 $4,701
Asset Back Securities 111.4% $3,270 $2,937
Municipal Bonds 104.1% $1,805 $1,734
106.1% $25,850 $24,369
Non-Investment Grade
Other 100.8% $147 $146
Corporate Bonds 105.4% $4,261 $4,043
Commercial Paper 102.2% $3,639 $3,561
Municipal Bonds 103.9% $1,595 $1,535
Asset Back Securities 123.3% $1,523 $1,235
Private Label CMO 118.3% $421 $356
106.5% $11,586 $10,875
106.2% $37,435 $35,243
3-DTC Equities
Investment Grade
Equities & Equity Derivatives 105.0% $179 $170
Non-Investment Grade
Equities & Equity Derivatives 106.0% $8,973 $8,464
106.0% $9,152 $8,634
4-Other 102.0% $14 $14
TOTAL Unwind: 103.0% $150,342 $145,944
(b) (5) (b) (5)
BOG--FOIA 10-267--000362
09/10/2008 02:48 PM
To <[email protected]> cc
Subject Lehman
Pat, below is a comment about Lehman from a UK trader I know.
A separate concern is of course the question of cash being pulled fromLehman's prime brokerage business. Presently most equity funds are lesslevered than usual and have a large ability to borrow against theirequity PB positions.
======================
I believe that Lehman's Liquidity Cushion is illusory. Here is why.
They have 211bn of triparty repo funding
111bn is governments, and easy to fund
Leaving 90bn, of which 30bn is PDCF eligible (Inv. Bank "Fed Window")
That leaves 60bn (equities and Corp. bonds) which is NOT eligible forthe Feds PDCF, and is therefore hard to fund.
They went to great lengths talking up the maturity of their funding forthese assets, but the reality is that 70% of this $60bn is funded forless than 1 month. That means that if all the people funding theseassets decide not to roll over the loans, they would loose $42bn ofliquidity. That is the precise size of their Liquidity cushion. Anotherway of saying it is that the Liquidity cushion could disappear in lessthan 1mth time, and the Fed would not be able to help them, withoutchanging the rules.
In the current environment I think that many cash lenders would be waryof rolling over $60bn of triparty repo loans to Lehman, because in theevent of default they would have to liquidate $60bn of equities, andcorporate bonds to get their money back. The haircut that they demand isdesigned to protect them from slippage, but in these markets there is noguarantee. More importantly the cash lenders are not skilled inliquidating portfolios of that size. I suspect they would rather justnot roll the funding trades and save themselves the agro, and thepotential credit loss, which could run into the billions.
(b) (4)
(b) (4)
BOG--FOIA 10-267--000363
(b) (4)
BOG--FOIA 10-267--000364
a l iMarlene Williams /NNY/FRSSent by: Marlene Williams/NY/FRS@FRS
09/10/2008 03:43 PM
To Arthur Angulo/NY/FRS@FRS, Beverly Hirtle/NY/FRS@FRS, Calvin
Mitchell/NY/FRS@FRS, Chris cc Hortense Hope/NY/FRS@FRS,
Tanshel Pointer/NY/FRS@FRS Subject Information Update - Subject has
changed: Meeting - RE: Lehman --
[4:15 PM]
Please invite anyone else you feel should attend.Thank you.
lCall- n or atiin information : er nc dg fo a nConference bridge information ::
Toll Free Dial In Number: (866) 2209- 386438Int'l Access/Caller Paid Dial In Number: (865) 297-1127
Participant Code: 2623345
BOG--FOIA 10-267--000365
e D iJeanmarie Davis / YNY//FRS
09/10/2008 03:49 PM
To [email protected] cc Arthur Angulo/NY/FRS@FRS, Brian
Peters/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Clinton
Subject Lehman obligations into DTCC
Here is today's update on the three day rolling obligations into DTCC.
Most important element:
Jeanmarie DavisSenior Vice PresidentLarge Complex Banking OrganizationsFederal Reserve Bank of New Yorkeanmar [email protected](212)720-2256----- Forwarded by Jeanmarie Davis/NY/FRS on 09/10/2008 03:45 PM -----
Albert Alvarado /NNY/FRS
09/10/2008 09:18 AM
To Lisa Joniaux/NY/FRS@FRS, William Carlucci/NY/FRS@FRS, Anna Ng/NY/FRS@FRS, Jeanmarie Davis/NY/FRS@FRS
cc
Subject Lehman balances
(b)(4) & (b)(8)
(b)(4) & (b)(8)
BOG--FOIA 10-267--000366
8
6
D
t
.5
.8
.7
.2
(b)(4) & (b)(8)
BOG--FOIA 10-267--000367
o as k iTodd Waszkelewicz /NY//FRS
09/10/2008 04:49 PM
To Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris
McCurdy/NY/FRS@FRS, Clinton cc Jeanmarie Davis/NY/FRS, Che
Sidanius/NY/FRS@FRS, Jeremy
Gagne/NY/FRS, William Subject Lehman: Projected CLS Activity for
Sept 11, 2008
r d r dFR RestrictedFR Restricted ::
----- Forwarded by Todd Waszkelewicz/NY/FRS on 09/10/2008 04:34 PM -----
eJeremy Gagne/NNY/FRS
09/10/2008 04:27 PM
To Jeanmarie Davis/NY/FRS@FRS
cc Todd Waszkelewicz/NY/FRS@FRS
Subject Lehman: Projected CLS Activity for Sept 11, 2008
FR Restricted
1. The following table shows Lehman's preliminary settlement values in each currency at CLS Bank for Thursday, Sept. 11.
.
2. The graphs below show Lehman's net position by currency projected for September 11 and Lehman's net position across all currencies (USD equivalent) since July 1, 2008, respectively.
(b)(4) & (b)(8)
BOG--FOIA 10-267--000368
Jeremy GagneBank ExaminerFederal Reserve Bank of New YorkTel: 212-720-2911
(b)(4) & (b)(8)
BOG--FOIA 10-267--000369
Patrick .M.Park [email protected]
09/10/2008 05:01 PM
To [email protected], [email protected],
Subject Fw: Meeting re: Lehman [7:00 PM]
----- Forwarded by Patrick M Parkinson/BOARD/FRS on 09/10/2008 05:00 PM-----
Calendar EntryMeeting
|---------------|| [X] Notify me ||---------------|
Alarm settings|------------------|| [ ] Mark Private ||------------------|
|---------------|| [ ] Pencil In ||---------------|
Subject Chair
Meeting re: Lehman [7:00 PM] Timothy Geithner/NY/FRS
When Where
L
BOG--FOIA 10-267--000370
StartsWed 09/10/2008 Reserved
o rooms or resources have been07:00 PM reserved
EndsWed 09/10/2008
08:00 PM
1 hour Meeting Password
|-----------------------------------|| [ ] Specify a different time zone ||-----------------------------------|
Categorize
Invitees
InvitedThe following invitees have been invited
Required (to)Arthur Angulo/NY/FRS@FRS, BeverlyHirtle/NY/FRS@FRS, CalvinMitchell/NY/FRS@FRS, ChrisMcCurdy/NY/FRS@FRS, ChristineCumming/NY/FRS@FRS, DebbyPerelmuter/NY/FRS@FRS, DianneDobbeck/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS,Jamie McAndrews/NY/FRS@FRS, JeanmarieDavis/NY/FRS@FRS, Joseph Sommer/NY/FRS@FRS,
BOG--FOIA 10-267--000371
Joseph Tracy/NY/FRS@FRS, Lucinda MBrickler/NY/FRS@FRS, MegMcConnell/NY/FRS@FRS, MichaelNelson/NY/FRS@FRS, MichaelSchussler/NY/FRS@FRS, PatriciaMosser/NY/FRS@FRS, Patrick MParkinson/BOARD/FRS@BOARD, SandyKrieger/NY/FRS@FRS, Simon Potter/NY/FRS@FRS,Susan Stiehm/NY/FRS@FRS, TerrenceChecki/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS,Thomas Baxter/NY/FRS@FRS, TilSchuermann/NY/FRS@FRS, WilliamBRODOWS/NY/FRS@FRS, WilliamDudley/NY/FRS@FRS, WilliamRutledge/NY/FRS@FRS
Optional (cc)Hortense Hope/NY/FRS@FRS, TanshelPointer/NY/FRS@FRS
Description
Please invite anyone else you feel should attend.Thank you.
Call-in information:Conference bridge information:
Toll Free Dial In Number: (866) 209-6438Int'l Access/Caller Paid Dial In Number: (865) 297-1127
Participant Code: 623345
Your Notes
BOG--FOIA 10-267--000372
a k VanD eideMark VanDerWeide /BOARBOARD/F SFRS
09/10/2008 05:17 PM
To Scott Alvarez/BOARD/FRS@BOARD cc
Subject lehman
At 4:15pm FRBNY/Board call, same three options were laid out once again by Tim. Working groups were directed to spend the next few hours
Reconvening for a 7pm call to discuss again.
Mark
(b) (5)
(b) (5)
BOG--FOIA 10-267--000373
Patrick .M.Park onParkinson @frb.gov
09/10/2008 05:23 PM
Subject Fw: restricted fr--JPMC unwind cheat
sheet
Options in the event that JPMC balks at unwinding LB's tri-party repos.
Pat----- Forwarded by Patrick M Parkinson/BOARD/FRS on 09/10/2008 05:21 PM-----
Lucinda MBrickler/NY/FRS@FRS To
[email protected]/10/2008 05:12 ccPM [email protected], HaeRan
Kim/NY/FRS@FRS, JamieMcAndrews/NY/FRS@FRS, MegMcConnell/NY/FRS@FRS, MichaelSchussler/NY/FRS@FRS, Patrick MParkinson/BOARD/FRS@BOARD,[email protected], SusanMcLaughlin/NY/FRS@FRS
SubjectRe: restricted fr--JPMC unwindcheat sheet(Document link: PatrickM Parkinson)
Thanks for all the comments. Here is a revised version. I agree with Timthat
(See attached file: JPMC Call Cheat Sheet.doc)
Lucinda BricklerPayments Policy FunctionFederal Reserve Bank of New York212.720.6132 or 646.720.6132
Lucinda MBrickler/NY/FRS
To09/10/2008 03:14 Patrick M Parkinson/BOARD/FRS,PM Chris McCurdy/NY/FRS, Meg
(b) (5)
(b) (5)
BOG--FOIA 10-267--000374
McConnell/NY/FRS, JamieMcAndrews/NY/FRS, SusanMcLaughlin/NY/FRS, Patrick MParkinson/BOARD/FRS, MichaelSchussler/NY/FRS, HaeRanKim/NY/FRS, Sandy Krieger/NY/FRS
cc
Subjectrestricted fr--JPMC unwind cheatsheet
Restricted FR
I created the following cheat sheet that narrows down the alternatives inthe event JPMC calls tonight or tomorrow night--reluctant to unwindLehman's triparty the following morning. It is a subset of the moregeneric set of options we developed in July (also attached). Please let meknow what thoughts you have.
Lucinda(See attached file: JPMC Call Cheat Sheet.doc)(See attached file: TripartyRepo Contingency.doc)Lucinda BricklerPayments Policy FunctionFederal Reserve Bank of New York
212.720.6132 or 646.720.6132 - JPMC Call Cheat Sheet.doc - JPMC Call Cheat
Sheet.doc - Triparty Repo Contingency.doc
BOG--FOIA 10-267--000375
Restricted F.R. November 3, 2010
JPMC Unwind Cheat Sheet
Objective and Rationale
(b) (5)
BOG--FOIA 10-267--000376
Restricted F.R. November 3, 2010
(b) (5)
BOG--FOIA 10-267--000377
Restricted F.R. November 3, 2010
(b) (5)
BOG--FOIA 10-267--000378
Restricted F.R. D R A F T
Wednesday, November 03, 2010 Page 1 of 4
Contingency Planning Loss of Confidence in Major Securities Dealer
(b) (5)
BOG--FOIA 10-267--000379
Restricted F.R. D R A F T
Wednesday, November 03, 2010 Page 2 of 4
(b) (5)
BOG--FOIA 10-267--000380
Restricted F.R. D R A F T
Wednesday, November 03, 2010 Page 3 of 4
(b) (5)
BOG--FOIA 10-267--000381
Restricted F.R. D R A F T
Wednesday, November 03, 2010 Page 4 of 4
(b) (5)
BOG--FOIA 10-267--000382
Calendar Entry
MeetingNotify me
Mark Private Pencil In
Subject Meeting re: Lehman [7:00 PM]
When
Starts Wed 09/10/2008 07:00 PM
Ends Wed 09/10/2008 08:00 PM1 hour
Specify a different time zone
Invitees
Invited The following invitees have been invited
Required (to)Arthur Angulo/NY/FRS@FRS, Beverly Hirtle/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Calvin
Optional (cc)Hortense Hope/NY/FRS@FRS, Tanshel Pointer/NY/FRS@FRS
Chair Timothy Geithner/NY/FRS
Where
Location Board Room
ReservedNo rooms or resources have been reserved
Categorize
Description
Please invite anyone else you feel should attend.Thank you.
CallCallCallCall----in informationin informationin informationin information ::::Conference bridge informationConference bridge informationConference bridge informationConference bridge information ::::
Toll Free Dial In Number: ((((866866866866)))) 209209209209----6438643864386438Int'l Access/Caller Paid Dial In Number: (865) 297-1127
Participant Code: 623345623345623345623345
Your Notes
BOG--FOIA 10-267--000383
insPatrick M Parkinson /BOARD/F SFRS
09/10/2008 06:01 PM
To "Brian Madigan"
<[email protected]> cc
Subject Fw: restricted fr--JPMC unwind cheat
sheet
Lucinda M Brickler
----- Original Message ----- From: Lucinda M Brickler
Sent: 09/10/2008 06:03 PM EDT
To: Lucinda Brickler
Cc: Chris McCurdy; HaeRan Kim; Jamie McAndrews; Meg McConnell; Michael
Schussler; Patrick Parkinson; Sandy Krieger; Susan McLaughlin; Timothy Geithner
Subject: Re: restricted fr--JPMC unwind cheat sheet
I got a call from David Weisbrod at JPMC a few minutes ago. He reported that
--------------------------Sent from my BlackBerry Wireless Handheld
Lucinda M Brickler
----- Original Message ----- From: Lucinda M Brickler
Sent: 09/10/2008 05:16 PM EDT
To: Lucinda Brickler
Cc: Chris McCurdy; HaeRan Kim; Jamie McAndrews; Meg McConnell; Michael
Schussler; Patrick Parkinson; Sandy Krieger; Susan McLaughlin
Subject: Re: restricted fr--JPMC unwind cheat sheet
Duplicate
(b)(4) & (b)(8)
BOG--FOIA 10-267--000384
a sJan Voigts //NY/F SFRS
09/10/2008 06:02 PM
To Patrick M
Parkinson/BOARD/FRS@BOARD cc
Subject More lehman vehicles
___________________________
Jan VoigtsExamining OfficerFinancial Sector Policy and AnalysisFederal Reserve Bank of New York212-720-2298 (office)917-292-3461 (Bberry)
BOG--FOIA 10-267--000385
Legal Entity Descriptions 11/3/2010
Legal Entity Description
ALI
ALI was incorporated in 1992 under the laws of Delaware and is a wholly owned subsidiary of Lehman Brothers Holdings
Inc. ALI's main activity is to invest in California real estate. The company also act as a lender in connection with commercial
real estate transactions.
LB BANK (LBB)
Lehman Brothers Bank, FSB is a federally chartered savings bank with branches in Wilmington, Delaware and Jersey City,
New Jersey. It is a member of the Federal Home Loan Bank system, and is regulated by the Office of Thrift Supervision.
Customer deposits are insured by the Savings Association Insurance Fund, which is administered by the FDIC. LBB is
wholly owned by LB Bancorp, which is wholly owned by LBHI. LBB finances itself primarily through broker CD, sweep and
retail customer deposits.
LB Bankhaus AG
(LBBAG)
LBBAG, is a fully-licensed German bank, engaging in traditional bank lending and financing activities as well as investment
banking activities. It is a licensed commercial bank incorporated under the German Stock Corporation Act and regulated by
the German Federal Regulator. As a member of the Association of German Banks it participates in the German Depositors
Protection Fund which insures deposits from non-bank customers. The bank finances itself primarily using unsecured and
secured money market facilities. LBBAG is wholly owned by Lehman Brothers Verwaltungs- und Beteiligungsgesellschaft
mbH, which is wholly owned by LBHI. LBBAG benefits from a full guarantee from LBHI.
LB Commercial Bank
(LBCB)
Lehman Brothers Commercial Bank (“LBCB”) is an industrial bank charted in the State of Utah. The Bank is an indirect
wholly owned subsidiary of LBHI, and is headquartered in Salt Lake City, Utah. The Bank is subject to regulation and
supervision by the Utah Department of Financial Institutions and the FDIC. The Bank was incorporated in the State of Utah
on December 21, 2004. The Bank commenced significant operations upon approval of the charter and receipt of the
Certificate of Insurance from the FDIC on August 24, 2005. The primary business activities of the Bank consist of
commercial lending and commercial real estate lending to major corporations and short-term warehouse lending. The Bank
also provides interest rate derivative products to various customers. The Bank’s primary market place is the US, and clients
include major corporations, municipalities, banks and quasi-governmental entities. Funding for the Bank’s lending activities
occurs primarily through issuing certificates of deposit. The Bank does not participate in retail deposit operations, nor does it
have branches or teller activity.
LB Commercial Corp.
(LBCC)
Lehman Brothers Commercial Corporation (LBCC) is a wholly-owned subsidiary of Lehman Brothers Holdings Inc. The
Company acts primarily as a dealer in over-the-counter (“OTC”) foreign currency forwards and options and exchange-traded
futures and futures options contracts.
LB Derivatives
Products (LBDP)
Lehman Brothers Derivative Products Inc. (LBDP) is a AAA rated special purpose subsidiary wholly-owned by Lehman
Brothers Inc.. LBDP was formed on July 15, 1998 and commenced its operations on September 1, 1998. The Company
received credit rating of AAA from Moody's Investors Service , Standard & Poor's and Fitch rating agencies. LBDP is a stand-
alone derivative product company established to intermediate derivative transactions in a highly competitive and credit-
sensitive business. LBDP has adopted a termination structure that requires the acceleration and early settlement of all
derivative contracts upon the occurrence of certain events. LBDP has established certain capital and operating guidelines
which are reviewed by S&P, Moody's and Fitch. LBDP intermediates a full range of OTC interest rate swaps and options,
cross-currency swaps and foreign options, FX spots, forwards and options, as well as structured swap products. LBDP's
market risk is eliminated through the use of offsetting transactions with LBSF, an OTC derivatives dealer wholly- owned by
LBI.
LB Europe Ltd.
(LBEL)
Incorporated in March 2000, Lehman Brothers Europe Limited ("LBEL") engages in investment banking and corporate
finance activities as well as arranging derivatives transactions as agent for various other Lehman Brothers group companies.
LBEL is authorized by the Financial Services Authority. LBEL has a branch in Milan.
1
BOG--FOIA 10-267--000386
Legal Entity Descriptions 11/3/2010
Legal Entity Description
LB Finance SA
(LBF)
Lehman Brothers Finance ("LBF") was incorporated in 1969 as a stock corporation under the laws of Switzerland. The seat
and head office is in Zurich, Switzerland. The company has a branch in Curacao, Netherlands Antilles. LBF is a wholly
owned, direct subsidiary of Lehman Brothers Holdings Inc, which is also the Guarantor for all LBF trades.
LB Financial Products
(LBFP)
Lehman Brothers Financial Products Inc. is a AAA rated special purpose subsidiary wholly-owned by Lehman Brothers Inc.
LBFP commenced its operations July 1994. The Company received credit rating of AAA from Moody's Investors Service ,
Standard & Poor's and Fitch rating agencies. LBFP is a stand-alone derivative product company established to intermediate
derivative transactions in a highly competitive and credit-sensitive business. The entity has adopted an enhanced
continuation structure which seeks to ensure that swap obligations will be fulfilled to maturity. LBFP intermediates a full
range of OTC interest rate swaps and options, cross currency swaps, and structured swap products. LBFP's market risk is
eliminated through the use of offsetting transactions with LBSF, an OTC derivatives dealer wholly-owned by LBI. Please
note that LBFP has ceased accepting new trades since August 2004.
LB Inc.
(LBI)
LBI is a registered Broker/Dealer and Futures Commission Merchant, subject to the Securities and Exchange Commission
and Commodity Futures Trading Commission regulations. It is a wholly owned subsidiary of its parent, Lehman Brothers
Holdings Inc. LBI conducts its principal activities in the following business segments: Capital Markets, both Fixed Income and
Equities, Investment Banking and Investment Management.
2
BOG--FOIA 10-267--000387
Legal Entity Descriptions 11/3/2010
Legal Entity Description
LB International Europe
(LBIE)
Incorporated in September 1990, Lehman Brothers International (Europe)("LBIE") activities include trading and broking fixed
income financial instruments, syndicating and underwriting new security issues, and stockbroking in relation to securities in
many major and some emerging markets around the world. LBIE is authorized by the Financial Services Authority, and is a
member of the London Stock Exchange and various continental European exchanges. LBIE benefits from a full guarantee
from LBHI. The principal sources of funding include repurchase agreements, equity finance, secured bank lines and funding
from other Lehman group entities. LBIE has branches in Amsterdam, Frankfurt, Madrid, Milan, Paris, Stockholm, Tel Aviv,
Zurich and Seoul.
LB Japan (LBJ)
Lehman Brothers Japan Inc. was established with the aim of receiving full transfer of the business of the former Lehman
Brothers Japan Inc. Tokyo Branch and then operating as a securities company in Japan effective from 12/16/06. The entity
has broker dealer license and have trading and broking various financial instruments, syndicating and underwriting new
security issues, money lending, and so on. The entity is a member of the Tokyo Stock Exchange and various other
exchanges, and regulated by Japanese FSA. The entity is 100% owned by LB Holdings Inc. and has subsidiaries: Sunrise,
LB Commercial Mortgage, LB Real Estate K.K.
LB Luxembourg SA
Leham Brothers Luxembourg S.A. was incorporated in 1992 as a societe anonyme under the laws of Luxembourg and is a
wholly owned subsidiary of Lehman Brothers Holdings Inc. The company is registered at 7, Val Sainte-Croix, Luxembourg, L-
1371. It acts as a conduit for stock loan and repo transactions between Lehman entities or with a counterparty. All such
transactions are fully guaranteed by Lehman Brothers Holdings Inc.
LB OTC Derivatives
(LOTC)
Lehman Brothers OTC Derivatives., ("LOTC") a Delaware Corporation, is a wholly owned and fully guaranteed subsidiary of
Lehman Brothers Holdings Inc.. The Company is an over-the-counter ("OTC") derivatives dealer regulated by the SEC. The
Company's trading is limited to certain equity and fixed income derivative products (including options on emerging market
bonds), and related hedge transactions which have been approved under rules established by the SEC. As required by the
SEC, the Company clears its business activities through an affiliated broker dealer, Lehman Brothers Inc.
LB Special Financing
(LBSF)
Lehman Brothers Special Financing Inc. ("LBSF") is a Delaware corporation and a wholly owned subsidiary of Lehman
Brothers Inc. LBSF is engaged in fixed income and currency swaps and derivatives businesses. LBSF is Lehman Brothers
Inc.'s principal dealer in a broad range of derivative products including interest rate, currency, credit and mortgage
derivatives. LBSF enters into futures contracts and securities transactions to hedge its derivatives exposure. LBSF benefits
from a full guarantee by Lehman Brothers Holdings, Inc. The registered office of LBSF is at 2711 Centerville Road, Suite
400, Wilmington, Delaware, 19808. This entity is unregulated.
LB Treasury Co. (BV)
Incorporated in March 1995, Lehman Brothers Treasury Co B.V. ("BV") is a Dutch registered subsidiary of Lehman Brothers
U.K. Holdings (Delaware) Inc. and its Eurodebt issuances are guaranteed by Lehman Brothers Holdings Inc. BV’s primary
objective is to raise funds for European-based businesses. In addition, BV also acts as a funding vehicle under the Firm’s
$25 billion European MTN program rated A/A1/A+ by S&P, Moody’s, and Fitch respectively.
LB1GROUP (LB1)
LB1 Group was incorporated in 1973 under the laws of Delaware and is a wholly owned subsidiary of Lehman Brothers Inc,
which is wholly owned by LBHI. The company is a principal investment vehicle and acts as a holding company for
investments which includes private equity and risk arbitrage positions.
Lehman Commercial
Paper Inc. (LCPI)
LCPI is a wholly-owned subsidiary of LBI and primarily engages in the origination and trading of secured and unsecured
loans. As part of these activities, LCPI provides warehouse loans secured by mortgage loans and other assets. LCPI funds
itself through repurchase agreements, bank credit facilities and borrowings from LBHI. In addition, LCPI has a UK branch and
the entity is unregulated.
3
BOG--FOIA 10-267--000388
Legal Entity Descriptions 11/3/2010
Legal Entity Description
Neuberger Berman
(NBI)
Neuberger Berman Inc., a wholly owned subsidiary of Lehman Brothers Holdings Inc., conducts its principal activities out of
two registered Broker/Dealer's and Investment Advisers, Neuberger Berman, LLC ("LLC") and Neuberger Berman
Management Inc. ("NBMI"). LLC provides investment advisory services, managing equity, fixed income, balanced, socially
responsive and international portfolios for customers, including individuals, families, endowments, foundations, trusts and
employee benefit plans. NBMI, is an investment adviser to, and distr butor of, registered mutual funds.
4
BOG--FOIA 10-267--000389
i C Proc orRita C Proctor / DBOARD// RFRS
09/10/2008 07:40 PM
To
cc Subject Fw: Lehman
Eric oRosengren //BOS
/FRS@FRS
09/10/2008 05:40 PM
To Rita C Proctor/BOARD/FRS@BOARD, Donald L Kohn/BOARD/FRS@BOARD, Kevin Warsh/BOARD/FRS@BOARD, Randall S Kroszner/BOARD/FRS@BOARD, Elizabeth A
Duke/BOARD/FRS@BOARD, Timothy Geithner/NY/FRS@FRScc
Subject Lehman
I received another call from onight. They were not inspired by todays announcements by Lehman. They are worried that ratings may drop to the point they cannot use Lehman as a counterparty for their MMMFs. They have raised the haircut on non-government rp (they are not doing this with other investment banks). They are shrinking more rapidly the non-government rp positions but leaving the government rp positions the same for now.
-------------------------------------------------Eric S. RosengrenPresident & CEOFederal Reserve Bank of Boston617.973.3090 Fax: [email protected]
(b) (6)
(b) (4)
BOG--FOIA 10-267--000390
Scott AlvarezScott AlvarezScott AlvarezScott Alvarez ////BOARDBOARDBOARDBOARD////FRSFRSFRSFRS
09/10/2008 08:33 PM
To Thomas Baxter/NY/FRS@FRS cc
Subject Re: Fw: Invitation: Briefing re: Lehman (Sep 11 09:30 AM EDT in Board
Room)
Tom,Thanks. I've learned there's no mercy in banking!
Scott
Thomas Baxter/NY/FRS@FRS
ThomasThomasThomasThomas BaxterBaxterBaxterBaxter ////NYNYNYNY////FRSFRSFRSFRS@@@@FRFRFRFRSSSS
09/10/2008 08:27 PM
To Scott Alvarez/BOARD/FRS@BOARD
cc
Subject Fw: Invitation: Briefing re: Lehman (Sep 11 09:30 AM EDT in Board
Room)
Scott,
I will keep sending these to you, until you beg for mercy. Let me know if there are other Legal Division members you would like tormented.
Thomas C. Baxter, Jr.General Counsel and Executive Vice PresidentFederal Reserve Bank of New York----- Forwarded by Thomas Baxter/NY/FRS on 09/10/2008 08:26 PM -----
Calendar Entry
Subject Briefing re: Lehman
WhenDate Thursday 09/11/2008
Time 09:30 AM - 10:30 AM (1 hour)
Where Location Board Room
Chair
Timothy Geithner/NY/FRS
Sent byMarlene Williams/NY/FRS
Invitees
Arthur Angulo/NY/FRS@FRS, Beverly Hirtle/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Calvin Mitchell/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Christine Cumming/NY/FRS@FRS, Debby Perelmuter/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Jeanmarie Davis/NY/FRS@FRS, Joseph Sommer/NY/FRS@FRS, Joseph Tracy/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS,
BOG--FOIA 10-267--000391
Required (to)
Meg McConnell/NY/FRS@FRS, Michael Nelson/NY/FRS@FRS, Michael Schetzel/NY/FRS@FRS, Michael Schussler/NY/FRS@FRS, Patricia Mosser/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Sandy Krieger/NY/FRS@FRS, Scott Alvarez/BOARD/FRS@BOARD, Simon Potter/NY/FRS@FRS, Susan Stiehm/NY/FRS@FRS, Terrence Checki/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Thomas Baxter/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS, Tobias Adrian/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS, William Dudley/NY/FRS@FRS, William Rutledge/NY/FRS@FRS
Optional (cc)Hortense Hope/NY/FRS@FRS, Kristin Mayer/NY/FRS@FRS, Tanshel Pointer/NY/FRS@FRS
Please invite anyone else you feel should attend.Thank you.
lCall- n or atiin information :er nc dg fo a ner nc dg fo a nConference bridge informationConference bridge information ::::
Toll Free Dial In Number: ((866866)) 22209209-- 383864386438Int'l Access/Caller Paid Dial In Number: (865) 297-1127
Participant Code: 2623345
BOG--FOIA 10-267--000392
a k VanD eideMark VanDerWeide /BOARBOARD/F SFRS
09/10/2008 08:48 PM
To Scott Alvarez/BOARD/FRS@BOARD cc
Subject Fw: Lehman legal Vehicles - from NY
Legal
FYI.----- Forwarded by Mark VanDerWeide/BOARD/FRS on 09/10/2008 08:48 PM -----
Patrick .M.Park [email protected]
09/10/2008 06:20 PM
To "Jeff Stehm" <[email protected]>, "Mark VanDerWeide"
Subject Fw: Lehman legal Vehicles - from NY Legal
Fyi
----- Original Message ----- From: Jan Voigts Sent: 09/10/2008 06:03 PM EDT To: Patrick Parkinson Subject: Lehman legal Vehicles - from NY Legal(See attached file: lehman-CSE_Legal_Entity_Matrix_KM.XLS)___________________________
Jan VoigtsExamining OfficerFinancial Sector Policy and AnalysisFederal Reserve Bank of New York212-720-2298 (office)
917-292-3461 (Bberry)
Attachment is a duplicate
BOG--FOIA 10-267--000393
Lehman Brothers: Principal Subsidiaries (as defined by Lehman - see note below)
Consolidating balance sheet information as of May 31, 2008
Entity Jurisdiction Description of business
Lehman Brothers Holdings Inc Delaware Ultimate holding company for all LEH consolidated subsidiaries.
Lehman Brothers Inc Delaware
Principal US broker dealer. Conducts principal activities in capital markets, fixed income and equities, investment banking and investment
management. Primary dealer.
Lehman Brothers Derivative Products Inc Delaware
AAA rated special purpose subsidiary. Stand-alone derivative product company used to intermediate derivative transactions, including a full range of
OTC interest rate swaps and options, cross-currency swaps and foreign options, FX spots, forwards and options, as well as structured swap
products.
Lehman Brothers Financial Products Inc Delaware
AAA rated special purpose subsidiary. Stand-alone derivative product company used to intermediate derivative transactions. Has an enhanced
continuation structure which seeks to ensure that swap obligations will be fulfilled to maturity. Also offers a full range of OTC interest rate swaps and
options, cross-currency swaps and structured swap products. No longer accepts new trades (as of August 2004)
Lehman Brothers Investment Holding Company Inc Delaware
LB India Holdings Mauritius I Limited Mauritius
LB India Holdings Mauritius II Limited Mauritius
Lehman Commercial Paper Inc New York
Primarily engaged in the origination and trading of secured and unsecured loans. As part of this, provides warehouse loans secured by mortgage
loans and other assets. Funds itself through repos, bank credit facilities, and borrowings from LBHI. Has a U.K. branch.
Bromley LLC Delaware
East Dover Limited Ireland
Ivanhoe Lane Pty Limited Australia
Serafino Investments Pty Limited Australia
LCPI Properties, Inc New Jersey
LW LP Inc Delaware
M&L Debt Investments Holdings Pty Limited Australia
M&L Debt Investments Pty Limited Australia
Merit, LLC Delaware
Pindar Pty Ltd. Australia
Long Point Funding Pty Ltd Australia
Lehman Brothers Securities Taiwan Limited Taiwan
Lehman Brothers Special Financing Inc Delaware
Engages in fixed income and currency swaps and derivatives businesses. Principal dealer in a broad range of derivative products including interest
rate, currency, credit and mortgage derivatives. Enters futures contracts and securities transactions to hedge its derivatives exposure. [Statement
from legal entity chart provided by LEH: Fully guaranteed by the holding company.] [Statement at 8/13 meeting on derivatives: derivatives positions
are guaranteed by LBHI on a transaction basis.]
LB3 GmbH Germany
Lehman Brothers Commodity Services Inc Delaware
Eagle Energy Management, LLC Delaware
Eagle Energy Partners I, L.P. Texas
LB I Group Inc Delaware Principal investment vehicle and acts as a holding company for investments which includes private equity and risk arbitrage positions
GRA Finance Corporation Ltd. Mauritius
LB-NL Holdings I Inc Delaware
LB-NL Holdings Inc Delaware
LB-NL U.S. Investor Inc Delaware
NL Funding, LP Delaware
Lehman Brothers U.K. Holdings (Delaware) Inc. Delaware
LB India Holdings Cayman I Limited Cayman Islands
Lehman Brothers Services India Private Limited India
Lehman Brothers Fixed Income Securities Private Limited India
LB UK RE Holdings Ltd UK
LB UK Financing Limited UK
LB SF No. 1 Ltd UK
Lehman Commercial Mortgage Conduit Ltd. UK
Falcon LB Sari Luxembourg
LB SPV SCA Luxembourg
LB India Holdings Cayman II Limited Cayman Islands
LB Lease & Finance No. 1 Ltd. UK
Lehman Brothers Capital GmbH Co Germany
Ballybunion Investment No. 2 Ltd. Cayman Islands
Ballybunion Investment No. 3 Ltd. Cayman Islands
Dynamo Investments Ltd. Cayman Islands
Ballybunion Partnership Hong Kong
BOG--FOIA 10-267--000394
Lehman Brothers: Principal Subsidiaries (as defined by Lehman - see note below)
Consolidating balance sheet information as of May 31, 2008
Entity Jurisdiction Description of business
Lehman Brothers Treasury Co. B.V. The Netherlands
Primary objective is to raise funds for European-based businesses. Acts as a funding vehicle under the Firm's $25 billion European MTN program.
Its Eurodebt issuances are guaranteed by LBHI.
Lehman Brothers Holdings Scottish LP UK
Lehman Brothers Spain Holdings Limited UK
Lehman Brothers Luxembourg Investments Sari Luxembourg
Woori-LB Fifth Asset Securitization Specialty Co., Ltd. Republic of Korea
Lehman Brothers Asset Management France France
Lehman Brothers U.K. Holdings Ltd. UK
Lehman Brothers (PTG) Limited UK
Eldon Street Holdings Limited UK
Thayer Properties Limited UK
Theyer Group Limited UK
Thayer Properties (Jersey) Ltd. UK
Lehman Brothers Holdings Plc UK
LB Holdings Intermediate 1 Ltd. UK
LB Holdings Intermediate 2 Ltd. UK
Lehman Brothers International (Europe) UK
Primary UK broker-dealer. Activities include trading and broking fixed income financial instruments, syndicating and underwriting new security issues
and stockbroking in relation to seucities in many major and some emerging markets around the world. Benefits from a full guarantee from LBHI.
Principal sources of funding inlude repos, equity finance, secured bank lines, and funding from other Lehman group entities. Branches in Amsterdam,
Frankfurt, Madrid, Milan, Paris, Stockholm, Tel Aviv, Zurich, and Seoul.
Furno & Del Castano Capital Partners LLP UK
Lehman Brothers Asset Management (Europe) Ltd. UK
MBAM Investor Limited UK
Lehman Brothers Limited UK
Lehman Brothers Europe Limited UK
Engaged in investment banking and corporate finance activities as well as arranging derivatives transactions as agent for various other Lehman
subsidiaries.
Woori-LB Fourth Asset Securitization Specialty Co., Ltd. Republic of Korea
Lehman Brothers UK Investments Limited UK
LB Investments (UK) Limited UK
LB Alpha Finance Cayman Limited Cayman Islands
LB Beta Finance Cayman Limited Cayman Islands
Lehman Brothers Holdings Scottish LP 2 UK
Lehman Brothers Holdings Scottish LP 3 UK
Lehman Brothers Asia Pacific PTE Ltd Singapore
Lehman Brothers Asia Holdings Limited Hong Kong
Lehman Brothers Equity Finance Limited Cayman Islands
Lehman Brothers Securities N.V. The Netherlands
Lehman Brothers Pacific Holdings Pte Ltd. Singapore
Lehman Brothers Asia Limited Hong Kong
Lehman Brothers Securities Asia Limited Hong Kong
SAIL Investor Pte Ltd. Singapore
Lehman Brothers Futures Asia Limited Hong Kong
Lehman Brothers Singapore PTE Ltd. Singapore
Lehman Brothers Investments PTE Ltd. Singapore
Lehman Brothers Holdings Japan Inc Japan
Lehman Brothers Japan Inc Japan
Primary Tokyo broker-dealer, engages in trading and broking various financial instruments, syndicating and underwriting new security issues, money
lending, etc. Member of Tokyo stock exchange.
Lehman Brothers Capital Private Limited India
Lehman Brothers Securities Private Limited India
Lehman Brothers Bancorp Inc Delaware
Lehman Brothers Bank, FSB
Federally chartered
savings bank Thrift, with branches in Wilmington, Delaware and Jersey City, NJ. Finances itself through broker CD, sweep, and retail customer deposits.
Aurora Loan Services LLC Delaware
Lehman Brothers Trust Company of Delaware Delaware
Lehman Brothers Commercial Bank Utah
Primary business consists of commercial lending and commercial real estate lending to major corporations and short term warehouse lending. Also
provides interest rate derivative products to various customers. Primary marketplace is the U.S., and customers includemajor corporations,
municipalities, banks and quasi-governmental activities. Funding for lending activities occurs primarily through issuing CDs. No retail deposits.
Lehman Brothers Trust Company , National Association
Lehman Brothers Bancorp UK Holdings Limited UK
MABLE Commercial Funding Limited UK
ELQ Holdings B.V. The Netherlands
EL Q Hypothekan N.V. The Netherlands
Resetfan Limited UK
Preferred Holdings Limited UK
BOG--FOIA 10-267--000395
Lehman Brothers: Principal Subsidiaries (as defined by Lehman - see note below)
Consolidating balance sheet information as of May 31, 2008
Entity Jurisdiction Description of business
Preferred Group Limited UK
Preferred Mortgages Limited UK
Capstone Mortgage Services Ltd. UK
Southern Pacific Mortgage Limited UK
Storm Funding Ltd. UK
Lehman Brothers Bankhaus Aktiengesellschaft Germany
Fully licensed German bank, engaged in traditional bank lending and financing activities as well as investment banking activities. The bank finances
itself primarily using unsecured and secured money market facilities. Fully guaranteed by LBHI.
Neuberger Berman Inc Delaware
Conducts principal activities out of two registered broker-dealers and investment advisers (Neuberger Berman, LLC and Neuberger Berman
Management Inc).
Neuberger Berman Asset Management, LLC Delaware Investment adviser to, and distributor of, registered mutual funds.
Neuberger Berman Investment Services, LLC Delaware
Neuberger Berman Management Inc New York
Executive Monetary Management, Inc. New York
Neuberger Berman, LLC Delaware
Provides investment advisory services, managing equity, fixed income, balanxced, socially responsive and international portfolios for customers,
including individuals, families, endowments, foundations, trusts, and employee benefit plans.
Neuberger Berman Pty Ltd. Australia
Neuberger & Berman Agency, Inc New York
Lehman Brothers OTC Derivatives Inc. Delaware
OTC derivatives dealer. Trading is limited to certain equity and fixed income derivative products (including options on EM bonds) and related hedge
transactions. As required by SEC, clears business through LBI. [Guaranteed by LBHI?]
Lehman ALI Inc. Delaware Invests in California real estate as well as acting as a lender in connection with commercial real estate transactions
314 Commonwealth Ave. Inc Delaware
Alnwick Investments (UK) Ltd UK
Bamburgh Investments (UK) Ltd. UK
Geinsborough Investments BV The Netherlands
Kenilworth Investments 1 Ltd. Cayman Islands
Kenilworth Investments 2 Ltd. Cayman Islands
Brasstown LLC Delaware
Brasstown Namsfield I SCA Luxembourg
Lehman Capital Investments 2 Ltd. Cayman Islands
Property Asset Management Inc. Delaware
L.B.C. YK Japan
LB Capital Investments 2 Ltd. Cayman Islands
LBS Holdings SARL Luxembourg
Lehman Brothers Global Investments LLC Delaware
New Century Finance Co. LTD Japan
Lehman Brothers Commercial Mortgage K.K. Japan
Lehman Brothers Hy Opportunities Korea Inc Republic of Korea
Lehman Brothers P.A. LLC Delaware
Lehman Brothers (Luxembourg) S.A. Luxembourg
Acts as a conduit for stock loan and repo transactions between Lehman entities or with an external counterparty. Transactions are guaranteed by
LBHI.
Appalachian Asset Management Corp Delaware
Lehman Risk Services Ltd Bermuda
Banque Lehman Brothers S.A. France
LBAC Holdings I Inc Delaware
Lehman Brothers Asia Capital Company Hong Kong
ARS Holdings I LLC Delaware
LB 745 LLC Delaware
LB 745 Leaseco I LLC Delaware
LBCCA Holdings I LLC Delaware
Lehman Brothers Asia Capital Company Hong Kong
Lehman Brothers Commercial Corporation Asia Limited Hong Kong
Revival Holdings Limited Cayman Islands
Sunrise Finance Co., Ltd Japan
Global Koreal Investment Ltd. Cayman Islands
80GKI Development Inc Cayman Islands
GKI Korea Development Ltd. Malaysia
Maewha K-STARS Ltd. Republic of Korea
Falcon Holdings I LLC Delaware
Falcon Holdings II LLC Delaware
CIMT Ltd Cayman Islands
TMIC Ltd Cayman Islands
MICT Ltd Cayman Islands
Falcon Investor I-X Inc Cayman Islands
Global Thai Property Fund Thailand
Lehman Brothers Co-Investment Associates LLC Delaware
Lehman Brothers Australia Holdings PTY Limitied Australia
Lehman Brothers Australia Granica PTY Limited Australia
BOG--FOIA 10-267--000396
Lehman Brothers: Principal Subsidiaries (as defined by Lehman - see note below)
Consolidating balance sheet information as of May 31, 2008
Entity Jurisdiction Description of business
Lehman Brothers Australia Limited Australia
LB Asset Management Ltd. Australia
Lehman Brothers Private Equity L.L.C. Delaware
Lehman Brothers Private Funds Investment Company GP, LLC Delaware
Lehman Brothers Private Fund Management LP Delaware
Lehman Brothers Private Fund Advisors LP Delaware
Lehman Re Ltd. Bermuda
Lehman Risk Advisors Inc. Delaware
LIBRO Holdings I Inc Delaware
Lehman Brothers do Brasil Ltda Brazil
Principal Transactions Inc. Delaware
Louise Y.K. Japan
Y.K. Tower Funding Japan
Southern Pacific Funding 5 UK
Wharf Reinsurance Inc. New York
Real Estate Private Equity Inc. Delaware
REPE LBREP III LLC Delaware
LBCCA Holdings II LLC Delaware
Falcon Hldings I LLC Delaware
Falcon Holdings II Inc. Delaware
CIMT Ltd Cayman Islands
TMIC Ltd Cayman Islands
MICT Ltd Cayman Islands
Falcon Investor I-X Inc Cayman Islands
Global Thai Property Fund Thailand
Lehman Brothers Commercial Corporation Asia Limited Hong Kong
Revival Holdings Limited Cayman Islands
Global Korea Investments Ltd. Cayman Islands
SOGKI Development Inc. Cayman Islands
GKI Korea Development Ltd. Malaysia
Meewha K-STARS Ltd Republic of Korea
Sunrise Finance Co., Ltd Japan
LB Delta Funding Cayman Islands
LB Delta (Cayman) No 1 Ltd. Cayman Islands
LBHK Funding (Cayman) No. 4 Ltd. Cayman Islands
LBHK Funding (Cayman) No. 1 Ltd. Cayman Islands
LB Russia Holdings LLC Delaware
LB Russia Holdings Inc Delaware
OOO Lehman Brothers Russia
Lehman Brothers Asset Management Inc Delaware
Lehman Brothers Asset Management LLC Delaware
Lehman Brothers AIM Holdings LLC Delaware
Lehman Brothers Alternative Investment Management LLC Delaware
Note on definition of "Principal Subsidiaries", per LEH: Excludes subsidiaries which, in the aggregate, would not constitute a Significant Subsidiary (as defined in Rule 1-02(w) of Regulation S-X) of LBHI as of November 30, 2007, i.e., LBHI's and the listed subsidiaries investments in and advances to the omitted subsidiaries do not exceed 10% of total consolidated assets; and LBHI's and the listed subsidiaries' equity
in the income from continuing operations before income taxes, extraordinary items and cumulative effect of a change in accounting principle of the omitted subsidiaries does not exceed 10% of such consolidated income.
Other material subsidiaries listed on "Legal Entity Description" document dated 8/12/08 but not listed in Exhibit 21.01 of Lehman 10-K or org chart as of November 30, 2007.
Lehman Brothers Commercial Corp. [?] Acts primarily as a dealer in OTC foreign currency forwards and options and exchange-traded futures and futures option contracts.
Lehman Brothers Finance Switzerland Headquartered in Zurich, with a branch in Curacao. Booking entity for equity derivatives. LBHI guarantees all trades.
Consolidated Entity
BOG--FOIA 10-267--000397
Business lines conducted within entity Regulator(s) Regulated entity type Applicable regulatory limitations on liquidity withdrawal Access to central bank liquidity Comments per CPC Team
Total
assets Debt Equity
Regulatory
Capital
Assets % of
Consol. Entity
SEC consolidated supervised entity SEC capital rules for CSEs 231,797 205,522 26,275 36%
SEC; CFTC; FINRA Broker-dealer, FCM SEC Net Capital Rule, SEC Customer Protection Rule, CFTC capital rules Federal Reserve: OMO, TSLF, Sec Lending, PDCF. 320,850 316,271 4,579 50%
None None None Not very active. Positions are back-to-backed to LBSF so that no market risk resides in LBDP 535 487 47 0%
None None None Not very active 536 246 290 0%
none none none 66,330 66,392 -62 10%
none None None
A good portion of Lehman's derivatives book is back to backed into LBSF. [Still confirming from meeting notes.] Lehman houses its
derivatives positions in LBSF in order to avoid capital and 15c3-3 implications. Somewhat unusually, compared to other IBs, LBSF is a
subsidiary of the broker-dealer, rather than the holding company. FINRA has asked Lehman to consider moving derivatives book under
Utah industrial bank. 115,113 114,638 475 18%
none none none 11,590 11,552 37 2%
BOG--FOIA 10-267--000398
Business lines conducted within entity Regulator(s) Regulated entity type Applicable regulatory limitations on liquidity withdrawal Access to central bank liquidity Comments per CPC Team
Total
assets Debt Equity
Regulatory
Capital
Assets % of
Consol. Entity
[none?] [none?] [none?] none 36,955 34,809 2,146 6%
13,037 5,942 7,094 2%
U.K. FSA broker-dealer U.K. FSA capital rules [none]
Books a substantial percentage of derivatives transactions, primarily for European entities that need to faced a regulated entity for capital
or other regulatory reasons. 368,704 361,249 7,455 58%
FSA [?] [?] 646 79 566 0%
Japan FSA Broker-dealer Japan FSA and Bank of Japan capital rules [none] 29,474 28,727 746 5%
OTS Federal savings bank OTS capital rules Federal Reserve: Discount Window, TAF 11,079 9,387 1,692 2%
FDIC, Utah Department of
Financial Institutions industrial bank FDIC capital rules applicable to non-member banks, Section 23A & B of the Federal Reserve Act Federal Reserve: Discount Window, TAF Pending request for 23A exemption to enable transfer of assets to LBCB over one year timeframe. 6,319 5,363 957 1%
BOG--FOIA 10-267--000399
Business lines conducted within entity Regulator(s) Regulated entity type Applicable regulatory limitations on liquidity withdrawal Access to central bank liquidity Comments per CPC Team
Total
assets Debt Equity
Regulatory
Capital
Assets % of
Consol. Entity
BaFin Fully licensed German bank BaFin capital rules ECB? Bundesbank? 32,891 31,627 1,264 5%
4,221 1,306 2,916 1%
SEC [broker-dealer,] investment adviser [SEC capital rules, SEC Customer Protection Rule]
SEC broker-dealer, investment adviser SEC capital rules, SEC Customer Protection Rule
SEC OTC derivatives dealer SEC capital rules applicable to OTC derivatives dealers 5,392 5,167 226 1%
[none] [none] [none] 24,412 24,876 -464 4%
[none] [none] [none?] [none] 38,598 38,586 38,598 6%
BOG--FOIA 10-267--000400
Business lines conducted within entity Regulator(s) Regulated entity type Applicable regulatory limitations on liquidity withdrawal Access to central bank liquidity Comments per CPC Team
Total
assets Debt Equity
Regulatory
Capital
Assets % of
Consol. Entity
none none none
Booking entity for FX and commodity-related derivatives. Positions are back-to-backed to LBSF. Is this "Lehman Brothers
Commercial Corporation Asia Ltd", the Hong Kong entity listed on the LBHI org chart? 3,352 3,121 231 1%
none none none Positions are back-to-backed to LBSF 43,053 42,773 280 7%
639,432 613,156 26,276 100%
BOG--FOIA 10-267--000401
Debt % of Consol. Entity Equity % of Consol. Entity
Double
Leverage
32% 4%
49% 1%
0% 0%
0% 0%
10% 0%
18% 0%
2% 0%
BOG--FOIA 10-267--000402
Debt % of Consol. Entity Equity % of Consol. Entity
Double
Leverage
5% 0%
1% 1%
56% 1%
0% 0%
4% 0%
1% 0%
1% 0%
BOG--FOIA 10-267--000403
Debt % of Consol. Entity Equity % of Consol. Entity
Double
Leverage
5% 0%
0% 0%
1% 0%
4% 0%
6% 6%
BOG--FOIA 10-267--000404
Debt % of Consol. Entity Equity % of Consol. Entity
Double
Leverage
0% 0%
7% 0%
96% 4%
BOG--FOIA 10-267--000405
o y St ans onCoryann Stefansson / DBOARD// RFRS
09/10/2008 08:49 PM
To Deborah P Bailey/BOARD/FRS@BOARD, "Norah
Barger" <[email protected]> cc
Subject Fw: Lehman---Under the Gun
Coryann Stefansson
Associate Director
Bank Supervision and Regulation
Work # 202 452 5287
Cell # 202 294 9829
From: "O'Connell, Ryan1 " [[email protected]]
Sent: 09/10/2008 08:38 PM AST
To: undisclosed-recipients:
Subject: Lehman---Under the Gun
<<Lehman--Under the Gun.pdf>>
(b) (4)
BOG--FOIA 10-267--000406
Ryan O'Connell
Director Corporate Bond Research Citi Investment Research
388 Greenwich Street
New York, NY 10013
tel: 212-816-8669
email: [email protected]
For important disclosures regarding Citi Investment Research, including with respect to any issuers mentioned herein, please refer to the Citi Investment Research disclosure website at
https://www.citigroupgeo.com/geopublic/Disclosures/disclosure.html
- Lehman--Under the Gun.pdf
BOG--FOIA 10-267--000407
(b) (4)
BOG--FOIA 10-267--000408
(b) (4)
BOG--FOIA 10-267--000409
Citigroup Global Markets Inc.
(b) (4)
BOG--FOIA 10-267--000410
(b) (4)
BOG--FOIA 10-267--000411
(b) (4)
BOG--FOIA 10-267--000412
(b) (4)
BOG--FOIA 10-267--000413
(b) (4)
BOG--FOIA 10-267--000414
Patrick M ParkinsonPatrick M ParkinsonPatrick M ParkinsonPatrick M Parkinson ////BOARDBOARDBOARDBOARD////FRSFRSFRSFRS
09/11/2008 06:55 AM
To "Don Kohn" <[email protected]>, "Scott Alvarez"
<[email protected]>, "Brian cc
Subject Fw: revised Liquidation Consortium
gameplan + questions
From: Michael.Nelson
Sent: 09/10/2008 10:59 PM AST
To: Christine Cumming; Terrence Checki; Jamie McAndrews; Thomas Baxter; Chris McCurdy; Dianne Dobbeck;
William BRODOWS; Brian Peters; William Dudley; Michael Schetzel; Patrick Parkinson
Subject: revised Liquidation Consortium gameplan + questions
- LEGALDOCS-#283188-v1-9_10.DOC
BOG--FOIA 10-267--000415
Liquidation Consortium
(b) (5)
BOG--FOIA 10-267--000416
2
(b) (5)
BOG--FOIA 10-267--000417
3
(b) (5)
BOG--FOIA 10-267--000418
4
(b) (5)
BOG--FOIA 10-267--000419
5
(b) (5)
BOG--FOIA 10-267--000420
Patrick M ParkinsonPatrick M ParkinsonPatrick M ParkinsonPatrick M Parkinson ////BOARDBOARDBOARDBOARD////FRSFRSFRSFRS
09/11/2008 06:59 AM
To "Don Kohn" <[email protected]>, "Scott Alvarez"
<[email protected]>, "Brian cc
Subject Fw: Summary doc and notes
Theodore Lubke
----- Original Message ----- From: Theodore Lubke
Sent: 09/11/2008 12:29 AM EDT
To: Jan Voigts; Jeanmarie Davis; JohnP McGowan; Joseph Sommer; Lily Tham;
Lucinda Brickler; Marsha Takagi; Michael Schussler; Shari Ben-Haim; Susan Stiehm; Tatyana Klimova; Theodore Lubke; Wendy Ng; Patrick Parkinson; Jeff Stehm; Daniel Muccia; [email protected]
Subject: Summary doc and notes
Here are 2 documents from our discussions tonight. One is the full notes (Lehman v2) and the other (Bankruptcy Analysis) starts to prioritize and provide more direction for continued work. I hope to add a bit more to the second document by the time we meet but wanted to share these for the early risers Thursday!
Pat and Jeff - could one of you plase circulate to the others at BOG staff? I didn't catch the names in the notes Also, we're going to be starting at 8:30 Thursday -same dial-in info - if you can continue to join us.
Thank you all for your contributions.
Theo
Theo LubkeSenior Vice PresidentBank Supervision GroupFederal Reserve Bank of New [email protected]: 212-720-6334fax: 212-720-7818http://www.newyorkfed.org
BOG--FOIA 10-267--000421
CONFIDENTIAL September 10, 2008
1
Bankruptcy Analysis - Summary
(b) (5)
BOG--FOIA 10-267--000422
CONFIDENTIAL September 10, 2008
2
(b) (5)
BOG--FOIA 10-267--000423
CONFIDENTIAL September 10, 2008
3
(b) (5)
BOG--FOIA 10-267--000424
Lehman
I. Participants: TL, WN, Lucinda B., Marsha T., Jeanmarie D., Michael S., Jan V., Susan Stiehm (Markets Group), Jeff Stehm (FRB
Board), Alex Merle-Huet, Joe Sommer, Dan Muccia, Tanya Klimova, Lily Tham, Pat Parkinson(FRB Board).
II. Brainstorming exercise: If there is no successful purchase of L or other ways for L to continue as a viable entity - end of the organization,
what is next?
(b) (5)
BOG--FOIA 10-267--000425
(b) (5)
BOG--FOIA 10-267--000426
(b) (5)
BOG--FOIA 10-267--000427
(b) (5)
BOG--FOIA 10-267--000428
PatrickPatrickPatrickPatrick ....MMMM....ParkinsonParkinsonParkinsonParkinson @@@@frbfrbfrbfrb....govgovgovgov
09/11/2008 08:05 AM
To [email protected], [email protected],
Subject Fw: First cut of liquidation consortium
timeline
----- Forwarded by Patrick M Parkinson/BOARD/FRS on 09/11/2008 08:05 AM-----
To09/11/2008 07:53 [email protected],AM [email protected],
[email protected],[email protected],[email protected], "DianneDobbeck"<[email protected]>,[email protected],[email protected],[email protected],[email protected],[email protected],[email protected],[email protected]
cc
SubjectFirst cut of liquidation consortiumtimeline
(See attached file: LEGALDOCS-#283214-v1-timeline.DOC) -
LEGALDOCS-#283214-v1-timeline.DOC
BOG--FOIA 10-267--000429
Timeline – Liquidation Consortium
(b) (5)
BOG--FOIA 10-267--000430
(b) (5)
BOG--FOIA 10-267--000431
(b) (5)
BOG--FOIA 10-267--000432
BenShari Ben - aimHaim// YNY/F SFRS
09/11/2008 08:43 AM
To Patrick M
Parkinson/BOARD/FRS@BOARD cc Wendy Ng/NY/FRS@FRS, Theodore
Lubke/NY/FRS@FRS Subject Bankruptcy Analysis
Hi Pat,
Please find attached per Theo's request
___________________________________Shari R. Ben-HaimBank ExaminerFederal Reserve Bank of New York33 Liberty StreetNew York, NY 10045212-720-1238
Attachment is a duplicate
BOG--FOIA 10-267--000433
e LevJeffrey Levine /NY//FRS
09/11/2008 08:57 AM
To NY Bank Sup - CPC Updates cc Laura Braverman/NY/FRS@FRS,
Barbara Yelcich/NY/FRS@FRS,
Gregory Gaare/NY/FRS@FRS, Subject Minutes from this week's JPMC
treasury meeting
**Strictly Confidential - F.R. Material**
All,
Below are some highlights from this week's meeting with JPMC's Treasury.
Jeff
(b)(4) & (b)(8)
BOG--FOIA 10-267--000434
(b)(4) & (b)(8)
BOG--FOIA 10-267--000435
(b)(4) & (b)(8)
BOG--FOIA 10-267--000436
Calendar EntryNotify me
Mark Private Pencil In
Subject Briefing re: Lehman
When
Starts Thu 09/11/2008 12:00 PM
Ends Thu 09/11/2008 01:00 PM1 hour
Specify a different time zone
Invitees
Invited The following invitees have been invited
Required (to)Andrew Danzig/NY/FRS@FRS, Arthur Angulo/NY/FRS@FRS, Beverly Hirtle/NY/FRS@FRS, Brian
Chair Timothy Geithner/NY/FRS
Where
Location Board Room
ReservedNo rooms or resources have been reserved
Categorize
Description
Please invite anyone else you feel should attend.Thank you.
CallCallCallCall----in informationin informationin informationin information ::::Conference bridge informationConference bridge informationConference bridge informationConference bridge information ::::
Toll Free Dial In Number: ((((866866866866)))) 209209209209----6438643864386438Int'l Access/Caller Paid Dial In Number: (865) 297-1127
Participant Code: 623345623345623345623345
Your Notes
BOG--FOIA 10-267--000437
insPatrick M Parkinson /BOARD/F SFRS
09/11/2008 10:31 AM
To [email protected] cc Daniel M
Covitz/BOARD/FRS@BOARD,
Gustavo A Subject Lehman Brothers
How important is it as a CP dealer? If it ceased functioning as a CP dealer, could issuers readily distribute their paper through other dealers?
Pat
BOG--FOIA 10-267--000438
BegalBrian Begalle // YNY/F SFRS
09/11/2008 10:39 AM
To Lucinda M Brickler/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS,
cc Yuliya Spivak/NY/FRS@FRS Subject Lehman triparty summary from
yesterday
Restricted FR
Just a quick update....not sure who needs to see this, so I'll cast a wide net.
The book shrunk by about $18 billion (from $142 billion on Tuesday to $124 billion yesterday).
The reduction was driven by:$11 billion reduction in OMO-eligible assets ($6 billion in Agency MBS, $3 billion in Agency �
Debentures, $2 billion in Ginnie Mae MBS)$4 billion reduction in non-OMO assets that are PDCF-eligible ($3 billion in investment grade �
corporate bonds, $500 million in investment grade private label CMO, $500 million in investment grade CP)$2.7 billion reduction in non-PDCF eligible assets ($1.2 billion in equities, $800 million reduction in �
noninvestment grade corporate bonds, $900 million in noninvestment grade CP, muni bonds were up a bit to provide the offset)
On the investor side:The total number of investors was down from 63 to 50. �
The largest investors remain, most with some reducton in funding - �
Detail on book and investor list is attached below. Please let me know if you have any questions.
Brian BegalleFederal Reserve Bank of New YorkPhone: (212) 720-6056
(b)(4) & (b)(8)
BOG--FOIA 10-267--000439
Triparty Collateral Analysis Thu Sep 11 08:00:26 EDT 2008
Customer Collateral Value Including Accrued Interest Collateral Value After Margin Reduction Effective Margin %
11.LEHMAN BROTHERS
1-FRB Securities
US Treasuries and Strips $37,617,697,693.35 $37,069,752,910.19 101.48%
Freddie Mac & Fannie Mae MBS $30,321,388,313.01 $29,762,746,192.07 101.88%
US Government Agency Securities $17,506,200,457.62 $17,199,681,599.17 101.78%
Freddie Mac & Fannie Mae REMICs $2,276,803,241.02 $2,267,565,702.13 100.41%
Ginnie Mae MBS Pools $409,986,267.12 $402,509,972.91 101.86%
Ginnie Mae REMICs $335,512,556.07 $331,733,704.01 101.14%
$88,467,588,528.19 $87,033,990,080.48
2-DTC Fixed Income Securities
Investment Grade
Corporate Bonds $6,414,694,657.19 $6,082,323,218.63 105.46%
Private Label CMO $5,332,938,014.69 $5,051,034,863.68 105.58%
Commercial Paper $4,467,760,115.30 $4,193,882,034.45 106.53%
Asset Back Securities $2,769,313,037.66 $2,439,410,493.13 113.52%
Municipal Bonds $1,911,445,067.96 $1,836,516,333.93 104.08%
Other $612,681,680.48 $600,876,591.34 101.96%
$21,508,832,573.28 $20,204,043,535.16
Non-Investment Grade
Private Label CMO $355,945,867.01 $257,448,422.21 138.26%
Other $155,286,682.04 $153,919,108.61 100.89%
Corporate Bonds $3,358,173,620.32 $3,171,755,366.83 105.88%
Commercial Paper $2,516,484,546.69 $2,467,141,715.01 102.00%
Municipal Bonds $1,702,569,427.38 $1,638,510,976.83 103.91%
Asset Back Securities $1,591,553,344.30 $1,225,572,384.67 129.86%
$9,680,013,487.74 $8,914,347,974.16
$31,188,846,061.02 $29,118,391,509.32
3-DTC Equities
Investment Grade
Equities & Equity Derivatives $172,313,430.04 $163,928,767.80 105.11%
Non-Investment Grade $172,313,430.04 $163,928,767.80
Equities & Equity Derivatives $8,185,042,080.45 $7,462,464,997.37 109.68%
$8,185,042,080.45 $7,462,464,997.37
$8,357,355,510.49 $7,626,393,765.17
4-Other $222,264,800.96 $221,985,098.02 100.13%
$222,264,800.96 $221,985,098.02
5-Cash 5-Cash as collateral $208,000,000.00 $208,000,000.00 100.00%
$208,000,000.00 $208,000,000.00
BOG--FOIA 10-267--000440
TOTAL Unwind: $128,444,054,900.66 $124,208,760,452.99
BOG--FOIA 10-267--000441
$23,827,417,000.00
$11,226,171,540.00
$10,820,389,375.00
$10,372,081,999.28
$8,232,122,000.00
$6,472,100,000.00
$5,290,603,250.00
$4,593,000,000.00
$3,802,930,781.25
$3,770,879,967.26
$3,740,000,000.00
$3,565,000,000.00
$3,500,000,000.00
$3,499,095,592.00
$3,050,000,000.00
$2,550,000,000.00
$2,400,000,000.00
$1,781,000,000.00
$1,533,000,000.00
$1,116,000,000.00
$1,077,876,863.74
$814,875,000.00
$728,765,825.47
$650,425,000.00
$632,700,000.00
$550,000,000.00
$550,000,000.00
$500,000,000.00
$500,000,000.00
$390,000,000.00
$370,038,750.00
$352,185,796.00
$232,114,041.95
$197,808,000.00
$187,197,814.73
$150,000,000.00
$126,915,183.00
(b)(4) & (b)(8)
BOG--FOIA 10-267--000442
$125,000,000.00
$100,916,667.98
$100,026,136.41
$100,000,000.00
$100,000,000.00
$76,027,094.94
$59,000,000.00
$44,312,614.01
$35,000,000.00
$29,020,000.00
$4,202,945.10
$3,206,280.00
$435,397.50
(b)(4) & (b)(8)
BOG--FOIA 10-267--000443
i William Carlucci / YNY/FRS
09/11/2008 11:00 AM
To Chris McCurdy/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS,
Sandy Krieger/NY/FRS@FRS, cc
Subject DTCC Data as of 9-11
eNote - W i e o o n t e a d t While the following data is the standard Thursday data email , e m d t h s r ke Lehman data has been broken out r p l bwhere applicable .
p pGCF RepoGCF Repo
Attached please find the updated GCF numbers for today. In addition, I've included a snapshot of Lehman's activity since the beginning of the month as well as Lehman's 60 day average activity. As can be seen from yesterday's figures, Lehman shifted more activity to GCF activity.
BUSINESS_DATE ACCCOUNT ID ACCOUNT NAME REPO PAR REVR PAR NET
9/10/2008 9538 LEHMAN BROTHERS INC 53,900,000,000.00 51,770,000,000.00 -2,130,000,
9/9/2008 9538 LEHMAN BROTHERS INC 25,300,000,000.00 39,350,000,000.00 14,050,000,
9/8/2008 9538 LEHMAN BROTHERS INC 19,450,000,000.00 36,100,000,000.00 16,650,000,
9/5/2008 9538 LEHMAN BROTHERS INC 28,000,000,000.00 31,550,000,000.00 3,550,000,
9/4/2008 9538 LEHMAN BROTHERS INC 17,800,000,000.00 29,350,000,000.00 11,550,000,
9/3/2008 9538 LEHMAN BROTHERS INC 14,100,000,000.00 28,050,000,000.00 13,950,000,
9/2/2008 9538 LEHMAN BROTHERS INC 10,350,000,000.00 34,250,000,000.00 23,900,000,
60 Day Average 9,428,750,000.00 26,173,000,000.00
CP - nLehman
The following is a snapshot of Lehman's outstanding CP as of today.
cusip issuer_nm maturity_dt total_position_outstanding
52525MJB5 LEHMAN BRTHRS HLDG INC 9/11/2008 30,000,000
52525MJC3 LEHMAN BRTHRS HLDG INC 9/12/2008 21,500,000
52525MJF6 LEHMAN BRTHRS HLDG INC 9/15/2008 433,383,000
52525MJK5 LEHMAN BRTHRS HLDG INC 9/19/2008 110,000,000
52525MJN9 LEHMAN BRTHRS HLDG INC 9/22/2008 500,000,000
52517JJN6 LEHMAN BRTHRS HLDG INC 9/22/2008 2,000,000
52525MJW9 LEHMAN BRTHRS HLDG INC 9/30/2008 20,000,000
52517JK12 LEHMAN BRTHRS HLDG INC 10/1/2008 2,000,000
52517JK95 LEHMAN BRTHRS HLDG INC 10/9/2008 16,922,000
52525MKA5 LEHMAN BRTHRS HLDG INC 10/10/2008 211,000,000
52517JKE4 LEHMAN BRTHRS HLDG INC 10/14/2008 1,260,000
52525MKT4 LEHMAN BRTHRS HLDG INC 10/27/2008 200,000,000
52525MKV9 LEHMAN BRTHRS HLDG INC 10/29/2008 240,000,000
52525KAB8 LEHMAN BRTHRS HLDG INC 3/11/2009 130,000,000
52525KAD4 LEHMAN BRTHRS HLDG INC 3/23/2009 150,000,000
BOG--FOIA 10-267--000444
GOV data forGOV data forGOV data forGOV data for 9999----10101010
NSCCNSCCNSCCNSCC
Best Regards,
William CarlucciSenior Bank ExaminerFederal Reserve Bank of New York212-720-8969/212-855-3390 (DTC)
BOG--FOIA 10-267--000445
Page 2 of 10
(b)(4) & (b)(8)
BOG--FOIA 10-267--000446
Page 3 of 10
(b)(4) & (b)(8)
BOG--FOIA 10-267--000447
Page 4 of 10
(b)(4) & (b)(8)
BOG--FOIA 10-267--000448
Confidential Treatment Requested by DTC, NSCC FICC Pursuant to the Freedom of Information Act
(b)(4) & (b)(8)
BOG--FOIA 10-267--000449
Confidential Treatment Requested by DTC, NSCC FICC Pursuant to the Freedom of Information Act
(b)(4) & (b)(8)
BOG--FOIA 10-267--000450
Confidential Treatment Requested by DTC, NSCC FICC Pursuant to the Freedom of Information Act
(b)(4) & (b)(8)
BOG--FOIA 10-267--000451
Confidential Treatment Requested by DTC, NSCC FICC Pursuant to the Freedom of Information Act
(b)(4) & (b)(8)
BOG--FOIA 10-267--000452
Confidential Treatment Requested by DTC, NSCC FICC Pursuant to the Freedom of Information Act
(b)(4) & (b)(8)
BOG--FOIA 10-267--000453
Confidential Treatment Requested by DTC, NSCC FICC Pursuant to the Freedom of Information Act
(b)(4) & (b)(8)
BOG--FOIA 10-267--000454
Confidential Treatment Requested by DTC, NSCC FICC Pursuant to the Freedom of Information Act
(b)(4) & (b)(8)
BOG--FOIA 10-267--000455
Confidential Treatment Requested by DTC, NSCC FICC Pursuant to the Freedom of Information Act
(b)(4) & (b)(8)
BOG--FOIA 10-267--000456
Confidential Treatment Requested by DTC, NSCC FICC Pursuant to the Freedom of Information Act
(b)(4) & (b)(8)
BOG--FOIA 10-267--000457
Confidential Treatment Requested by DTC, NSCC FICC Pursuant to the Freedom of Information Act
(b)(4) & (b)(8)
BOG--FOIA 10-267--000458
Confidential Treatment Requested by DTC, NSCC FICC Pursuant to the Freedom of Information Act
(b)(4) & (b)(8)
BOG--FOIA 10-267--000459
Confidential Treatment Requested by DTC, NSCC FICC Pursuant to the Freedom of Information Act
(b)(4) & (b)(8)
BOG--FOIA 10-267--000460
Confidential Treatment Requested by DTC, NSCC FICC Pursuant to the Freedom of Information Act
(b)(4) & (b)(8)
BOG--FOIA 10-267--000461
Confidential Treatment Requested by DTC, NSCC FICC Pursuant to the Freedom of Information Act
(b)(4) & (b)(8)
BOG--FOIA 10-267--000462
Confidential Treatment Requested by DTC, NSCC FICC Pursuant to the Freedom of Information Act
(b)(4) & (b)(8)
BOG--FOIA 10-267--000463
Confidential Treatment Requested by DTC, NSCC FICC Pursuant to the Freedom of Information Act
(b)(4) & (b)(8)
BOG--FOIA 10-267--000464
Confidential Treatment Requested by DTC, NSCC FICC Pursuant to the Freedom of Information Act
(b)(4) & (b)(8)
BOG--FOIA 10-267--000465
Confidential Treatment Requested by DTC, NSCC FICC Pursuant to the Freedom of Information Act
(b)(4) & (b)(8)
BOG--FOIA 10-267--000466
Confidential Treatment Requested by DTC, NSCC FICC Pursuant to the Freedom of Information Act
(b)(4) & (b)(8)
BOG--FOIA 10-267--000467
Confidential Treatment Requested by DTC, NSCC FICC Pursuant to the Freedom of Information Act
(b)(4) & (b)(8)
BOG--FOIA 10-267--000468
Confidential Treatment Requested by DTC, NSCC FICC Pursuant to the Freedom of Information Act
(b)(4) & (b)(8)
BOG--FOIA 10-267--000469
Confidential Treatment Requested by DTC, NSCC FICC Pursuant to the Freedom of Information Act
(b)(4) & (b)(8)
BOG--FOIA 10-267--000470
(b)(4) & (b)(8)
BOG--FOIA 10-267--000471
(b)(4) & (b)(8)
BOG--FOIA 10-267--000472
(b)(4) & (b)(8)
BOG--FOIA 10-267--000473
(b)(4) & (b)(8)
BOG--FOIA 10-267--000474
insPatrick M Parkinson /BOARD/F SFRS
09/11/2008 11:04 AM
To Theodore Lubke/NY/FRS@FRS cc
Subject Re: Pls call me 917-822-2279
I'm on a Kohn Geithner call. Will call when I can. Pat
----- Original Message -----From: Theodore.LubkeSent: 09/11/2008 11:06 AM ASTTo: Patrick ParkinsonSubject: Pls call me 917-822-2279
New request from tfg - A few of us are thinking this thru now.
Situation is getting more dire.
===============Theo LubkeNew York FedTel: 212-720-6334===============
(b) (5)
BOG--FOIA 10-267--000475
a sJan Voigts //NY/F SFRS
09/11/2008 11:07 AM
To Brian Begalle/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Theodore
cc Yuliya Spivak/NY/FRS@FRS Subject Re: Lehman triparty summary from
yesterday
The Treasurer confirmed that the triparty book would contract by $30B by today. Roughly 10 in TSY, 10 in AGCY and 10 in MTG Bkd.Sent from Blackberry
Brian Begalle
----- Original Message ----- From: Brian Begalle
Sent: 09/11/2008 10:42 AM EDT
To: Lucinda Brickler; Chris McCurdy; Theodore Lubke; Steven Manzari; Sarah
Dahlgren; Jeanmarie Davis; Brian Peters; Dianne Dobbeck; Arthur Angulo; William BRODOWS; JohnP McGowan; Rania Jamal; Jan Voigts; Susan McLaughlin; Patrick Parkinson; William Walsh; Jamie McAndrews
Cc: Yuliya Spivak
Subject: Lehman triparty summary from yesterday
Duplicate
BOG--FOIA 10-267--000476
09/11/2008 11:23 AM
To [email protected], "Scott Alvarez" <[email protected]>,
"Roger Cole" <[email protected]> cc
Subject Fw: Fyi- Cs
Coryann StefanssonAssociate DirectorBank Supervision and RegulationWork # 202 452 5287Cell # 202 294 9829
----- Original Message -----From: Catherine.A.TilfordSent: 09/11/2008 11:21 AM ASTTo: Coryann Stefansson; Pat SorianoSubject: Fyi- Cs
Today CS investment bank head called Geithner and Fuld to tell them
--------------------------Sent from my BlackBerry Wireless Device
(b)(4) & (b)(8)
BOG--FOIA 10-267--000477
09/11/2008 11:55 AM
To
cc
Subject
From Bloomberg --
At 11:37 a.m. today, Lehman shares were trading at $4.72, down $2.53, or 35percent, for the day.
(b) (6)
BOG--FOIA 10-267--000478
Jeff StehmJeff StehmJeff StehmJeff Stehm ////BOARDBOARDBOARDBOARD////FRSFRSFRSFRS
09/11/2008 12:03 PM
To Melissa A Vanlandingham/BOARD/FRS@BOAR
D, Jennifer A cc
Subject DTCC Forwarded Materials
WilliamWilliamWilliamWilliam CarlucciCarlucciCarlucciCarlucci ////NYNYNYNY////FRSFRSFRSFRS@@@@FRSFRSFRSFRS
09/11/2008 11:00 AM
To Chris McCurdy/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS, Sandy Krieger/NY/FRS@FRS, Lawrence Radecki/NY/FRS@NY, Jamie McAndrews/NY/FRS@FRS, Jeffrey Marquardt/BOARD/FRS@BOARD, Jeff Stehm/BOARD/FRS@BOARD, Lisa Joniaux/NY/FRS@FRS, Brian Begalle/NY/FRS@FRS, James DeFalco/NY/FRS@FRS, Jeanmarie Davis/NY/FRS@FRS, Roger Graham/NY/FRS@FRS, Wendy Ng/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Todd Waszkelewicz/NY/FRS@FRS, Lawrence Sweet/NY/FRS@NY, Marsha Takagi/NY/FRS@FRS, Lily Tham/NY/FRS@FRS, Che Sidanius/NY/FRS@FRS, Antoine Martin/NY/FRS@FRS, Todd Keister/NY/FRS@FRS, Morten Bech/NY/FRS@FRS, Barbara Yelcich/NY/FRS@FRS, Dennis Herbst/NY/FRS@FRS, Christopher Hunter/NY/FRS@FRS, Coryann Stefansson/BOARD/FRS@BOARD, William Carlucci/NY/FRS@FRS, Anna Ng/NY/FRS@FRS, Albert Alvarado/NY/FRS@FRS, Helen Mucciolo/NY/FRS@FRS, Elizabeth Tafone/NY/FRS@FRS, Sanjiv Mathur/NY/FRS@FRS, Umme Salma/NY/FRS@FRS, Genevievette E Walker/BOARD/FRS@BOARD, Benecia Cousin/NY/FRS@FRS, Ronald Stroz/NY/FRS@FRS, Sean Sullivan/NY/FRS@FRS, Naohisa Murakami/NY/FRS@FRS, Matthew L Canzater/BOARD/FRS@BOARD, Rania C Jamal/NY/FRS@FRS, Yuliya Spivak/NY/FRS@FRS
cc
bcc
Subject DTCC Data as of 9-11
History: This message has been forwarded.
Duplicate
BOG--FOIA 10-267--000479
a Brit onMalcolm S Britton /BOARD/F SFRS
09/11/2008 12:11 PM
To Holly A
Kirkpatrick/BOARD/FRS@BOARD cc
Subject Lehman
BOG--FOIA 10-267--000480
(b)(4) & (b)(8)
BOG--FOIA 10-267--000481
(b)(4) & (b)(8)
BOG--FOIA 10-267--000482
(b)(4) & (b)(8)
BOG--FOIA 10-267--000483
Malcolm S. BrittonFinancial Services AnalystPayment System RiskFederal Reserve Board(202) 530-6248
(b)(4) & (b)(8)
BOG--FOIA 10-267--000484
(b)(4) & (b)(8)
BOG--FOIA 10-267--000485
(b)(4) & (b)(8)
BOG--FOIA 10-267--000486
o hengMoses Cheng /NY// RFRS
09/11/2008 12:23 PM
To NY Bank Sup - CPC Updates@FRS cc Pat Soriano/BOARD/FRS@BOARD,
John Harvey/NY/FRS@FRS, Taitu Wondwosen/NY/FRS@FRS, Paula
Subject September 11, 2008 Deutsche Bank Credit Risk Update
** r d FRestricted FR ***
Below you will find DB's credit exposure to Lehman. As you can see,
++++++++++++++++++
(b)(4) & (b)(8)
BOG--FOIA 10-267--000487
(b)(4) & (b)(8)
BOG--FOIA 10-267--000488
*************************************Moses Cheng, CFA, FRMFederal Reserve Bank of New York212-720-1433212-250-6075
BOG--FOIA 10-267--000489
e ehmJeff Stehm // DBOARD//FRS
09/11/2008 12:24 PM
To Jeanmarie Davis/NY/FRS@FRS cc Jeffrey
Marquardt/BOARD/FRS@BOARD bcc Melissa A
Vanlandingham/BOARD/FRS Subject LB Foreign Clearing Systems
Jeanmarie,
A quick and dirty search of some websites and here is a partial listing of LB participations :
Jeff StehmAssociate DirectorFederal Reserve Board202-452-2217 (office)202-412-9846 (cell)email: [email protected]
(b)(4) & (b)(8)
BOG--FOIA 10-267--000490
Patrick M ParkinsonPatrick M ParkinsonPatrick M ParkinsonPatrick M Parkinson ////BOARDBOARDBOARDBOARD////FRSFRSFRSFRS
09/11/2008 12:34 PM
To [email protected], Deborah P Bailey/BOARD/FRS@BOARD,
[email protected], Mark cc
Subject Fw: Lehman Brothers
FYI. I was largely reassured by what's below.
Pat----- Forwarded by Patrick M Parkinson/BOARD/FRS on 09/11/2008 12:33 PM -----
Gustavo AGustavo AGustavo AGustavo A SuarezSuarezSuarezSuarez ////BOARDBOARDBOARDBOARD////FRFRFRFRSSSS
09/11/2008 12:25 PM
To Patrick M Parkinson/BOARD/FRS@BOARD
cc Daniel M Covitz/BOARD/FRS@BOARD, JNellie Liang/BOARD/FRS@BOARD, Gustavo A
Suarez/BOARD/FRS@BOARDSubject Re: Lehman Brothers
In the unsecured CP market, Lehman is perceived to be an important dealer, but I don't have systematic data to rank it exactly with respect to other major dealers, like JPMorgan or Goldman Sachs. Reports from dealers other than Lehman suggest that Lehman's own importance as a dealer may have decreased over the past year, as their capacity to "inventory" unsold CP from issuers (or bid back paper from investors) has been substantially reduced, likely decreasing the demand for Lehman's dealer services.
We have some more systematic data about dealers in the ABCP market. According to data from Moody's for 2008Q1, Lehman was listed as a potential dealer for 118 (out of 282) active ABCP programs worldwide, more than any other dealer but closely followed by Citigroup Global Markets and Merrill Lynch Money Markets. That does not make Lehman the most important dealer in terms of actual volume sold; it means that it can potentially deal CP from more issuers than any other dealer. However, according to the Moody's data, Lehman was rarely listed as an exclusive dealer for any ABCP program, and, on average, Lehman shared programs with other 3 dealers, suggesting that some paper might be redistributed if Lehman ceased functioning as a dealer.
However, it is hard to know whether a large number of CP investors buying from Lehman have a specialized dealer relationship and may decide to exit the market . In addition, the event may impact broad investor sentiment.
Gustavo
Patrick M Parkinson/BOARD/FRS
Patrick MPatrick MPatrick MPatrick M ParkinsonParkinsonParkinsonParkinson ////BOARDBOARDBOARDBOARD////FFFFRSRSRSRS
09/11/2008 10:31 AM
cc Daniel M Covitz/BOARD/FRS@BOARD, Gustavo A
Suarez/BOARD/FRS@BOARDSubject Lehman Brothers
How important is it as a CP dealer? If it ceased functioning as a CP dealer, could issuers readily distribute their paper through other dealers?
BOG--FOIA 10-267--000491
Pat
BOG--FOIA 10-267--000492
Holly A KirkpatrickHolly A KirkpatrickHolly A KirkpatrickHolly A Kirkpatrick ////BOARDBOARDBOARDBOARD////FRSFRSFRSFRS
09/11/2008 12:37 PM
To Jeffrey Marquardt/BOARD/FRS@BOARD, Jeff Stehm/BOARD/FRS@BOARD
cc RBOPS PAYMENT SYSTEM RISK Subject Lehman Brothers commercial bank
information
Good afternoon,
Please find attached an Excel worksheet with attribute data of Lehman's two commercial banks including cap class, asset, collateral, and overdrafting information. Please note that one of these DIs (Lehman Brothers Commercial Bank) is a CEBA account, and has processed no funds or securities activity over the past calendar year (9/07 to 9/08).
The current account balances for these DIs (as of 12:07pm from EPS HAL) are the following:
124085053 LEHMAN BROS COMMERCIAL BANK (CEBA) = $8,073.76231170136 LEHMAN BROTHERS BK FSB = $349,143.85
Also, please find attached an intraday balance report for each of the institutions.
Please let us know if you have any questions or would like additional information .
Thanks,
Holly & Malcolm
BOG--FOIA 10-267--000493
(b)(4) & (b)(8)
BOG--FOIA 10-267--000494
(b)(4) & (b)(8)
BOG--FOIA 10-267--000495
(b)(4) & (b)(8)
BOG--FOIA 10-267--000496
a ov zDaniel M Covitz /BOARD/FRSSent by: Daniel M Covitz/BOARD/FRS
09/11/2008 01:05 PM
To Gustavo A
Suarez/BOARD/FRS@BOARD cc
Subject Fw: Lehman Brothers
Yes, very well done.----- Forwarded by Daniel M Covitz/BOARD/FRS on 09/11/2008 01:05 PM -----
To Gustavo A Suarez/BOARD/FRS@BOARD
cc Daniel M Covitz/BOARD/FRS@BOARD
Subject Re: Lehman Brothers
Gustavo,Thanks for an excellent assessment.Nellie
Gustavo A Suarez/BOARD/FRS
Gustavo AGustavo A Suarez //BOARD/FRS
09/11/2008 12:25 PM
To Patrick M Parkinson/BOARD/FRS@BOARD
cc Daniel M Covitz/BOARD/FRS@BOARD, JNellie Liang/BOARD/FRS@BOARD, Gustavo A
Suarez/BOARD/FRS@BOARDSubject Re: Lehman Brothers
Duplicate
BOG--FOIA 10-267--000497
e ehmJeff Stehm // DBOARD//FRS
09/11/2008 01:12 PM
To Theodore Lubke/NY/FRS@FRS, Jeffrey
Marquardt/BOARD/FRS@BOARD, cc
Subject Fedwire activity of LB FSB
As you will see from the attached spreadsheet, FW funds transfer activity last week was pretty minimal and not every day. But this sheet does show the counterparties.
Jeff StehmAssociate DirectorFederal Reserve Board202-452-2217 (office)202-412-9846 (cell)email: [email protected] Forwarded by Jeff Stehm/BOARD/FRS on 09/11/2008 01:10 PM -----
o LJoshua L aMazen/BOARBOARD/FRS
09/11/2008 01:09 PM
To Jeff Stehm/BOARD/FRS@BOARD
cc
Subject lehman bank
For the week of Septmeber 2 (4 day week).
I'll run it again for the month of August.
Josh MazenBoard of Governors of the Federal Reserve SystemDivision of Reserve Bank Operations and Payment Systems202-452-2373
BOG--FOIA 10-267--000498
(b)(4) & (b)(8)
BOG--FOIA 10-267--000499
(b)(4) & (b)(8)
BOG--FOIA 10-267--000500
Joshua L MazenJoshua L MazenJoshua L MazenJoshua L Mazen ////BOARDBOARDBOARDBOARD////FRSFRSFRSFRS
09/11/2008 01:23 PM
To Jeff Stehm/BOARD/FRS@BOARD cc
Subject Re: lehman bank
Updated with three time periods by tab: this week, last week, and all of August.
Josh MazenBoard of Governors of the Federal Reserve SystemDivision of Reserve Bank Operations and Payment Systems202-452-2373
Jeff Stehm/BOARD/FRS
JeffJeffJeffJeff StehmStehmStehmStehm////BOARDBOARDBOARDBOARD////FRSFRSFRSFRS
09/11/2008 01:12 PM
To Joshua L Mazen/BOARD/FRS@BOARD
cc
Subject Re: lehman bank
Thanks. Can you run it for just this week too.
Jeff StehmAssociate DirectorFederal Reserve Board202-452-2217 (office)202-412-9846 (cell)email: [email protected] L Mazen/BOARD/FRS
Joshua LJoshua LJoshua LJoshua L MazenMazenMazenMazen////BOARDBOARDBOARDBOARD////FRSFRSFRSFRS
09/11/2008 01:09 PM
To Jeff Stehm/BOARD/FRS@BOARD
cc
Subject lehman bank
For the week of Septmeber 2 (4 day week).
I'll run it again for the month of August.
BOG--FOIA 10-267--000501
Josh MazenBoard of Governors of the Federal Reserve SystemDivision of Reserve Bank Operations and Payment Systems202-452-2373
BOG--FOIA 10-267--000502
(b)(4) & (b)(8)
BOG--FOIA 10-267--000503
(b)(4) & (b)(8)
BOG--FOIA 10-267--000504
a bersJames Embersit //BOARD/FRS
09/11/2008 01:27 PM
To Deborah P
Bailey/BOARD/FRS@BOARD cc
Subject Further to our market impact
conversation
On thinking of impacts. One key impact is on mortgae markets
SEC. Would put broker dealer in spic liquidation. Assets out side of BD could go to chapter 11. All counterparties would seize collatteral and liquidate or derivatives could be assigned .
Will be in Treacy fha meeting for 2-3
Jim Embersitoffice - 202-452-5249cell-202-528-7884-Jim Embersit202-452-5249-------------------------Sent from my BlackBerry Wireless Handheld
(b) (5)
BOG--FOIA 10-267--000505
JamieJamieJamieJamie....McAndrewsMcAndrewsMcAndrewsMcAndrews@@@@nynynyny....frbfrbfrbfrb....orgorgorgorg
09/11/2008 02:06 PM
To "Patrick Parkinson" <[email protected]>, "Jeff
Stehm" <[email protected]> cc
Subject Fw: Default Management Group 9 Sep
2008.doc
For the meeting you are listening in on.
Jamie--------------------------Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)
----- Original Message -----From: Jamie McAndrewsSent: 09/11/2008 02:01 PM EDTTo: Tobias AdrianCc: Beverly Hirtle; Michael SchusslerSubject: Re: Default Management Group 9 Sep 2008.doc
Some edits:
(See attached file: Default Management Group Sep 2008.doc)
TobiasAdrian/NY/FRS
To09/11/2008 01:40 Jamie McAndrews/NY/FRS@FRSPM cc
SubjectDefault Management Group 9 Sep2008.doc
[attachment "Default Management Group 9 Sep 2008.doc" deleted by JamieMcAndrews/NY/FRS]
- Default Management Group Sep 2008.doc
BOG--FOIA 10-267--000506
Lehman Default Management Group
(b)(4) & (b)(5)
BOG--FOIA 10-267--000507
(b)(4) & (b)(8)
BOG--FOIA 10-267--000508
Calendar Entry
MeetingNotify me
Mark Private Pencil In
Subject Briefing re: Lehman
When
Starts Thu 09/11/2008 04:30 PM
Ends Thu 09/11/2008 05:30 PM1 hour
Specify a different time zone
Invitees
Invited The following invitees have been invited
Required (to)Andrew Danzig/NY/FRS@FRS, Arthur Angulo/NY/FRS@FRS, Beverly Hirtle/NY/FRS@FRS, Brian
Optional (cc)Kristin Mayer/NY/FRS@FRS, Tanshel Pointer/NY/FRS@FRS
Chair Timothy Geithner/NY/FRS
Where
Location Board Room
ReservedNo rooms or resources have been reserved
Categorize
Description
Please invite anyone else you feel should attend.Thank you.
CallCallCallCall----in informationin informationin informationin information ::::Conference bridge informationConference bridge informationConference bridge informationConference bridge information ::::
Toll Free Dial In Number: ((((866866866866)))) 209209209209----6438643864386438Int'l Access/Caller Paid Dial In Number: (865) 297-1127
Participant Code: 623345623345623345623345
Your Notes
BOG--FOIA 10-267--000509
o y St ans onCoryann Stefansson / DBOARD// RFRS
09/11/2008 02:16 PM
To Genevievette E Walker/BOARD/FRS@BOARD
cc Subject Re: IMPORTANT-Please read-Fw:
SSC moves against Lehman
I forwarded it onCoryann StefanssonAssociate DirectorBank Supervision and Regulation Work # 202 452 5287Cell # 202 294 9829
Genevievette E Walker
----- Original Message ----- From: Genevievette E Walker
Sent: 09/11/2008 12:56 PM EDT
To: Coryann Stefansson
Subject: IMPORTANT-Please read-Fw: SSC moves against Lehman
FYI--
Any thoughts? Needed actions?
----- Forwarded by Genevievette E Walker/BOARD/FRS on 09/11/2008 12:55 PM -----
h iChris aHaley/BOSBOS/F SFRS@FSRS
09/11/2008 11:59 AM
To Eric Rosengren/BOS/FRS@FRS, Jim Nolan/BOS/FRS@FRS, BSR LFIC@BOARD, Maureen B Savage/BOS/FRS@FRS
cc Genevievette E Walker/BOARD/FRS@BOARD
Subject Fw: SSC moves against Lehman
fyi.....In light of market conditions,
Chris
(b)(4) & (b)(8)
(b)(4) & (b)(8)
BOG--FOIA 10-267--000510
(b)(4) & (b)(8)
BOG--FOIA 10-267--000511
Scott AlvarezScott AlvarezScott AlvarezScott Alvarez ////BOARDBOARDBOARDBOARD////FRSFRSFRSFRS
09/11/2008 02:17 PM
To Mark
VanDerWeide/BOARD/FRS@BOARD
cc Subject Fw: Invitation: Briefing re: Lehman
(Sep 11 04:30 PM EDT in Board
Room)
----- Forwarded by Scott Alvarez/BOARD/FRS on 09/11/2008 02:16 PM -----
Calendar Entry
Subject Briefing re: Lehman
WhenDate Thursday 09/11/2008
Time 04:30 PM - 05:30 PM (1 hour)
Where Location Board Room
Chair Timothy Geithner/NY/FRS
Invitees
Required (to)
Andrew Danzig/NY/FRS@FRS, Arthur Angulo/NY/FRS@FRS, Beverly Hirtle/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Calvin Mitchell/NY/FRS@FRS, Chris Burke/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Christine Cumming/NY/FRS@FRS, Debby Perelmuter/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Jeanmarie Davis/NY/FRS@FRS, Joseph Sommer/NY/FRS@FRS, Joseph Tracy/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS, Maria Ambrosio/NY/FRS@FRS, Meg McConnell/NY/FRS@FRS, Michael Nelson/NY/FRS@FRS, Michael Schetzel/NY/FRS@FRS, Michael Schussler/NY/FRS@FRS, Patricia Mosser/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Sandy Krieger/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS, Scott Alvarez/BOARD/FRS@BOARD, Simon Potter/NY/FRS@FRS, [email protected], Susan Stiehm/NY/FRS@FRS, Terrence Checki/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Thomas Baxter/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS, Tobias Adrian/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS, William Dudley/NY/FRS@FRS, William Rutledge/NY/FRS@FRS
Optional (cc)Kristin Mayer/NY/FRS@FRS, Tanshel Pointer/NY/FRS@FRS
BOG--FOIA 10-267--000512
Please invite anyone else you feel should attend.Thank you.
llCallCall-- n or atin or atiin informationin information :: er nc dg fo a nConference bridge information ::
Toll Free Dial In Number: (866) 2209- 386438Int'l Access/Caller Paid Dial In Number: (865) 297-1127
Participant Code: 2623345
BOG--FOIA 10-267--000513
ClintonClintonClintonClinton ....LivelyLivelyLivelyLively@@@@nynynyny....frbfrbfrbfrb....orgorgorgorg
09/11/2008 02:20 PM
To "Patrick Parkinson"
<[email protected]> cc
Subject Fw: LEH OTC Derivatives
Early draft
----- Original Message -----From: Clinton LivelySent: 09/11/2008 12:58 PM EDTTo: Jonathan Polk; Jim Mahoney; Dianne Dobbeck; Anthony CirilloSubject: LEH OTC Derivatives
Please find attached an outline of issues related to management of LEH'sOTC derivative book - please comment/complete .
ThanksCLint
(See attached file: OTC Derivatives.doc)
(See attached file: OTC Derivative Descriptive Data.xls) - OTC Derivatives.doc
- OTC Derivative Descriptive Data.xls
BOG--FOIA 10-267--000514
(b) (5)
BOG--FOIA 10-267--000515
1
LEH OTC Derivatives
(b) (5)
BOG--FOIA 10-267--000516
2
(b) (5)
BOG--FOIA 10-267--000517
3
(b) (5)
BOG--FOIA 10-267--000518
LiAda Li // YNY/F SFRS
09/11/2008 02:22 PM
To Patrick M
Parkinson/BOARD/FRS@BOARD cc Wendy Ng/NY/FRS@FRS, Theodore
Lubke/NY/FRS@FRS Subject FYI-Request to send document to you
from Wendy/Theo
hi Pat:
Attached is a document outlining the info we need for a mass novation from LB.
Thanks,Ada LiFederal Reserve BankTel: [email protected]
- leh-nov-info.doc
BOG--FOIA 10-267--000519
HIGHLY CONFIDENTIAL – DO NOT DISTRIBUTE
Operational Feasibility for Mass Novation of LEH OTC positions
(b) (5)
BOG--FOIA 10-267--000520
HIGHLY CONFIDENTIAL – DO NOT DISTRIBUTE
(b) (5)
BOG--FOIA 10-267--000521
a k VanD eideMark VanDerWeide /BOARBOARD/F SFRS
09/11/2008 02:33 PM
To Scott Alvarez/BOARD/FRS@BOARD, Brian F
Madigan/BOARD/FRS@BOARD, cc
Subject Fw: latest doc
fyi----- Forwarded by Mark VanDerWeide/BOARD/FRS on 09/11/2008 02:32 PM -----
Lucinda M Brickler / YNY/FRS@@FRSFRS
09/11/2008 02:02 PM
To Mark VanDerWeide/BOARD/FRS@BOARD, Patrick M
Parkinson/BOARD/FRS@BOARDcc
Subject latest doc
Lucinda BricklerPayments Policy FunctionFederal Reserve Bank of New York 212.720.6132 or 646.720.6132
Attachments are duplicates
BOG--FOIA 10-267--000522
JeffJeffJeffJeff ....StehmStehmStehmStehm@@@@frbfrbfrbfrb....govgovgovgov
09/11/2008 02:38 PM
To "Dibora Amanuel" <[email protected]>, "Jeff
Marquardt" cc
Subject Fw: CLS Data - Projected Settlement
& Funding Activity for Friday 9/12
----- Original Message -----From: Jeremy GagneSent: 09/11/2008 02:40 PM EDTTo: William Johnson; Theodore Lubke; Jeff Stehm; Jeffrey Marquardt;
Jeanmarie Davis; Lawrence Sweet; Roger Graham; Che Sidanius; Jeremy Gagne;Todd Waszkelewicz; Marsha Takagi
Subject: CLS Data - Projected Settlement & Funding Activity for Friday9/12STRICTLY CONFIDENTIAL
Attached is the data we received from CLS for Friday 9/12 settlement.Please note this is the expanded list.
(See attached file: 9-12-2008 Fed Reporting.xls)
Jeremy GagneBank ExaminerFederal Reserve Bank of New York
Tel: 212-720-2911 - 9-12-2008 Fed Reporting.xls
BOG--FOIA 10-267--000523
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED.Page 1 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000524
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED.Page 2 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000525
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED.Page 3 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000526
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED.Page 4 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000527
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED.Page 5 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000528
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED.Page 6 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000529
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED.Page 7 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000530
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED.Page 8 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000531
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED.Page 9 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000532
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 10 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000533
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 11 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000534
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 12 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000535
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 13 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000536
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 14 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000537
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 15 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000538
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 16 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000539
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 17 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000540
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 18 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000541
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 19 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000542
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 20 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000543
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 21 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000544
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 22 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000545
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 23 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000546
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 24 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000547
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 25 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000548
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 26 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000549
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 27 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000550
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 28 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000551
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 29 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000552
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 30 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000553
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 31 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000554
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 32 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000555
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 33 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000556
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 34 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000557
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 35 of 54
(b)(4) & (b)(8)
BOG--FOIA 10-267--000558
(b)(4) & (b)(8)
BOG--FOIA 10-267--000559
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED.
(b)(4) & (b)(8)
BOG--FOIA 10-267--000560
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED.
(b)(4) & (b)(8)
BOG--FOIA 10-267--000561
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED.
(b)(4) & (b)(8)
BOG--FOIA 10-267--000562
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED.
(b)(4) & (b)(8)
BOG--FOIA 10-267--000563
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED.
(b)(4) & (b)(8)
BOG--FOIA 10-267--000564
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED.
(b)(4) & (b)(8)
BOG--FOIA 10-267--000565
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED.
(b)(4) & (b)(8)
BOG--FOIA 10-267--000566
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED.
(b)(4) & (b)(8)
BOG--FOIA 10-267--000567
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED.
(b)(4) & (b)(8)
BOG--FOIA 10-267--000568
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED.
(b)(4) & (b)(8)
BOG--FOIA 10-267--000569
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED.
(b)(4) & (b)(8)
BOG--FOIA 10-267--000570
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED.
(b)(4) & (b)(8)
BOG--FOIA 10-267--000571
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED.
(b)(4) & (b)(8)
BOG--FOIA 10-267--000572
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED.
(b)(4) & (b)(8)
BOG--FOIA 10-267--000573
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED.
(b)(4) & (b)(8)
BOG--FOIA 10-267--000574
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED.
(b)(4) & (b)(8)
BOG--FOIA 10-267--000575
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED.
(b)(4) & (b)(8)
BOG--FOIA 10-267--000576
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED.
(b)(4) & (b)(8)
BOG--FOIA 10-267--000577
e BaileyDeborah P Bailey / DBOARD// RFRS
09/11/2008 03:06 PM
To Patrick M Parkinson/BOARD/FRS@BOARD,
Scott Alvarez/BOARD/FRS@BOARD, cc
Subject Fw: Ubs update/lehman
Fyi--------------------------Sent from the Blackberry of Deborah Bailey
Coryann Stefansson
----- Original Message ----- From: Coryann Stefansson
Sent: 09/11/2008 02:42 PM EDT
To: Deborah Bailey
Subject: Fw: Ubs update/lehman
Coryann S. StefanssonAssociate Director Bank Supervision and RegulationBoard of GovernorsOffice 202-452-5287Cell Number 202- 294- 9829
Assistant - Ms. Kimberly [email protected] Number 202 736-5555
----- Forwarded by Coryann Stefansson/BOARD/FRS on 09/11/2008 02:42 PM -----
a oCaroline .F [email protected]
09/11/2008 02:40 PM
To "Catherine Tilford" <[email protected]>, "Coryann
Stefansson" <[email protected]>cc
Subject Fw: Ubs update/lehman
-----------------Sent from my BlackBerry Handheld.
----- Original Message ----- From: Caroline Frawley Sent: 09/11/2008 11:37 AM EDT To: Sarah Dahlgren; Brian Peters; Arthur Angulo; William Rutledge
(b)(4) & (b)(8)
BOG--FOIA 10-267--000578
-----------------Sent from my BlackBerry Handheld.
(b)(4) & (b)(8)
BOG--FOIA 10-267--000579
h tThomas Baxter /NNY/ RFRS
09/11/2008 03:29 PM
To Scott Alvarez/BOARD/FRS@BOARD, Mark
VanDerWeide/BOARD/FRS@BOARD
cc Subject Fw: Staffing
As Scott knows, we have retained Cleary.
Thomas C. Baxter, Jr.General Counsel and Executive Vice PresidentFederal Reserve Bank of New York----- Forwarded by Thomas Baxter/NY/FRS on 09/11/2008 02:55 PM -----
" Lee Lee C BUCHHEIT "" <[email protected]>> Sent by: "Michelle Duchene" <[email protected]>
09/11/2008 01:48 PM
cc "Mark A WALKER" <[email protected]>, "James L BROMLEY"
<[email protected]>Subject Staffing
Tom,
My bankruptcy partner, James Bromley, has joined our team. Jim can be reached at 212-225-2264; email: [email protected].
As always, however, you should feel free to coordinate any requests for assistance through Mark or myself.
Best regards,
Lee C. Buchheit___________________________________________________________Lee C. BuchheitCleary Gottlieb Steen & Hamilton LLPOne Liberty Plaza, New York NY 10006
t: +1 212 225 2810 | f: +1 212 225 3999
www.clearygottlieb.com | [email protected]
This message is being sent from a law firm and may contain
confidential or privileged information. If you are not
the intended recipient, please advise the sender
(b) (5)
BOG--FOIA 10-267--000580
immediately by reply e-mail and delete this message and
any attachments without retaining a copy.
BOG--FOIA 10-267--000581
a M AndrewJamie McAndrews //NY/F SFRS
09/11/2008 03:57 PM
To Patrick M Parkinson/BOARD/FRS@BOARD,
Jeff Stehm/BOARD/FRS@BOARD cc
Subject default management group
another round
BOG--FOIA 10-267--000582
September 11, 2008 3:50 p.m.
Convening the FRBNY’s Operations Management Group OMG to consider potential collective actions in the event of a
default by Lehman
(b) (5)
BOG--FOIA 10-267--000583
(b) (5)
BOG--FOIA 10-267--000584
insPatrick M Parkinson /BOARD/F SFRS
09/11/2008 04:25 PM
To [email protected], Kevin Warsh/BOARD/FRS@BOARD, [email protected],
cc Subject Fw: FYI: Update on Lehman from
BNYM Sec Lending
More evidence that liquidity pressures are building, albeit not dramatically. BNYM is LB's largest tri-party repo counterparty.
Pat----- Forwarded by Patrick M Parkinson/BOARD/FRS on 09/11/2008 04:21 PM -----
BrianBrian Begalle/NY//FRS@@F
SRS
09/11/2008 04:19 PM
To Lucinda M Brickler/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Steven J Manzari/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS, Jeanmarie Davis/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, Arthur Angulo/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS, JohnP McGowan/NY/FRS@FRS, Rania C Jamal/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Susan McLaughlin/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, William Walsh/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS
cc
Subject FYI: Update on Lehman from BNYM Sec Lending
Some of you have probably already seen this, but if not, an update from the BNYM CPC team on sec lending wrt Lehman.
-------------------------------------------
(b)(4) & (b)(8)
BOG--FOIA 10-267--000585
(b)(4) & (b)(8)
BOG--FOIA 10-267--000586
y esCynthia Graves /NY// RFRS
09/11/2008 04:37 PM
To Alexa Philo/NY/FRS@FRS, Amy White/NY/FRS@FRS, Andrew
Small/NY/FRS@FRS, Anthony cc Alexa Philo/NY/FRS@FRS, Amy
White/NY/FRS@FRS, Anthony
Cirillo/NY/FRS@FRS, Arthur Subject BNPP Update: Sept 10, 11
(b)(4) & (b)(8)
BOG--FOIA 10-267--000587
(b)(4) & (b)(8)
BOG--FOIA 10-267--000588
(b)(4) & (b)(8)
BOG--FOIA 10-267--000589
BegalBrian Begalle // YNY/F SFRS
09/11/2008 04:49 PM
To Lucinda M Brickler/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS,
cc Jeanmarie Davis/NY/FRS@FRS, James Wall/NY/FRS@FRS
Subject FYI: Lehman Afternoon Update from BNYM team re sec lending
One more update from BNYM CPC team....note the comment on the cash reinvestment repo.
------------------------------
(b)(4) & (b)(8)
BOG--FOIA 10-267--000590
a s T agiMarsha Takagi // YNY/F SFRS
09/11/2008 05:01 PM
To Lily Tham/NY/FRS, Wendy
Ng/NY/FRS@FRS cc Theodore Lubke/NY/FRS, Patrick M
Parkinson/BOARD/FRS@BOARD,
Jeff Stehm/BOARD/FRS@BOARD Subject Lehman in
I mis-spoke earlier today re: Lehman's participation
Marsha
(b)(4) & (b)
(b)(4) & (b)(8)
(b)(4) & (b)(8)
BOG--FOIA 10-267--000591
l Clinton Lively /NY/FRS
09/11/2008 05:12 PM
To Theodore Lubke/NY/FRS@FRS, Jonathan Polk/NY/FRS@FRS, Jim
Mahoney/NY/FRS@FRS, Dianne cc
Subject Notes on LEH OTC Derivatives
Updated outline on issues related to unwinding the OTC derivative book at LEH.
BestClint
BOG--FOIA 10-267--000592
(b) (5)
BOG--FOIA 10-267--000593
1
9/11/2008 5:09 PM
LEH OTC Derivatives
(b) (5)
BOG--FOIA 10-267--000594
2
(b) (5)
BOG--FOIA 10-267--000595
3
(b) (5)
BOG--FOIA 10-267--000596
4
(b) (5)
BOG--FOIA 10-267--000597
a k VanD eideMark VanDerWeide /BOARBOARD/F SFRS
09/11/2008 05:44 PM
To Patrick M
Parkinson/BOARD/FRS@BOARD cc
Subject Re: Fw: Briefing re: Lehman
Let's talk at 8am tomorrow. .
See you in 15 minutes.
MarkPatrick M Parkinson/BOARD/FRS
Patrick M Parkinson //BOARD/FSRS
09/11/2008 05:40 PM
To Mark VanDerWeide/BOARD/FRS@BOARD
cc
Subject Fw: Briefing re: Lehman
Forwarded the wrong invitation last time.
Pat----- Forwarded by Patrick M Parkinson/BOARD/FRS on 09/11/2008 05:39 PM -----
Notify me
Mark Private Pencil In
Subject Briefing re: Lehman
When
Starts Fri 09/12/2008 09:00 AM
Ends Fri 09/12/2008 10:00 AM
1 hour
Specify a different time zone
Invited The following invitees have been invited
Andrew Danzig/NY/FRS@FRS, Arthur Angulo/NY/FRS@FRS, Beverly Hirtle/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Calvin
ChairTimothy Geithner/NY/FRS
Where
Location Board Room
Reserved
No rooms or resources have been reserved
Meeting Password
(b) (6)
BOG--FOIA 10-267--000598
Invitees
Required (to)
Mitchell/NY/FRS@FRS, Chris Burke/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Christine Cumming/NY/FRS@FRS, Debby Perelmuter/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Jeanmarie Davis/NY/FRS@FRS, Joseph Sommer/NY/FRS@FRS, Joseph Tracy/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS, Maria Ambrosio/NY/FRS@FRS, Meg McConnell/NY/FRS@FRS, Michael Nelson/NY/FRS@FRS, Michael Schetzel/NY/FRS@FRS, Michael Schussler/NY/FRS@FRS, Patricia Mosser/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Sandy Krieger/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS, Scott Alvarez/BOARD/FRS@BOARD, Simon Potter/NY/FRS@FRS, [email protected], Susan Stiehm/NY/FRS@FRS, Terrence Checki/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Thomas Baxter/NY/FRS@FRS, Til Schuermann/NY/FRS@FRS, Tobias Adrian/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS, William Dudley/NY/FRS@FRS, William Rutledge/NY/FRS@FRS
Optional (cc)Kristin Mayer/NY/FRS@FRS, Tanshel Pointer/NY/FRS@FRS
Categorize
Description
er nc dg fo a nConference bridge information ::
Toll Free Dial In Number: 888-557-8511
Int'l Access/Caller Paid Dial In Number: 215-446-3649
ACCESS CODE: 6799068
Your Notes
BOG--FOIA 10-267--000599
o hengMoses Cheng /NY// RFRS
09/11/2008 06:28 PM
To NY Bank Sup - CPC Updates@FRS cc Richard Kunen/NY/FRS@FRS, Pat
Soriano/BOARD/FRS@BOARD, John
Harvey/NY/FRS@FRS, Taitu Subject DB September 3, 2008 Credit Risk
Management Update 2
*** Restricted FR ***
Prepared by Moses Cheng and Jordan Pollinger
(b)(4) & (b)(8)
BOG--FOIA 10-267--000600
*************************************Moses Cheng, CFA, FRMFederal Reserve Bank of New York212-720-1433212-250-6075
(b)(4) & (b)(8)
BOG--FOIA 10-267--000601
arezScott Alvarez /BOARBOARD/FRS
09/11/2008 06:37 PM
To Deborah P
Bailey/BOARD/FRS@BOARD cc
Subject Re: Has anyone talked to the OTS or
FDIC on Lehman
Don't know. Completely forgot to ask Don in the day's confusion. If anyone has, it would be him. Scott--------------------------Sent from my BlackBerry Wireless Handheld
Deborah P Bailey
----- Original Message ----- From: Deborah P Bailey
Sent: 09/11/2008 05:26 PM EDT
To: Scott Alvarez
Subject: Has anyone talked to the OTS or FDIC on Lehman
--------------------------Sent from the Blackberry of Deborah Bailey
BOG--FOIA 10-267--000602
e D iJeanmarie Davis /NY//FRS
09/11/2008 07:01 PM
To Todd Waszkelewicz/NY/FRS@NY, Che Sidanius/NY/FRS@FRS, William
Johnson/NY/FRS@FRS, Jeremy cc
Subject Fw: CLS Bank User Member
Both DTC and CLS are set for today.
Jeanmarie DavisSenior Vice PresidentLarge Complex Banking OrganizationsFederal Reserve Bank of New [email protected](212)720-2256----- Forwarded by Jeanmarie Davis/NY/FRS on 09/11/2008 06:56 PM -----
""M M Mandy LamMandy Lam """" <<mmmlammlam@@clscls--bankbank..cocom>
09/11/2008 06:50 PM
To <[email protected]>
cc
Subject RE: CLS Bank User Member
Yes. We can sleep tonight.
From: [email protected] [mailto:[email protected]] Sent: Thursday, September 11, 2008 6:06 PMTo: Mandy Lam
Subject: Re: CLS Bank User Member
Did citi authorize the trades of their user members ?
From: "Mandy Lam" [[email protected]]
Sent: 09/11/2008 10:08 PM CET
To: Jeanmarie Davis; Todd Waszkelewicz
Cc: "Nan Noonan" <[email protected]>
Subject: CLS Bank User Member
Jean Marie and Todd,
The legal institution that is the User Member in CLS Bank is Lehman Brothers Inc. A complete list of the legal names of the Members is located on the CLS' public website at http://www.cls-group.com/About/Community/Pages/CLSMembers.aspx (see link at the top of the page "CLS Bank Members Legal Names", which will take you to a PDF file).
If you could please circulate this to your colleagues from today's meeting, that would be appreciated.
Kind regards,Mandy
BOG--FOIA 10-267--000603
a k VanD eideMark VanDerWeide /BOARBOARD/F SFRS
09/11/2008 07:19 PM
To Michael Nelson/NY/FRS@FRS,
Thomas Baxter/NY/FRS@FRS cc Scott Alvarez/BOARD/FRS@BOARD
Subject lehman
Gentlemen:
Could we get a copy of the latest and greatest version of the liquidation consortium document(s)? I was told by a reliable source that Michael was holding the pen.
Mark
BOG--FOIA 10-267--000604
a M halDavid Marshall //CHI/FRS
09/11/2008 07:40 PM
To Charles L Evans/CHI/FRS@FRS, Gordon Werkema,
[email protected], Pat cc Adrian B DSilva/CHI/FRS@FRS,
"Robert Steigerwald"
<[email protected]>, Subject Lehman prime brokerage customers
are looking to transfer accounts
INTERNAL FR
I just talked with Kim Taylor of the CME clearinghouse.
-- David
_________________________________David MarshallSenior Vice PresidentFinancial Markets GroupFederal Reserve Bank of Chicago(312) 322-5102
(b)(4) & (b)(8)
BOG--FOIA 10-267--000605
a s T agiMarsha Takagi // YNY/F SFRS
09/11/2008 08:00 PM
To Jeffrey Marquardt/BOARD/FRS@BOARD,
Jeff Stehm/BOARD/FRS@BOARD cc Lawrence Sweet/NY/FRS@FRS
Subject Draft contribution for communication
strategy memo
For your comments and suggestions, below is suggested text on the communication plan with CLS overseers for the communications strategy memo.
(b) (5)
BOG--FOIA 10-267--000606
e BaileyDeborah P Bailey / DBOARD// RFRS
09/11/2008 08:16 PM
To
Donald L cc Roger Cole/BOARD/FRS@BOARD
Subject State Street/Lehman
Information provided from FRB Boston
Fyi.....In light of market conditions,
We have another call at 2 PM. to
get a little more detailed information on exposures, strategies, and market insights......
_________________________________________________________________________________
(b) (6)
(b)(4) & (b)(8)
(b)(4) & (b)(8)
BOG--FOIA 10-267--000607
Ann MinerAnn MinerAnn MinerAnn Miner ////NYNYNYNY////FRSFRSFRSFRS
09/11/2008 08:45 PM
To cc Jeff Stehm/BOARD/FRS@BOARD,
Jennifer A
Lucier/BOARD/FRS@BOARD, Che Subject Fw: Timeline - Generic and Weekend
Here's where we are as of now. I'll be in by 8AM tomorrow to incorporate any additional changes. ----- Forwarded by Ann Miner/NY/FRS on 09/11/2008 08:44 PM -----
Ann MinerAnn MinerAnn MinerAnn Miner ////NYNYNYNY////FRSFRSFRSFRS
09/11/2008 08:00 PM
To Jeanmarie Davis/NY/FRS
cc Jeff Stehm/BOARD/FRS@BOARD, Jennifer A Lucier/BOARD/FRS@BOARD, Che Sidanius/NY/FRS@FRS, William
Carlucci/NY/FRS@FRSSubject Timeline - Generic and Weekend
Restricted FR
Here's the latest version in preparation for tomorrow's 9AM. There are separate worksheets for: generic weekday, Friday, Sunday and Monday.
Am cc'ing folks in case they suggest any changes.
Thanks,Annx2816
BOG--FOIA 10-267--000608
11/3/201012:47 PM
(b) (5)
BOG--FOIA 10-267--000609
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\BFE86326-D309-4126-B6B9-6C174300CC36\Lehman1.xls2 11/3/201012:47 PM
(b)(4) & (b)(8)
BOG--FOIA 10-267--000610
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\BFE86326-D309-4126-B6B9-6C174300CC36\Lehman1.xls3 11/3/201012:47 PM
(b) (5)
BOG--FOIA 10-267--000611
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\BFE86326-D309-4126-B6B9-6C17 300CC36\Lehman1.xls4 11/3/201012:47 PM
(b) (5)
BOG--FOIA 10-267--000612
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\BFE86326-D309-4126-B6B9-6C174300CC36\Lehman1.xls5 11/3/201012:47 PM
(b) (5)
BOG--FOIA 10-267--000613
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\BFE86326-D309-4126-B6B9-6C174300CC36\Lehman1.xls6 11/3/201012:47 PM
(b) (5)
BOG--FOIA 10-267--000614
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\BFE86326-D309-4126-B6B9-6C174300CC36\Lehman1.xls7 11/3/201012:47 PM
(b) (5)
BOG--FOIA 10-267--000615
a Daniel Muccia // YNY/F SFRS
09/11/2008 08:50 PM
To Marsha Takagi/NY/FRS@FRS cc Jeff Stehm/BOARD/FRS@BOARD, Jeffrey
Marquardt/BOARD/FRS@BOARD, Subject Re: Central Bank Communication
Piece
Thanks-looks good ..I have added it to the doc. Daniel A. MucciaBank Supervision GroupForeign BanksTel. 212-720-5692Fax 212-720-7665Marsha Takagi/NY/FRS
a sMarsha aTakagi /NY// RFRS
09/11/2008 08:20 PM
To Daniel Muccia/NY/FRS@FRS
cc Lawrence Sweet/NY/FRS@FRS, Jeffrey Marquardt/BOARD/FRS@BOARD, Jeff
Stehm/BOARD/FRS@BOARDSubject Central Bank Communication Piece
Dan,
Below is our suggested text on the communication plan with CLS overseers, for inclusion in your communications strategy memo. Please let me know if you have any questions or comments. Thanks.
Marsha x2874
************************(b) (5)
BOG--FOIA 10-267--000616
(b) (5)
BOG--FOIA 10-267--000617
e ehmJeff Stehm // DBOARD//FRS
09/11/2008 09:10 PM
To Ann Miner/NY/FRS@FRS cc Che Sidanius/NY/FRS@FRS,
Jeanmarie Davis/NY/FRS@FRS,
Jennifer A Subject Board comments Timeline - Generic
and Weekend
Ann,
We made several revisions to clarify key points and organizations . We also deleted a few rows that we felt were not relevant to a "key events" timeline as well as the sheets for Sept 12 and Sept 15. We did not see the value of those sheets since everything in them is captured in the generic weekday sheet. Finally,
Jeff StehmAssociate DirectorFederal Reserve Board202-452-2217 (office)202-412-9846 (cell)email: [email protected] Miner/NY/FRS@FRS
AnnAnn iMinerMiner// YYNYNY//FRSFRS@@ RFRFR
S
09/11/2008 07:57 PM
To Jeanmarie Davis/NY/FRS@FRS
cc Jeff Stehm/BOARD/FRS@BOARD, Jennifer A Lucier/BOARD/FRS@BOARD, Che Sidanius/NY/FRS@FRS, William
Carlucci/NY/FRS@FRSSubject Timeline - Generic and Weekend
Restricted FR
Here's the latest version in preparation for tomorrow's 9AM. There are separate worksheets for: generic weekday, Friday, Sunday and Monday.
[attachment "Lehman1.xls" deleted by Jeff Stehm/BOARD/FRS]
Am cc'ing folks in case they suggest any changes.
Thanks,Annx2816
(b) (5)
BOG--FOIA 10-267--000618
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\20E9143D-5E0F-4C0F-9577-CEF336A4BC8B\Lehman1-Board staff revisions.xls1 11/3/201012:47 PM
(b) (5)
BOG--FOIA 10-267--000619
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\20E9143D-5E0F-4C0F-9577-CEF336A4BC8B\Lehman1-Board staff revisions.xls2 11/3/201012:47 PM
(b) (5)
BOG--FOIA 10-267--000620
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\20E9143D-5E0F-4C0F-9577-CEF336A4BC8B\Lehman1-Board staff revisions.xls3 11/3/201012:47 PM
(b) (5)
BOG--FOIA 10-267--000621
e D iJeanmarie Davis / YNY//FRS
09/11/2008 09:18 PM
To Jeff Stehm/BOARD/FRS@BOARD,
Ann Miner/NY/FRS@FRS cc Che Sidanius/NY/FRS@FRS, Jennifer
A Lucier/BOARD/FRS@BOARD,
William Carlucci/NY/FRS@FRS, Subject Re: Board comments Timeline -
Generic and Weekend
I think we need the weekend specific view of we want to identify timing of bankruptsy__ so - would like to keep it as a second view..... Jeff Stehm
----- Original Message ----- From: Jeff Stehm
Sent: 09/11/2008 09:10 PM EDT
To: Ann Miner
Cc: Che Sidanius; Jeanmarie Davis; Jennifer Lucier; William Carlucci;
Jeffrey Marquardt; Dibora Amanuel; Melissa Vanlandingham
Subject: Board comments Timeline - Generic and Weekend
Ann,
Duplicate
BOG--FOIA 10-267--000622
h eTheodore Lubke /NY/FRS
09/11/2008 09:27 PM
To Ann Miner/NY/FRS@FRS, [email protected],
[email protected], Clinton cc
Subject Fw: Communication Plan
Theo LubkeSenior Vice PresidentBank Supervision GroupFederal Reserve Bank of New [email protected]: 212-720-6334fax: 212-720-7818http://www.newyorkfed.org----- Forwarded by Theodore Lubke/NY/FRS on 09/11/2008 09:26 PM -----
aDaniel uMuccia //NY/F SFRS
09/11/2008 09:09 PM
To Theodore Lubke/NY/FRS@FRS
cc
Subject Communication Plan
Attached is draft for review. Please forward it to the group as I do not have the email group list. Suggestions welcomed.
Daniel A. MucciaBank Supervision GroupForeign BanksTel. 212-720-5692Fax 212-720-7665
BOG--FOIA 10-267--000623
FEDERAL RESERVE BANK
OF NEW YORK
OFFICE MEMORANDUM DATE September 11, 2008
BOG--FOIA 10-267--000624
2
TO Theo Lubke SUBJECT Communication Plan
FROM Daniel Muccia
BOG--FOIA 10-267--000625
3
(b) (5)
BOG--FOIA 10-267--000626
4
(b) (5)
BOG--FOIA 10-267--000627
5
(b) (5)
BOG--FOIA 10-267--000628
6
(b) (5)
BOG--FOIA 10-267--000629
7
(b) (5)
BOG--FOIA 10-267--000630
h eTheodore Lubke /NY/FRS
09/11/2008 10:31 PM
To Chris McCurdy/NY/FRS@NY, Jeff Stehm/BOARD/FRS@BOARD, Jeffrey
Marquardt/BOARD/FRS@BOARD, cc
Subject Fw: Lehman prime brokerage customers are looking to transfer
accounts
FYI - encouraging that they are working on this.
Theo LubkeSenior Vice PresidentBank Supervision GroupFederal Reserve Bank of New [email protected]: 212-720-6334fax: 212-720-7818http://www.newyorkfed.org----- Forwarded by Theodore Lubke/NY/FRS on 09/11/2008 10:29 PM -----
Patricia oMosser // YNY/F SFRS
09/11/2008 10:04 PM
To William BRODOWS/NY/FRS, Arthur Angulo/NY/FRS, Brian Peters/NY/FRS, Meg McConnell/NY/FRS@FRS, William Dudley/NY/FRS, Michael Schetzel/NY/FRS, Susan Stiehm/NY/FRS, Theodore Lubke/NY/FRS, Alejandro LaTorre/NY/FRS@FRS@NY, Terrence Checki/NY/FRS, "Christine Cumming"
<[email protected]>, Debby Perelmuter/NY/FRScc
Subject Fw: Lehman prime brokerage customers are looking to transfer
accounts
-----------------------------Patricia C. Mosser, FRB-NYSent from my BlackBerry Handheld.David Marshall
----- Original Message ----- From: David Marshall
Sent: 09/11/2008 06:43 PM CDT
To: Charles Evans; Gordon Werkema; Daniel Sullivan; Pat White; Patrick
Parkinson; Patricia Mosser
Cc: Adrian DSilva; Robert Steigerwald; Richard Heckinger
Subject: Lehman prime brokerage customers are looking to transfer accounts
INTERNAL FR
(b) (5)
Duplicate
BOG--FOIA 10-267--000631
09/11/2008 10:32 PM
To [email protected], [email protected],
Subject Re: Reverse Exposure for LEH
Dianne-tks for taking the time and effort to put something out there toniteto react to.
I am adding Pat
Parkinson to this message to solicit his input as well--Pat has beenextensively involved in framing this effort with Theo, and Pat and Theo andArt can keep me in check if I have gone off base. Tks all.----------------------------------------Sent from my BlackBerry Handheld.
----- Original Message -----From: Dianne DobbeckSent: 09/11/2008 10:04 PM EDTTo: Arthur Angulo; Brian Peters; Steven Manzari; Theodore Lubke; Sarah
Dahlgren; Jeanmarie Davis; Clinton Lively; Steven Mirsky; AlejandroLaTorre; Jan Voigts; William BRODOWS
Subject: Reverse Exposure for LEHTo the extent we may not have much time to strategize during the 8:15
Bill has set up for us tomorrow morning, thought it helpful to bend yourears tonight.
Thanks in advance for yourfeedback.-----------------Sent from my BlackBerry Handheld.
(b) (5)
(b) (5)
BOG--FOIA 10-267--000632
h eTheodore Lubke /NY/FRS
09/11/2008 10:56 PM
To Ann Miner/NY/FRS@FRS, [email protected],
[email protected], Clinton cc
Subject Fw: papers
Good stuff to think about, courtesy of Lucinda - especially the Rutledge paper. Thanks, Lucinda.
Theo LubkeSenior Vice PresidentBank Supervision GroupFederal Reserve Bank of New [email protected]: 212-720-6334fax: 212-720-7818http://www.newyorkfed.org----- Forwarded by Theodore Lubke/NY/FRS on 09/11/2008 10:55 PM -----
Lucinda M Brickler / YNY/FRS
09/11/2008 08:48 AM
To Theodore Lubke/NY/FRS@FRS
cc
Subject papers
Theo
Here is the document I said that I would send you a while back. I forgot.
Lucinda
Lucinda BricklerPayments Policy FunctionFederal Reserve Bank of New York 212.720.6132 or 646.720.6132
(b) (5)
BOG--FOIA 10-267--000633
FRB version Restricted FR
1
(b)(2) & (b)(5)
BOG--FOIA 10-267--000634
FRB version Restricted FR
2
(b)(2) & (b)(5)
BOG--FOIA 10-267--000635
FRB version Restricted FR
3
(b)(2) & (b)(5)
BOG--FOIA 10-267--000636
FRB version Restricted FR
4
(b)(2) & (b)(5)
BOG--FOIA 10-267--000637
FRB version Restricted FR
5
(b)(2) & (b)(5)
BOG--FOIA 10-267--000638
FRB version Restricted FR
6
(b)(2) & (b)(5)
BOG--FOIA 10-267--000639
FRB version Restricted FR
7
(b)(2) & (b)(5)
BOG--FOIA 10-267--000640
FRB version Restricted FR
8
(b)(2) & (b)(5)
BOG--FOIA 10-267--000641
FRB version Restricted FR
9
(b)(2) & (b)(5)
BOG--FOIA 10-267--000642
FRB version Restricted FR
10
(b)(2) & (b)(5)
BOG--FOIA 10-267--000643
FRB version Restricted FR
11
(b)(2) & (b)(5)
BOG--FOIA 10-267--000644
FRB version Restricted FR
12
(b)(2) & (b)(5)
BOG--FOIA 10-267--000645
FRB version Restricted FR
13
(b)(2) & (b)(5)
BOG--FOIA 10-267--000646
FRB version Restricted FR
14
(b)(2) & (b)(5)
BOG--FOIA 10-267--000647
FRB version Restricted FR
15
(b)(2) & (b)(5)
BOG--FOIA 10-267--000648
FRB version Restricted FR
16
(b)(2) & (b)(5)
BOG--FOIA 10-267--000649
FRB version Restricted FR
17
(b)(2) & (b)(5)
BOG--FOIA 10-267--000650
FRB version Restricted FR
18
(b)(2) & (b)(5)
BOG--FOIA 10-267--000651
FRB version Restricted FR
19
(b)(2) & (b)(5)
BOG--FOIA 10-267--000652
FRB version Restricted FR
20
(b)(2) & (b)(5)
BOG--FOIA 10-267--000653
FRB version Restricted FR
21
(b)(2) & (b)(5)
BOG--FOIA 10-267--000654
FRB version Restricted FR
22
(b)(2) & (b)(5)
BOG--FOIA 10-267--000655
FRB version Restricted FR
23
(b)(2) & (b)(5)
BOG--FOIA 10-267--000656
FRB version Restricted FR
24
(b)(2) & (b)(5)
(b)(2) & (b)(5)
BOG--FOIA 10-267--000657
FRB version Restricted FR
25
(b)(2) & (b)(5)
BOG--FOIA 10-267--000658
FRB version Restricted FR
26
(b)(2) & (b)(5)
BOG--FOIA 10-267--000659
FRB version Restricted FR
27
(b)(2) & (b)(5)
BOG--FOIA 10-267--000660
FRB version Restricted FR
28
(b)(2) & (b)(5)
BOG--FOIA 10-267--000661
FRB version Restricted FR
29
(b)(2) & (b)(5)
BOG--FOIA 10-267--000662
FRB version Restricted FR
30
(b)(2) & (b)(5)
BOG--FOIA 10-267--000663
FRB version Restricted FR
31
(b)(2) & (b)(5)
BOG--FOIA 10-267--000664
FRB version Restricted FR
32
(b)(2) & (b)(5)
BOG--FOIA 10-267--000665
FRB version Restricted FR
33
(b)(2) & (b)(5)
BOG--FOIA 10-267--000666
FRB version Restricted FR
34
(b)(2) & (b)(5)
BOG--FOIA 10-267--000667
FRB version Restricted FR
35
(b)(2) & (b)(5)
BOG--FOIA 10-267--000668
REPORT FROM THE TASK FORCE ON THE
WINDING DOWN OF LARGE AND COMPLEX
FINANCIAL INSTITUTIONS
Basel
5 March 2001
BOG--FOIA 10-267--000669
For agenda item 7
Table of Contents
1.
Overview..............................................................................................
......................... 3
2.
Introduction..........................................................................................
.........................5
3. Issues identified by the Task
Force............................................................................... 7
A. Information about the LCFI
........................................................................................... 7
(i) Baseline information
............................................................................................ 7
(ii) Information in a
crisis...........................................................................................8
B. Systemic implications (linkages and potential spillover)
.............................................. 10
C. Institutional environment
............................................................................................. 12
BOG--FOIA 10-267--000670
(i) Different legal
regimes.......................................................................................12
(ii) Specific powers of the authorities
...................................................................... 13
(iii) Communication and coordination between responsible authorities .................... 14
D. Crisis
management............................................................................................
.........17
(i) Private sector
solution........................................................................................ 17
(ii) Restructuring
exposures....................................................................................18
(iii) Possible liquidity
assistance............................................................................... 18
(iv) Public sector
resolution......................................................................................20
(v) Public
disclosure............................................................................................
....22
Appendix A Terms of Reference
BOG--FOIA 10-267--000671
Appendix B Membership of the Task Force on the Winding Down of Large and Complex
Financial Institutions
Attachment A Initial questions about the distressed firm
Attachment B Questions about the risk of spillovers
Attachment C Crisis management
Attachment D Preparatory questions for liquidity assistance
2/31
BOG--FOIA 10-267--000672
1. Overview
International financial sector consolidation has given rise to the emergence of a number of
large and complex financial institutions (LCFIs). While there is no single definition of LCFIs,
they generally conduct a wide range of activities on a large scale in many jurisdictions and
financial sectors, and are significantly involved in clearing, payment and settlement systems.
Given the importance of LCFIs in the financial landscape, the disorderly failure of an LCFI
could well have substantial spillover effects, such as adverse market reactions to similarly
situated LCFIs, a freezing up of markets, and gridlock in payment systems, and could
thereby threaten the stability of the international financial system. This report explores the
issues that could arise should it become necessary to wind down an LCFI. The Task Force
has interpreted the term winding-down to mean any form of private or public sector action to
deal with a problem imperilling the viability of the institution.
The main issues identified fall into four broad categories: first, the likely difficulties involved in
developing information that would be needed in handling the winding down of an LCFI,
above and beyond that needed for its ongoing supervision; second, the difficulties in
anticipating, assessing, and containing the prospective systemic repercussions of the crisis
at the LCFI; third, the complexity of the institutional environment, mainly due to differences in
legal regimes, and the resulting need for the supervisory and market authorities involved to
co-operate and communicate their policy actions, both cross-sector and cross-border; and
fourth, the challenges involved in selecting the appropriate crisis management measures to
deal with the LCFI’s problems and with the wider market and economic spillover effects likely
to arise.
There are some overarching objectives that should influence decision making across these
sets of issues. The report emphasises the early and maximum involvement of the private
sector in dealing with an LCFI in crisis, particularly through the efforts of the LCFI itself.
Such an approach limits moral hazard and is also preferable as the least costly and resource
intensive choice for authorities. However, the Task Force recognised that the circumstances
of the LCFI crisis would dictate the balance to be struck between minimising moral hazard
and containing systemic risk.
The report concludes that there are a number of preparatory measures that LCFIs and
authorities should take to be better positioned to deal with a crisis. Such actions can be
expected to increase the range of options available to all parties, reduce the likelihood that
an LCFI’s problems would seriously affect other financial market participants and the
economy more generally, and increase the chance of resolving the crisis while limiting public
sector support.
BOG--FOIA 10-267--000673
Specifically, the report recommends that the following preparatory measures be taken:
• LCFIs and their principal supervisors should have readily available comprehensive
information on the structure and conduct of the LCFI’s businesses on an ongoing
basis. Information that should be readily available should include, among other
things, information on the LCFI’s legal, organisational and management structure;
the activities of each significant entity, including unregulated entities; the markets
and countries in which the LCFI operates; the LCFI’s main liquidity sources and
pressures; the nature of the LCFI’s involvement in trading, clearing, settlement and
payment systems; and the identification of the supervisory regimes that oversee the
LCFI’s operations.
• LCFIs should have contingency plans for addressing liquidity needs and funding
options during periods of stress. Ideally, the plans should also address potential
means of raising capital, downsizing options, contractual commitments and clearing
and settlement arrangements. Sound contingency planning should also include an
3/31
BOG--FOIA 10-267--000674
assessment of the LCFI’s vulnerability to adverse reactions by its customers, market
counterparties and funds providers.
• Supervisors, central banks and other authorities may find it useful to develop their
own general contingency plans for dealing with LCFIs in crisis. Toward this end, it
would be helpful for the main supervisors to regularly assess the institutions under
their responsibility that might have the characteristics associated with an LCFI and
to prepare themselves for possible events of distress. Such preparations should
also identify the other main authorities involved, such as central banks and
overseers of markets and payment and settlement systems. In addition, supervisors
should be familiar with the different legal arrangements governing LCFIs, particularly
with respect to various insolvency regimes.
• Supervisors should develop regular contacts among themselves and other
authorities to establish communication channels and effect an ongoing dialogue
concerning LCFIs. In this context, the authorities should assess for each LCFI
separately the extent to which the nature of its activities would require coordination
in case of wind-down and, if so, how that could best be arranged.
Once a crisis has occurred, the choices made by authorities to deal with an LCFI will very
much depend on the particular characteristics of the institution and the nature of the problem
at hand. While specific responses are impossible to prescribe beforehand, the report sets
out a range of possible actions for authorities to employ in resolving an LCFI crisis. These
include private sector solutions, the restructuring of exposures, the provision of liquidity
assistance, and public sector interventions.
Depending on the situation, the achievement of an orderly wind down of an LCFI may require
partial implementation of several solutions. Sorting out the choices will require, among other
things, dealing with the challenges presented by different legal regimes and supervisory
schemes. The report makes clear, that even though approaches to managing an LCFI crisis
will inevitably vary between authorities, the latter should continually strive to balance the
need to minimise moral hazard with their role as guardians of financial stability.
4/31
BOG--FOIA 10-267--000675
2. Introduction
The Wind-down Task Force was created at the initiative of several sponsoring committees in
November 2000 with a request to present a report in time for the Spring 2001 meetings of its
sponsors. The terms of the mandate and the list of Task Force’s members are attached as
Appendices A and B.
The creation of the Task Force was prompted by concerns arising from the G-10 report on
Consolidation in the Financial Sector, issued on 25 January 2001. That report drew attention
to the emergence of a relatively small number of very large, complex financial institutions
(LCFIs) which present a potential systemic threat to the international financial system. It also
noted that there is no experience in winding down an institution of this type. The term “winddown”
has been interpreted in a broad sense by the Task Force to mean any form of action
by the private or public sector to deal with serious problems in a financial institution that
imperil the viability of the institution.
The Task Force has not sought to define an LCFI, given the likely wide range of
characteristics involved, but believes that each supervisory authority will have an awareness
of the LCFIs under its jurisdiction. Moreover, each LCFI is likely to possess one or both of the
following broad characteristics:
• Significant size of operations across a wide range of activities in different countries
and different financial sectors
• Large participation in international financial markets, in trading of complex
instruments, in underwriting and distribution of securities and carrying of accounts
for customers and/or in payments, settlements, and clearing systems.
Many of the specific issues and options discussed in the paper assume that the LCFI groups
are composed primarily of supervised institutions, but that may not always be the case. Lack
of supervisory jurisdiction will limit the range of options available to deal with problems at a
particular LCFI.
An added element is that an LCFI failure presents a potential significant market event and
hence systemic risk, in the sense that if the firm defaults in a disorderly fashion, it could
impose severe costs on other market participants and ultimately the real economy. Severe
problems at a major LCFI would probably have spillover effects on other institutions, thereby
increasing the potential for a "seizing up" of trading activity, gridlock in payments and
settlement systems, serious threats to the viability of clearing houses, negative
consequences on the real economy resulting from a sudden withdrawal of a major credit
granting institution, a contraction in the securities markets or spillover damage in
BOG--FOIA 10-267--000676
reinsurance markets.
The Task Force’s mandate invites it to analyse the issues of primary concern to policy-
makers associated with the possible need to wind down or effect a significant restructuring of
a major financial organisation. The choice of issues is not easy, because dozens of potential
issues could arise depending on the specific instance, many of which will be unique to the
particular combination of circumstances. Drawing on members’ experience in a number of
recent events (though few, if any, of these has involved an LCFI in the terms being
considered by the Task Force), the note examines key issues from three perspectives: the
nature of each issue; the obstacles faced in achieving an orderly wind-down or work-out; and
possible options for the authorities in addressing each issue.
Serious problems faced by financial institutions generally progress through a series of
stages, starting with incipient signs of deterioration of which only the management (and,
hopefully, the supervisory authorities) may be aware. Action at this first stage is critical
5/31
BOG--FOIA 10-267--000677
because steps can often be taken then that will address problems before a crisis situation
develops. In subsequent stages, the firm’s liquidity and/or capital position deteriorates and
the market begins to question its solvency. The starting point for this report is that the first
stage has passed, and that consequently the time available to search for solutions will be
very limited.
The issues identified are presented in four principal categories, which inevitably overlap
somewhat. First, there is the need for developing information about the LCFI --- its
organisation, financial position and contingency plans. The second category relates to the
linkages of the LCFI with the rest of the financial sector and the potential spillover effects of
the crisis onto the institution’s counterparties and the financial markets. Thirdly, a wider circle
of institutional issues are considered, which arise due to the fact that various authorities,
either cross sector or cross border, are involved in the supervision of, and/or the
management of the crisis at the LCFI. The fourth section addresses the issues dealing with
the actual management of the crisis.
6/31
BOG--FOIA 10-267--000678
3. Issues identified by the Task Force
A. Information about the LCFI
(i) Baseline information
To be capable of understanding the implications of a winding down scenario and the steps
necessitated by it, supervisory authorities must have regularly updated information about the
LCFI across the overall firm on a geographical and business basis and have a reasonable
basis to believe that the information is accurate This could include, among other things,
information on the LCFI’s legal, organisational and management structure; the activities of
each significant entity, including unregulated entities; the markets and countries in which the
LCFI operates; the LCFI’s main liquidity sources and pressures; the nature of the LCFI’s
involvement in trading, clearing, settlement and payment systems; the identification of the
supervisory regimes that oversee the LCFI’s operations; and the group’s contingency plans
for dealing with major stress situations.
The obstacles
(a) The structure of an LCFI is by definition a complex one, which tends to change over
time. This complexity poses significant challenges with regard to obtaining a comprehensive
overview of the LCFI, the more so because it is involved in many different financial sectors
and markets, and because its legal and operational structures are likely to differ. Even if
baseline information is readily available, it may be difficult to interpret.
(b) The development of contingency plans will involve costs for both the LCFI and for
the supervisory authorities to ensure they are in place.
(c) An LCFI may furthermore consist of both supervised and unsupervised entities (or
consist of unsupervised entities only). Its supervised entities may be subject to separate
supervisory regimes, which may lead to difficulties in getting consistent information across
the firm given the likely differences in the way information is developed. Information on
unregulated entities will by definition be more difficult to obtain and validate.
Possible options
(a) The main source of baseline information is the LCFI itself. It is important for the
supervisors to encourage the LCFI to have at its disposal a comprehensive overview of its
business on a continuous basis and be ready to give the supervisory authorities immediate
access. Current information needs to be available on key aspects of the LCFI’s operations,
including its organisation (legal entity) and management structure, the markets and countries
in which it operates, the supervisory regimes (including contact information) that oversee the
LCFI’s operations in each market and/or country, the LCFI’s participation in trading, payment,
clearing and settlement systems, the location (legal entity) of key assets, and the LCFI’s
BOG--FOIA 10-267--000679
main liquidity sources, including back-up lines.
(b) It is of great importance that LCFIs draw up contingency plans. The plans should in
all instances address liquidity needs and funding options. The plan ideally should also
address potential means of raising capital, downsizing options, contractual commitments and
clearing and settlements arrangements. A key question for a firm to consider is the range of
options it would have available to deal with problem situations, taking into account for
example the extent to which assets in one part of the LCFI can be transferred to a second
part in another jurisdiction. These plans should be kept up to date, shared with, and reviewed
regularly by, the firm’s main supervisory authorities and, where appropriate, central banks in
all relevant jurisdictions.
7/31
BOG--FOIA 10-267--000680
(c) The contingency planning process should also include an assessment of the LCFI’s
vulnerability to adverse reactions by its customers, market counterparties, and funds
providers. For example, LCFIs should have plans for contacting key funds providers to
furnish them with accurate information, to build confidence, and to seek to influence the key
funds providers to make decisions based on candid information and not based on rumours.
(In the case of insurance companies, for example, key funds providers would be large
customers which could demand the cancellation of particular policies and thus the return of
built-up cash values.) In facing these liquidity pressures, the LCFI should have a good
understanding of how it will provide for (net) funds outflows through asset maturities or
outright asset liquidation. Major trading institutions should have a good system for tracking
counterparty acceptance and rejections on a frequent basis and have a good idea of the
steps that an exchange or clearing system is likely to take to protect its viability. Thus, if a
crisis breaks, the LCFI should be able to inform the supervisory authorities of the state of its
contingency activities, including an analysis of the reactions to the crisis by the markets,
major customers and counterparties.
(d) Similarly, supervisory authorities should be fully aware of the extent to which their
access to the information that they need on the LCFI could be impeded (e.g. information
coming from subsidiaries or affiliates that are unsupervised or subject to another supervisory
regime) and take steps to redress this situation. Supervisors should have an overview of all
significant group businesses on both a solo and consolidated basis and an understanding of
how transactions booked in different entities are related. Also, in order to facilitate the access
to essential data by supervisors in different countries, it may be necessary to develop
specific arrangements in respect of complex groups.
(ii) Information in a crisis
Once a crisis occurs, the first issue will be to determine the facts concerning the financial
position of the LCFI, and all subsidiaries or affiliates of the LCFI that are experiencing
difficulties so as to identify the nature and scale of the problem. This will likely involve an
assessment of the adequacy of the troubled entity’s liquidity and capital, including its
possible access to new capital, as well as spillover effects on affiliates and third parties.
Depending on the nature of the crisis, considerably more detailed structural or financial
information may be required than that covered in the previous section. The information
needed may include a valuation of the banking or insurance book, a valuation of trading
positions, potential liquidity support (e.g. back-up lines of credit), detailed updates on a
frequent basis of its liquidity position, identification of legal entities with key unhedged
exposures, distribution of group capital and business autonomy of the different group entities,
the existence of (and nature of relationships with) special purpose vehicles, asset quality
analysis, identification of key service providers and contracts, correspondent bank
BOG--FOIA 10-267--000681
relationships, other key financial information concerning the troubled entities, and details of
intragroup transactions. It will be particularly important to have accurate data on intra-group
transactions since they will have implications for the dimensions of the problems and the
viability of spinning off parts of the group. Supervisors should have effective means for
validating the accuracy of information obtained from an LCFI during a crisis, including such
basic issues as determining the veracity of the reports obtained. For example, in those cases
where the LCFI holds customer assets, it is important to determine whether clients’
assets/funds have been properly segregated from the LCFI’s assets/funds and accounted for
accurately.
8/31
BOG--FOIA 10-267--000682
The obstacles
(a) Difficulties in obtaining critical information in a crisis may stem from a wide range of
factors, including operational problems at the LCFI itself, suspected fraud and consequent
questions as to the reliability and timeliness of financial statements, the need to assess a
potentially enormous number of individual counterparty exposures (reviewing a high volume
of contracts within a very narrow time frame), as well as practical and legal difficulties in
obtaining information.1 In addition, the LCFI’s own management information systems, while
designed to support management oversight of lines of business, may not readily present the
critical information needed in sufficient detail or in a legal entity format necessary to assess
solvency. Different accounting systems may be another impediment. Obtaining information
on critical transactions or exposures that cross legal jurisdictions - particularly cross-border may
present particularly formidable challenges. For example, potential conflicts of interest
may affect a supervisory regime’s responsiveness in sharing information. Even obtaining
information from other supervisors within the same legal jurisdiction may not be without
issue. Further, the crisis situation may be very fluid, thereby requiring almost real-time
updates.
(b) The increasing complexity and rapid global expansion of LCFI structures, a growing
reliance on almost instantaneous electronic transmission and communication, and the
swiftness with which markets react greatly raise the odds that governmental authorities will
be faced with making critical decisions within very narrow time-frames, and with less than
complete or optimal information.
Possible options
(a) Although the institution’s supervisors will already have some information about the
LCFI’s financial position, they must be ready to collect more detailed and up-to-date
information material to the crisis as expeditiously as possible. It will be important to have
available experts familiar with the institution such as the firm’s examiners, external auditors
and actuaries in the case of insurance entities.
(b) As part of their contingency plans, all LCFIs and key supervisors should try to
anticipate the type of information that could be needed in an emergency and of the means
that would be used to develop it. In this respect, supervisors and other crisis managers could
seek to establish in advance a clear idea of the range of information they would wish to
obtain. A skeleton outline of some broad types of questions to be asked is contained in
Attachment A.
(c) If the supervisory authorities decide that intervention to restructure or reduce the
institution’s market positions is required (see Section 3 D(ii)), it will be necessary to obtain
detailed information on the outstanding exposures from key operational personnel within the
BOG--FOIA 10-267--000683
institution. The authorities should seek to identify these key operational functions in advance.
If the LCFI has overseas offices, the ability to obtain prompt information about its financial
situation will be dependent on
accurate and timely management information systems, in the absence of which more of the onus would
shift to the various
supervisors to obtain and verify information.
9/31
BOG--FOIA 10-267--000684
B. Systemic implications (linkages and potential spillover)
Since a crisis at an LCFI may have spillover effects within the financial system, it will be
critical for the authorities to assess the extent of linkages and spillovers at the earliest
possible stage of a crisis in order to assess the degree of systemic risk that may be present.
These will differ for the LCFI in its role as a counterparty or as a service provider (e.g.
payments services or prime brokerage). One objective will be to estimate the feasibility and
costs of specific actions to contain the spillover effects. Spillover effects can occur through
various channels. Direct or indirect losses may be imposed upon third parties by the LCFI’s
default, and some may be so great as to threaten the solvency of those third parties. A
second type of spillover effect stems from actions taken by third parties to protect themselves
from potential or anticipated losses -e.g. efforts by other institutions to exclude the LCFI from
trading, payments, clearing or settlement arrangements, the demanding of additional
collateral or other credit enhancements, advance payment, blocs of large insurance policy
surrenders from business customers, etc. One or more of such actions -particularly if taken
by a number of institutions – could lead to market gridlock. Thirdly, the functioning of financial
markets in general may be seriously impaired by the liquidation of large positions by the
entity in crisis. The ensuing sharp price movements and lack of market liquidity can result in
serious difficulties for other major market participants. Particularly problematic are the
spillover effects on payment, settlement and clearing systems themselves, and the potential
that those systems may not be able to withstand a default by the LCFI and/or other
institutions affected by the spillover effects. Fourthly, unaffiliated institutions that are
perceived as "similarly situated" to the LCFI may become subject to contagion and suffer
panic “runs”, exacerbating the potential for market disturbances.
A further consequence would be the effect on the financial system as a whole and the real
economy. Given the international nature of financial markets, the spillover effects could well
go beyond national borders. Overseas counterparties could be affected, as well as overseas
markets that may be linked or correlated with the LCFI’s home market. Particular attention
would need to be paid to affiliates that are systemically significant in a foreign country or
market.
The obstacles
(a) As noted above, the obstacles to obtaining critical information for an LCFI on the
nature and extent of a crisis can be formidable. This difficulty is compounded when an
assessment must be made of the effects of that crisis on other institutions, markets, and
industry utilities such as payments, clearing and settlement systems. Moreover, these
systems and other counterparties with which the LCFI transacts business may have
BOG--FOIA 10-267--000685
contractual agreements with the LCFI containing provisions that accelerate default (e.g. an
exchange's demand for cash variation margin, material adverse change clauses, cross
default provisions, ratings downgrade triggers, etc.). Assessing the spillover effects across
legal jurisdictions would complicate the information gathering and decision making process.
(b) In the case of LCFIs with major cross border activity, it will be very difficult for home
authorities to fully understand the potential spillover effects in a foreign country, in part
because the authorities may not have strong incentives, or the means, to remain current on
the detailed issues in other centres.
Possible options
(a) As noted, the gathering and maintenance of current information on the LCFI and its
operations and markets is crucial to responding promptly to potential systemic risk situations.
The LCFI's own contingency plans should provide key information. For example, the
10/31
BOG--FOIA 10-267--000686
contingency plans may highlight critical "flashpoints" that may precipitate spillover effects,
such as material adverse change or cross default clauses. The identification of these
"flashpoints" may assist governmental authorities in anticipating the timing and nature of
further difficulties. Attachment B presents a sample checklist of questions to be addressed in
assessing potential spillover effects.
(b) Equally important, however, is the authorities’ knowledge of key market
mechanisms. The supervisory authorities and central banks should thoroughly understand
the rules governing exchanges, clearing houses, and payments systems, especially the rules
intended to protect the mechanism from the default of a member, major participant or the
clearing house itself. In addition to understanding the written rules, supervisors and central
banks should focus as well on understanding clearing houses’ discretion for requiring
additional protection and should maintain an ongoing dialogue with the management of
clearing houses and settlement systems.
(c) Authorities in some circumstances may want to assure that they can stabilise an
LCFI on a temporary basis (e.g. establish a bridge bank in the case of a banking
organisation) or organise a supervised restructuring of an insurance entity in order to
stabilise markets and gain time to sort out a longer term solution (see Section 3.D), such as
sale to a third party. However, the use of such vehicles without accompanying "haircuts" to
shareholders and creditors entails some degree of moral hazard and can be expected to
erode market discipline going forward. To address this issue, consideration could be given to
introducing arrangements to force some or all investors in, or creditors of, the LCFI, to share
in some or all of the loss.
(d) Supervisory authorities should establish ongoing relationships with other authorities
that may potentially be involved in an LCFI crisis and, in particular, in assessing the degree
of systemic risk. Such close relationships should involve the central banks, in view of their
responsibilities for providing liquidity and overseeing payment and settlement systems, for
stability of core money and credit markets, and for monetary policy. It may also involve
fostering strong relationships with managers of various insurance compensation schemes
(e.g. depositor, policyholder, investor protection). Ministries of Finance would be involved
particularly in the event the use of public funds is being considered.
(e) Since the assessment of the systemic nature of the crisis may not be possible on a
purely national basis, contacts between the relevant authorities most affected by the crisis
and cross-border coordination are of the utmost importance. If the LCFI crisis could affect
other countries, the home authorities need to consider the potential spillover effects from the
outset and keep their foreign counterparts informed. Similarly, host supervisors should inform
home supervisors of spillover effects they are experiencing.
11/31
BOG--FOIA 10-267--000687
BOG--FOIA 10-267--000688
C. Institutional environment
(i) Different legal regimes
The individual entities within the LCFI may be subject to different legal arrangements,
preference rules and rules concerning ownership interests and creditor arrangements. In an
insolvency, the LCFI or an insolvent subsidiary may be sold in a private transaction, thereby
bypassing insolvency proceedings, or entities may be liquidated under what may be different
legal regimes. Both the supervisors and insolvency administrators of the different entities of
the LCFI located in different countries may have different responsibilities to investors,
depositors, policyholders, creditors and counterparties. Thus, in a crisis situation, there will
be a variety of issues at the legal entity level as well as issues from a consolidated
supervisory perspective.
The obstacles
(a) The characteristics and implications of different insolvency regimes for banks were
examined in a 1992 Basel Committee report, Insolvency liquidation of a multinational bank.
This report identified two principal approaches. Under the single-entity approach (in which
the banks and all its branches are wound up as one legal entity), creditors worldwide are
entitled to a claim on the institution’s worldwide assets, so that the creditors of one branch do
not as a whole obtain priority over creditors of any other branch. Under the alternative
separate entity approach (which applies in some states of the United States and some other
countries), each branch of a foreign bank in a host jurisdiction would be liquidated separately
and only those depositors and creditors transacting with the branch will have claims
recognised in the liquidation. Only after these priority creditors were paid would any excess
be turned over to the domiciliary liquidator.
(b) The consequence of this situation is that supervisors and insolvency administrators
will have different legal responsibilities that may lead them to prefer different resolution
approaches and may well hinder their ability to cooperate with one another. These different
legal regimes may encourage the ring-fencing of foreign assets of an LCFI by other
supervisors, thereby creating difficulties in achieving a more global solution. Moreover,
counterparties and creditors operating with awareness of these differences will react to the
crisis differently.
(c) National authorities often have fiduciary responsibilities to their taxpayers, obliging
them to take steps to reduce the risk that taxpayer funds will be put at risk. By having to
operate within national statutory constraints that mandate a loss minimisation approach, the
authorities may inadvertently make it more difficult to find an overall welfare maximising
resolution.
Possible options
BOG--FOIA 10-267--000689
(a) Unless governments are able to achieve greater consistency in liquidation
regimes/resolution approaches in the countries in which the LCFI operates, authorities will
have to live with the differences that exist and with the effect that these will have on market
behaviour. It is desirable, however, for each supervisor to understand the supervisory
objectives of each other authority and the nature and objectives of the different liquidation
schemes applicable to the various types of entities within the LCFI. Supervisors should
familiarise themselves with the legal frameworks and market practices in those jurisdictions
in which the LCFI has significant operations. This understanding could lead to a better
prediction of how creditors and counterparties will react as a crisis unfolds. Because of the
cross-border or cross-sectoral implications, authorities should review the extent of their ability
12/31
BOG--FOIA 10-267--000690
to coordinate with counterparts that have responsibility for other parts of a troubled or
insolvent LCFI.
(b) The private sector can play a role in this respect as well. It may be appropriate to
encourage initiatives to develop private sector mechanisms for addressing problems in multi-
creditor workouts.
(ii) Specific powers of the authorities
All the relevant authorities will be aware that a crisis in an LCFI could have a significant
impact and will wish to take immediate steps to avoid further deterioration and potential
spillovers. To take rapid and effective action, each authority must have the necessary
powers, including the ability to carry out an emergency examination, to request and obtain
necessary information, to take a variety of corrective actions, and to share information with
foreign authorities. In general, the authorities need sufficient flexibility to take necessary
actions that limit systemic risks, but at the same time reduce the probability that public
money will be put at risk.
The obstacles
(a) Impediments could arise from the relatively limited range of options available to
many authorities to resolve a systemic crisis. Legal powers may not be in place to provide
temporary or long-term assistance, or to minimise the risk of moral hazard attendant with
providing such assistance.
(b) The supervisor of an LCFI that understands the gravity of a crisis and knows what
steps need to be taken will not always have the power to act on its own. The situation may
deteriorate while time is taken to convince fellow supervisors and other relevant parties
(funds or liquidity providers) that timely action must be taken.
(c) The central bank or other lending authority may be constrained as to the institutions
to which it can provide liquidity support and the collateral it is permitted to accept.
Possible options
(a) The authorities need to ensure they have sufficient powers to structure a resolution
involving least possible cost to the public, while at the same time minimising disruption to the
financial system. Consideration needs to be given in every jurisdiction, where it does not
already exist, to the formulation of special emergency powers that can be assumed by the
authorities in handling a defined crisis situation involving an LCFI, beyond the options
available for addressing non-systemic situations.
(b) The range of options available to the authorities, should intervention be required,
should be reviewed to ascertain what additional specific emergency powers are desirable.
BOG--FOIA 10-267--000691
The list of options could include the power to take prompt corrective action or early
intervention prior to a crisis emerging; the ability to use public funds to limit spillover effects;
the ability of a supervisor to be able to invoke a “wider public good” override in a systemic
crisis; and perhaps the ability of the central bank to extend discount-window facilities to
institutions not normally granted access and to accept a broader range of eligible collateral.
(c) Authorities may find it useful to develop a general contingency plan for dealing with
an LCFI crisis. This plan could include relevant legal authority; information on an LCFI’s
operations likely to be needed; and particular types of transactions that are likely to be
13/31
BOG--FOIA 10-267--000692
problematic. Authorities could also identify expert operational resources to implement a wind-
down. In this respect, scenario planning may assist in maintaining the capability of key staff.
(iii) Communication and coordination between responsible authorities
Efficient communication mechanisms will be key in managing a crisis at an LCFI. Much will
depend upon the individual circumstances but information sharing is likely to be needed
between a wide range of authorities in different sectors and countries. In a crisis situation,
there will be little opportunity to create efficient information channels if they do not already
exist.
Another issue will be the appropriateness and the ability of the responsible authorities to act
in a coordinated manner. There will be little time to act and supervisors will need to take care
that their actions do not unnecessarily subject an LCFI to contradictory obligations. Although
it is necessary to adapt to the specific circumstances, the coordination process is likely to be
difficult without prior planning for possible emergency arrangements.
The obstacles
(a) Information sharing is potentially subject to a number of constraints. These include
secrecy legislation and the unwillingness to share information that may be misused or
inadvertently disclosed. The latter concern contributes to the practice that information flow
tends to be one way, with host supervisors of individual units ready to report to a home
country supervisor, but the latter reluctant to pass on information in the opposite direction.
All these obstacles are likely to become greater in a significant financial crisis when the
situation is sensitive and fast-moving, and when higher-level authorities such as Finance
Ministries may be involved. There may also be additional authorities, such as statutory
receivers which would need to be kept informed of all developments. The different liquidation
regimes will influence how much information is communicated and to whom.
(b) While there is widespread understanding of the usefulness of communication in a
crisis situation and on the need for coordination in principle, there are differences of opinion
on the desirability of a single crisis coordinator. In part, the difference of opinion may stem
from a belief that the appointment of a coordinator suggests that there is a single supervisor
with overall responsibility to make substantive decisions on the particular problems of the
LCFI. Moreover, given the differences in legal authority reviewed in Section 3.C(ii), the
specific and limited role of a coordinator may present significant conflict of interest or legal
complications.
(c) The existing supervisory structure will not always indicate which authority would be
the appropriate crisis coordinator. For example, in crisis situations covering international
BOG--FOIA 10-267--000693
markets, the identification of the crisis coordinator for a particular LCFI may be less clear,
thereby potentially complicating the communication lines and impeding the efficient handling
of the situation. Even at the national level, there may be uncertainty as to which national
authority takes the crisis coordinator role. This will be compounded if the LCFI is a complex
group which is subject to supervision by various authorities in multiple jurisdictions. At an
international level, there is not always common agreement among supervisors or other
authorities as to the crisis management of a complex group that operates in different
countries. Even if it is determined that a crisis coordinator is desirable, there is considerable
difference of view as to whether such a coordinator should be designated in advance.
14/31
BOG--FOIA 10-267--000694
Possible options
(a) Information sharing, as noted at several points in this report, is encouraged on an
ongoing basis to give relevant supervisors insights into issues and problems at LCFIs. It is
critical that supervisors have the legal authority to share information, and that they are willing
to use that authority in a crisis. In some arrangements, co-operation and communication can
be further enhanced by agreeing on a Memorandum of Understanding (MOU), which is a
standard mechanism for facilitating communication between authorities. In some jurisdictions
(e.g. the EU), there are also MOUs covering information sharing between exchange
supervisors and payment system overseers. In other instances, MOUs may not be feasible.
(b) In order to further co-operation prior to any crisis, the Task Force notes that it would
be helpful for supervisors to regularly assess the institutions under their responsibility that
might have the characteristics associated with an LCFI and to prepare themselves for
possible events of distress. The main supervisor for each such institution should also identify
the other main authorities involved, such as central banks and overseers of markets and
payment and settlement systems. Supervisors should develop regular contacts among
themselves and other authorities to establish communication channels and effect an ongoing
dialogue concerning LCFIs. In this context, the authorities should assess for each LCFI the
extent to which the nature of its activities would require co-ordination in case of wind-down
and, if so, how that could best be arranged.
(c) The Joint Forum struggled with the coordinator issue, when it noted that there is no
consensus on the appointment of a single coordinator or its responsibilities. In its report 2 ,
which focused on the micro-prudential rather than the systemic aspects of a crisis, the Joint
Forum published principles on information-sharing and provided guidance on the possible
identification of a crisis coordinator. It developed a catalogue of possible attributes from
which authorities can determine the role and responsibilities of the coordinator. At the same
time, the Joint Forum advised that the decision to appoint a coordinator, the identification of
the coordinator, and the determination of its responsibilities should be at the discretion of the
authorities involved. The Joint Forum also recognised that the authorities’ ability to carry out
their responsibilities during a crisis should not be constrained by the designation of a
coordinator.
(d) It can be presumed that, at the early stages of the crisis, the LCFI’s main supervisor
would act as the primary contact and source of information among authorities. However, it
cannot be precluded, depending on the further development of the crisis and on the specific
facts surrounding the crisis of the LCFI, that another authority might fulfil this role. For
example, if the crisis becomes a systemic event, the crisis coordinator may turn out to be the
central bank.
(e) Some members of the Task Force favour the appointment of an authority or
BOG--FOIA 10-267--000695
authorities as coordinator along the lines suggested in the draft EU Directive on Financial
Conglomerates. According to this consultative document, the appointment of the
coordinator(s) should be mandatory, but any further arrangements should be framed in as
flexible terms as possible in terms of legislative obligations imposed. It should be noted that
the coordinator suggested in the EU proposal would perform its duties in normal as well as
crisis situations.
(f) Bringing the interests of foreign supervisors, central banks and market authorities
into the decision-making process requires effective exchange of information and
The Supervision of Financial Conglomerates (February 1999).
15/31
BOG--FOIA 10-267--000696
coordination. At the least, foreign supervisors would need to receive as much prior warning
as possible about impending decisions that would affect local institutions and markets,
although there will be instances where no early warning is possible. Ex ante discussions
among the relevant authorities could be useful in understanding how these issues could best
be addressed in a particular crisis situation.
16/31
BOG--FOIA 10-267--000697
D. Crisis management
In managing the crisis, the principal challenge to the authorities will be to balance the need to
maintain financial stability with the need to avoid or minimise moral hazard. The first step will
be to try to stabilise the situation in order to allow time to investigate (a) the true extent of the
problem and (b) the possibility of the LCFI addressing the problem through a private sector
solution. At this point in time, the firm’s contingency plans will be invoked. If the situation
does not stabilise, the authorities may need to address such issues as (a) winding down or
restructuring exposures in the hope of avoiding or minimising public costs, (b) liquidity
assistance to the distressed firm, similarly situated firms, or the market, or (c) whether the
use of public sector funds is justified.
While the issues raised in this section are presented in the logical order in which the
authorities may want to address them, there will inevitably be operational overlaps depending
on each situation, and circumstances may require their simultaneous consideration and
partial implementation of different solutions. Attachment C contains a check-list of issues to
be considered in the decision-making process.
A key issue for the authorities will be whether to intervene in order to maintain the LCFI as a
going concern, bearing in mind that most financial entities have less value when liquidated in
a “fire sale” fashion.
(i) Private sector solution
The ideal outcome will be a pure private sector solution in which the LCFI succeeds on its
own in merging, selling off units or being acquired by a strong partner. For the authorities, a
private sector resolution is least costly, and for investors and creditors, it generally preserves
more value in their investments. Private sector resolutions may entail the sale of parts of the
organisation to various parties, the sale of the entire institution to a single party, or some
combination of these.
The obstacles
(a) There are many reasons why a private sector solution may not work, and the worse
the LCFI’s financial situation the less likely that a solution will be found. Prospective private
acquirers are likely to require more time than is available to conduct thorough due diligence
in order to assess the purchase price and to structure the transaction. The very size and
complexity of an LCFI and of its open positions in complex instruments may well be daunting
to prospective buyers, and revealing them to a competitor may bring its own market
problems. Shareholder approval and public disclosure may be required, which would take
BOG--FOIA 10-267--000698
time and, in addition, reveal to investors and/or the public the extent of the company’s
problems and damage market confidence. In addition, there may be legal impediments (antitrust
laws, clauses in trust deeds, etc.) that cannot be dealt with in the brief time available.
Possible options
(a) The authorities may want to encourage the LCFI to make contact as early as
possible with those private sector participants with the greatest incentive to provide support,
i.e. the firm/group’s lead banker(s), its chief wholesale market financiers or the counterparties
that would lose most from a default. The LCFI might also be encouraged to pursue
discussions with its competitors in the hope of finding a “white knight”. The authorities should
convey to the LCFI’s management the supervisory and legal actions that the authorities may
take if management is not successful in its efforts to obtain a private resolution.
17/31
BOG--FOIA 10-267--000699
(b) The authorities may want to play a facilitating role in the company’s efforts to seek a
private sector solution by, for example, acting as a “marriage broker” or providing a “neutral
corner” where interested institutions could meet to discuss potential resolutions. In all cases
the authorities need to ensure that they do not incur a legal, moral or political obligation to
the potential private sector participant.
(c) The authorities may want to consider and make appropriate contingency preparation
for public sector resolutions simultaneously with the company’s efforts to seek a private
resolution in order to assure that they are prepared to act in the event of further deterioration
or if the private resolution does not materialise.
(ii) Restructuring exposures
When an LCFI is experiencing severe distress with the potential for insolvency, the
authorities may wish to encourage or attempt to compel (potentially through legal action) a
winding-down or restructuring of certain positions, operations or businesses. Having the LCFI
close out positions and/or sell individual business lines may reduce possible disruption to
the markets, better position the firm in the event of recapitalisation or sale in a private or
public resolution, and probably reduce the overall cost of resolution should public funds be
needed.
The obstacles
(a) Credit and market counterparties can be expected to hasten to protect their positions
by withdrawing funds, closing out positions and seizing assets and collateral. Even the
public authorities may have interests that they are called upon, legally or politically, to
protect. An orderly wind-down will not be possible unless the efforts of all the main parties
(public and private sector) are coordinated.
(b) Attempts to spin off self-sufficient units may be frustrated unless (a) the units that
are saleable are separate legal entities, (b) they have relatively small exposures from/to
other parts of the group.
Possible options
(a) If the LCFI is engaged in trading activities, winding them down may present
significant technical challenges. In the case of complex trading books, structured deals or
complex blocs of policies or annuity products, the firm’s managers and traders may need
some assistance in closing out their positions. The authorities will need to have available inhouse
expertise, or be able to access persons with the necessary expertise, to understand
the process and identify potential issues that may need attention.
(b) The authorities may determine that there is a risk of disorder in the financial markets
without action on their part. Market counterparties may be reluctant to trade for fear that the
BOG--FOIA 10-267--000700
LCFI may not be able to deliver its end of the bargain (either funds or securities) in the
completion of a trade. One option would be for a private or public sector body to stand
between counterparties to create deliverable certainty by providing escrow services or
settlement finality.
(iii) Possible liquidity assistance
Liquidity assistance may be considered to support (a) the LCFI, (b) others affected by the
contagion or (c) specific markets.
18/31
BOG--FOIA 10-267--000701
(a) Special measures may be needed to sustain the LCFI in question as a going
concern, while other measures to wind down or restructure it are contemplated and
implemented. Normally the distressed firm would have exhausted virtually every feasible
means of funding in the market in a crisis. As a result, liquidity may have to be provided or
facilitated by the public sector, typically the central bank. Such emergency liquidity support
would usually be extended in the form of bilateral lending to the firm.
(b) Liquidity support may need to be extended to other firms suffering from the
contagion or spillover effects.
(c) If the financial system as a whole is experiencing disruption, the authorities may
want to consider whether some broader form of support may be effective in stabilising
individual markets or the system as a whole.
The obstacles
(a) Should a distressed LCFI require liquidity support, a key difficulty facing authorities
will be to determine whether the LCFI is still solvent and viable, in which case liquidity
support may be justified, or whether the LCFI should be closed. Moreover, if the crisis does
not stem from funding issues alone, liquidity support is unlikely to be effective unless it is
combined with other comprehensive measures such as those discussed in Section 3.D(iv)
below.
(b) If liquidity provision is judged to be appropriate, an issue may arise as to how the
role of the liquidity provider may be split between the home and the host central bank. For
example, if the LCFI has a significant presence overseas, emergency liquidity support by the
host central bank may be considered, given the differences in the time zones in which it
operates. However, this may entail difficult questions such as whether collateral
arrangements can be worked out or how potential credit risks may be assigned to the home
or the host central bank.
(c) The traditional concept of lender of last resort, and in many countries the sole
concept, focuses on banks. In dealing with a distressed LCFI, however, it may be non-bank
subsidiaries or affiliates that are facing the most severe liquidity pressures.
(d) Legislative or regulatory requirements concerning collateral that the central bank
can accept or legal restrictions on lending by a governmental authority to an LCFI in danger
of failing may present obstacles in providing desired liquidity support.
(e) Lending to an LCFI that ultimately requires a governmental resolution may increase
the public costs of resolving that institution. The additional liquidity provided may permit
creditors and investors - that otherwise would have borne loss - to exit the institution prior to
its failure.
Possible options
BOG--FOIA 10-267--000702
(a) The lender of last resort functions of central banks are fraught with moral hazard
and central banks have tended to create “constructive ambiguity” about when and how those
functions will be exercised. For example, the Basle Concordat (1983) did not address itself to
lender of last resort responsibilities. Moreover, based on more recent work of the CGFS, it is
clear that there is no “one size fits all” approach for lender of last resort functions and that the
decisions would be taken on a case-by-case basis. Nonetheless, it may be a useful exercise
for the authorities to address the questions set out in Attachment D concerning liquidity
19/31
BOG--FOIA 10-267--000703
support arrangements in a specific case. These address questions such as who provides the
liquidity, what is its scope and magnitude and who should suffer the loss if it is not repaid.
(b) In connection with the provision of liquidity support, the central bank must ensure
timely delivery of cash to the entities of the LCFI experiencing runs. Failure to meet demand
for cash withdrawal may precipitate disruption. An arrangement within the central bank that
ensures smooth delivery of banknotes may be an integral part of crisis management.
(c) The central bank may want to consider supplying liquidity support, as needed, to
unaffiliated and otherwise solvent institutions that are caught up in the LCFI crisis, or to act
as a principal in certain markets that they do not regularly operate in to provide market
liquidity.
(iv) Public sector resolution
If the LCFI itself is unable itself to arrange for a private sector solution and the likely costs of
liquidating the LCFI are judged to be excessive, there is a range of public sector intervention
mechanisms that may need to be explored. These could include forced mergers (perhaps
supported by public subsidy), public sector guarantees for the performance of the LCFI’s
obligations or a range of restructuring options. The authorities will want to assess the
situation carefully in light of (a) the potential cost to the taxpayer, (b) moral hazard and (c) the
possible need for financial support for the LCFI’s customers. Such an assessment would
have to be weighed against the costs of a systemic crisis.
To the extent that a decision is made to intervene and provide support to the LCFI and/or
firms affected by spillovers (whether that support is in the form of liquidity support,
recapitalisation, assistance for an asset/liability sale, guarantees, interim nationalisation, or
some combination thereof), one or more governmental authorities are likely to become
subject to losses that would otherwise have been borne by the institution(s) for which support
is provided. How these losses are funded then becomes an issue, as do measures to reduce
governmental losses, which may include forcing certain classes of creditors and
shareholders to assume some or all of the loss. Authorities will also insist on corrective
action in the operations of the firm.
The obstacles
(a) The decision to liquidate or rescue, and the nature of any rescue, may be
complicated by the involvement of supervisory authorities of different countries and political
authorities who would need to be persuaded that the use of taxpayers’ funds is justified, as
well as by the involvement of competition authorities. The perspectives of different
supervisors may also differ. For example, regulated securities firms are likely to be more
BOG--FOIA 10-267--000704
liquid, and therefore easier to wind down, than banks or insurance companies. Hence, the
issues are highly charged even within a single legal jurisdiction, especially when the prospect
of taxpayer bailout is raised. Even deposit insurance schemes can become controversial at
this stage, as non-failing participants in those schemes may object to expected increases in
premiums to cover the losses of the failed LCFI. The prospect of a large LCFI from a small
home country but with a significant presence in one or more host countries could raise
practical questions as to whether the home country could afford to fund the losses of the
institution. Similarly, issues could arise in a small host country whose financial markets are
dominated by an LCFI based in a large home country that decides not to support the LCFI.
(b) The public sector cost issues are likely to be compounded when entities operate
cross-border. Ring fencing (i.e. the seizing of assets within a host legal jurisdiction to pay
20/31
BOG--FOIA 10-267--000705
liabilities within that jurisdiction) can shift the public resolution costs from one jurisdiction to
another and complicate bankruptcy proceedings in the home country.
(c) Closing an institution, or closing it and reopening it under new ownership can entail
the deployment of very significant resources. Simply closing even a small institution
operating in a single legal jurisdiction can present difficult operational challenges. The
complications associated with closing an LCFI by virtue of size alone are formidable. Checks
and wire transfers must somehow be stopped and rerouted, cash will need to be supplied to
permit customer withdrawals, and to the extent the LCFI is subject to a deposit insurance
scheme, depositors eligible for recovery must be identified so that withdrawal of ineligible
(uncovered) funds can be blocked. The situation is complicated further when the LCFI’s
operations span multiple legal jurisdictions and time zones, and operates electronically as
well as in physical locations.
(d) Supervised entities affiliated with an LCFI that are subject to high capital
requirements may survive a stress event when other parts of the LCFI do not. Under such
circumstances, supervisors may need to take measures in order to protect the affiliates’
customers and maintain market confidence by, for example, blocking the transfer of the
supervised entity's capital to support failing cross-border affiliates. Such a measure would
not necessarily create systemic risk, however, because it may be possible for the supervised
entity to be sold or to be used as collateral by the LCFI to obtain funding.
(e) Providing public sector support or implementing a public sector resolution
necessarily entails moral hazard that can be expected to adversely affect market discipline.
To minimise this risk, a public sector resolution needs to be carefully designed and structured
to subject uninsured or unprotected creditors and investors to loss in whole or in part to the
greatest extent possible. In systemic risk situations, there will almost invariably be a tension
between minimising the moral hazard and systemic risks.
Possible options
(a) The relevant national authorities should develop a process for decision-making
regarding determinations of situations involving “systemic risk”. It may be desirable to
identify in advance the type of information and analysis that will need to presented, the
appropriate officials that will have to be consulted (central bank(s) and/or Minister(s)), the
documentation needed to support the decision, and the process used to reach a decision.
(b) As discussed above in Section 3.A, the relevant authorities should look to ensure
that contingency plans exist for the restructuring of an LCFI, including a process for quickly
obtaining the resources (e.g. specialised personnel, computer support, etc.) to provide public
support or implement a public sector resolution. The authorities may wish to create task
forces to consider issues such as a private sector solution, liquidity support package or
BOG--FOIA 10-267--000706
liquidation.
(c) The use of interim nationalisation vehicles such as bridge banks can provide
stability, while permitting creditors and investors to be subject to loss in whole or in part.
The haircuts to the creditors and investors must be determined at the outset (establishment
of bridge bank and its acquisition of failed assets and liabilities); otherwise its use in
providing stability in future transactions will be limited or non-existent. In structuring financial
assistance, the authorities would want to include provisions for the return of public funds in
the event that the restructuring is successful down the road. Along these lines, a clear “exit
strategy” designed to limit the duration of public involvement would also be useful, provided
the strategy does not call into question the support provided by the public sector in relieving
the crisis.
21/31
BOG--FOIA 10-267--000707
(v) Public disclosure
The LCFI will face rumours as its problems emerge. The market may assume that problems
are worse than they really are --- including presuming that other firms with similar
characteristics to those of the troubled LCFI are also troubled ---unless it is given reliable
information or reassurance. Hence, a key issue for the authorities is what should be said, by
whom and particularly when. The LCFI itself will also be under pressure, and perhaps be
subject to a legal requirement, to disclose its true position. In such circumstances, market
perceptions of its solvency could become more important than its actual solvency.
The obstacles
(a) Deciding precisely what message to convey will be more difficult the greater the
number of authorities and countries involved. A related question is whether the message
needs to be communicated in a coordinated manner with foreign authorities. Confidence may
well evaporate more quickly in a foreign entity if the market there believes its interests will not
be protected. This complicates the issue because the authorities may wish to have any
public statement shared in advance with their supervisory colleagues in other sectors.
(b) Because of the difficulties already mentioned in Section 3.A., the authorities
themselves may not have all the facts. (c) There is a potential conflict between the
confidentiality rules under which many authorities operate and their ability to communicate
firm specific information. Conversely, some authorities are subject to Freedom of Information
provisions and similar disclosure requirements.
Possible options
(a) The authorities will wish to stabilise the LCFI and try to find a solution before the
markets are officially informed. The first line of public communication will be the LCFI itself,
and the authorities will wish to stay silent until they have something concrete to say.
(b) Nonetheless, it may be essential to be ready to make a public statement once the
LCFI’s problems become widely known to provide a measure of reassurance while not
misleading the public. Along the same lines, authorities may consider offering reassuring
statements concerning other institutions that the market is speculating may be facing similar
problems to those of the troubled LCFI.
(c) If the authorities decide to put in place some form of official support or performance
guarantee for similarly situated firms, it may be appropriate to consider broad communication
to the public.
22/31
BOG--FOIA 10-267--000708
Appendix A
Joint Task Force on the Winding-Down of Large
and Complex Financial Institutions
Terms of reference
Background
In the past six months the Basel Committee on Banking Supervision, the Financial Stability
Forum, the Governors of the G10 central banks, the Ministers and Governors of the G10 and
their Deputies and the International Organization of Securities Commissions have all
discussed the ongoing process of consolidation in the financial sector. In each case,
members stressed the importance of analysing the implications of possible future problem
situations, building on the work undertaken by a working party chaired by Roger Ferguson,
the Vice-Chairman of the Federal Reserve Board. The aim of that work has been to enhance
official understanding of the process and to provide a framework to guide official thinking on
this matter.
In view of their shared interest in the policy issues relating to consolidation, the Chairmen of
the various groupings asked the Chairman of the BCBS to create a task force to identify the
principal policy and practical issues associated with the possible need to wind down or effect
a significant restructuring of a major financial organisation. The Chairman of the BCBS has
asked Jan Brockmeijer and William Rutledge to co-chair that task force.
Purpose
The purpose of the joint task force is to explore the issues that could arise should it become
necessary to wind down a large, complex financial organisation. The task force will collect
relevant information and analyse the issues of primary concern to policy-makers and the
regulators of banks, securities firms and insurance companies. It will not necessarily seek to
forge agreement on concrete proposals about how to address the issues, though some
implied solutions might emerge.
Working methods and composition of the task force
The task force will be kept as small as possible; meetings will be kept to a minimum, and
BOG--FOIA 10-267--000709
participants will be expected to contribute substantively to the work. However, the working
procedures will seek to be inclusive, enabling all interested parties in the sponsoring
groupings to be informed and to contribute to the work. Their respective secretariats will
facilitate this by serving as a contact point for their members.
23/31
BOG--FOIA 10-267--000710
Timing
The task force will prepare a note on the policy issues raised by the possible need to wind
down large and complex organisations by March 2001. This note will be considered by the
various sponsoring groups and participating entities.
24/31
BOG--FOIA 10-267--000711
Appendix B
Membership of the Task Force on the Winding Down of
Large and Complex financial Institutions
Chairmen: Jan Brockmeijer, De Nederlandsche Bank
William Rutledge, The Federal Reserve Bank of New York
Nick Le Pan OSFI Canada
Alain Duchâteau Banque de France / Commission France
Bancaire
Werner Gehring Deutsche Bundesbank Germany
Kazunari Ohashi Bank of Japan Japan
Masamichi Kono Financial Services Agency Japan
Foo-Yap Siew Hong Monetary Authority of Singapore Singapore
Luis Javier Rodriguez Banco de España Spain
Hans Schedin Finansinspektionen Sweden
Urs Zulauf Eidg. Bankenkommission Switzerland
Gay Wisbey Financial Services Authority United Kingdom
Paul Tucker Bank of England United Kingdom
Michael Macchiaroli Securities and Exchange Commission United States
Michael Zamorski Federal Deposit Insurance Corporation United States
Molly Wassom Federal Reserve Board United States
Luc van Cauter European Commission
Mauro Grande European Central Bank
Svein Andresen Secretariat
Hiroshi Nakaso Secretariat
Gavin Bingham Secretariat
Jakob Rotte Secretariat
Christopher McCurdy Secretariat
Charles Freeland Secretariat
Johanne C Prévost Secretariat
25/31
BOG--FOIA 10-267--000712
Attachment A
Initial Questions about the Distressed Firm
General considerations
What information gaps are there? How reliable is the information? In particular, how has it
been verified? How much is being taken on trust from the firm’s managers?
Financial risk:
• What is the nature and severity of the event causing distress? Can supervisors
judge whether the firm/group remains solvent? How uncertain? What scope do the
supervisors have to assess the financial position?
• Are the auditors aware of/involved in assessing the financial position (subject to
standard qualification clauses)?
• Is the ‘event’ causing distress liable to trigger material adverse change clauses,
cross-default clauses etc – including related entities? Could there be lawsuits which
could delay determination of how any losses are shared out among creditors etc,
and what would the side effects be?
• Might the problems cause close-out of positions by counterparties on account of a
ratings downgrade?
• What is the likely impact on/loss to consumers/client monies?
• Are any entities in the group ‘ringfenced’? How effectively?
Operational risk:
• Are documents, systems etc secure (particularly in case of fraud)? What action has
been taken to isolate and secure the business?
• What action has been taken to limit potential for further loss (e.g. close out open
trading positions; prevent withdrawals from ATMs; prevent access to internet)?
• What action has been taken in relation to key personnel?
Transparency:
• Who within the firm has been told about the problem and at what level of detail? Will
this have any impact on details coming into public domain?
• To what extent is the problem visible to counterparties and customers of the firm?
What has been the media coverage of the distress event?
26/31
BOG--FOIA 10-267--000713
• Which group entity has the earliest obligation to disclose problems? How complete
would that disclosure be?
• Has there been visible shareholder willingness to support the firm?
Jurisdictional and legal issues:
• What jurisdictions/business lines are affected?
• What authorities (supervisors, central banks, and payment system overseers) may
be involved? What communication channels have been established between them?
• Does the entity have a choice of entering bankruptcy voluntarily, and if so does it
have a choice of jurisdiction in which to commence the action? If so, could this
choice precipitate an accelerated run on certain parts of the group? How would that
affect group level liquidity?
• Is any material litigation ongoing? What is the likely outcome and the effect on the
institution?
• What are the contractual, clearing, settlement, netting and master agreements that
may be in effect, and what is their enforceability in relevant jurisdictions?
27/31
BOG--FOIA 10-267--000714
Attachment B
Questions about the Risk of Spillovers
Direct linkages:
• Direct exposures to the firm/group, e.g. loans, interbank, OTC derivative
counterparty etc?
• Are other banks, SPVs, corporates reliant on committed credit/liquidity facilities from
the distressed firm?
• Will other firms in a similar line of business suffer from the same problems?
Market linkages:
• Do other firms hold similar trading positions? Will potential action to wind down the
firm’s book precipitate losses at other firms? Will other firms be taking similar
precautionary measures to liquidate positions, potentially increasing market
volatility?
• In which markets is the firm a key player (e.g. fx, swap market, repo, credit
derivatives, particular commodities etc)? Are those markets liquid? Are they
supported (for securities markets) by efficient stock-borrowing/repo markets?
Linkages through payment, settlement and clearing systems:
• Is the firm/group involved in domestic/international payment, settlement and clearing
systems? Which ones? Do these systems satisfy guidelines regarding prevention of
systemic risk?
• Does the firm act as agent for others? If so, what would be the implications of its
failure for both its customers and the system more generally?
• Can it meet its obligations (including credit from central banks) over the next few
days? If not, what will be the likely response from its counterparties?
• What general payment or settlement timing issues might arise?
General environment:
• What are the political and economic conditions in the main countries in which the
entity is active?
• What is the general condition of other financial entities in those countries?
28/31
BOG--FOIA 10-267--000715
• How robust are market conditions in the relevant markets in which the firm
operates?
29/31
BOG--FOIA 10-267--000716
Attachment C
Crisis management
The following checklist of the decision-making process could be a useful tool for managing
an LCFI crisis.
(i) Can the LCFI itself solve the crisis within the private sector and would such efforts
require the assistance of and possible financial support by the authorities?
Could or should the shareholders/any parent firm or other affiliate provide capital/liquidity
support to the distressed entity?
Is it possible to preserve the group and all of its entities? Is this necessary?
Can the immediately distressed entity be ‘detached’ or insulated from other parts of the
group? Is sale or wind down a possible remedy? Who would or could control the
detailed implementation of the chosen course of action - i.e., management/the
board, supervisors, or court-appointed officials?
Should public sector support be provided; and if so, should it be to only the immediately
distressed entity or to other parts of the group?
Who takes the decisions in a wind-down: the LCFI’s management, the authorities, a court-
appointed official, a liquidator, administrator, etc?
Which solution permits an optimal balance between the management of any spillover or
systemic risks and prudent moderation of direct or indirect increases in moral
hazard?
30/31
BOG--FOIA 10-267--000717
Attachment D
Questions concerning liquidity support arrangements
(a) Who provides the liquidity? Is it the central banks, some other government agencies,
or semi-private arrangements? If it is the role of the central banks, how can it be
shared between home and host central banks?
(b) To whom would liquidity be provided? Should the liquidity support be extended to
non-bank financial institutions that have systemic implications as well as banks?
(c) What would be the scope of the liquidity support? Should the liquidity support be
extended to meet all liabilities of the firm, including those with the other entities in
the financial group across different countries irrespective of the currency in which
the liabilities are denominated?
(d) Who should assume the final costs if the liquidity support were to result in losses? In
principle, if not by statute or regulation, the liquidity support must be extended
against collateral. However, in some cases it may not or cannot be fully secured.
Should the lender assume full costs? If host governmental authorities are involved,
how should the costs be allocated? Alternatively, should there be separate
arrangements such as a government guarantee?
(e) Would there be a limit on the amount of liquidity support? What would be the
constraints on the amount of liquidity support?
(f) Should monetary policy be employed to deal with financial instability? For example,
monetary policy might be used both to cushion the real economy from the effects of
the resulting stresses in financial markets - which might include an increased
aversion to risk taking and reduced market liquidity - as well as to potentially reduce
those stresses.
31/31
BOG--FOIA 10-267--000718
o as k iTodd Waszkelewicz /NY//FRS
09/11/2008 10:58 PM
To Jeanmarie Davis/NY/FRS, Marsha Takagi/NY/FRS@FRS, Lawrence
Sweet/NY/FRS@FRS, Jeff cc Che Sidanius/NY/FRS@FRS, Jeremy Gagne/NY/FRS, William
Johnson/NY/FRS@FRS Subject CLS Discussion on Event Scenarios
Below are minutes from today's discussion, we welcome corrections/comments/suggestions. Thanks.
-----------------------------------------------------
(b)(4) & (b)(8)
BOG--FOIA 10-267--000719
- CLS Discussion - Events.doc
(b)(4) & (b)(8)
BOG--FOIA 10-267--000720
FEDERAL RESERVE BANK
OF NEW YORK
OFFICE MEMORANDUM
DATE September 11, 2008
BOG--FOIA 10-267--000721
TO Files SUBJECT CLS Discussion on Event Secarios
FROM CLS Team [Click here to enter Sub. 2]
BOG--FOIA 10-267--000722
RESTRICTED FR
(b)(4) & (b)(8)
BOG--FOIA 10-267--000723
4
Files
September 11, 2008
(b)(4) & (b)(8)
BOG--FOIA 10-267--000724
SwLawrence Sweet //NY/F SFRS
09/12/2008 05:11 AM
To Todd Waszkelewicz/NY/FRS@FRS, Jeanmarie Davis/NY/FRS@FRS,
Marsha Takagi/NY/FRS@FRS, Jeff cc Che Sidanius/NY/FRS@FRS, Jeremy
Gagne/NY/FRS@FRS, William
Johnson/NY/FRS@FRS Subject Re: CLS Discussion on Event
Scenarios
Excellent...thanks!-----------------Sent from my BlackBerry Handheld.
Todd Waszkelewicz
----- Original Message ----- From: Todd Waszkelewicz
Sent: 09/11/2008 11:01 PM EDT
To: Jeanmarie Davis; Marsha Takagi; Lawrence Sweet; Jeff Stehm; Jeffrey
Marquardt; Radhika Mithal
Cc: Che Sidanius; Jeremy Gagne; William Johnson
Subject: CLS Discussion on Event Scenarios
Below are minutes from today's discussion, we welcome corrections/comments/suggestions. Thanks.
-----------------------------------------------------
Duplicate
BOG--FOIA 10-267--000725
insPatrick M Parkinson /BOARD/F SFRS
09/12/2008 07:21 AM
To [email protected], Kevin Warsh/BOARD/FRS@BOARD,
Subject Fw: LEH View from UK
FYI.----- Forwarded by Patrick M Parkinson/BOARD/FRS on 09/12/2008 07:21 AM -----
"EicEichner , Matthew" <EI H [email protected]>>
09/12/2008 06:01 AM
To <[email protected]>
cc
Subject Fw: LEH View from UK
This is very raw information but represents a significant change in tone.
----- Original Message -----
From: Eichner, Matthew
To: Sirri, Erik R.; Colby, Robert LD; Gallagher, Jr., Daniel M.; Macchiaroli, Michael A.; McGowan, Thomas K.;
Bettinger, Lori; Landers, Denise; Giles, James; Roy, Randall W.
Sent: Fri Sep 12 05:58:36 2008
Subject: LEH View from UK
Hi,
They passed this to me, and I to you, as raw information, that may represent the views of just one set of people.
-matt
(b) (4)
BOG--FOIA 10-267--000726
h eTheodore Lubke /NY/FRS
09/12/2008 08:01 AM
To Ann Miner/NY/FRS@FRS cc Jeff Stehm/BOARD/FRS@BOARD,
Jennifer A
Lucier/BOARD/FRS@BOARD, Che Subject Re: Fw: Timeline - Generic and
Weekend
Thanks, Ann. This is a good start - I like the formatting.
Thank you.
Theo LubkeSenior Vice PresidentBank Supervision GroupFederal Reserve Bank of New [email protected]: 212-720-6334fax: 212-720-7818http://www.newyorkfed.org
Ann Miner/NY/FRS
MAnn Miner / YNY//FRS
09/12/2008 07:52 AM
cc
Subject Fw: Timeline - Generic and Weekend
here you go. Am incorporating a few edits from the Bd as soon as I arrive in (by 8) and will circulate to the distrib list.
Ann Miner
----- Original Message ----- From: Ann Miner
Sent: 09/11/2008 08:48 PM EDT
Cc: Jeff Stehm; Jennifer Lucier; Che Sidanius; William Carlucci; Jeanmarie
Davis
(b) (5)
BOG--FOIA 10-267--000727
Subject: Fw: Timeline - Generic and Weekend
Here's where we are as of now. I'll be in by 8AM tomorrow to incorporate any additional changes. ----- Forwarded by Ann Miner/NY/FRS on 09/11/2008 08:44 PM -----
MAnn Miner / YNY//FRS
09/11/2008 08:00 PM
To Jeanmarie Davis/NY/FRS
cc Jeff Stehm/BOARD/FRS@BOARD, Jennifer A Lucier/BOARD/FRS@BOARD, Che Sidanius/NY/FRS@FRS, William
Carlucci/NY/FRS@FRSSubject Timeline - Generic and Weekend
Duplicate
BOG--FOIA 10-267--000728
arezScott Alvarez /BOARBOARD/FRS
09/12/2008 08:27 AM
To [email protected] cc
Subject Re: Trip
Randy,
I would. But then I like to be in the middle of the fun!
Scott
aRandall .S.. [email protected]
09/12/2008 08:23 AM
To "Scott Alvarez" <[email protected]>
cc
Subject Trip
Do you think it best for me to postpone my trip this weekend? No problem
at all to do so.
--Sent from my BlackBerry Wireless Handheld-
(b) (5)
BOG--FOIA 10-267--000729
Patrick .M.Park [email protected]
09/12/2008 08:29 AM
To"Don
Kohn" <[email protected]>, cc
Subject Fw: Fw: Has JPMC unwound?
Answer is yes. Pat
----- Original Message -----From: Brian BegalleSent: 09/12/2008 08:30 AM EDTTo: Chris McCurdyCc: Chris Burke; Jan Voigts; Lucinda Brickler; Sandy Krieger; Jeanmarie
Davis; Patrick ParkinsonSubject: Re: Fw: Has JPMC unwound?
They have unwound the entire Lehman book, per Jon Ciciola.
Brian BegalleFederal Reserve Bank of New YorkPhone: (212) 720-6056
ChrisMcCurdy/NY/FRS
To09/12/2008 08:25 Jan Voigts/NY/FRS@FRS, SandyAM Krieger/NY/FRS, Chris
Burke/NY/FRS@FRScc
Lucinda M Brickler/NY/FRS, BrianBegalle/NY/FRS@FRS
SubjectFw: Has JPMC unwound?
----- Forwarded by Chris McCurdy/NY/FRS on 09/12/2008 08:20 AM -----
To09/12/2008 08:21 "Lucinda Brickler"AM <[email protected]>,
"Brian Begalle"<[email protected]>, "ChrisMcCurdy" <[email protected]>
cc
(b) (6)
BOG--FOIA 10-267--000730
SubjectHas JPMC unwound?
BOG--FOIA 10-267--000731
oniLisa Joniaux /NNY/ RFRS
09/12/2008 08:37 AM
To Ann Miner/NY/FRS@FRS, Jeanmarie Davis/NY/FRS@FRS, Jeff
Stehm/BOARD/FRS@BOARD, cc Albert Alvarado/NY/FRS@FRS, Anna Ng/NY/FRS@FRS, William
Carlucci/NY/FRS@FRS Subject Re: Fw: Board comments Timeline -
Generic and Weekend
Hi Ann - ust one note - t
Lisa JoniauxCPC for The Depository Trust CompanyFederal Reserve Bank of New York(212) 720-2530William Carlucci/NY/FRS
iWilliam a lCarlucci /NNY/FRS
09/12/2008 08:18 AM
To Albert Alvarado/NY/FRS@FRS, Lisa Joniaux/NY/FRS@FRS, William
Carlucci/NY/FRS@FRS, Anna Ng/NY/FRS@FRScc
Subject Fw: Board comments Timeline - Generic and Weekend
FYI.
Best Regards,
William CarlucciSenior Bank ExaminerFederal Reserve Bank of New York212-720-8969/212-855-3390 (DTC)----- Forwarded by William Carlucci/NY/FRS on 09/12/2008 08:15 AM -----
eJeff Stehm/BOARBOARD/F SFRS@@BOARDBOARD
09/11/2008 09:14 PM
To Ann Miner/NY/FRS@FRS
cc Che Sidanius/NY/FRS@FRS, Jeanmarie Davis/NY/FRS@FRS, Jennifer A Lucier/BOARD/FRS@Board, William Carlucci/NY/FRS@FRS, Jeffrey Marquardt/BOARD/FRS@BOARD, Dibora Amanuel/BOARD/FRS@BOARD, Melissa A
Vanlandingham/BOARD/FRS@BOARDSubject Board comments Timeline - Generic and Weekend
Ann,
We made several revisions to clarify key points and organizations . We also deleted a few rows that we felt were not relevant to a "key events" timeline as well as the sheets for Sept 12 and Sept 15. We did not see the value of those sheets since everything in them is captured in the generic weekday sheet. Finally, we would raise a couple of issues -- what about OCC and CME and key foreign systems? Last but not least, the key MBSD settlement dates were today, and Monday, Sept 15. Lehman is a big MBS dealer.
(b)(4) & (b)(8)
BOG--FOIA 10-267--000732
Jeff StehmAssociate DirectorFederal Reserve Board202-452-2217 (office)202-412-9846 (cell)email: [email protected] Miner/NY/FRS@FRS
Ann iMiner/ YNY/FRS@ RFR
S
09/11/2008 07:57 PM
To Jeanmarie Davis/NY/FRS@FRS
cc Jeff Stehm/BOARD/FRS@BOARD, Jennifer A Lucier/BOARD/FRS@BOARD, Che Sidanius/NY/FRS@FRS, William
Carlucci/NY/FRS@FRSSubject Timeline - Generic and Weekend
Duplicate
BOG--FOIA 10-267--000733
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\00AE9238-F815-45A5-BC15-2EE958E7B76E\Lehman1-Board staff revisions.xls1 11/3/201012:51 PM
(b) (5)
BOG--FOIA 10-267--000734
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\00AE9238-F815-45A5-BC15-2EE958E7B76E\Lehman1-Board staff revisions.xls2 11/3/201012:51 PM
(b) (5)
BOG--FOIA 10-267--000735
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\00AE9238-F815-45A5-BC15-2EE958E7B76E\Lehman1-Board staff revisions.xls3 11/3/201012:51 PM
(b) (5)
BOG--FOIA 10-267--000736
Patrick .M.Park [email protected]
09/12/2008 08:40 AM
To "Scott Alvarez" <[email protected]>, "Mark
VanDerWeide" cc
Subject Fw: Restruicted FR--triparty repo
thoughts for tomorrow 9 12 08
----- Original Message -----From: Lucinda M BricklerSent: 09/12/2008 08:42 AM EDTTo: Patrick ParkinsonSubject: Re: Restruicted FR--triparty repo thoughts for tomorrow 9 12
08
Pat
Lucinda MBrickler/NY/FRS@FRS To
Andrew Danzig/NY/FRS@FRS, Arthur09/11/2008 07:40 Angulo/NY/FRS@FRS, BeverlyPM Hirtle/NY/FRS@FRS, Brian
Peters/NY/FRS@FRS, CalvinMitchell/NY/FRS@FRS, ChrisBurke/NY/FRS@FRS, ChrisMcCurdy/NY/FRS@FRS, ChristineCumming/NY/FRS@FRS, DebbyPerelmuter/NY/FRS@FRS, DianneDobbeck/NY/FRS@FRS, HaeRanKim/NY/FRS@FRS, JamieMcAndrews/NY/FRS@FRS, JeanmarieDavis/NY/FRS@FRS, JosephSommer/NY/FRS@FRS, JosephTracy/NY/FRS@FRS, Lucinda MBrickler/NY/FRS@FRS, MariaAmbrosio/NY/FRS@FRS, MegMcConnell/NY/FRS@FRS, MichaelNelson/NY/FRS@FRS, MichaelSchetzel/NY/FRS@FRS, MichaelSchussler/NY/FRS@FRS, PatriciaMosser/NY/FRS@FRS, Patrick MParkinson/BOARD/FRS@BOARD, Sandy
(b) (5)
BOG--FOIA 10-267--000737
Krieger/NY/FRS@FRS, SarahDahlgren/NY/FRS@FRS, ScottAlvarez/BOARD/FRS@BOARD, SimonPotter/NY/FRS@FRS,[email protected], SusanStiehm/NY/FRS@FRS, TerrenceChecki/NY/FRS@FRS, TheodoreLubke/NY/FRS@FRS, ThomasBaxter/NY/FRS@FRS, TilSchuermann/NY/FRS@FRS, TobiasAdrian/NY/FRS@FRS, WilliamBRODOWS/NY/FRS@FRS, WilliamDudley/NY/FRS@FRS, WilliamRutledge/NY/FRS@FRS, TimothyGeithner/NY/FRS@FRS, MarkVanDerWeide/BOARD/FRS@BOARD
cc
SubjectRestruicted FR--triparty repothoughts for tomorrow 9 12 08
Duplicate
BOG--FOIA 10-267--000738
a k VanD eideMark VanDerWeide /BOARBOARD/F SFRS
09/12/2008 08:41 AM
To Scott Alvarez/BOARD/FRS@BOARD cc
Subject Fw: project adam
FYI----- Forwarded by Mark VanDerWeide/BOARD/FRS on 09/12/2008 08:41 AM -----
" J es LJames L BROMLEY" <jbromjbromley@ gscgsh..com>
09/12/2008 12:07 AM
cc "David Aman" <[email protected]>
Subject Re: project adam
Mark,
A Cleary alum is always worth quite a lot with me. Glad to be working with you. I've also copied my
colleague David Aman, who is also working on project adam.
In terms of your questions,
(b) (5)
BOG--FOIA 10-267--000739
(b) (5)
BOG--FOIA 10-267--000740
Best regards,
Jim
___________________________________________________________James L. BromleyCleary Gottlieb Steen & Hamilton LLPOne Liberty Plaza, New York NY 10006
t: +1 212 225 2264 | f: +1 212 225 3999 | m: +1 646 894 3014
www.clearygottlieb.com | [email protected]
M kMark. e W dVanDerWeide@f bfrb.gov
11 September 2008 10:40 PM
To brom [email protected] cc
Subject project adam
(b) (5)
(b) (5)
BOG--FOIA 10-267--000741
Thanks in advance for your help.
Mark
This message is being sent from a law firm and may containconfidential or privileged information. If you are notthe intended recipient, please advise the senderimmediately by reply e-mail and delete this message andany attachments without retaining a copy.
(b) (5)
BOG--FOIA 10-267--000742
h eTheodore Lubke /NY/FRS
09/12/2008 08:41 AM
To Ann Miner/NY/FRS@FRS cc Ada Li/NY/FRS@FRS,
[email protected], Chris Subject Re: Master Timeline
Also,please incorporate dan's comm strategy events.
Theo LubkeSenior Vice PresidentBank Supervision GroupFederal Reserve Bank of New [email protected]: 212-720-6334fax: 212-720-7818http://www.newyorkfed.org
Ann Miner/NY/FRS
MAnn Miner /NY//FRS
09/12/2008 08:39 AM
To [email protected], [email protected], Clinton Lively/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, [email protected], Jan Voigts/NY/FRS@FRS, Jeanmarie Davis/NY/FRS@FRS, Jeff Stehm/BOARD/FRS@BOARD, Jeffrey Marquardt/BOARD/FRS@BOARD, Jim Mahoney/NY/FRS@FRS, JohnP McGowan/NY/FRS@FRS, Jonathan Polk/NY/FRS@FRS, Joseph Sommer/NY/FRS@FRS, Lily Tham/NY/FRS@FRS, Lisa Joniaux/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS, Marsha Takagi/NY/FRS@FRS, [email protected], Michael Schussler/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Shari Ben-Haim/NY/FRS@FRS, Susan Stiehm/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Wendy Ng/NY/FRS@FRS, Ada Li/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Chris McCurdy/NY/FRS@NY, Theodore
Lubke/NY/FRS@FRScc
Subject Master Timeline
Attached is the latest Master Timeline. I'll be incorporating key market times and refining weekend/Monday timelines for the next version.
Regards,
Ann Minerx2816
BOG--FOIA 10-267--000743
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\ABEDE9B2-DC9D-4591-A690-5E0A4A1C5629\Lehman Single View.xls1 11/3/201012:51 PM
(b) (5)
BOG--FOIA 10-267--000744
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\ABEDE9B2-DC9D-4591-A690-5E0A4A1C5629\Lehman Single View.xls2 11/3/201012:51 PM
(b) (5)
BOG--FOIA 10-267--000745
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\ABEDE9B2-DC9D-4591-A690-5E0A4A1C5629\Lehman Single View.xls3 11/3/201012:51 PM
(b) (5)
BOG--FOIA 10-267--000746
i William Carlucci / YNY/FRS
09/12/2008 08:45 AM
To Albert Alvarado/NY/FRS@FRS, Lisa Joniaux/NY/FRS@FRS, William Carlucci/NY/FRS@FRS, Anna
cc Subject DTCC Data - Lehman's CP and GCF
snapshots for 9/12
n r e s i g ILehman Brothers Holdings Inc
Best Regards,
William CarlucciSenior Bank ExaminerFederal Reserve Bank of New York212-720-8969/212-855-3390 (DTC)
(b)(4) & (b)(8)
BOG--FOIA 10-267--000747
osKatie J Ross /BOARD/ RFRS
09/12/2008 08:53 AM
To Jon Hiratsuka/BOARD/FRS@BOARD, Natalie D
Burch/BOARD/FRS@BOARD cc Isa
Figueroa-Gomez/BOARD/FRS@BOA
RD Subject possible Board meeting today
Margie just told me that we may have a Board meeting today about Lehman Brothers. Bob and Jennifer are both out. If it happens, I think we should all attend. I'll let you know as soon as I know.
Katie
BOG--FOIA 10-267--000748
Patrick M ParkinsonPatrick M ParkinsonPatrick M ParkinsonPatrick M Parkinson ////BOARDBOARDBOARDBOARD////FRSFRSFRSFRS
09/12/2008 08:56 AM
To Jamie McAndrews/NY/FRS@FRS cc Ada Li/NY/FRS@FRS, Ann
Miner/NY/FRS@FRS,
[email protected], Subject Re: Thursday schedule for bankruptcy
stream
Much improved. A few further suggestions are attached.
Pat
Jamie McAndrews/NY/FRS@FRS
JamieJamieJamieJamie McAndrewsMcAndrewsMcAndrewsMcAndrews ////NYNYNYNY////FRSFRSFRSFRS@@@@FRSFRSFRSFRS
09/12/2008 08:40 AM
To Patrick M Parkinson/BOARD/FRS@BOARD
cc Ada Li/NY/FRS@FRS, Ann Miner/NY/FRS@FRS, [email protected], [email protected], [email protected], Chris McCurdy/NY/FRS@NY, Clinton Lively/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, [email protected], Jan Voigts/NY/FRS@FRS, Jeanmarie Davis/NY/FRS@FRS, Jeff Stehm/BOARD/FRS@BOARD, Jeffrey Marquardt/BOARD/FRS@BOARD, Jim Mahoney/NY/FRS@FRS, JohnP McGowan/NY/FRS@FRS, Jonathan Polk/NY/FRS@FRS, Joseph Sommer/NY/FRS@FRS, Lily Tham/NY/FRS@FRS, Lisa Joniaux/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS, Marsha Takagi/NY/FRS@FRS, [email protected], Michael Schussler/NY/FRS@FRS, Shari Ben-Haim/NY/FRS@FRS, Susan Stiehm/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Tobias Adrian/NY/FRS@FRS, Wendy
Ng/NY/FRS@FRS, [email protected] Re: Thursday schedule for bankruptcy stream
Thanks Pat,
With Michael Schussler, Bev Hirtle, and Tobias Adrian, we incorporated your views and improved further the description.
Here is the update. Further comments are most welcome.
Jamie
[attachment "Default Management Group Sep 12 mid-morning.doc" deleted by Patrick M Parkinson/BOARD/FRS] Patrick M Parkinson/BOARD/FRS@BOARD
Patrick MPatrick MPatrick MPatrick M ParkinsonParkinsonParkinsonParkinson ////BOARDBOARDBOARDBOARD////FFFFRSRSRSRS@@@@BOARDBOARDBOARDBOARD
09/12/2008 08:13 AM
To Jamie McAndrews/NY/FRS@FRS
cc Ada Li/NY/FRS@FRS, Ann Miner/NY/FRS@FRS, [email protected], [email protected], [email protected], Chris McCurdy/NY/FRS@NY, Clinton Lively/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, [email protected], Jan Voigts/NY/FRS@FRS,
BOG--FOIA 10-267--000749
Jeanmarie Davis/NY/FRS@FRS, Jeff Stehm/BOARD/FRS@BOARD, Jeffrey Marquardt/BOARD/FRS@BOARD, Jim Mahoney/NY/FRS@FRS, JohnP McGowan/NY/FRS@FRS, Jonathan Polk/NY/FRS@FRS, Joseph Sommer/NY/FRS@FRS, Lily Tham/NY/FRS@FRS, Lisa Joniaux/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS, Marsha Takagi/NY/FRS@FRS, [email protected], Michael Schussler/NY/FRS@FRS, Shari Ben-Haim/NY/FRS@FRS, Susan Stiehm/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Tobias Adrian/NY/FRS@FRS, Wendy
Ng/NY/FRS@FRSSubject Re: Thursday schedule for bankruptcy stream
Duplicate
BOG--FOIA 10-267--000750
F.R. Restricted
September 12, 2008 7:30
Convening the FRBNY’s Operations Management Group OMG to consider potential actions in the event of a default by
Lehman
(b) (5)
BOG--FOIA 10-267--000751
(b) (5)
BOG--FOIA 10-267--000752
(b) (5)
BOG--FOIA 10-267--000753
(b) (5)
BOG--FOIA 10-267--000754
a k VanD eideMark VanDerWeide /BOARBOARD/F SFRS
09/12/2008 09:04 AM
To Patrick M
Parkinson/BOARD/FRS@BOARD cc
Subject did the theo call get postponed?
By the way,
Mark
(b) (5)
BOG--FOIA 10-267--000755
insPatrick M Parkinson /BOARD/F SFRS
09/12/2008 09:09 AM
To "Don Kohn" <[email protected]>, "Kevin Warsh"
<[email protected]>, "Scott cc
Subject Fw: LEH View from UK
Update.
From: "Eichner, Matthew" [[email protected]]
Sent: 09/12/2008 09:08 AM AST
To: Patrick Parkinson
Subject: Fw: LEH View from UK
----- Original Message -----
From: Eichner, Matthew
To: Eichner, Matthew; Sirri, Erik R.; Colby, Robert LD; Gallagher, Jr., Daniel M.; Macchiaroli, Michael A.;
McGowan, Thomas K.; Bettinger, Lori; Landers, Denise; Giles, James; Roy, Randall W.
Sent: Fri Sep 12 09:07:04 2008
Subject: Re: LEH View from UK
-matt
----- Original Message -----
From: Eichner, Matthew
To: Sirri, Erik R.; Colby, Robert LD; Gallagher, Jr., Daniel M.; Macchiaroli, Michael A.; McGowan, Thomas K.;
Bettinger, Lori; Landers, Denise; Giles, James; Roy, Randall W.
Sent: Fri Sep 12 05:58:36 2008
Subject: LEH View from UK
Hi,
(b)(4) & (b)(5)
(b)(4) & (b)(5)
(b)(4) & (b)(5)
BOG--FOIA 10-267--000756
They passed this to me, and I to you, as raw information, that may represent the views of just one set of people.
-matt
(b)(4) & (b)(5)
BOG--FOIA 10-267--000757
Ada LiAda LiAda LiAda Li ////NYNYNYNY////FRSFRSFRSFRS
09/12/2008 09:15 AM
To Jeff Stehm/BOARD/FRS@BOARD, Patrick M
Parkinson/BOARD/FRS@BOARD, cc Theodore Lubke/NY/FRS@FRS,
Wendy Ng/NY/FRS@FRS Subject Fw: Payment & Settlement Systems
Timeline
FYI--for the 9AM discussion.
Thanks,Ada LiFederal Reserve BankTel: [email protected] Forwarded by Ada Li/NY/FRS on 09/12/2008 09:14 AM -----
TheodoreTheodoreTheodoreTheodore LubkeLubkeLubkeLubke////NYNYNYNY////FRSFRSFRSFRS
09/12/2008 07:41 AM
To Steven Pesek/NY/FRS@FRS
cc Ada Li/NY/FRS@FRS, Ann Miner/NY/FRS@FRS, Benecia Cousin/NY/FRS@FRS, Brian Begalle/NY/FRS@FRS, Lily Tham/NY/FRS@FRS, Lisa Joniaux/NY/FRS@FRS, [email protected], Michael Schussler/NY/FRS@FRS, Shari
Ben-Haim/NY/FRS@FRS, Wendy Ng/NY/FRS@FRSSubject Re: Payment & Settlement Systems Timeline
Thank you, Steve.
Theo LubkeSenior Vice PresidentBank Supervision GroupFederal Reserve Bank of New [email protected]: 212-720-6334fax: 212-720-7818http://www.newyorkfed.orgSteven Pesek/NY/FRS
StevenStevenStevenSteven PesekPesekPesekPesek////NYNYNYNY////FRSFRSFRSFRS
09/12/2008 02:36 AM
To Theodore Lubke/NY/FRS@FRS
cc Ann Miner/NY/FRS@FRS, Lily Tham/NY/FRS@FRS, Wendy Ng/NY/FRS@FRS, Shari Ben-Haim/NY/FRS@FRS, Benecia Cousin/NY/FRS@FRS, Ada Li/NY/FRS@FRS, Michael Schussler/NY/FRS@FRS, [email protected], Lisa
Joniaux/NY/FRS@FRS, Brian Begalle/NY/FRS@FRSSubject Payment & Settlement Systems Timeline
Hi Theo-
Here's the payment & settlement systems timeline information for the Lehman discussion.
BOG--FOIA 10-267--000758
Special "thanks" to Benecia and Lily for helping complete the document.
- Steve
Steven Pesek
Banking Supervision GroupThe Federal Reserve Bank of New YorkOffice 212·720·2550 · Cell 314·560·[email protected]
BOG--FOIA 10-267--000759
RESTRICTED FR
September 11, 2008
1
Payment and Settlement Systems Timeline
(b) (5)
BOG--FOIA 10-267--000760
RESTRICTED FR
September 11, 2008
2
(b) (5)
BOG--FOIA 10-267--000761
RESTRICTED FR
September 11, 2008
3
(b) (5)
BOG--FOIA 10-267--000762
RESTRICTED FR
September 11, 2008
4
(b) (5)
BOG--FOIA 10-267--000763
RESTRICTED FR
September 11, 2008
5
(b) (5)
BOG--FOIA 10-267--000764
LiAda Li // YNY/F SFRS
09/12/2008 09:15 AM
To Jeff Stehm/BOARD/FRS@BOARD, Patrick M
Parkinson/BOARD/FRS@BOARD, Pat
cc Theodore Lubke/NY/FRS@FRS,
Wendy Ng/NY/FRS@FRS Subject Fw: Bankruptcy doc
FYI --also for the 9 AM meeting.
Thanks,Ada LiFederal Reserve BankTel: [email protected] Forwarded by Ada Li/NY/FRS on 09/12/2008 09:15 AM -----
Lily Tham/ YNY/FRS
09/12/2008 01:28 AM
To Theodore Lubke/NY/FRS@FRS
cc Michael Schussler/NY/FRS@FRS, Steven Pesek/NY/FRS@FRS, Wendy Ng/NY/FRS, Ada Li/NY/FRS, Shari Ben-Haim/NY/FRS@FRS,
[email protected] Bankruptcy doc
Hi, Theo,Attached is the latest version e o l pDecision to File Bankruptcy document prepared by Tom McGovan and Michael Schussler. I'll leave it to you to pass on to the broader mailing list , as appropriate.
I'll be in the office around 8:30am tomorrow. Thanks!
BOG--FOIA 10-267--000765
Highly Confidential
1
Decision to file Bankruptcy
(b) (5)
BOG--FOIA 10-267--000766
Highly Confidential
2
(b) (5)
BOG--FOIA 10-267--000767
Highly Confidential
3
(b) (5)
BOG--FOIA 10-267--000768
Highly Confidential
4
(b) (5)
BOG--FOIA 10-267--000769
a M AndrewJamie McAndrews //NY/F SFRS
09/12/2008 09:16 AM
To Patrick M
Parkinson/BOARD/FRS@BOARD cc
Subject Re: Thursday schedule for bankruptcy
stream
Thanks, Pat, I'll incorporate.Jamie--------------------------Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)
Patrick M Parkinson
----- Original Message ----- From: Patrick M Parkinson
Sent: 09/12/2008 08:56 AM EDT
To: Jamie McAndrews
Cc: Ada Li; Ann Miner; Beverly Hirtle; [email protected]; [email protected];
Chris McCurdy/NY/FRS@NY; Clinton Lively; Dianne Dobbeck; [email protected]; Jan Voigts; Jeanmarie Davis; Jeff Stehm; Jeffrey Marquardt; Jim Mahoney; JohnP McGowan; Jonathan Polk; Joseph Sommer; Lily Tham; Lisa Joniaux; Lucinda Brickler; Marsha Takagi; [email protected]; Michael Schussler; Shari Ben-Haim; Susan Stiehm; Theodore Lubke; Tobias Adrian; Wendy Ng
Re: Thursday schedule for bankruptcy streamDuplicate
BOG--FOIA 10-267--000770
Ada LiAda LiAda LiAda Li ////NYNYNYNY////FRSFRSFRSFRS
09/12/2008 09:19 AM
To Jeffrey Marquardt/BOARD/FRS@BOARD,
Jeff Stehm/BOARD/FRS@BOARD, cc
Subject Fw: Thursday schedule for bankruptcy
stream - 9am mtg
FYI: For the 9 AM
Thanks,Ada LiFederal Reserve BankTel: [email protected] Forwarded by Ada Li/NY/FRS on 09/12/2008 09:19 AM -----
Lily ThamLily ThamLily ThamLily Tham ////NYNYNYNY////FRSFRSFRSFRS
09/12/2008 01:46 AM
To Steven Pesek/NY/FRS@FRS
cc Ada Li/NY/FRS, Shari Ben-Haim/NY/FRS@FRS
Subject Thursday schedule for bankruptcy stream - 9am mtg
Hi, Steve,Here is the stuff for the 9am meeting.
Ada/Shari: You got the original email from Theo with the attachment. The only thing new is the Communication PlanCommunication PlanCommunication PlanCommunication Plan that I reformatted from Dan Muccia's version, and Theo has suggestions for Dan to update. Just FYI.
----- Forwarded by Lily Tham/NY/FRS on 09/12/2008 01:40 AM -----
Lily ThamLily ThamLily ThamLily Tham ////NYNYNYNY////FRSFRSFRSFRS
09/11/2008 11:37 PM
To Wendy Ng/NY/FRS
cc
Subject Fw: Thursday schedule for bankruptcy stream - Communication Plan
FYI, as well . . .
DanielDanielDanielDaniel MucciaMucciaMucciaMuccia ////NYNYNYNY////FRSFRSFRSFRS
09/11/2008 11:32 PM
To Theodore Lubke/NY/FRS@FRS, Marsha Takagi/NY/FRS@FRS
cc Lily Tham/NY/FRS@FRS
Subject Re: Thursday schedule for bankruptcy stream
Ok thanks. See you at 9am
BOG--FOIA 10-267--000771
----- Forwarded by Lily Tham/NY/FRS on 09/11/2008 11:33 PM -----
hTheodore Lubke// YNY/F SFRS
09/11/2008 11:26 PM
To Daniel Muccia/NY/FRS@FRS, Marsha Takagi/NY/FRS@FRS
cc Lily Tham/NY/FRS@FRS
Subject Fw: Thursday schedule for bankruptcy stream
Dan -
Turns out you weren't on the list I fwded the message below to - you should check out our plans for tmw, detailed below. The comm memo is good -
.
Lily also cleaned up the formatting a bit, so please use this version.
Thank you.
Theo
Theo LubkeSenior Vice PresidentBank Supervision GroupFederal Reserve Bank of New [email protected]: 212-720-6334fax: 212-720-7818http://www.newyorkfed.org----- Forwarded by Theodore Lubke/NY/FRS on 09/11/2008 11:15 PM -----
hTheodore Lubke// YNY/F SFRS
09/11/2008 10:29 PM
To Ann Miner/NY/FRS@FRS, [email protected], [email protected], Clinton Lively/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, [email protected], Jan Voigts/NY/FRS@FRS, Jeanmarie Davis/NY/FRS@FRS, Jeff Stehm/BOARD/FRS@BOARD, Jeffrey Marquardt/BOARD/FRS@BOARD, Jim Mahoney/NY/FRS@FRS, JohnP McGowan/NY/FRS@FRS, Jonathan Polk/NY/FRS@FRS, Joseph Sommer/NY/FRS@FRS, Lily Tham/NY/FRS@FRS, Lisa Joniaux/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS, Marsha Takagi/NY/FRS@FRS, [email protected], Michael Schussler/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Shari Ben-Haim/NY/FRS@FRS, Susan Stiehm/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Wendy Ng/NY/FRS@FRS, Ada Li/NY/FRS@FRS, Jamie
McAndrews/NY/FRS@FRS, Chris McCurdy/NY/FRS@NYcc
Subject Thursday schedule for bankruptcy stream
(b) (5)
BOG--FOIA 10-267--000772
Duplicate
BOG--FOIA 10-267--000773
FEDERAL RESERVE BANK
OF NEW YORK
OFFICE MEMORANDUM
DATE September 11, 2008
BOG--FOIA 10-267--000774
TO Theo Lubke SUBJECT Communication Plan
FROM Daniel Muccia
BOG--FOIA 10-267--000775
Restricted F.R.
(b) (5)
BOG--FOIA 10-267--000776
4
Comunication Plan
Restricted F.R.
(b) (5)
BOG--FOIA 10-267--000777
5
Comunication Plan
Restricted F.R.
(b) (5)
BOG--FOIA 10-267--000778
6
Comunication Plan
Restricted F.R.
(b) (5)
BOG--FOIA 10-267--000779
7
Comunication Plan
Restricted F.R.
(b) (5)
BOG--FOIA 10-267--000780
8
Comunication Plan
Restricted F.R.
(b) (5)
BOG--FOIA 10-267--000781
e A ierJennifer A Lucier /BOARBOARD/FRS
09/12/2008 09:34 AM
To Ann Miner/NY/FRS@FRS cc Jeff Stehm/BOARD/FRS@BOARD, Melissa A
Vanlandingham/BOARD/FRS@BOAR
Subject Re: Board comments Timeline -
Generic and Weekend
One more clarification for the timeline:
Jennifer A. LucierProject LeaderClearance and Settlement SystemsFederal Reserve Board(202) 872-7581 (office)(202) 378-8340 (cell)enn [email protected] Stehm/BOARD/FRS
eJeff Stehm/BOARBOARD/F SFRS
09/11/2008 09:10 PM
To Ann Miner/NY/FRS@FRS
cc Che Sidanius/NY/FRS@FRS, Jeanmarie Davis/NY/FRS@FRS, Jennifer A Lucier/BOARD/FRS@Board, William Carlucci/NY/FRS@FRS, Jeffrey Marquardt/BOARD/FRS@BOARD, Dibora Amanuel/BOARD/FRS@BOARD, Melissa A
Vanlandingham/BOARD/FRS@BOARDSubject Board comments Timeline - Generic and Weekend
Duplicate
(b)(4) & (b)(8)
BOG--FOIA 10-267--000782
Michael HeldMichael HeldMichael HeldMichael Held ////NYNYNYNY////FRSFRSFRSFRS
09/12/2008 09:48 AM
To Patrick M
Parkinson/BOARD/FRS@BOARD cc Jeff Stehm/BOARD/FRS@BOARD,
Jeffrey
Marquardt/BOARD/FRS@BOARD Subject Re: Conference Call with the CFTC
and the SEC
Details will come from Tim's assistant, but probably 1:00. Tony Ryan will also be on the call. Michael HeldCounsel & Corporate Secretary Federal Reserve Bank of New York33 Liberty StreetNew York, NY 10045212-720-8602212-720-8709 (fax)(sent from my Blackberry handheld)
Patrick M Parkinson
----- Original Message ----- From: Patrick M Parkinson
Sent: 09/12/2008 09:47 AM EDT
To: Michael Held
Cc: Jeff Stehm; Jeffrey Marquardt
Subject: Re: Conference Call with the CFTC and the SEC
When? Call-in number?
PatMichael Held/NY/FRS@FRS
MichaelMichaelMichaelMichael HeldHeldHeldHeld////NYNYNYNY////FRSFRSFRSFRS@@@@FRSFRSFRSFRS
09/12/2008 09:44 AM
To Patrick M Parkinson/BOARD/FRS@BOARD, Jeffrey Marquardt/BOARD/FRS@BOARD, Jeff
Stehm/BOARD/FRS@BOARDcc
Subject Conference Call with the CFTC and the SEC
This is just a heads-up that we are going to be scheduling a conference call for later today with President Geithner, Chairman Cox and Chairman Lukken regarding Lehman. It was suggested that you also participate on the call. Please call me at 212-720-8801 if you would like more details.
Michael HeldOffice of the Chief of StaffFederal Reserve Bank of New York212/720-8602212/720-8709 (fax)
BOG--FOIA 10-267--000783
Patrick E McCabePatrick E McCabePatrick E McCabePatrick E McCabe ////BOARDBOARDBOARDBOARD////FRSFRSFRSFRS
09/12/2008 09:49 AM
To Patrick Dwyer/NY/FRS@FRS cc
Subject MMFs?
Patrick:
Have you had any discussions with MMF people about the Lehman situation?
Thanks,Patrick
BOG--FOIA 10-267--000784
a M AndrewJamie McAndrews //NY/F SFRS
09/12/2008 10:05 AM
To Patrick M
Parkinson/BOARD/FRS@BOARD cc Ada Li/NY/FRS@FRS, Ann
Miner/NY/FRS@FRS,
[email protected], Subject Re: Thursday schedule for bankruptcy
stream
Please find the revised document that incorporates Pat's comments and a couple of other changes.
Patrick M Parkinson/BOARD/FRS@BOARD
Patrick M Parkinson //BOARD/FSSRSRS@@ DDBOARDBOARD
09/12/2008 09:00 AM
To Jamie McAndrews/NY/FRS@FRS
cc Ada Li/NY/FRS@FRS, Ann Miner/NY/FRS@FRS, [email protected], [email protected], [email protected], Chris McCurdy/NY/FRS@NY, Clinton Lively/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, [email protected], Jan Voigts/NY/FRS@FRS, Jeanmarie Davis/NY/FRS@FRS, Jeff Stehm/BOARD/FRS@BOARD, Jeffrey Marquardt/BOARD/FRS@BOARD, Jim Mahoney/NY/FRS@FRS, JohnP McGowan/NY/FRS@FRS, Jonathan Polk/NY/FRS@FRS, Joseph Sommer/NY/FRS@FRS, Lily Tham/NY/FRS@FRS, Lisa Joniaux/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS, Marsha Takagi/NY/FRS@FRS, [email protected], Michael Schussler/NY/FRS@FRS, Shari Ben-Haim/NY/FRS@FRS, Susan Stiehm/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Tobias Adrian/NY/FRS@FRS, Wendy
Ng/NY/FRS@FRSSubject Re: Thursday schedule for bankruptcy stream
Duplicate
BOG--FOIA 10-267--000785
F.R. Restricted
September 12, 2008 10:00
Convening the FRBNY’s Operations Management Group OMG to consider potential actions in the event of a default by
Lehman
(b) (5)
BOG--FOIA 10-267--000786
(b) (5)
BOG--FOIA 10-267--000787
(b) (5)
BOG--FOIA 10-267--000788
(b) (5)
BOG--FOIA 10-267--000789
w erPatrick Dwyer / YNY/FRS
09/12/2008 10:07 AM
To Patrick E McCabe/BOARD/FRS@BOARD
cc Subject Fw: UPDATE: Money Funds &
Lehman
----- Forwarded by Patrick Dwyer/NY/FRS on 09/12/2008 10:06 AM -----
Patrick w erDwyer/ YNY/FRS
09/11/2008 10:59 AM
To William Dudley/NY/FRS, NY MKT FIFX, Meg McConnell/NY/FRS, Brian Peters/NY/FRS
cc
Subject UPDATE: Money Funds & Lehman
Further mixed reports:
has further narrowed the type of collateral is will accept from Lehman, resulting in a reduction in their exposure this morning. Along with a recent decision to limit non-traditional (non-Fed OMO-eligible) collateral to just equities and investment-grade corporates and money market securities across counterparties, they decided to not accept investment-grade corporates from Lehman. This resulted in about a 50% reduction in their non-traditional repo positions with Lehman to $3.2 billion. However, they note that Lehman did not fully utilize the amount they were willing to fund for the remaining eligible collateral types. They continue to roll the full amounts of their overnight tradtional repo positions with Lehman, currently at $5 billion.
Another fund I had spoken with yesterday called this morning to inform me that they were now no longer rolling overnight repo with Lehman, but their positions had been quite small.
Two other funds, which I had not spoken with yesterday, affirmed today that they had not made any changes and are continuing to roll overnight repo with Lehman.
----- Forwarded by Patrick Dwyer/NY/FRS on 09/11/2008 10:00 AM -----
Patrick w erDwyer/ YNY/FRS
09/10/2008 11:44 AM
To William Dudley/NY/FRS, NY MKT FIFX, Meg McConnell/NY/FRS, Brian Peters/NY/FRS
cc
Subject Money Funds & Lehman
I've spoken to several large money funds this morning and have received somewhat mixed reports in terms of new shifts in providing funding to Lehman. As background, over recent months, funds have gradually reduced their exposures to Lehman, by reducing or eliminating unsecured positions, by reducing the tenors and amounts of secured positions, and in some cases narrowing the types of collateral accepted for secured lending. In many cases, the only remaining exposures were overnight repo for traditional (Fed OMO-eligible) collateral. Today, of the funds I have spoken with thus far, all but one were continuing to roll overnight repo for steady amounts. One fund did not roll about $1.5 billion in overnight positions for Treasury and agency-MBS repo. They stressed that they saw negligible risk in maintaining these positions, but found it easiest to eliminate the exposure in the face of inquiries from investors and
(b) (4)
BOG--FOIA 10-267--000790
sen or management. Another fund, wh ch had ma nta ned sma overn ght unsecured pos t ons d d not ro these today. Additionally, some tax-free funds which hold structured municipal products for which Lehman is the liquidity provider were exercising put options to reduce these positions
--------------------------------------------------------Patrick DwyerDomestic Money Markets StaffMarkets GroupFederal Reserve Bank of New York212-720-2037 (trading) 212-720-1672 (direct)
(b) (4)
BOG--FOIA 10-267--000791
a k VanD eideMark VanDerWeide /BOARBOARD/F SFRS
09/12/2008 10:11 AM
To Scott Alvarez/BOARD/FRS@BOARD cc
Subject Fw: Creative Thinking at FRBNY
This is part of the lights-out option. I had trouble opening the document, but could "view" it and print it without problem. will put a copy of the document on your chair.----- Forwarded by Mark VanDerWeide/BOARD/FRS on 09/12/2008 10:09 AM -----
Patrick MPatrick M Parkinson //BOARD/FRS
09/12/2008 09:55 AM
To Mark VanDerWeide/BOARD/FRS@BOARD
cc
Subject Creative Thinking at FRBNY
Pat
(b) (5)
(b) (5)
BOG--FOIA 10-267--000792
LEH Derivatives Close Out
(b) (5)
BOG--FOIA 10-267--000793
(b) (5)
BOG--FOIA 10-267--000794
a uFang Du //BOARD/FRS
09/12/2008 10:11 AM
To BSR Credit Risk@BOARD cc Jon D
Greenlee/BOARD/FRS@BOARD Subject Lehman thought to have approached
potential buyers
As Lehman Bros. actively seeks a buyer for the entire group, the company reportedly approached several potential suitors, including Bank of America. The move came as Lehman's shares dropped an additional 42%, and Moody's said a strong financial partner must be found or Lehman risks having its credit rating reduced. The U.S. government is said to be looking into ways to help protect a buyer from risks associated with acquiring Lehman.
Best Regards,
Fang DuBS&R, Federal Reserve Board(202) 872 - 4971 or (401) 789 -1194(202) 375 - 3224 (cell)[email protected]
BOG--FOIA 10-267--000795
MAnn Miner / YNY//FRS
09/12/2008 10:33 AM
To Jeff Stehm/BOARD/FRS@BOARD cc
Subject Re: Master Timeline
Just went through and added in the items - thanks again for the inputs. Jeff Stehm/BOARD/FRS@BOARD
eJeff Stehm/BOARBOARD/F SFRS@@BOARDBOARD
09/12/2008 09:44 AM
To Ann Miner/NY/FRS@FRS
cc
Subject Re: Master Timeline
Ann
I don't see any of the changes we sent in last night. We had a number embedded but not redlined in the doc we sent you.
Jeff StehmAssociate DirectorFederal Reserve Board202-452-2217 (office)202-412-9846 (cell)email: [email protected] Miner/NY/FRS@FRS
Ann iMiner/ YNY/FRS@ RFR
S
09/12/2008 08:36 AM
To [email protected], [email protected], Clinton Lively/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, [email protected], Jan Voigts/NY/FRS@FRS, Jeanmarie Davis/NY/FRS@FRS, Jeff Stehm/BOARD/FRS@BOARD, Jeffrey Marquardt/BOARD/FRS@BOARD, Jim Mahoney/NY/FRS@FRS, JohnP McGowan/NY/FRS@FRS, Jonathan Polk/NY/FRS@FRS, Joseph Sommer/NY/FRS@FRS, Lily Tham/NY/FRS@FRS, Lisa Joniaux/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS, Marsha Takagi/NY/FRS@FRS, [email protected], Michael Schussler/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Shari Ben-Haim/NY/FRS@FRS, Susan Stiehm/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Wendy Ng/NY/FRS@FRS, Ada Li/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Chris McCurdy/NY/FRS@NY, Theodore
Lubke/NY/FRS@FRScc
Subject Master Timeline
Duplicate
BOG--FOIA 10-267--000796
M CPatrick E McCabe /BOARD/ RFRS
09/12/2008 10:35 AM
To Patrick Dwyer/NY/FRS@FRS cc
Subject Re: Fw: UPDATE: Money Funds & Lehman
Patrick:
Thanks -- very helpful!
-Patrick
Patrick Dwyer/NY/FRS@FRS
PatrickPatrick w erw erDwyerDwyer// YYNYNY//FRSFRS@@ RFRFR
S
09/12/2008 10:07 AM
To Patrick E McCabe/BOARD/FRS@BOARD
cc
Subject Fw: UPDATE: Money Funds & Lehman
----- Forwarded by Patrick Dwyer/NY/FRS on 09/12/2008 10:06 AM -----
Patrick w erw erDwyerDwyer// YYNYNY//FRSFRS
09/11/2008 10:59 AM
To William Dudley/NY/FRS, NY MKT FIFX, Meg McConnell/NY/FRS, Brian Peters/NY/FRS
cc
Subject UPDATE: Money Funds & Lehman
Further mixed reports:
Duplicate
BOG--FOIA 10-267--000797
Scott AlvarezScott AlvarezScott AlvarezScott Alvarez ////BOARDBOARDBOARDBOARD////FRSFRSFRSFRS
09/12/2008 11:01 AM
To Deborah P
Bailey/BOARD/FRS@BOARD cc
Subject Re: Has anyone talked to the OTS or
FDIC on Lehman
Understand you and don worked this out. True?ThanksScott
Deborah P Bailey/BOARD/FRS
Deborah PDeborah PDeborah PDeborah P BaileyBaileyBaileyBailey ////BOARDBOARDBOARDBOARD////FRSFRSFRSFRS
09/11/2008 05:26 PM
To Scott Alvarez/BOARD/FRS@BOARD
cc
Subject Has anyone talked to the OTS or FDIC on Lehman
--------------------------Sent from the Blackberry of Deborah Bailey
BOG--FOIA 10-267--000798
i C Proc orRita C Proctor / DBOARD// RFRS
09/12/2008 11:46 AM
To
cc Subject Fw: SSC moves against Lehman
EricEric oRosengren //BOS// RFR
S@F SFRS
09/12/2008 11:41 AM
To Rita C Proctor/BOARD/FRS@BOARD, Donald L Kohn/BOARD/FRS@BOARD, Kevin Warsh/BOARD/FRS@BOARD, Randall S Kroszner/BOARD/FRS@BOARD, Elizabeth A Duke/BOARD/FRS@BOARD, Timothy Geithner/NY/FRS@FRS
cc Chris Haley/BOS/FRS@FRS, Jim Nolan/BOS/FRS@FRS
Subject Fw: SSC moves against Lehman
Eric
-------------------------------------------------Eric S. RosengrenPresident & CEOFederal Reserve Bank of Boston617.973.3090 Fax: [email protected] Forwarded by Eric Rosengren/BOS/FRS on 09/12/2008 11:38 AM -----
h iChris aHaley/BOSBOS/F SFRS
09/11/2008 12:01 PM
To Eric Rosengren/BOS/FRS@FRS, Jim Nolan/BOS/FRS@FRS, BSR LFIC@BOARD, Maureen B Savage/BOS/FRS@FRS
cc Genevievette E Walker/BOARD/FRS@BOARD
Subject Fw: SSC moves against Lehman
(b) (6)
Duplicate
(b)(4) & (b)(8)
BOG--FOIA 10-267--000799
e ehmJeff Stehm // DBOARD//FRS
09/12/2008 12:06 PM
To "Jeff Marquardt" <[email protected]>,
"Jennifer Lucier" cc
Subject Fw: Lehman balances
Albert Alvarado
----- Original Message ----- From: Albert Alvarado
Sent: 09/12/2008 12:02 PM EDT
To: Lisa Joniaux; William Carlucci; Anna Ng; Jeanmarie Davis; Jeff Stehm
Subject: Lehman balances(b)(4) & (b)(8)
BOG--FOIA 10-267--000800
(b)(4) & (b)(8)
BOG--FOIA 10-267--000801
BegalBrian Begalle // YNY/F SFRS
09/12/2008 12:31 PM
To Lucinda M Brickler/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS,
cc Jeanmarie Davis/NY/FRS@FRS, James Wall/NY/FRS@FRS, Christopher Hunter/NY/FRS@FRS,
Subject LEH triparty
Quick summary of LEH triparty book from yesterday:
i wBook is down $$3.5 i i f o n sd ybillion from Wednesday ( r mfrom $124 l n obillion to $ 2120.5 ibillion )
Reduction in the book was driven by the following:
OMO- eligible assets declined by $3.5 billion ($7 billion reduction in Agency Debenture offset by an �
increase in Agency MBS)
Non OMO-eligible assets that are PDCF-eligible increased by $500 million ($500 million increases in �
both investment grade corporate bonds and CP offset by a $500 million reduction in investment grade muni bonds)
Non-PDCF eligible assets declined by $1.7 billion (noninvestment grade CP dropped from $2.5 billion �
to only $350 million offset by a small increase in equities )
Lehman also had a $2 billion increase in "Other" which I will assume in not PDCF-eligible. It may be �
Whole Loans or something like that. I am looking into it.
On the investor side, the total number of investors dropped from 50 to 48. By segment:
Securities Lending -�
Investment/Asset Management - �
Money Funds -�
The reductions were offset primarily by an increase in investment by us , the Fed, from $4.6 billion on Wednesday to $12 billion yesterday.
On a related
Please let me know if you have any questions. Here's the Lehman detail:
Brian BegalleFederal Reserve Bank of New YorkPhone: (212) 720-6056
(b)(4) & (b)(8)
(b)(4) & (b)(8)
(b)(4) & (b)(8)
(b)(4) & (b)(8)
BOG--FOIA 10-267--000802
----- Forwarded by Brian Begalle/NY/FRS on 09/12/2008 10:18 AM -----
a allJames Wall /NY/ RFRS
09/12/2008 10:19 AM
To Brian Begalle/NY/FRS@FRS
cc Jeanmarie Davis/NY/FRS@FRS
Subject BNYM Update 9/12
(b)(4) & (b)(8)
BOG--FOIA 10-267--000803
Triparty Collateral Analysis Fri Sep 12 08:00:29 EDT 2008
Customer Item Count Collateral Value Including Accrued Interest Collateral Value After Margin Reduction Effective Margin %
11.LEHMAN BROTHERS
1-FRB Securities
Freddie Mac & Fannie Mae MBS $38,356,406,615.24 $37,392,969,683.27 102.58%
US Treasuries and Strips $32,868,690,366.64 $32,305,145,787.49 101.74%
US Government Agency Securities $10,613,827,963.46 $10,368,898,349.56 102.36%
Freddie Mac & Fannie Mae REMICs $2,125,723,420.45 $2,116,802,303.05 100.42%
Ginnie Mae REMICs $482,766,743.91 $482,726,793.75 100.01%
Ginnie Mae MBS Pools $370,074,375.23 $360,730,739.64 102.59%
$84,817,489,484.93 $83,027,273,656.76
2-DTC Fixed Income Securities
Investment Grade
Corporate Bonds $7,037,892,682.92 $6,689,360,745.86 105.21%
Private Label CMO $5,409,257,576.37 $4,986,564,495.96 108.48%
Commercial Paper $4,990,021,083.85 $4,597,110,337.58 108.55%
Asset Back Securities $2,580,514,328.19 $2,264,436,299.73 113.96%
Municipal Bonds $1,488,615,113.17 $1,428,690,006.31 104.19%
Other $461,403,826.80 $452,580,505.53 101.95%
$21,967,704,611.30 $20,418,742,390.97
Non-Investment Grade
Commercial Paper $342,609,440.29 $330,566,015.46 103.64%
Other $142,431,045.20 $141,324,858.70 100.78%
Corporate Bonds $3,363,780,957.98 $3,177,731,183.64 105.85%
Municipal Bonds $1,622,894,819.92 $1,563,384,566.92 103.81%
Asset Back Securities $1,581,533,568.09 $1,221,700,409.85 129.45%
Private Label CMO $356,220,597.39 $256,995,836.44 138.61%
$7,409,470,428.87 $6,691,702,871.01
$29,377,175,040.17 $27,110,445,261.98
3-DTC Equities
Investment Grade
Equities & Equity Derivatives $170,468,410.54 $162,178,914.03 105.11%
Non-Investment Grade $170,468,410.54 $162,178,914.03
Equities & Equity Derivatives $8,472,261,592.45 $7,789,134,903.18 108.77%
$8,472,261,592.45 $7,789,134,903.18
$8,642,730,002.99 $7,951,313,817.21
4-Other $2,419,295,320.02 $2,419,015,019.42 100.01%
$2,419,295,320.02 $2,419,015,019.42
5-Cash 5-Cash as collateral $2,405,000,000.00 $2,405,000,000.00 100.00%
$2,405,000,000.00 $2,405,000,000.00
BOG--FOIA 10-267--000804
TOTAL Unwind: $127,661,689,848.11 $122,913,047,755.37
BOG--FOIA 10-267--000805
$20,476,520,125.00
$12,000,000,000.00
$10,526,171,540.00
$10,524,542,000.00
$7,883,395,000.00
$7,442,867,971.43
$6,389,100,000.00
$5,254,907,000.00
$3,759,635,781.25
$3,740,000,000.00
$3,670,048,355.46
$3,565,000,000.00
$3,500,000,000.00
$3,447,231,780.00
$3,050,000,000.00
$2,550,000,000.00
$1,781,000,000.00
$1,693,000,000.00
$861,287,157.08
$823,700,000.00
$814,875,000.00
$795,000,000.00
$709,780,252.14
$550,005,673.61
$550,000,000.00
$500,000,000.00
$500,000,000.00
$410,199,000.00
$390,000,000.00
$370,038,750.00
$321,411,993.00
$242,588,454.88
$191,561,000.00
$186,808,092.73
$150,000,000.00
$132,571,682.00
$125,000,000.00
(b)(4) & (b)(8)
BOG--FOIA 10-267--000806
$113,645,686.77
$102,456,463.52
$100,000,000.00
$76,843,042.92
$63,424,457.00
$43,000,000.00
$29,020,000.00
$28,000,000.00
$4,217,367.98
$3,206,280.00
$435,397.50
(b)(4) & (b)(8)
BOG--FOIA 10-267--000807
Albert Alvarado /NY/FRS
09/12/2008 12:35 PM
To Jeff Stehm/BOARD/FRS@BOARD cc
Subject Re: Lehman balances
Jeff, that's correct.Jeff Stehm/BOARD/FRS@BOARD
eJeff Stehm/BOARBOARD/F SFRS@@BOARDBOARD
09/12/2008 12:37 PM
To Albert Alvarado/NY/FRS@FRS
cc
Subject Re: Lehman balances
Al,
Am I correct in reading the settlements as a CR meaning that Lehman receives money and a DR as it must pay money???
Jeff StehmAssociate DirectorFederal Reserve Board202-452-2217 (office)202-412-9846 (cell)email: [email protected] Alvarado/NY/FRS@FRS
Albert Alvarado /NNY/FRS@RFRS
09/12/2008 11:58 AM
To Lisa Joniaux/NY/FRS@FRS, William Carlucci/NY/FRS@FRS, Anna Ng/NY/FRS@FRS, Jeanmarie Davis/NY/FRS@FRS, Jeff
Stehm/BOARD/FRS@BOARDcc
Subject Lehman balances
Duplicate
BOG--FOIA 10-267--000808
osEric Rosengren /BOS/FRS
09/12/2008 01:01 PM
To Donald L Kohn/BOARD/FRS@BOARD
cc Subject Fw: LFI Key Credit Risk Exposures to
LEH - COB Update
Don - In case you have not seen these exposures
Eric
-------------------------------------------------Eric S. RosengrenPresident & CEOFederal Reserve Bank of Boston617.973.3090 Fax: [email protected] Forwarded by Eric Rosengren/BOS/FRS on 09/12/2008 01:01 PM -----
h iChris aHaley/BOSBOS/F SFRS
09/12/2008 12:58 PM
To Eric Rosengren/BOS/FRS@FRS, Jim Nolan/BOS/FRS@FRS, Theresa Barry/BOS/FRS@FRS, Tony Bardascino/RICH/FRS@FRS, Scott Strah/BOS/FRS@FRS, LauraDuhamel Rogers/BOS/FRS@FRS, Maureen C Tighe/BOS/FRS@FRS, Jennifer Hynes/BOS/FRS@FRS
cc
Subject Fw: LFI Key Credit Risk Exposures to LEH - COB Update
Follow-up email from yesterday with updated exposures......----- Forwarded by Chris Haley/BOS/FRS on 09/12/2008 12:55 PM -----
Brandon aHall/NY//FRS
09/11/2008 06:21 PM
To Dianne Dobbeck/NY/FRS@FRS, BSR LFIC, Caroline Frawley/NY/FRS@FRS, Clinton Lively/NY/FRS@FRS, Deborah P Bailey/BOARD/FRS@BOARD, Jeanmarie Davis/NY/FRS@FRS, John Ricketti/NY/FRS@FRS, Steven J Manzari/NY/FRS@FRS
cc Steven Mirsky/NY/FRS@FRS, Kyle Grieser/NY/FRS@FRS, William Hallacy/NY/FRS@FRS
Subject Fw: LFI Key Credit Risk Exposures to LEH - COB Update
As per Dianne's message below, the table following here captures LFI key credit risk exposures to LEH including Lending and Settlement alongside Trading. Data is sorted by Trading Potential Exposure.
Please note that in the body of the forwarded message below, updated commentary has been added to the Barclays note. In addition, the "LFI Counterparty Exposures to LEH" table has undergone slight revisions - including the addition of BNPP data - and should be treated as the most current version available.
BOG--FOIA 10-267--000809
____________________________________Brandon J. HallCounterparty Credit Risk Monitoring & AnalysisFederal Reserve Bank of New York33 Liberty St. | New York, NY 10045
P: 212-720-1349F: 212-720-1468E: [email protected]
----- Forwarded by Brandon Hall/NY/FRS on 09/11/2008 05:59 PM -----
iDianne oDobbeck /NY/FRS
09/11/2008 04:18 PM
To BSR LFIC, Jeanmarie Davis/NY/FRS@FRS, John Ricketti/NY/FRS@FRS, Steven J Manzari/NY/FRS@FRS, Caroline Frawley/NY/FRS@FRS, Deborah P Bailey/BOARD/FRS@BOARD, Clinton Lively/NY/FRS@FRS
cc Brandon Hall/NY/FRS@FRS, Kyle Grieser/NY/FRS@FRS, Steven Mirsky/NY/FRS@FRS
Subject LFI Counterparty Credit Risk Exposure to LEH
Please find the first of two distributions outlining the LFIs exposure to LEH. The matrix of below (prepared by Brandon Hall of the counterparty credit risk) outlines select LFIs counterparty credit risk exposure to LEH. As expected, risk coordinators have regular conversations with the LFIs regarding their exposures to financial firms so the data were obtained through normal channels with in many cases the LFIs raising the topic to the relevant CPC team. We've elected to keep this distribution small (that is not include all of the CPC teams) in an effort not to promote new inquiries / specifical requests of the teams to the firms. In a follow-up message, Brandon will share a table that captures additional exposures the LFIs may have to LEH (e.g. committed lines, settlement lines, etc.) We welcome any questions you may have regarding the data collected.
An updated snapshot of LFI CCR exposures (on potential and current exposure bases) to Lehman Brothers, as well as institutional commentary, is provided below.
d eExposure Update
(b)(4) & (b)(8)
BOG--FOIA 10-267--000810
Institutional Commentary
(b)(4) & (b)(8)
(b)(4) & (b)(8)
BOG--FOIA 10-267--000811
(b)(4) & (b)(8)
BOG--FOIA 10-267--000812
(b)(4) & (b)(8)
BOG--FOIA 10-267--000813
kLucinda M Brickler //NY/F SFRS
09/12/2008 01:19 PM
To William Dudley/NY/FRS@FRS, Chris Burke/NY/FRS@FRS, Michael Schetzel/NY/FRS@FRS, Patrick M
cc Subject Fw: LEH triparty
We have some problems with nailing down the numbers...here's the info we got on Lehman's triparty repo book from yesterday. It doesn't synch up with the numbers from Jan or the numbers that Chris received from the funding desk.
OMO $83 billion
Non-OMOPDCF $20 billion
Non-PDCF $17 billionFixed Income $7 billionEquities$8 billionOther? $2 billion
Total $120 billion
Lucinda BricklerPayments Policy FunctionFederal Reserve Bank of New York 212.720.6132 or 646.720.6132----- Forwarded by Lucinda M Brickler/NY/FRS on 09/12/2008 01:11 PM -----
Brian Begalle/NY//FRS
09/12/2008 12:35 PM
To Lucinda M Brickler/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Steven J Manzari/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, Arthur Angulo/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS, JohnP McGowan/NY/FRS@FRS, Rania C Jamal/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Susan McLaughlin/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, William Walsh/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS
cc Jeanmarie Davis/NY/FRS@FRS, James Wall/NY/FRS@FRS, Christopher Hunter/NY/FRS@FRS, Robert Rinaldi/NY/FRS@FRS, Steven Pesek/NY/FRS@FRS
Subject LEH triparty
Duplicate
BOG--FOIA 10-267--000814
rakPeter Drake //NY/F SFRS
09/12/2008 01:29 PM
To [email protected], NY Bank Sup - Liquidity Updates, "Caroline Frawley"
cc Subject Credit Suisse Counterparty Update
9-12 (Updated)
(b)(4) & (b)(8)
BOG--FOIA 10-267--000815
Calendar EntryNotify me
Mark Private Pencil In
Subject Briefing re: Lehman
When
Starts Fri 09/12/2008 02:30 PM
Ends Fri 09/12/2008 03:30 PM1 hour
Specify a different time zone
Invitees
Invited The following invitees have been invited
Required (to)Andrew Danzig/NY/FRS@FRS, Arthur Angulo/NY/FRS@FRS, Beverly Hirtle/NY/FRS@FRS, Brian
Optional (cc)Kristin Mayer/NY/FRS@FRS, Tanshel Pointer/NY/FRS@FRS
Chair Timothy Geithner/NY/FRS
Where
Location Board Room
ReservedNo rooms or resources have been reserved
Categorize
Description
Please invite anyone else you feel should attend.Thank you.
CallCallCallCall----in informationin informationin informationin information ::::Conference bridge informationConference bridge informationConference bridge informationConference bridge information ::::
Toll Free Dial In Number: ((((866866866866)))) 209209209209----6438643864386438Int'l Access/Caller Paid Dial In Number: (865) 297-1127
Participant Code: 623345623345623345623345
Your Notes
BOG--FOIA 10-267--000816
09/12/2008 02:04 PM
To Donald L
Kohn/BOARD/FRS@BOARD cc Kevin Warsh/BOARD/FRS@BOARD
Subject RB presidents
(b) (6)
(b) (5)
BOG--FOIA 10-267--000817
e Jeremy Gagne /NY/FRS
09/12/2008 03:05 PM
To Todd Waszkelewicz/NY/FRS@FRS, Arthur Angulo/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Chris
cc Jeanmarie Davis/NY/FRS@FRS, Che Sidanius/NY/FRS@FRS, William Johnson/NY/FRS@FRS
Subject Lehman: Projected CLS Activity for Sept 15, 2008
FR Restricted
(b)(4) & (b)(8)
BOG--FOIA 10-267--000818
(b)(4) & (b)(8)
BOG--FOIA 10-267--000819
Jeremy GagneBank ExaminerFederal Reserve Bank of New YorkTel: 212-720-2911
(b)(4) & (b)(8)
BOG--FOIA 10-267--000820
e ehmJeff Stehm // DBOARD//FRS
09/12/2008 03:15 PM
To Melissa A Vanlandingham/BOARD/FRS@BOAR
D cc
Subject Fw: CLS Data - Projected Settlement
& Funding Activity for Monday 9/15
Melissa
Please include a section on CLS as well. Lehman's numbers are on the Top 50 tab.....third parties.
Jeff StehmAssociate DirectorFederal Reserve Board202-452-2217 (office)202-412-9846 (cell)email: [email protected] Forwarded by Jeff Stehm/BOARD/FRS on 09/12/2008 03:14 PM -----
hChe SidaniusSidanius //NNNYNY// RFRSFRS@@RFRS
09/12/2008 01:24 PM
To Jeremy Gagne/NY/FRS@FRS, William Johnson/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Jeff Stehm/BOARD/FRS@BOARD, Jeffrey Marquardt/BOARD/FRS@BOARD, Jeanmarie Davis/NY/FRS@FRS, Lawrence Sweet/NY/FRS@FRS, Roger Graham/NY/FRS@FRS, Jeremy Gagne/NY/FRS@FRS, Todd
Waszkelewicz/NY/FRS@FRS, Marsha Takagi/NY/FRS@FRScc
Subject CLS Data - Projected Settlement & Funding Activity for Monday 9/15
STRICTLY CONFIDENTIAL
Attached is the data we received from CLS for MMonday 99/15 settlement.
Che SidaniusFederal Reserve Bank of New York33 Liberty Street, NY, NY 10045Office: (212) 720-2431Blackberry: (347) 561 0489
BOG--FOIA 10-267--000821
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED.Page 1 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000822
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED. Page 2 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000823
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED. Page 3 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000824
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED. Page 4 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000825
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED. Page 5 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000826
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED. Page 6 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000827
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED.Page 7 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000828
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED.Page 8 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000829
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED.Page 9 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000830
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 10 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000831
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 11 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000832
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 12 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000833
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 13 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000834
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 14 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000835
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 15 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000836
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 16 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000837
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 17 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000838
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 18 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000839
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 19 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000840
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 20 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000841
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 21 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000842
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 22 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000843
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 23 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000844
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 24 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000845
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 25 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000846
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 26 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000847
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 27 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000848
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZEDPage 28 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000849
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED. Page 29 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000850
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED. Page 30 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000851
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED. Page 31 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000852
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED. Page 32 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000853
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED. Page 33 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000854
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED. Page 34 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000855
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED. Page 35 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000856
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED. Page 36 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000857
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED. Page 37 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000858
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED. Page 38 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000859
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED. Page 39 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000860
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED. Page 40 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000861
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED. Page 41 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000862
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED. Page 42 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000863
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED. Page 43 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000864
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED. Page 44 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000865
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED. Page 45 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000866
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED. Page 46 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000867
THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF THE CLS GROUP AND IS NOT FOR CIRCULATION BEYOND THAT AUTHORIZED. Page 47 of 47
(b)(4) & (b)(8)
BOG--FOIA 10-267--000868
Calendar Entry
MeetingNotify me
Mark Private Pencil In
Subject Bankruptcy Scenario Workstream Update
When
Starts Fri 09/12/2008 05:00 PM
Ends Fri 09/12/2008 06:00 PM1 hour
Specify a different time zone
Invitees
Invited The following invitees have been invited
Required (to)[email protected], [email protected], Chris McCurdy/NY/FRS@NY, Clinton Lively/NY/FRS@FRS, [email protected],
Chair Ada Li/NY/FRS
Where
Location 13-027
ReservedNo rooms or resources have been reserved
Categorize
Description
This meeting is being convened at the request of Theo Lubke .
Dial-in Details:
Telephone: 877-336-1829Participant Code: 645414
Your Notes
BOG--FOIA 10-267--000869
e BaileyDeborah P Bailey / DBOARD// RFRS
09/12/2008 03:57 PM
To Patrick M
Parkinson/BOARD/FRS@BOARD cc
Subject Re: Fw: Bankruptcy Scenario
Workstream Update
Thanks Pat. Have you received any new documents today. on the call Geitner mentioned a "revised stress scenario"?
BOG--FOIA 10-267--000870
o KohnDonald L Kohn / DBOARD// RFRS
09/12/2008 04:23 PM
To
cc Kevin Warsh/BOARD/FRS@Board Subject Re: RB presidents
09/12/2008 02:04 PM
To Donald L Kohn/BOARD/FRS@BOARD
cc Kevin Warsh/BOARD/FRS@BOARD
Subject RB presidents
(b) (6)
(b) (6)
(b) (6)
(b) (5)
Duplicate
BOG--FOIA 10-267--000871
09/12/2008 04:29 PM
To Donald L
Kohn/BOARD/FRS@BOARD cc Kevin Warsh/BOARD/FRS@BOARD
Subject Re: RB presidents
Donald L Kohn/BOARD/FRS
o Donald L KohnKohn//BOARDBOARD//F SF SFRSFRS
09/12/2008 04:23 PM
To
cc Kevin Warsh/BOARD/FRS@Board
Subject Re: RB presidents
(b) (6)
(
(b) (5)
Duplicate
BOG--FOIA 10-267--000872
o y St ans onCoryann Stefansson / DBOARD// RFRS
09/12/2008 04:37 PM
To Suzanna Costello/ATL/FRS@FRS, James Barnes/RICH/FRS@FRS,
Steven M cc
Subject Lehman
thanksCory
Coryann S. StefanssonAssociate Director Bank Supervision and RegulationBoard of GovernorsOffice 202-452-5287Cell Number 202- 294- 9829
Assistant - Ms. Kimberly [email protected] Number 202 736-5555
(b) (8)
BOG--FOIA 10-267--000873
09/12/2008 04:39 PM
To Donald L
Kohn/BOARD/FRS@BOARD cc Kevin Warsh/BOARD/FRS@BOARD
Subject Re: RB presidents
Donald L Kohn/BOARD/FRS
o Donald L KohnKohn//BOARDBOARD//F SF SFRSFRS
09/12/2008 04:23 PM
To
cc Kevin Warsh/BOARD/FRS@Board
Subject Re: RB presidents
(b) (6)
(
(b) (5)
Duplicate
BOG--FOIA 10-267--000874
Ann MinerAnn MinerAnn MinerAnn Miner ////NYNYNYNY////FRSFRSFRSFRS
09/12/2008 04:39 PM
To [email protected], [email protected], Clinton
Lively/NY/FRS@FRS, Dianne cc Steven Pesek/NY/FRS@FRS
Subject Latest Timeline and Meetings Table
We've placed more copies of the updated version on the table just outside the Boardroom. In this version, we've shaded the items related to strategy.
Also attached is a table of meetings that will be taking place.
Thank you for the ongoing inputs.
Regards,Ann
BOG--FOIA 10-267--000875
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\EDF2E848-860A-4A51-95B4-73F76EAF6B01\Lehman Single View A.xls1 11/3/201012:57 PM
(b) (5)
BOG--FOIA 10-267--000876
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\EDF2E848-860A-4A51-95B4-73F76EAF6B01\Lehman Single View A.xls2 11/3/201012:57 PM
(b) (5)
BOG--FOIA 10-267--000877
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\EDF2E848-860A-4A51-95B4-73F76EAF6B01\Lehman Single View A.xls3 11/3/201012:57 PM
(b) (5)
BOG--FOIA 10-267--000878
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\EDF2E848-860A-4A51-95B4-73F76EAF6B01\Lehman Single View A.xls4 11/3/201012:57 PM
(b) (5)
BOG--FOIA 10-267--000879
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\EDF2E848-860A-4A51-95B4-73F76EAF6B01\Lehman Single View A.xls5 11/3/201012:57 PM
(b) (5)
BOG--FOIA 10-267--000880
INTERNAL MEETINGS AS OF FRI 4:15pm
Day Time Purpose Participants Location
FRIDAY 4PM CFTC/Fed DTC/Board
Coordination Discussion
Called by Theo Lubke and
Jeanmarie Davis
13-027
SATURDAY 1PM LFIT and LFI CPC Call Called by Sarah Dahlgren NY Location (if needed): 23rd Floor -
Central C. Conf. Room
Teleconference:
Dial-in 877-589-6971
Participant code: 180333
Host code: 290394
SATURDAY 2:30PM AIG Meeting Bill Rutledge
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\0BB12E9E-E4BD-417A-BC28-4C0335A0DF00\Meetings.xls1 11/3/201012:57 PM
BOG--FOIA 10-267--000881
o KohnDonald L Kohn / DBOARD// RFRS
09/12/2008 04:41 PM
To
cc Kevin Warsh/BOARD/FRS@Board Subject Re: RB presidents
09/12/2008 04:29 PM
To Donald L Kohn/BOARD/FRS@BOARD
cc Kevin Warsh/BOARD/FRS@BOARD
Subject Re: RB presidents
(b) (6)
(b) (6)
(b) (6)(b) (5)
Duplicate
BOG--FOIA 10-267--000882
H AlliSophia H Allison / DBOARD// RFRS
09/12/2008 05:00 PM
To [email protected] cc Mark VanDerWeide/BOARD/FRS@BOARD,
[email protected] Subject Re: Fw: project adam
Hi Jim,
My name is Sophia Allison and I am a Senior Counsel in the Board’s Legal Division to
whom Mark forwarded your e-mail below. I wish I could claim to be a Cleary alum, but I can
only claim to have been a bankruptcy litigator way back in the day (for about 5 years before I
came to the Board in 1995—so it’s an antiquated background). I hope you won’t mind me
asking you a couple of follow-up questions relating to Project Adam.
Thanks so much for anything you could provide, and I also apologize if you are
answering the same question(s) for multiple Federal Reserve Board/Federal Reserve Bank
lawyers. Please feel free to e-mail me or call me at the contact info below.
Thanks!
Sophia
Sophia H. Allison
Senior Counsel
(b) (5)
BOG--FOIA 10-267--000883
Monetary and Consumer Affairs
Legal Division
Board of Governors of the Federal Reserve System
Washington, DC 20551-0001
Tel (202)452-3565
Fax (202)452-3101
BlackBerry (202)415-8755
http://www.federalreserve.gov
Mark VanDerWeide/BOARD/FRS
a kMark VanDerWeide /BOADRD/ RFRS
09/12/2008 03:30 PM
To Sophia H Allison/BOARD/FRS@BOARD
cc
Subject Fw: project adam
here you go.----- Forwarded by Mark VanDerWeide/BOARD/FRS on 09/12/2008 03:30 PM -----
""J es J es LJames LJames L BROMLEYBROMLEY"" <jbromjbromley@ gscgsh..com>
09/12/2008 12:07 AM
cc "David Aman" <[email protected]>
Subject Re: project adam
Duplicate
BOG--FOIA 10-267--000884
arezScott Alvarez /BOARBOARD/FRS
09/12/2008 05:04 PM
To
Donald L cc
Subject Fw: Financial Comm. Mtg
For your comments, if you are so inclined.
Scott
----- Forwarded by Scott Alvarez/BOARD/FRS on 09/12/2008 04:59 PM -----
hThomas Baxter/NY/ RFRS@FFRS Sent by: Helen Ayala/NY/FRS@FRS
09/12/2008 04:56 PM
To Scott Alvarez/BOARD/FRS@BOARD
cc
Subject Financial Comm. Mtg
For your comments. (Please share with the Chairman and Governor Kohn)
Thomas C. Baxter, Jr.General Counsel and Executive Vice PresidentFederal Reserve Bank of New York
(b) (6)
BOG--FOIA 10-267--000885
1
Speaking Notes
Financial Community Meeting
(b) (5)
BOG--FOIA 10-267--000886
2
(b) (5)
BOG--FOIA 10-267--000887
Ada LiAda LiAda LiAda Li ////NYNYNYNY////FRSFRSFRSFRS
09/12/2008 05:09 PM
To Jeffrey Marquardt/BOARD/FRS@BOARD,
Jeff Stehm/BOARD/FRS@BOARD, cc
Subject Fw: Default mgmt group update - 5:00
pm
FYI--This is a handout for the 5 PM.
Thanks,Ada LiFederal Reserve BankTel: [email protected] Forwarded by Ada Li/NY/FRS on 09/12/2008 05:08 PM -----
Abby WehrAbby WehrAbby WehrAbby Wehr ////NYNYNYNY////FRSFRSFRSFRS
09/12/2008 05:04 PM
To Lily Tham/NY/FRS@FRS, Wendy Ng/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Bettyann Griffith/NY/FRS@FRS, Ada Li/NY/FRS@FRS, Shari
Ben-Haim/NY/FRS@FRScc Dessa Bermudez/NY/FRS@FRS
Subject Default mgmt group update - 5:00 pm
RESTRICTED FR - Confidential - Do Not Distribute
Attached is the most recent update regarding logistics for the meeting.
Abby L. WehrFederal Reserve Bank of New YorkBank Supervision Talent Management(212) 720-7727
BOG--FOIA 10-267--000888
DEFAULT MANAGEMENT GROUP MEETING
September 12, 2008 5:00 update
Logistics and Planning
(b) (5)
BOG--FOIA 10-267--000889
DEFAULT MANAGEMENT GROUP MEETING
September 12, 2008 5:00 update
(b) (5)
BOG--FOIA 10-267--000890
DEFAULT MANAGEMENT GROUP MEETING
September 12, 2008 5:00 update
(b) (5)
BOG--FOIA 10-267--000891
DEFAULT MANAGEMENT GROUP MEETING
September 12, 2008 5:00 update
(b) (5)
BOG--FOIA 10-267--000892
arsKevin Warsh /BOARD/F SFRS
09/12/2008 05:11 PM
To
Donald L cc
Subject Re: RB presidents
----------------------------------------------------------------------------------Sent from my BlackBerry Wireless Handheld
----- Original Message ----- From:
Sent: 09/12/2008 04:39 PM EDT
To: Donald Kohn
Cc: Kevin Warsh
Subject: Re: RB presidents
(b) (6)
(b) (6)
(b) (6)
(b) (5)
Duplicate
BOG--FOIA 10-267--000893
09/12/2008 05:12 PM
To Kevin Warsh/BOARD/FRS@BOARD cc Donald L
Kohn/BOARD/FRS@BOARD Subject Re: RB presidents
Thanks for your help.Kevin Warsh/BOARD/FRS
Kevin arsarsWarshWarsh//BOARBOARBOARDBOARD//FRSFRS
09/12/2008 05:11 PM
To Donald L
Kohn/BOARD/FRS@BOARDcc
Subject Re: RB presidents
(b) (6)
(b) (6)
(b) (5)
Duplicate
BOG--FOIA 10-267--000894
insPatrick M Parkinson /BOARD/F SFRS
09/12/2008 05:20 PM
To [email protected], Kevin Warsh/BOARD/FRS@BOARD,
Subject Fw: Fyi (from Hsu)
See below. Bad news re LB's liquidity pool and their grip on reality .
Pat----- Forwarded by Patrick M Parkinson/BOARD/FRS on 09/12/2008 05:19 PM -----
Arthur Angulo/NY// RFRS@@FSRS
09/12/2008 05:11 PM
To Patrick M Parkinson/BOARD/FRS@BOARD
cc
Subject Fw: Fyi (from Hsu)
----- Forwarded by Arthur Angulo/NY/FRS on 09/12/2008 05:11 PM -----
iTil Schuermann //NY/FFRS
09/12/2008 04:52 PM
To Arthur Angulo/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS
cc Meg McConnell/NY/FRS@FRS
Subject Fw: Fyi (from Hsu)
Last bit is of interest!
Til Schuermann
Research, Financial Intermediation
Federal Reserve Bank of New York
(212) 720-5968
http://nyfedeconomists.org/schuermann/
************************************************
This message is being sent from my Blackberry.
From: "Hsu, Michael" [[email protected]]
Sent: 09/12/2008 04:03 PM AST
To: Til Schuermann
Subject: Fyi
(b)(5)&(b)(8)
BOG--FOIA 10-267--000895
o A patHolly A Kirkpatrick /BOARD/F SFRS
09/12/2008 05:25 PM
To Susan V Foley/BOARD/FRS@BOARD
cc Subject Fw: Lehman Brothers commercial
bank information
----- Forwarded by Holly A Kirkpatrick/BOARD/FRS on 09/11/2008 12:38 PM -----
o AHolly A KirkpatrickKirkpatrick //BOARBOARBOARDBOARD//RFRS
09/11/2008 12:37 PM
To Jeffrey Marquardt/BOARD/FRS, Jeff Stehm/BOARD/FRS
cc RBOPS PAYMENT SYSTEM RISK
Subject Lehman Brothers commercial bank information
Good afternoon,
Please find attached an Excel worksheet with attribute data of Lehman's two commercial banks including cap class, asset, collateral, and overdrafting information
Also, please find attached an intraday balance report for each of the institutions.
Please let us know if you have any questions or would like additional information .
Thanks,
Holly & Malcolm
(b)(4) & (b)(8)
BOG--FOIA 10-267--000896
(b)(4) & (b)(8)
BOG--FOIA 10-267--000897
(b)(4) & (b)(8)
BOG--FOIA 10-267--000898
(b)(4) & (b)(8)
BOG--FOIA 10-267--000899
h i BurkChris Burke //NY/F SFRS
09/12/2008 05:35 PM
To Leyla Alkan/NY/FRS@FRS, Agata Zhang/NY/FRS@FRS, Alejandro LaTorre/NY/FRS@FRS, Anna
cc Subject Re: 9/12/08 - No PDCF borrowings
today
Just received a call from our folks at Lehman (Jan Voigts and Sandra Lee) -
. Expecting to hear back momentarily, and will update this group shortly.
Chris BurkeAssistant Vice PresidentDomestic Money MarketsFederal Reserve Bank of New YorkVisit us at www.NewYorkFed.org(646) or (212) 720-6599Leyla Alkan/NY/FRS
Leyla Alkan / YNY//FRS
09/12/2008 05:11 PM
To Timothy Geithner/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Sandy Krieger/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Michael Silva/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS, Thomas Baxter/NY/FRS@FRS, Terrence Checki/NY/FRS@FRS, Christine Cumming/NY/FRS@FRS, Meg McConnell/NY/FRS@FRS, Michael Held/NY/FRS@FRS, William Rutledge/NY/FRS@FRS, Debby Perelmuter/NY/FRS@FRS, Patricia Mosser/NY/FRS@FRS, Chris Burke/NY/FRS@FRS, Spence Hilton/NY/FRS@FRS, Arthur Angulo/NY/FRS@FRS, Alejandro LaTorre/NY/FRS@FRS, Jim Mahoney/NY/FRS@FRS, Susan McLaughlin/NY/FRS@FRS, William Walsh/NY/FRS@FRS, William Dudley/NY/FRS@FRS, James DeFalco/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Barbara Yelcich/NY/FRS@FRS, Lorie Logan/NY/FRS@FRS, Ralph Santasiero/NY/FRS@FRS, Kevin McDonald/NY/FRS@FRS, Anna Tikonoff/NY/FRS@FRS, Patrick Dwyer/NY/FRS@FRS, Samuel Cheun/NY/FRS@FRS, David Zee/NY/FRS@FRS, Eric LeSueur/NY/FRS@FRS, Orray Taft/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS, John Partlan/NY/FRS@FRS, Roger Graham/NY/FRS@FRS, Richard Roberts/NY/FRS@FRS, Michelle H Yu/NY/FRS@FRS, Sandra Joseph/NY/FRS@FRS, Carolyn Palmer/NY/FRS@FRS, Kevin Coffey/NY/FRS@FRS, Scott D Nesson/NY/FRS@FRS, Agata Zhang/NY/FRS@FRS, Brian Begalle/NY/FRS@FRS, Carolyn Palmer/NY/FRS@FRS, Dianne Thornton/NY/FRS@FRS, Helene Lee/NY/FRS@FRS, Jenny Eng/NY/FRS@FRS, Joanna Barnish/NY/FRS@FRS, Juanita Hill/NY/FRS@FRS, Maluan Chong/NY/FRS@FRS, Marc Plotsker/NY/FRS@FRS, Michelle H Yu/NY/FRS@FRS, Pamela Byrd/NY/FRS@FRS, Sandra Joseph/NY/FRS@FRS, Steven Walden/NY/FRS@FRS, Susan McLaughlin/NY/FRS@FRS, William Walsh/NY/FRS@FRS, Christopher Calabia/NY/FRS@FRS, Danielle Vicente/NY/FRS@FRS, Saba Haq/NY/FRS@FRS, James Wall/NY/FRS@FRS
cc
Subject 9/12/08 - No PDCF borrowings today
(b) (8)
BOG--FOIA 10-267--000900
There were no PDCF participants today.
Leyla O. AlkanCredit & Risk Management Federal Reserve Bank of New York(212) 720-1787
BOG--FOIA 10-267--000901
as aLyle Kumasaka //BOARD/FRS
09/12/2008 05:50 PM
To Brian F Madigan/BOARD/FRS@BOARD, James A
cc Subject Lehman Bros. Bk FSB
RESTRICTED FR
Lehman Brothers Bank FSB is a federally-chartered thrift headquatered in Wilmington, DE (3rd Dist.)Total Assets: $10.8 bil (June 2008)
Has docs. Current lendable value of collateral: $5.1 mil.
DLOD cap currently $3.4 bil, but it sounds like RBOPS will have Philadephia rein that in . Avg peak DLOD is $8.1 mil, which exceeds current collateral.
(b) (8)
BOG--FOIA 10-267--000902
RLinda Rodriguez /NNY/FRS
09/12/2008 05:52 PM
To NY Bank Sup - LFI CPC Updates cc Timothy Carlin/NY/FRS@FRS,
Yogesh Shah/NY/FRS@FRS, Carol Roller/NY/FRS@FRS, Linda
Subject Fw: Barclays - 9/12/08 Credit Update Addendum
RESTRICTED - F.R.
1) Lehman most current exposure profile attached
Thanks and kind regards,Linda M. RodriguezSenior Bank ExaminerFederal Reserve Bank of New York: (212) 720-1799
----- Forwarded by Linda Rodriguez/NY/FRS on 09/12/2008 05:47 PM -----
StephanieStephanie hChaly/NNY/ RFRS
09/12/2008 05:30 PM
To NY Bank Sup - LFI CPC Updates
cc Timothy Carlin/NY/FRS@FRS, Yogesh Shah/NY/FRS@FRS, Carol Roller/NY/FRS@FRS, Linda Rodriguez/NY/FRS@FRS, Nirali Deringer/NY/FRS@FRS, John Ricketti/NY/FRS@FRS, Bridget Habib/NY/FRS@FRS, Pat Soriano/BOARD/FRS@BOARD, William Hallacy/NY/FRS@FRS
Subject Fw: Barclays - 9/12/08 Credit Update Addendum
** TR C D RESTRICTED F .R.**
Following up on information provided this morning and
----- Forwarded by Stephanie Chaly/NY/FRS on 09/12/2008 02:10 PM -----
StephanieStephanie hhChalyChaly//NNNYNY// RFRSFRS
09/12/2008 09:09 AM
To NY Bank Sup - LFI CPC Updates
cc Timothy Carlin/NY/FRS@FRS, Yogesh Shah/NY/FRS@FRS, Carol Roller/NY/FRS@FRS, Linda Rodriguez/NY/FRS@FRS, Nirali Deringer/NY/FRS@FRS, John Ricketti/NY/FRS@FRS, Bridget Habib/NY/FRS@FRS, Pat Soriano/BOARD/FRS@BOARD, William Hallacy/NY/FRS@FRS
Not Responsive
(b)(4) & (b)(8)
BOG--FOIA 10-267--000903
Subject Fw: Barclays - 9/12/08 Credit Update
** TR C D RESTRICTED F .R.**
Attached is the latest LEH exposure report run last night.[attachment "LehmanSummary20080911V7.pdf" deleted by Linda Rodriguez/NY/FRS]
----- Forwarded by Stephanie Chaly/NY/FRS on 09/12/2008 08:58 AM -----
Stephanie hChaly/NNY/ RFRS
09/11/2008 05:43 PM
To NY Bank Sup - LFI CPC Updates
cc Timothy Carlin/NY/FRS@FRS, Yogesh Shah/NY/FRS@FRS, Carol Roller/NY/FRS@FRS, Linda Rodriguez/NY/FRS@FRS, Nirali Deringer/NY/FRS@FRS, John Ricketti/NY/FRS@FRS, Bridget Habib/NY/FRS@FRS, Pat Soriano/BOARD/FRS@BOARD
Subject Barclays - 9/11/08 Credit Update
** TR C D RESTRICTED F .R.**
(b)(4) & (b)(8)
(b)(4) & (b)(8)
BOG--FOIA 10-267--000904
[attachment "Credit Report 10Sep.snp" deleted by Linda Rodriguez/NY/FRS]
----- Forwarded by Stephanie Chaly/NY/FRS on 09/11/2008 03:56 PM -----
a oCarol oRoller // YNY/F SFRS
09/11/2008 09:53 AM
To Alexa Philo/NY/FRS@FRS, Amy White/NY/FRS@FRS, Andrew Small/NY/FRS@FRS, Anthony Cirillo/NY/FRS@FRS, Arthur Angulo/NY/FRS@FRS, Barbara Gorzkowski/NY/FRS@FRS, Bard Stermasi/NY/FRS@FRS, Brandon Hall/NY/FRS@FRS, Brian Begalle/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Bridget Habib/NY/FRS@FRS, Caroline Nuffort/NY/FRS@FRS, Chris Haley/BOS/FRS@FRS, Christina Zausner/NY/FRS@FRS, Christopher Calabia/NY/FRS@FRS, Claudia Franco/NY/FRS@FRS, Corbin Long/NY/FRS@FRS, Coryann Stefansson/BOARD/FRS@BOARD, Craig Leiby/NY/FRS@FRS, Daniel Muccia/NY/FRS@FRS, Denise Goodstein/NY/FRS@FRS, Dexter Williams/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, H Clay Saylor/NY/FRS@FRS, Helen Mucciolo/NY/FRS@FRS, Homer Hill/NY/FRS@FRS, Isabella Lo Piccolo/NY/FRS@FRS, James Hodgetts/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Jeanmarie Davis/NY/FRS@FRS, Jeffrey Levine/NY/FRS@FRS, Jennifer Burns/RICH/FRS@FRS, Jim Mahoney/NY/FRS@FRS, John Beebe/RICH/FRS@FRS, John Heinze/NY/FRS@FRS, John Ricketti/NY/FRS@FRS, Jon D Greenlee/BOARD/FRS@BOARD, Jonathan Polk/NY/FRS@FRS, Jordan Pollinger/NY/FRS@FRS, Joseph Galati/NY/FRS@FRS, Judith J Gruttman/NY/FRS@FRS, Kara Sulmasy/NY/FRS@FRS, Karen Kahrs/NY/FRS@FRS, Katheryn Van der Celen/NY/FRS@FRS, Kenton Beerman/NY/FRS@FRS, Kevin Coffey/NY/FRS@FRS, Kevin Lee/NY/FRS@FRS, Kirsten Harlow/NY/FRS@FRS, Kyle Grieser/NY/FRS@FRS, Lance Auer/NY/FRS@FRS, Laxmi Rao/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS, Mark Scapp/NY/FRS@FRS, Mayra Gonzalez/NY/FRS@FRS, Michael Johnson/SF/FRS@FRS, Richard Kunen/NY/FRS@FRS, Richard McGee/NY/FRS@FRS, Robard Williams/NY/FRS@FRS, Robert Gutierrez/NY/FRS@FRS, Roger Graham/NY/FRS@FRS, Ronald Stroz/NY/FRS@FRS, Sandy Krieger/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS, Stephanie Chaly/NY/FRS@FRS, Steven J Manzari/NY/FRS@FRS, Steven Mirsky/NY/FRS@FRS, Susan G Ballinger/NY/FRS@FRS, Susan Sloan-Goldberg/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Theonilla Lee-Chan/NY/FRS@FRS, Thomas J O'Keeffe/NY/FRS@FRS, Tim P Clark/BOARD/FRS@BOARD, Todd Waszkelewicz/NY/FRS@FRS, Wendy Ng/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS, William Hallacy/NY/FRS@FRS, Wing Oon/NY/FRS@FRS
cc Stephanie Chaly/NY/FRS@FRS, Yogesh Shah/NY/FRS@FRS, Timothy Carlin/NY/FRS@FRS, Linda Rodriguez/NY/FRS@FRS, Nirali Deringer/NY/FRS@FRS, Pat Soriano/BOARD/FRS@BOARD
Subject Fw: Barclays credit update - Exposures to Lehman, Freddie and Fannie
M N M N LEHMAN BROTHERSLEHMAN BROTHERS
(b)(4) & (b)(8)
(b)(4) & (b)(8)
BOG--FOIA 10-267--000905
(b)(4) & (b)(8)
BOG--FOIA 10-267--000906
(b)(4) & (b)(8)
BOG--FOIA 10-267--000907
Carol M. RollerFed: (212) 720-1902Barclays: (212) 412-4063
(b)(4) & (b)(8)
BOG--FOIA 10-267--000908
1
(b)(4) & (b)(8)
BOG--FOIA 10-267--000909
2
(b)(4) & (b)(8)
BOG--FOIA 10-267--000910
3
(b)(4) & (b)(8)
BOG--FOIA 10-267--000911
4
(b)(4) & (b)(8)
BOG--FOIA 10-267--000912
5
(b)(4) & (b)(8)
BOG--FOIA 10-267--000913
6
(b)(4) & (b)(8)
BOG--FOIA 10-267--000914
7
(b)(4) & (b)(8)
BOG--FOIA 10-267--000915
8
(b)(4) & (b)(8)
BOG--FOIA 10-267--000916
9
(b)(4) & (b)(8)
BOG--FOIA 10-267--000917
"EicEichner , Matthew" <EI H [email protected]>
09/12/2008 05:58 PM
To <[email protected]> cc
Subject
Hi Pat,
Regards,
-matt
(b)(5)&(b)(8)
BOG--FOIA 10-267--000918
h i HChris Haley /BOS/FRS
09/12/2008 06:14 PM
To Scott Strah/BOS/FRS@FRS, NY Bank Sup - LFI CPC Updates@FRS, Eric Rosengren/BOS/FRS@FRS, Jim
cc Brandon Hall/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, Tony
Subject Re: RBS Call - Updated Exposures
fyi......Thanks Scott!Scott Strah/BOS/FRS
Scott Strah/BOS/ RFRS
09/12/2008 06:11 PM
To Chris Haley/BOS/FRS@FRS
cc Brandon Hall/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS
Subject Re: RBS Call
Chris, circulate as you see fit I haven't sent this information beyond this group.
Scott Strahcell (617) 605-2166
(b)(4) & (b)(8)
BOG--FOIA 10-267--000919
(b)(4) & (b)(8)
BOG--FOIA 10-267--000920
(b)(4) & (b)(8)
BOG--FOIA 10-267--000921
(b)(4) & (b)(8)
BOG--FOIA 10-267--000922
eJeff. ehmStehm@@frb.gov
09/12/2008 06:24 PM
To "Melissa Vanlandingham" <[email protected]>,
"Jeff Marquardt" cc
Subject Fw: DTC Update - Cap Change
----- Original Message -----From: Lisa JoniauxSent: 09/12/2008 06:26 PM EDTTo: Jeff StehmSubject: Re: DTC Update - Cap Change
----- Original Message -----From: Lisa JoniauxSent: 09/12/2008 06:12 PM EDTTo: Theodore Lubke; Jeff Stehm; Jeffrey Marquardt; Ann Miner; Sandy
KriegerCc: Jeanmarie DavisSubject: DTC Update - Cap Change
Lisa JoniauxCPC for The Depository Trust CompanyFederal Reserve Bank of New York(212) 720-2530
(b)(4) & (b)(8)
(b)(4) & (b)(8)
BOG--FOIA 10-267--000923
o Donald Lieb /SF/FRS
09/12/2008 06:41 PM
To Susan V Foley/BOARD/FRS@BOARD
cc Subject Fw: Lehman Brothers
Susan-
We've done the deed..... on the account balance monitor at their exempt cap.
Don
----- Forwarded by Donald Lieb/SF/FRS on 09/12/2008 03:40 PM -----
i YeWilma Yee /SFSF/FRS
09/12/2008 03:39 PM
To Donald Lieb/SF/FRS@FRS, Cherise Lloyd/SF/FRS@FRS
cc
Subject Lehman Brothers
FYI, changes for Lehman Brothers Commercial Bank have been updated effective immediately per request.
************************************************************Wilma YeeFederal Reserve Bank of San FranciscoCredit & Risk ManagementTel: (415) 974-3371PT: Off Tuesdays************************************************************
BOG--FOIA 10-267--000924
a k VanD eideMark VanDerWeide /BOARBOARD/F SFRS
09/12/2008 06:49 PM
To Scott Alvarez/BOARD/FRS@BOARD cc
Subject Fw: triparty repo thoughts for this
weekend
fyi----- Forwarded by Mark VanDerWeide/BOARD/FRS on 09/12/2008 06:49 PM -----
Lucinda M Brickler / YNY/FRS@F
SRS
09/12/2008 06:45 PM
To [email protected], [email protected], Patrick M Parkinson/BOARD/FRS@BOARD, Mark VanDerWeide/BOARD/FRS@BOARD, Joseph Sommer/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS, Chris Burke/NY/FRS@FRS, Susan McLaughlin/NY/FRS@FRS, William
Dudley/NY/FRS@FRS, Meg McConnell/NY/FRS@FRScc
Subject triparty repo thoughts for this weekend
Hi
Attached are some thoughts on triparty repo for the weekend.
.
ttys
Lucinda
Lucinda BricklerPayments Policy FunctionFederal Reserve Bank of New York 212.720.6132 or 646.720.6132
(b) (5)
BOG--FOIA 10-267--000925
Restricted F.R. November 3, 2010
Page 1 of 4
Triparty Repo Cheat Sheet
9/12-9/15
(b) (5)
BOG--FOIA 10-267--000926
Restricted F.R. November 3, 2010
Page 2 of 4
(b) (5)
BOG--FOIA 10-267--000927
Restricted F.R. November 3, 2010
Page 3 of 4
(b) (5)
BOG--FOIA 10-267--000928
Restricted F.R. November 3, 2010
Page 4 of 4
(b) (5)
BOG--FOIA 10-267--000929
oJoseph Abdelnour //BSR/C ICHI//RFRS@@FRS
09/12/2008 03:04 PM
To Coryann Stefansson/BOARD/FRS@BOARD
cc Deborah P Bailey/BOARD/FRS@BOARD, Genevievette E Walker/BOARD/FRS@BOARD, Steven M Durfey/BSR/CHI/FRS@FRS, Kenneth McDonnell/BSR/CHI/FRS@FRS
Subject Re: Fw: NTC - Lehman Exposure and Related Risk Reduction
Cory,
(b)(4), (b)(5), & (b)(8)
BOG--FOIA 10-267--000930
Hope this helps, let me know if you have any questions. I plan on talking with them later today to get an update on what has transpired today--will keep you posted.
ThanksJoseph J. Abdelnour312-322-6171(Phone)312-322-5412 (Fax)[email protected]
Coryann Stefansson/BOARD/FRS@BOARD
o yCoryann Stefansson /BOARD/RFRS@@BOARD
09/12/2008 12:04 PM
To Joseph Abdelnour/BSR/CHI/FRS@FRS, Genevievette E Walker/BOARD/FRS@BOARD, Deborah P Bailey/BOARD/FRS@BOARD
cc
Subject Re: Fw: NTC - Lehman Exposure and Related Risk Reduction
Joe
Coryann S. StefanssonAssociate Director Bank Supervision and RegulationBoard of GovernorsOffice 202-452-5287Cell Number 202- 294- 9829
Assistant - Ms. Kimberly [email protected] Number 202 736-5555
Joseph Abdelnour/BSR/CHI/FRS@FRS
oJoseph Abdelnour //BSR/C ICHI/FRS@FRS
09/12/2008 09:19 AM
To Coryann Stefansson/BOARD/FRS@BOARD
cc
Subject Fw: NTC - Lehman Exposure and Related Risk Reduction
Cory,
In the event you did not see this e-mail--I believe Gen Walker is out so I am passing along.
Not Responsive
(b)(5)&(b)(8)
(b)(4), (b)(5), & (b)(8)
BOG--FOIA 10-267--000931
Please call with questions and have a good weekend.
ThanksJoseph J. Abdelnour312-322-6171(Phone)312-322-5412 (Fax)[email protected]
----- Forwarded by Joseph Abdelnour/BSR/CHI/FRS on 09/12/2008 08:15 AM -----
Kenneth c onMcDonnell /BSRBSR// HCHI
//FRSFRS
09/11/2008 06:28 PM
To Steven M Durfey/BSR/CHI/FRS@CHI, Genevievette E Walker/BOARD/FRS@BOARD, Joseph Abdelnour/BSR/CHI/FRS@FRS
cc Raymond A Bacon/BSR/CHI/FRS@FRS
Subject NTC - Lehman Exposure and Related Risk Reduction
RESTRICTED FR
Hi All,
See brief and quick notes from our conference call with Northern today. Please advise if you have any questions or suggestions.
Regards,
Ken
Not Responsive
BOG--FOIA 10-267--000932
FR - RESTRICTED
(b)(4) & (b)(8)
BOG--FOIA 10-267--000933
(b)(4) & (b)(8)
BOG--FOIA 10-267--000934
(b)(4) & (b)(8)
BOG--FOIA 10-267--000935
e VanlandiMelissa A Vanlandingham / DBOARD// RFRS
09/12/2008 07:26 PM
To Jeffrey
Marquardt/BOARD/FRS@BOARD cc
Subject lehman update
Melissa VanlandinghamFinancial Services AnalystBoard of Governors of the Federal Reserve SystemDivision of Reserve Bank Operations and Payment Systems202-530-6285
BOG--FOIA 10-267--000936
09/12/2008
Restricted FR Page 1 of 5
Lehman Brothers’ Activity in Clearing and Settlement Systems and
Current Regulatory Communications
(b)(4) & (b)(8)
BOG--FOIA 10-267--000937
09/12/2008
Restricted FR Page 2 of 5
(b)(4) & (b)(8)
BOG--FOIA 10-267--000938
09/12/2008
Restricted FR Page 3 of 5
(b)(4) & (b)(8)
BOG--FOIA 10-267--000939
09/12/2008
Restricted FR Page 4 of 5
(b)(4) & (b)(8)
BOG--FOIA 10-267--000940
09/12/2008
Restricted FR Page 5 of 5
(b)(4) & (b)(8)
BOG--FOIA 10-267--000941
e D iJeanmarie Davis / YNY//FRS
09/12/2008 07:32 PM
To [email protected] cc Arthur Angulo/NY/FRS@FRS, Brian
Peters/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Clinton
Subject Fw: DTC Update - Cap Change
Jeanmarie
Jeanmarie DavisSenior Vice PresidentLarge Complex Banking OrganizationsFederal Reserve Bank of New Yorkeanmar [email protected](212)720-2256----- Forwarded by Jeanmarie Davis/NY/FRS on 09/12/2008 07:26 PM -----
Lisa ooJoniauxJoniaux // YYNYNY//FRSFRS
09/12/2008 06:12 PM
To Theodore Lubke/NY/FRS@FRS, Jeff Stehm/BOARD/FRS@BOARD, Jeffrey Marquardt/BOARD/FRS@BOARD, Ann Miner/NY/FRS@FRS, Sandy Krieger/NY/FRS@FRS
cc Jeanmarie Davis/NY/FRS@FRS
Subject DTC Update - Cap Change
Duplicate
(b)(4), (b)(5), & (b)(8)
BOG--FOIA 10-267--000942
o as k iTodd Waszkelewicz /NY//FRS
09/12/2008 07:54 PM
To Che Sidanius/NY/FRS@FRS, Jeanmarie Davis/NY/FRS@FRS, Jeff
Stehm/BOARD/FRS@BOARD, Jeffrey
cc Subject Discussion with CLS
Attached are minutes that Jeremy Gagne from the CLS supervisory team prepared from a CLS requested discussion that occurred this afternoon
Thanks.
- Rob Discussion 9-12-08.doc
(b)(4), (b)(5), & (b)(8)
(b)(4) & (b)(8)
BOG--FOIA 10-267--000943
(b)(4) & (b)(8)
BOG--FOIA 10-267--000944
(b)(4) & (b)(8)
BOG--FOIA 10-267--000945
e MJeffrey Marquardt /BOARBOARD/FRS
09/12/2008 08:25 PM
To Lawrence Sweet/NY/FRS@FRS, Marsha Takagi/NY/FRS@FRS,
Jeanmarie Davis/NY/FRS@FRS cc Jeff Stehm/BOARD/FRS@BOARD
Subject Fw: Update on Lehman's clearing and
settlement system activity
All: I should have included you on the distribution. Apologies. Jeff--------------------------Sent from my BlackBerry Wireless Handheld
Jeffrey Marquardt
----- Original Message ----- From: Jeffrey Marquardt
Sent: 09/12/2008 07:35 PM EDT
To: Donald Kohn
Cc: Louise Roseman; Patrick Parkinson; Jeff Stehm; Theodore Lubke; Melissa
Vanlandingham; Jennifer Lucier; Susan Foley
Subject: Update on Lehman's clearing and settlement system activity
Don:Attached for your information is an update on Lehman's clearing and settlement system activity
based on information provided to Board and FRBNY staff. We have not provided tri-party repo or OTC derivatives information as others are working those issues. With respect to the two U.S.-chartered DIs in the Lehman corporate structure, we have contacted FR risk management staff in Philadelphia and San Francisco to make sure they are monitoring these institutions closely .
Please call Jeff Stehm (BB: 202-412-9846) or me (BB: 202-641-2992) with any questions. Jeff's folks helped put this note together.
Jeff M.
(b) (5)
Attachment is a duplicate
BOG--FOIA 10-267--000946
insPatrick M Parkinson /BOARD/F SFRS
09/12/2008 08:49 PM
To Lucinda M Brickler/NY/FRS@FRS cc [email protected], Mark
VanDerWeide/BOARD/FRS@BOARD,
[email protected], Kevin Subject Re: triparty repo thoughts for this
weekend
Lucinda,
I have attached some comments, but I am not sure they will be helpful. I'm forced to guess why plans have changed.
In any event, this now looks to me like a godawful mess.
Pat
Lucinda M Brickler/NY/FRS@FRS
Lucinda M Brickler / YNY/FRS@F
SRS
09/12/2008 06:45 PM
To [email protected], [email protected], Patrick M Parkinson/BOARD/FRS@BOARD, Mark VanDerWeide/BOARD/FRS@BOARD, Joseph Sommer/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS, Chris Burke/NY/FRS@FRS, Susan McLaughlin/NY/FRS@FRS, William
Dudley/NY/FRS@FRS, Meg McConnell/NY/FRS@FRScc
Subject triparty repo thoughts for this weekend
(b) (5)
Duplicate
BOG--FOIA 10-267--000947
Restricted F.R. November 3, 2010
Page 1 of 4
Triparty Repo Cheat Sheet
9/12-9/15
(b) (5)
BOG--FOIA 10-267--000948
Restricted F.R. November 3, 2010
Page 2 of 4
(b) (5)
BOG--FOIA 10-267--000949
Restricted F.R. November 3, 2010
Page 3 of 4
(b) (5)
BOG--FOIA 10-267--000950
Restricted F.R. November 3, 2010
Page 4 of 4
(b) (5)
BOG--FOIA 10-267--000951
JeffJeffJeffJeff ....StehmStehmStehmStehm@@@@frbfrbfrbfrb....govgovgovgov
09/12/2008 09:11 PM
To "Jennifer Lucier" <[email protected]>, "Melissa
Vanlandingham" cc
Subject Fw: Master Timeline - Update as of
8:45PM
----- Original Message -----From: Ann MinerSent: 09/12/2008 08:53 PM EDTTo: [email protected]; [email protected]; Clinton Lively; Dianne Dobbeck;
[email protected]; Jan Voigts; Jeanmarie Davis; Jeff Stehm; Jeffrey Marquardt;Jim Mahoney; JohnP McGowan; Jonathan Polk; Joseph Sommer; Lily Tham; LisaJoniaux; Lucinda Brickler; Marsha Takagi; [email protected]; MichaelSchussler; Patrick Parkinson; Shari Ben-Haim; Susan Stiehm; Theodore Lubke;Wendy Ng; Ada Li; Jamie McAndrews; Chris McCurdy; Theodore Lubke; AlexandraMerle-Huet; Daniel Muccia
Cc: Steven Pesek; Erin UptonSubject: Master Timeline - Update as of 8:45PM
Here is the latest version. Thanks all for sending your updates andcorrections.
(See attached file: Lehman Single View AMH.xls)
Regards,
Ann MinerFRBNY
212-720-2816 - Lehman Single View AMH.xls
BOG--FOIA 10-267--000952
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\0C996AB5-6E76-4A8C-9362-537EA105364C\Lehman Single View AMH.xls1 11/3/20101:01 PM
(b) (5)
BOG--FOIA 10-267--000953
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\0C996AB5-6E76-4A8C-9362-537EA105364C\Lehman Single View AMH.xls2 11/3/20101:01 PM
(b) (5)
BOG--FOIA 10-267--000954
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\0C996AB5-6E76-4A8C-9362-537EA105364C\Lehman Single View AMH.xls3 11/3/20101:01 PM
(b) (5)
BOG--FOIA 10-267--000955
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\0C996AB5-6E76-4A8C-9362-537EA105364C\Lehman Single View AMH.xls4 11/3/20101:01 PM
(b) (5)
BOG--FOIA 10-267--000956
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\0C996AB5-6E76-4A8C-9362-537EA105364C\Lehman Single View AMH.xls5 11/3/20101:01 PM
(b) (5)
BOG--FOIA 10-267--000957
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\0C996AB5-6E76-4A8C-9362-537EA105364C\Lehman Single View AMH.xls6 11/3/20101:01 PM
(b) (5)
BOG--FOIA 10-267--000958
e ehmJeff Stehm // DBOARD//FRS
09/12/2008 09:12 PM
To "Jennifer Lucier" <[email protected]>, "Melissa
Vanlandingham" cc
Subject Fw: Preparations for a PRC
Conference Call
FyiMarsha Takagi
----- Original Message ----- From: Marsha Takagi
Sent: 09/12/2008 08:57 PM EDT
To: Lawrence Sweet; Jeffrey Marquardt; Jeff Stehm
Cc: Lawrence Radecki; Sandy Krieger; Lucinda Brickler
Subject: Preparations for a PRC Conference Call
Chris Cumming asked that we be prepared in case we want to invoke the PRC conference call arrangement. Attached below for everyone's reference are supporting documents for this purpose. In the
. As such, included below is a draft e-mail that we could use for this purpose that was prepared by Larry R.
-- this includes co ta ncontact info (home/cell) for the PRC member and other key payments people at each of the PRC banks, as well as key contacts at DTCC, CHIPS and CLS.
-- a rdraft customized e-mail that can be the basis of a message t if there is a
p e nbankruptcy event .
-- a more general e-mail that could be adapted to the situation at
hand; this includes the o co eo co ehost codehost code of the conference bridge.
Marsha
(b)(2) & (b)(5)
BOG--FOIA 10-267--000959
(b)(2) & (b)(5)
BOG--FOIA 10-267--000960
Last worked on: Jun 17, 2008
1
Payments Risk Committee Emergency Conference Call
(b)(2) & (b)(5)
BOG--FOIA 10-267--000961
Last worked on: Jun 17, 2008
2
(b)(2) & (b)(5)
BOG--FOIA 10-267--000962
Last worked on: Jun 17, 2008
3
(b)(2) & (b)(5)
BOG--FOIA 10-267--000963
Last worked on: Jun 17, 2008
4
(b)(2) & (b)(5)
BOG--FOIA 10-267--000964
Last worked on: Jun 17, 2008
5
(b)(2) & (b)(5)
BOG--FOIA 10-267--000965
Last worked on: Jun 17, 2008
6
(b)(2) & (b)(5)
BOG--FOIA 10-267--000966
Last worked on: Jun 17, 2008
7
(b)(2) & (b)(5)
BOG--FOIA 10-267--000967
Last worked on: Jun 17, 2008
8
(b)(2) & (b)(5)
BOG--FOIA 10-267--000968
Last worked on: Jun 17, 2008
9
(b)(2) & (b)(5)
BOG--FOIA 10-267--000969
Last worked on: Jun 17, 2008
10
(b)(2) & (b)(5)
BOG--FOIA 10-267--000970
Last worked on: Jun 17, 2008
11
(b)(2) & (b)(5)
BOG--FOIA 10-267--000971
Last worked on: Jun 17, 2008
12
(b)(2) & (b)(5)
BOG--FOIA 10-267--000972
Last worked on: Jun 17, 2008
13
(b)(2) & (b)(5)
BOG--FOIA 10-267--000973
Last worked on: Jun 17, 2008
14
Name
(b)(2) & (b)(5)
BOG--FOIA 10-267--000974
Last worked on: Jun 17, 2008
15
(b)(2) & (b)(5)
BOG--FOIA 10-267--000975
Last worked on: Jun 17, 2008
16
(b)(2) & (b)(5)
BOG--FOIA 10-267--000976
Revised June 11, 2008
(b)(2) & (b)(5)
BOG--FOIA 10-267--000977
Revised June 11, 2008
(b)(2) & (b)(5)
BOG--FOIA 10-267--000978
Revised June 11, 2008
(b)(2) & (b)(5)
BOG--FOIA 10-267--000979
Revised June 11, 2008
(b)(2) & (b)(5)
BOG--FOIA 10-267--000980
Revised June 11, 2008
(b)(2) & (b)(5)
BOG--FOIA 10-267--000981
Revised June 11, 2008
(b)(2) & (b)(5)
BOG--FOIA 10-267--000982
h eTheodore Lubke /NY/FRS
09/12/2008 10:36 PM
To Jeffrey
Marquardt/BOARD/FRS@BOARD cc Lawrence Sweet/NY/FRS@NY,
Patrick M
Parkinson/BOARD/FRS@BOARD, Subject Fw: Update on Lehman's clearing and
settlement system activity
Communications strategy is evolving - Larry Sweet is running with it and can fill you in.
Roger - please integrate info attached into your efforts if you don't already have it. and share it with others who you think will benefit from having it.
Theo
Theo LubkeSenior Vice PresidentBank Supervision GroupFederal Reserve Bank of New [email protected]: 212-720-6334fax: 212-720-7818http://www.newyorkfed.org----- Forwarded by Theodore Lubke/NY/FRS on 09/12/2008 10:33 PM -----
eJeffrey a qMarquardt / DBOARD//RRFRSFRS@@@@BOARDBOARD
09/12/2008 07:38 PM
To Donald L Kohn/BOARD/FRS@BOARD
cc Louise Roseman/BOARD/FRS@BOARD, Patrick M Parkinson/BOARD/FRS@BOARD, Jeff Stehm/BOARD/FRS@BOARD, Theodore Lubke/NY/FRS@FRS, Melissa A Vanlandingham/BOARD/FRS@BOARD, Jennifer A Lucier/BOARD/FRS@BOARD, Susan V
Foley/BOARD/FRS@BOARDSubject Update on Lehman's clearing and settlement system activity
Duplicate
BOG--FOIA 10-267--000983
Lucinda.Bric lerBrickler @@ny.frb.org
09/12/2008 11:04 PM
To [email protected] cc "Donald Kohn"
<[email protected]>, "Kevin
Warsh" <[email protected]>, Subject Re: triparty repo thoughts for this
weekend
Pat
Thanks.
Lucinda--------------------------Sent from my BlackBerry Wireless Handheld
----- Original Message -----From: Patrick M ParkinsonSent: 09/12/2008 08:49 PM EDTTo: Lucinda BricklerCc: Chris McCurdy; Mark VanDerWeide; Donald Kohn; Kevin WarshSubject: Re: triparty repo thoughts for this weekend
Duplicate
(b) (5)
BOG--FOIA 10-267--000984
" J es James L BROMLEY " << [email protected]>
09/12/2008 11:11 PM
To "Theodore Lubke"
<[email protected]> cc "Patrick M Parkinson"
"Jonathan Polk" Subject Re: Notes
Theo,
We have both in progress and will have them for you tomorrow. Have a good night
Jim
______________________
CONTACT INFORMATION
James L. Bromley
Cleary Gottlieb Steen & Hamilton LLP
One Liberty Plaza
New York, New York 10006
Direct: 212-225-2264
Fax: 212-225-3999
Mobile: 646-894-3014
www.cgsh.com
From: Theodore.Lubke
Sent: 09/12/2008 11:07 PM AST
To: James BROMLEY
Cc: [email protected]; [email protected]
Subject: Notes
Jim -
Thank you.
Theo
Theo LubkeSenior Vice PresidentBank Supervision GroupFederal Reserve Bank of New [email protected]
(b) (5)
BOG--FOIA 10-267--000985
tel: 212-720-6334fax: 212-720-7818
http://www.newyorkfed.org
This message is being sent from a law firm and may contain
confidential or privileged information. If you are not
the intended recipient, please advise the sender
immediately by reply e-mail and delete this message and
any attachments without retaining a copy.
BOG--FOIA 10-267--000986
hTheodore [email protected]
09/12/2008 11:53 PM
To [email protected], [email protected], "Pat
Parkinson" cc [email protected]
Subject Re: Request - if possible
What do you think?
===============Theo LubkeNew York FedTel: 212-720-6334===============
----- Original Message -----From: Wendy NgSent: 09/12/2008 11:49 PM EDTTo: Theodore LubkeCc: Christopher TsuboiSubject: Request - if possible
Hi Theo,
Wendy NgOTC Derivatives Market Infrastructure Team LeaderFederal Reserve Bank of New York212-720-2310
(b) (5)
BOG--FOIA 10-267--000987
09/13/2008 09:03 AM
To Kevin Warsh/BOARD/FRS@BOARD cc
Subject bids for asset mgt
Bloomberg reports that Lehman has received bids for its asset mgt division from Bain and others.
(b) (6)
(b) (5)
BOG--FOIA 10-267--000988
eJeff. ehmStehm@@frb.gov
09/13/2008 09:39 AM
To "Jeff Marquardt"
<[email protected]> cc
Subject Fw: Coverage for the Weekend for
CLS
----- Original Message -----From: Marsha TakagiSent: 09/13/2008 09:27 AM EDTTo: Jeff StehmCc: Lawrence SweetSubject: Re: Coverage for the Weekend for CLS
Yes. Larry is on the call.
.Marsha--------------------------Sent from my BlackBerry Wireless Handheld
----- Original Message -----From: Jeff StehmSent: 09/13/2008 09:14 AM EDTTo: Marsha TakagiSubject: Re: Coverage for the Weekend for CLS
Marsha
Is the Rutledge call the outreach to the broad group of foreign regulatorsof LB entities?
Jeff StehmAssociate DirectorFederal Reserve Board202-452-2217 (office)202-412-9846 (cell)email: [email protected]
MarshaTakagi/NY/FRS@FRS
To09/13/2008 09:12 Jeff Stehm/BOARD/FRS@BOARD,AM Jeanmarie Davis/NY/FRS@FRS
ccChe Sidanius/NY/FRS@FRS, JeffreyMarquardt/BOARD/FRS@BOARD, LawrenceSweet/NY/FRS@FRS, Patrick MParkinson/BOARD/FRS@BOARD, ToddWaszkelewicz/NY/FRS@FRS
SubjectRe: Coverage for the Weekend forCLS(Document link: Jeff Stehm Mail)
(b) (5)
BOG--FOIA 10-267--000989
Have not heard anything about the CLS call yet. The plans regarding theother call will likely be determined after Bill Rutledge's call whichshould be happening now.Marsha--------------------------Sent from my BlackBerry Wireless Handheld
----- Original Message -----From: Jeff StehmSent: 09/13/2008 09:05 AM EDTTo: Jeanmarie Davis; Marsha TakagiCc: Che Sidanius; Jeffrey Marquardt; Lawrence Sweet; Patrick Parkinson;
Todd WaszkelewiczSubject: Re: Coverage for the Weekend for CLS
Any time set yet for this call with cls? What about the call Theodiscussed yesterday with FSA, NBB, etc on payment and settlement issues?
----- Original Message -----From: Jeanmarie DavisSent: 09/12/2008 07:57 PM EDTTo: Marsha TakagiCc: Che Sidanius; Jeff Stehm; Jeffrey Marquardt; Lawrence Sweet;
Patrick Parkinson; Todd WaszkelewiczSubject: Re: Coverage for the Weekend for CLS
don't have a time yet-- will send out appointment and call-in when we hearfrom Nan.
Jeanmarie DavisSenior Vice PresidentLarge Complex Banking OrganizationsFederal Reserve Bank of New [email protected](212)720-2256
MarshaTakagi/NY/FRS
To09/12/2008 07:56 Jeanmarie Davis/NY/FRS@FRS, JeffPM Stehm/BOARD/FRS@BOARD, Lawrence
Sweet/NY/FRS@FRS, JeffreyMarquardt/BOARD/FRS@BOARD, PatrickM Parkinson/BOARD/FRS@BOARD, ToddWaszkelewicz/NY/FRS@FRS, CheSidanius/NY/FRS@FRS
cc
SubjectRe: Coverage for the Weekend for
BOG--FOIA 10-267--000990
CLS(Document link: Jeanmarie Davis)
Thanks Jeanmarie. Is there a time for this call? PPF would be interestedin joining. Thanks.
Marsha--------------------------Sent from my BlackBerry Wireless Handheld
----- Original Message -----From: Jeanmarie DavisSent: 09/12/2008 07:43 PM EDTTo: Jeff Stehm; Lawrence Sweet; Jeffrey Marquardt; Patrick Parkinson;
Marsha Takagi; Todd Waszkelewicz/NY/FRS@NY; Che SidaniusSubject: Coverage for the Weekend for CLS
We will be having a conference call with CLS tomorrow morning regarding theoutstanding issues re: bankruptcy.
Che will be in London on Sunday night to monitor processing, rescinds,authorization and the settlement cycle. He will send out emails to all ofus.
J
Jeanmarie DavisSenior Vice PresidentLarge Complex Banking OrganizationsFederal Reserve Bank of New [email protected](212)720-2256----- Forwarded by Jeanmarie Davis/NY/FRS on 09/12/2008 07:33 PM -----
ToddWaszkelewicz/NY/FRS To
Jeanmarie Davis/NY/FRS09/12/2008 06:03 ccPM Che Sidanius/NY/FRS@FRS, Jeremy
Gagne/NY/FRS, WilliamJohnson/NY/FRS@FRS
SubjectUpdate
(b) (5)
BOG--FOIA 10-267--000991
Just talked to Nan/Mandy through Michele, Nan/Mandy indicated that theywill not be able to provide any more info.
.
If you don't need me any further tonight, I'm going to start packing up andhead out....thanks.
(b) (5)
BOG--FOIA 10-267--000992
e ehmJeff Stehm // DBOARD//FRS
09/13/2008 09:51 AM
To "Melissa Vanlandingham"
<[email protected]> cc
Subject Fw: Master Timeline as of 9/13
8:45AM
Ann Miner
----- Original Message ----- From: Ann Miner
Sent: 09/13/2008 09:45 AM EDT
To: [email protected]; [email protected]; Clinton Lively; Dianne Dobbeck;
[email protected]; Jan Voigts; Jeanmarie Davis; Jeff Stehm; Jeffrey Marquardt; Jim Mahoney; JohnP McGowan; Jonathan Polk; Joseph Sommer; Lily Tham; Lisa Joniaux; Lucinda Brickler; Marsha Takagi; [email protected]; Michael Schussler; Patrick Parkinson; Shari Ben-Haim; Susan Stiehm; Theodore Lubke; Wendy Ng; Ada Li; Jamie McAndrews; Chris McCurdy; Theodore Lubke; Alexandra Merle-Huet; Daniel Muccia; Roger Graham
Cc: Erin Upton; Steven Pesek
Subject: Master Timeline as of 9/13 8:45AM
Attached is the latest timeline. We need to incorporate meetings/calls taking place. If you or your admin set one up, would you please ask them to cc me or just forward the message along? Format doesn't matter as long as we get the info.
Thank you,
Ann MinerFRBNY212-720-2816
BOG--FOIA 10-267--000993
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\DD23DD4F-CEDC-43B8-95E4-392E59D44719\Lehman Single View aem.xls1 11/3/20101:03 PM
(b) (5)
BOG--FOIA 10-267--000994
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\DD23DD4F-CEDC-43B8-95E4-392E59D44719\Lehman Single View aem.xls2 11/3/20101:03 PM
(b) (5)
BOG--FOIA 10-267--000995
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\DD23DD4F-CEDC-43B8-95E4-392E59D44719\Lehman Single View aem.xls3 11/3/20101:03 PM
(b) (5)
BOG--FOIA 10-267--000996
Lawrence SweetLawrence SweetLawrence SweetLawrence Sweet ////NYNYNYNY////FRSFRSFRSFRS
09/13/2008 10:03 AM
To Jeff Stehm/BOARD/FRS@BOARD cc Marsha Takagi/NY/FRS@FRS, Jeffrey
Marquardt/BOARD/FRS@BOARD Subject Re: Coverage for the Weekend for
CLS
Cls call tentativley sent for 2pm. We'll sort out int'l communication after conclusion of regulatory call that 's just now beginning. -----------------Sent from my BlackBerry Handheld.Jeff Stehm
----- Original Message ----- From: Jeff Stehm
Sent: 09/13/2008 09:18 AM EDT
To: Lawrence Sweet
Cc: Marsha Takagi; Jeffrey Marquardt
Subject: Fw: Coverage for the Weekend for CLS
Larry,
Do you know the schedule of calls for today with(1) foreign regulators of key P&S systems that LB participates in, (2) the call with cls, and (3) any other anticipated calls of a P&S nature? We're a bit in the dark down here about the playbook for today.
Jeff StehmAssociate DirectorFederal Reserve Board202-452-2217 (office)202-412-9846 (cell)email: [email protected] Forwarded by Jeff Stehm/BOARD/FRS on 09/13/2008 09:15 AM -----
TheodoreTheodoreTheodoreTheodore LubkeLubkeLubkeLubke////NYNYNYNY////FRSFRSFRSFRS@@@@FRFRFRFRSSSS
09/13/2008 09:13 AM
To Jeanmarie Davis/NY/FRS@FRS, Jeff Stehm/BOARD/FRS@BOARD,
Lawrence Sweet/NY/FRS@NYcc
Subject Re: Coverage for the Weekend for CLS
Larry S is running the coordination with other pmt regulators. At this point I don't believe we have a call scheduled. ===============Theo LubkeNew York FedTel: 212-720-6334===============Jeanmarie Davis
----- Original Message ----- From: Jeanmarie Davis
Sent: 09/13/2008 09:12 AM EDT
To: Jeff Stehm; Theodore Lubke
BOG--FOIA 10-267--000997
Subject: Re: Coverage for the Weekend for CLS
Theo? Jeff Stehm
----- Original Message ----- From: Jeff Stehm
Sent: 09/13/2008 09:08 AM EDT
To: Jeanmarie Davis
Subject: Re: Coverage for the Weekend for CLS
And the call with FSA, NBB,et al on key payment and settlement systems that Lehman participates in?
Jeff StehmAssociate DirectorFederal Reserve Board202-452-2217 (office)202-412-9846 (cell)email: [email protected] Davis/NY/FRS@FRS
JeanmarieJeanmarieJeanmarieJeanmarie DavisDavisDavisDavis////NYNYNYNY////FRSFRSFRSFRS@@@@FRFRFRFRSSSS
09/13/2008 09:06 AM
To Jeff Stehm/BOARD/FRS@BOARD
cc
Subject Re: Coverage for the Weekend for CLS
We are waiting to hear from nan Jeff Stehm
----- Original Message ----- From: Jeff Stehm
Sent: 09/13/2008 09:05 AM EDT
To: Jeanmarie Davis; Marsha Takagi
Cc: Che Sidanius; Jeffrey Marquardt; Lawrence Sweet; Patrick Parkinson;
Todd Waszkelewicz
Subject: Re: Coverage for the Weekend for CLS
Any time set yet for this call with cls? What about the call Theo discussed yesterday with FSA, NBB, etc on payment and settlement issues?Jeanmarie Davis
----- Original Message ----- From: Jeanmarie Davis
Sent: 09/12/2008 07:57 PM EDT
To: Marsha Takagi
Cc: Che Sidanius; Jeff Stehm; Jeffrey Marquardt; Lawrence Sweet; Patrick
Parkinson; Todd Waszkelewicz
Subject: Re: Coverage for the Weekend for CLS
don't have a time yet-- will send out appointment and call-in when we hear from Nan.
Jeanmarie DavisSenior Vice President
BOG--FOIA 10-267--000998
Large Comp ex Bank ng Organ zat onsFederal Reserve Bank of New Yorkeanmar [email protected](212)720-2256Marsha Takagi/NY/FRS
a sa sMarshaMarsha aaTakagiTakagi //NYNY//// RRFRSFRS
09/12/2008 07:56 PM
To Jeanmarie Davis/NY/FRS@FRS, Jeff Stehm/BOARD/FRS@BOARD, Lawrence Sweet/NY/FRS@FRS, Jeffrey Marquardt/BOARD/FRS@BOARD, Patrick M Parkinson/BOARD/FRS@BOARD, Todd
Waszkelewicz/NY/FRS@FRS, Che Sidanius/NY/FRS@FRScc
Subject Re: Coverage for the Weekend for CLS
Duplicate
BOG--FOIA 10-267--000999
Brian.PetPeters@nyny.. rbfrb.org
09/13/2008 10:14 AM
To "Jon Greenlee"
<[email protected]> cc
Subject Fw: Fed Request
LEH
----- Original Message -----From: "DiMassimo, Vincent" [[email protected]]Sent: 09/13/2008 08:24 AM ASTTo: Clinton Lively; Brian PetersSubject: RE: Fed Request
File showing LBIE secured financing activity with other Lehman entities--
<<LBIE Secured Financing _Aug 08.xls>>
> _____________________________________________>> Vincent DiMassimo> Managing Director> Global Head of Credit Risk Management> Lehman Brothers>> Tel: 212-526-0798> Cell: 347-301-4189>>>>- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
This message is intended only for the personal and confidential use of the designated recipient(s) named above. If you are not the intended recipient of this message you are hereby notified that any review, dissemination, distribution or copying of this message is strictly prohibited. This communication is for information purposes only and should not be regarded as an offer to sell or as a solicitation of an offer to buy any financial product, an official confirmation of any transaction, or as an official statement of Lehman Brothers. Email transmission cannot be guaranteed to be secure or error-free. Therefore, we do not represent that this information is complete or accurate and it should not be relied upon as such. All information is subject to change without notice.
--------IRS Circular 230 Disclosure:Please be advised that any discussion of U.S. tax matters contained within this communication (including any attachments) is not intended or written to be used and cannot be used for the purpose of (i) avoiding U.S. tax related penalties or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.
BOG--FOIA 10-267--001000
- LBIE Secured Financing _Aug 08.xls
BOG--FOIA 10-267--001001
(b) (8)
BOG--FOIA 10-267--001002
(b) (8)
BOG--FOIA 10-267--001003
(b) (8)
BOG--FOIA 10-267--001004
(b) (8)
BOG--FOIA 10-267--001005
(b) (8)
BOG--FOIA 10-267--001006
(b) (8)
BOG--FOIA 10-267--001007
(b) (8)
BOG--FOIA 10-267--001008
a k VanD eideMark VanDerWeide /BOARBOARD/F SFRS
09/13/2008 10:42 AM
To Scott Alvarez/BOARD/FRS@BOARD cc Rich Ashton/BOARD/FRS@BOARD
Subject domestic supervisors
Mark
(b)(5)&(b)(8)
BOG--FOIA 10-267--001009
u Julie Dolan /NY//FRSSent by: Julie Dolan/NY/FRS@FRS
09/13/2008 10:44 AM
To Che Sidanius/NY/FRS@FRS, Jeanmarie Davis/NY/FRS@FRS, Jeff
Stehm/BOARD/FRS@BOARD, Jeffrey
cc Leandra Oates/NY/FRS@FRS Subject Invitation: Conf. Call Meeting w/ CLS:
"CLS' Current Thinking Regarding a Bankruptcy Scenario" (Sep 13 02:00
PM EDT)
As per Mr. Che Sidanius:
A conf. call meeting today w/ CLS to discuss Current Thinking Regarding a Bankruptcy Scenariohas been scheduled for:
Date: Sept. 13, 2008Time: 2:00pm (ET)
Conf. Call Information: Dial: 877-581-9247Int'l: 734-414-0271
Participant code: 970150
Todd: Host Code: 196107
BOG--FOIA 10-267--001010
a kMark.VanDerWeide@ bfrb.gov
09/13/2008 10:53 AM
To [email protected] cc "Chris McCurdy"
[email protected] Subject Re: triparty repo thoughts for this
weekend
A few comments/questions. Since your paper last night was probably 1-2steps behind TFG, my comments this morning are probably 3-4 steps behind.
Mark (202-452-2263)
To09/12/2008 11:04 [email protected] cc
"Donald Kohn"<[email protected]>, "KevinWarsh" <[email protected]>, "MarkVanDerWeide"<[email protected]>, "ChrisMcCurdy" <[email protected]>
SubjectRe: triparty repo thoughts for thisweekend
(b) (5)
Duplicate
BOG--FOIA 10-267--001011
aRandall .S.. [email protected]
09/13/2008 10:58 AM
[email protected] cc [email protected],
[email protected] Subject Re: Fw: call with foreign supervisors
Could you give me a call about the foreign supervisors call? Thanks.
Deborah P Bailey/BOARD/FRS
09/13/2008 10:11 AM
To Donald L Kohn/BOARD/FRS@BOARD, Randall S
Kroszner/BOARD/FRS@BOARD
cc"Roger Cole" <[email protected]>
Subject Fw: call with foreign supervisors
Please share as you see appropriate.
--------------------------
Sent from the Blackberry of Deborah Bailey
----- Original Message -----
From: Mark VanDerWeide
Sent: 09/13/2008 10:04 AM EDT
To: Scott Alvarez; Deborah Bailey
Cc: Rich Ashton
Subject: call with foreign supervisors
Mark
(b)(4), (b)(5), & (b)(8)
BOG--FOIA 10-267--001012
U onErin Upton /NNY/ RFRS
09/13/2008 11:29 AM
To [email protected], [email protected], Clinton
Lively/NY/FRS@FRS, Dianne cc Ann Miner/NY/FRS@FRS, Erin
Upton/NY/FRS@FRS Subject Master timeline as of 9/13 11:30am
Attached is the master timeline for Saturday/Sunday/Monday scheduled meetings. A snapshot view of this afternoons meetings is shown directly below as well . Please keep us updated as to any additional meetings you schedule.
Erin UptonFederal Reserve Bank of New York(212) 789-4444
(b) (5)
BOG--FOIA 10-267--001013
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\E5A7EC1C-C138-4DE6-B54F-BD9148EC891B\Lehman 9.13.08 1130am EU.xls1 11/3/20101:04 PM
(b) (5)
BOG--FOIA 10-267--001014
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\E5A7EC1C-C138-4DE6-B54F-BD9148EC891B\Lehman 9.13.08 1130am EU.xls2 11/3/20101:04 PM
(b) (5)
BOG--FOIA 10-267--001015
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\E5A7EC1C-C138-4DE6-B54F-BD9148EC891B\Lehman 9.13.08 1130am EU.xls3 11/3/20101:04 PM
(b) (5)
BOG--FOIA 10-267--001016
h i HChris Haley /BOS/FRS
09/13/2008 11:33 AM
To Coryann
Stefansson/BOARD/FRS@BOARD cc
Subject Re: Lehman, Wamu and AIG
Restricted
Cory,
I sent some stuff on RBS yesterday and just resent it to you. Here is what I had readily available for SSC, but its a little dated. I can try to get updated information.
Chris
Coryann Stefansson/BOARD/FRS@BOARD
o yCoryann Stefansson /BOARD/RFRS@@BOARD
09/13/2008 11:17 AM
To Suzanna Costello/ATL/FRS@FRS, James Barnes/RICH/FRS@FRS, Steven M Durfey/BSR/CHI/FRS@FRS, [email protected], [email protected], Suzanne Killian/BOARD/FRS@BOARD, Phyllis L Harwell/BOARD/FRS@BOARD, William Charwat/BOARD/FRS, Chris Haley/BOS/FRS@FRS, Kim Jensik/BOARD/FRS@BOARD, Jon D Greenlee/BOARD/FRS, Jerrold L Newlon/CLEV -
BSR12/CLEV/FRS@FRScc
Subject Lehman, Wamu and AIG Restricted
Hi All
As I mentioned yesterday, we need to get an understanding of the lehman exposure at your firms.
please try to get me something at least on lehman by tonite....thanks
(b)(5)&(b)
(8)
Not Responsive
(b)(5)&(b)(8)
BOG--FOIA 10-267--001017
I am in the office if you need me
Coryann S. StefanssonAssociate Director Bank Supervision and RegulationBoard of GovernorsOffice 202-452-5287Cell Number 202- 294- 9829
Assistant - Ms. Kimberly [email protected] Number 202 736-5555
BOG--FOIA 10-267--001018
State Street Corporation Confidential 11/3/2010 Page 1
(b)(4) & (b)(8)
BOG--FOIA 10-267--001019
State Street Corporation Confidential 11/3/2010 Page 2
(b)(4) & (b)(8)
BOG--FOIA 10-267--001020
State Street Corporation Confidential 11/3/2010 Page 3
(b)(4) & (b)(8)
BOG--FOIA 10-267--001021
State Street Corporation Confidential 11/3/2010 Page 4
(b)(4) & (b)(8)
BOG--FOIA 10-267--001022
(b)(4) & (b)(8)
BOG--FOIA 10-267--001023
(b)(4) & (b)(8)
BOG--FOIA 10-267--001024
(b)(4) & (b)(8)
BOG--FOIA 10-267--001025
(b)(4) & (b)(8)
BOG--FOIA 10-267--001026
(b)(4) & (b)(8)
BOG--FOIA 10-267--001027
(b)(4) & (b)(8)
BOG--FOIA 10-267--001028
(b)(4) & (b)(8)
BOG--FOIA 10-267--001029
(b)(4) & (b)(8)
BOG--FOIA 10-267--001030
Chris HaleyChris HaleyChris HaleyChris Haley ////BOSBOSBOSBOS////FRSFRSFRSFRS
09/13/2008 11:30 AM
To Coryann Stefansson/BOARD/FRS@BOARD
cc Subject Fw: RBS Call - Updated Exposures
fyi.....
Chris ----- Forwarded by Chris Haley/BOS/FRS on 09/13/2008 11:29 AM -----
BrandonBrandonBrandonBrandon HallHallHallHall////NYNYNYNY////FRSFRSFRSFRS
09/12/2008 06:18 PM
To Chris Haley/BOS/FRS@FRS
cc Dianne Dobbeck/NY/FRS@FRS, Eric Rosengren/BOS/FRS@FRS, Jennifer Hynes/BOS/FRS@FRS, Jim Nolan/BOS/FRS@FR, Scott Strah/BOS/FRS@FRS, Theresa Barry/BOS/FRS@FRS, Tony Bardascino/RICH/FRS@FRS
Subject Re: RBS Call - Updated Exposures
Scott and Chris,
Many thanks for our conversation earlier. Extremely helpful and informative.
____________________________________Brandon J. HallCounterparty Credit Risk Monitoring & AnalysisFederal Reserve Bank of New York33 Liberty St. | New York, NY 10045
P: 212-720-1349F: 212-720-1468E: [email protected]
Chris Haley/BOS/FRS
ChrisChrisChrisChris HaleyHaleyHaleyHaley////BOSBOSBOSBOS////FRSFRSFRSFRS
09/12/2008 06:17 PM
To Scott Strah/BOS/FRS@FRS, NY Bank Sup - LFI CPC Updates@FRS, Eric Rosengren/BOS/FRS@FRS, Jim Nolan/BOS/FRS@FRS
cc Brandon Hall/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, Tony Bardascino/RICH/FRS@FRS, Theresa Barry/BOS/FRS@FRS, Jennifer Hynes/BOS/FRS@FRS
Subject Re: RBS Call - Updated Exposures
fyi......Thanks Scott!Scott Strah/BOS/FRS
ScottScottScottScott
BOG--FOIA 10-267--001031
Strah/BOS/ RFRS
09/12/2008 06:11 PM
To Chris Haley/BOS/FRS@FRS
cc Brandon Hall/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS
Subject Re: RBS Call
Duplicate
BOG--FOIA 10-267--001032
a k VanD eideMark VanDerWeide /BOARBOARD/F SFRS
09/13/2008 11:46 AM
To Scott Alvarez/BOARD/FRS@BOARD, Roger Cole/BOARD/FRS@BOARD,
Deborah P cc
Subject Fw: call with foreign supervisors
I just spoke with Gov. K about how the foreign supervisors call went
Mark----- Forwarded by Mark VanDerWeide/BOARD/FRS on 09/13/2008 11:34 AM -----
aaRandallRandall ..SS.... zzKrosznerKroszner@@frbfrb..govgov
09/13/2008 10:58 AM
To [email protected], [email protected]
cc [email protected], [email protected]
Subject Re: Fw: call with foreign supervisors
(b) (5)
Duplicate
BOG--FOIA 10-267--001033
e ehmJeff Stehm // DBOARD//FRS
09/13/2008 11:59 AM
To Lawrence Sweet/NY/FRS@FRS cc Jeffrey
Marquardt/BOARD/FRS@Board,
Marsha Takagi/NY/FRS@FRS, Subject Re: Draft communication
Jeff StehmAssociate DirectorFederal Reserve Board202-452-2217 (office)202-412-9846 (cell)email: [email protected] Sweet/NY/FRS@FRS
Lawrence Sweet/NNY/FRS@FFRS
09/13/2008 11:56 AM
To Jeff Stehm/BOARD/FRS@BOARD
cc Jeffrey Marquardt/BOARD/FRS@Board, Marsha Takagi/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD,
Sandy Krieger/NY/FRS@FRSSubject Re: Draft communication
Jeff Stehm/BOARD/FRS@BOARD
eJeff Stehm/BOARBOARD/F SFRS@BOARD
09/13/2008 11:51 AM
To Lawrence Sweet/NY/FRS@FRS
cc Jeffrey Marquardt/BOARD/FRS@Board, Marsha Takagi/NY/FRS@FRS, Sandy Krieger/NY/FRS@FRS, Patrick M
Parkinson/BOARD/FRS@BOARDSubject Re: Draft communication
Larry,
I think this reads fine.
Jeff StehmAssociate DirectorFederal Reserve Board202-452-2217 (office)
(b) (5)
(b) (5)
(b) (5)
BOG--FOIA 10-267--001034
202-412-9846 (ce )email: [email protected] Sweet/NY/FRS@FRS
Lawrence Sweet/NNY/FRS@FFRS
09/13/2008 11:40 AM
To Jeffrey Marquardt/BOARD/FRS@BOARD, Jeff Stehm/BOARD/FRS@BOARD@BOARD, Marsha
Takagi/NY/FRS@FRScc Sandy Krieger/NY/FRS@FRS
Subject Draft communication
For your comments and suggestions. Please note that the plan would be
Lawrence M. SweetSenior Vice PresidentFederal Reserve Bank of New YorkOffice telephone: 1-212-720-6876Emergency mobile: 1-917-915-1425
(b) (5)
BOG--FOIA 10-267--001035
Deborah P BaileyDeborah P BaileyDeborah P BaileyDeborah P Bailey ////BOARDBOARDBOARDBOARD////FRSFRSFRSFRS
09/13/2008 12:20 PM
To Jeffrey Marquardt/BOARD/FRS@BOARD,
Susan V Foley/BOARD/FRS@BOARD
cc Subject Re: The Lehman US-chartered DIs
An email update would be great. --------------------------Sent from the Blackberry of Deborah Bailey
Jeffrey Marquardt
----- Original Message ----- From: Jeffrey Marquardt
Sent: 09/13/2008 12:18 PM EDT
To: Deborah Bailey; Susan Foley
Subject: The Lehman US-chartered DIs
Deborah:You should know for your call this afternoon that Susan Foley was in contact with the Phil Fed and
SF Fed folks that do payments system risk about the daylight overdraft situation for Monday morning (actually beginning 9:00 pm Sunday night for Fedwire). Susan also talked to MA about DW issues. If you need information about what is going on in this area please contact Susan on her BB or me at the office.
Susan, you may want to provide us with a brief update by email.Thanks Jeff
BOG--FOIA 10-267--001036
arezScott Alvarez /BOARBOARD/FRS
09/13/2008 12:33 PM
To "Brown, Reginald"
<[email protected]> cc
Subject Re:
Sure. Try the office first. My cell is
All the Best!
Scott
--------------------------
Sent from my BlackBerry Wireless Handheld
From: "Brown, Reginald" [[email protected]]
Sent: 09/13/2008 12:11 PM AST
To: Scott Alvarez
Some folks here believe they may need to speak w you at an odd hour this weekend re a technical matter and asked if
you'd be willing to provide a cell or home #, on the understanding that the courtesy would not be abused. We
represent Lehman.
(b) (6)
BOG--FOIA 10-267--001037
e ehmJeff Stehm // DBOARD//FRS
09/13/2008 01:47 PM
To Deborah P Bailey/BOARD/FRS@BOARD
cc Jeffrey Marquardt/BOARD/FRS@BOARD, Susan V Foley/BOARD/FRS@BOARD
Subject Fw: Lehman Brothers commercial bank information
Deborah,
You may find this info useful for your 4 PM call on the Lehman FSB. Also, With respect to the two US chartered DIs in the Lehman structure, we have contacted FR credit risk management in Philadelphia and San Francisco to make sure they are monitoring the FR accounts of these institutions closely . Jeff Marquardt is up on the 4th floor today and I can be reached via BB.
Jeff StehmAssociate DirectorFederal Reserve Board202-452-2217 (office)202-412-9846 (cell)email: [email protected] Forwarded by Jeff Stehm/BOARD/FRS on 09/13/2008 01:42 PM -----
o Holly A Kirkpatrick /BOARBOARD/
RRFRSFRS
09/11/2008 12:37 PM
To Jeffrey Marquardt/BOARD/FRS@BOARD, Jeff Stehm/BOARD/FRS@BOARD
cc RBOPS PAYMENT SYSTEM RISK
Subject Lehman Brothers commercial bank information
Duplicate
BOG--FOIA 10-267--001038
SwLawrence Sweet //NY/F SFRS
09/13/2008 01:55 PM
To [email protected], [email protected],
[email protected], cc Jeffrey Marquardt/BOARD/FRS@BOARD,
Jeff Subject Lehman: international communication
on payment, clearing, and settlements
Thank you in advance for your valued assistance and cooperation!
Lawrence M. SweetSenior Vice PresidentFederal Reserve Bank of New YorkOffice telephone: 1-212-720-6876Emergency mobile: 1-917-915-1425
(b) (4)
BOG--FOIA 10-267--001039
arsKevin Warsh /BOARD/F SFRS
09/13/2008 01:55 PM
To Patrick M
Parkinson/BOARD/FRS@BOARD cc
Subject Fw: int'l reg
----- Forwarded by Kevin Warsh/BOARD/FRS on 09/13/2008 01:55 PM -----
a Randall S Kroszner /BOARD/FRS
09/13/2008 12:03 PM
To Kevin Warsh/BOARD/FRS@BOARD
Subject int'l reg
Cox and Rutledge were on the call that I mentioned earlier.
Another call is scheduled for 9am tomorrow morning.--Randy
(b) (5)
BOG--FOIA 10-267--001040
o AbdelnourJoseph Abdelnour /BSR// HCHI/F SFRS
09/13/2008 02:17 PM
To Coryann Stefansson/BOARD/FRS@BOARD
cc Genevievette E Walker/BOARD/FRS@BOARD
Subject Re: Fw: NTC - Lehman Exposure and Related Risk Reduction
Let me know if you have further questions.
ThanksJoseph J. Abdelnour312-322-6171(Phone)312-322-5412 (Fax)[email protected]
Coryann Stefansson/BOARD/FRS@BOARD
o yCoryann Stefansson /BOARD/RFRS@@BOARD
09/13/2008 10:37 AM
To Joseph Abdelnour/BSR/CHI/FRS@FRS
cc Genevievette E Walker/BOARD/FRS@BOARD
Subject Re: Fw: NTC - Lehman Exposure and Related Risk Reduction
Coryann S. StefanssonAssociate Director Bank Supervision and RegulationBoard of GovernorsOffice 202-452-5287Cell Number 202- 294- 9829
Assistant - Ms. Kimberly [email protected] Number 202 736-5555
Joseph Abdelnour/BSR/CHI/FRS@FRS
oJoseph Abdelnour //BSR/C ICHI//RFRS@@FRS
09/12/2008 07:07 PM
To Genevievette E Walker/BOARD/FRS@BOARD
cc Coryann Stefansson/BOARD/FRS@BOARD
Subject Re: Fw: NTC - Lehman Exposure and Related Risk Reduction
No problem.
(b)(4) & (b)(8)
(b)(4) & (b)(8)
BOG--FOIA 10-267--001041
ThanksJoseph J. Abdelnour312-322-6171(Phone)312-322-5412 (Fax)[email protected]
Genevievette E Walker/BOARD/FRS@BOARD
EGenevievette E alWalker/BOARD/FR
S@BOARBOARD
09/12/2008 05:39 PM
To Joseph Abdelnour/BSR/CHI/FRS@FRS
cc Coryann Stefansson/BOARD/FRS@BOARD
Subject Re: Fw: NTC - Lehman Exposure and Related Risk Reduction
Thanks Joe
Thanks much and have a good weekend.
-Gen
Genevievette E. Walker, Esq. M.B.A.Federal Reserve BoardDivision of Banking Supervision and RegulationLarge Institutions GroupClearing and Processing Banks Portfolio [email protected]: (202) 452-2261Cell: (202) 631-8287Fax: (202) 728-5890
Joseph Abdelnour/BSR/CHI/FRS@FRS
Not Responsive
Not Responsive
Duplicate
BOG--FOIA 10-267--001042
09/13/2008 02:31 PM
To Scott Alvarez/BOARD/FRS@BOARD cc
Kevin
Warsh/BOARD/FRS@BOARD, Subject Fw: Scheduled Call today at 7:00 p.m.
w/Chairman Bernanke, Vice Chairman
Kohn and Others
Scott: I invited Randy and Betsy to listen in on this call .
Let me know if you see any problem.
Ben
----- Forwarded by on 09/13/2008 02:28 PM -----
a Randall S Kroszner / DBOARD//F
SSRSRS
09/13/2008 01:09 PM
To
cc
Subject Re: Fw: Scheduled Call today at 7:00 p.m. w/Chairman Bernanke,
Vice Chairman Kohn and Others
Thanks. I will plan to call in.
09/13/2008 12:58 PM
To Randall S Kroszner/BOARD/FRS@BOARD, Elizabeth A
Duke/BOARD/FRS@BOARDcc Donald L Kohn/BOARD/FRS@BOARD
Subject Fw: Scheduled Call today at 7:00 p.m. w/Chairman Bernanke, Vice
Chairman Kohn and Others
Randy, Betsy:
Below is info for conference call with NY at 7 pm. I would probably take that at home rather than at the office. You are welcome to listen in.
As far as I know there is no formal conference call scheduled before then. If I get substantive new information I will let you know.
----- Forwarded by on 09/13/2008 12:55 PM -----
i CRita C Proctor /BOARD/ RFRS
09/13/2008 12:50 PM
To
cc
Subject Fw: Scheduled Call today at 7:00 p.m. w/Chairman Bernanke, Vice
(b) (6)(b
(b) (6)
(b) (6)
(b) (6)
(b) (6)
(b) (6)
(b) (6)
(b) (5)
BOG--FOIA 10-267--001043
Chairman Kohn and Others
Are you planning to participate?
Rita************Rita C. ProctorAssistant to the Chairman The Honorable Ben S. BernankeFederal Reserve BoardEccles Board Building20th and C Street, N.W.Washington, DC 20551Phone: 202-452-3201Fax: [email protected]
Marlene Williams
----- Original Message ----- From: Marlene Williams
Sent: 09/13/2008 12:48 PM EDT
To: Rita Proctor; Rivane Bowden; Brian Madigan; Patrick Parkinson;
Michelle Smith; Thomas Baxter; Terrence Checki; William Dudley; Meg McConnell; Calvin Mitchell; Michael Silva; Donald Kohn
Cc: Tanshel Pointer; Daniel Boulos; Helen Ayala; Helen Wendler; Millie
Martinez
Subject: Scheduled Call today at 7:00 p.m. w/Chairman Bernanke, Vice
Chairman Kohn and Others
Please be advised that there will be a call this evening at 7:00 p.m. as indicated below. Please confirm your (or your boss's) participation. Thank you.
CallCall --i mi min informationin information :::: llCallCall -- nninin ## : (: ( 66866866)) 209209--6 36 364386438 ti a tti a tParticipantParticipant '' C Cs Codes Code:: 6 3 46 3 4623345623345Host: 511564
ti a tti a tParticipantsParticipantsBoardChairman BernankeVice Chairman KohnBrian MadiganPat ParkinsonMichele SmithFRBNYTom BaxterTerry CheckiBill DudleyMeg McConnellCalvin MitchellMichael Silva
Marlene A. WilliamsExecutive Assistant to the PresidentFederal Reserve Bank of New York
BOG--FOIA 10-267--001044
33 Liberty StreetNew York, NY(Office) 212-720-6174(Fax) 212-720-8681
BOG--FOIA 10-267--001045
Calendar Entry
MeetingNotify me
Mark Private Pencil In
SubjectTriparty Repo Contingency / 1-888-808-6929 / Participation Code: 6133#
When
Starts Sat 09/13/2008 03:00 PM
Ends Sat 09/13/2008 03:30 PM30 mins
Specify a different time zone
Invitees
Invited The following invitees have been invited
Required (to)Chris Burke/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS, Joseph
Chair Carol Grunwald/NY/FRS
Where
Location
ReservedThe following have been requested
RoomsM9 MKT Central Meeting Room 2/NY Main Building@FRS
Categorize
Description
Your Notes
BOG--FOIA 10-267--001046
o KohnDonald L Kohn / DBOARD// RFRS
09/13/2008 03:19 PM
To Randall S
Kroszner/BOARD/FRS@BOARD cc
Subject several items
1.
3.
Don
Not Responsive
(b) (5)
BOG--FOIA 10-267--001047
aDavid.M C icMcCormick@do. reastreas.gov
09/13/2008 03:19 PM
To [email protected] cc
Subject Can you give me a call?
Thanks
(b) (5)
BOG--FOIA 10-267--001048
" St PStephen P . Harbeck "" <sharbeck@@sipc..org>>
09/13/2008 03:29 PM
To <[email protected]>, <[email protected]>,
"Heyman,William H" cc "Philip W. Carduck" <[email protected]>, "Josephine
Wang" <[email protected]>, Subject Lehman Brothers
Members of the Board:
At the request of the Division of Market Regulation of the SEC, SIPC will prepare
pleadings this evening to initiate a SIPA case against Lehman Brothers. The SEC still prefers a
“self-liquidation”, but the current thinking is that the firm may, against the desires of the SEC
staff, file a Chapter 7 liquidation as early as Sunday. Pursuant to SIPC’s Bylaws, Chairman
Bucelo has authorized a SIPA filing if it becomes necessary.
For technical reasons, a brokerage firm may only use Subchapter III of Chapter 7. SIPC
and the SEC may take the position that such a filing is damaging to customers, because that
Subchapter requires the liquidation of all securities positions. SIPA, on the other hand, requires
the delivery of the securities positions wherever practicable.
The situation is both very fluid and very “non-public”. Should it become necessary to
take action, Jim Giddens of Hughes Hubbard and Reed will serve as trustee and counsel.
Steve
BOG--FOIA 10-267--001049
h eTheodore Lubke /NY/FRS
09/13/2008 03:35 PM
To Patrick M Parkinson/BOARD/FRS@BOARD,
Chris McCurdy/NY/FRS@NY, Jamie cc
Subject Fw: Macro Hedge Proposal
Any thoughts?
Theo LubkeSenior Vice PresidentBank Supervision GroupFederal Reserve Bank of New [email protected]: 212-720-6334fax: 212-720-7818http://www.newyorkfed.org----- Forwarded by Theodore Lubke/NY/FRS on 09/13/2008 03:32 PM -----
09/13/2008 02:45 PM
To "'[email protected]'" <[email protected]>
cc
Subject Macro Hedge Proposal
Theo,
Please note that we are sending the below as responsible market participants and not advancing a
specific agenda, as we have limited direct exposure to a Lehman default.
and I were just on the Macro Risk sub group call. It was clear to us that the solution
arrived at is too small and does not address the issue of contingent market risk, with the objective being
to “freeze” risk positions. The solution offered at the session was piecemeal and will likely require the
approval of too many counterparties to get done, as every dealer individually will need to look at their
contingent market exposure given default. Moreover, it is not clear to us that dealers would be willing
to replace Lehman risk with selected other dealer risk.
What we proposed was 1 central counterparty (that dealers would form) that would be properly
capitalized and would effectively eliminate the contingent risk by entering into new on-market (as of
Friday’s close) transactions accompanied by a close-out of all Lehman positions. This “central
counterparty” would obviously have to work very closely with Lehman and possibly take over cash
positions from Lehman that hedge some of the derivative exposure. In this proposal, the net market
risk that Lehman currently has would be hedged in one central counterparty. Whatever consortium is
responsible for the new central counterparty would set the market prices at which the new trades
would be executed AND the prices at which direct Lehman trades would be closed.
The above proposal would avoid the “rush for the exit” by every individual counterparty attempting to
hedge their contingent market risk. Such a rush could create excess volatility and diminish liquidity.
(b) (4)
(b) (4)
(b) (4)
(b) (4)
(b) (5)
BOG--FOIA 10-267--001050
Note that this proposal is definitively smaller than the “big room” solution likely being discussed at the
CEO level, but larger than the current solutions being discussed in the smaller working groups today.
This proposal specifically addresses contingent market risk.
We’re happy to discuss further offline.
Regards,
(b) (4)
(b) (4)
BOG--FOIA 10-267--001051
Patrick .M.Park [email protected]
09/13/2008 03:39 PM
To "Meg McConnell" <[email protected]>, "Carol
Grunwald" cc
Subject Fw: Lehman Brothers
----- Original Message -----From: Dave StocktonSent: 09/13/2008 03:35 PM EDTTo: Scott Alvarez; Patrick ParkinsonCc: Brian MadiganSubject: Fw: Lehman Brothers
FYI.
Dave
----- Forwarded by Dave Stockton/BOARD/FRS on 09/13/2008 03:34 PM -----
"Stephen P.Harbeck"<[email protected] Tog> <[email protected]>,
<[email protected]>,09/13/2008 03:29 "Heyman,William H"PM <[email protected]>,
<[email protected]>,<[email protected]>,<[email protected]>,<[email protected]>
cc"Philip W. Carduck"<[email protected]>, "JosephineWang" <[email protected]>,<[email protected]>,<[email protected]>,<[email protected]>
SubjectLehman Brothers
Members of the Board:
At the request of the Division of Market Regulation of the SEC,SIPC will prepare pleadings this evening to initiate a SIPA case againstLehman Brothers. The SEC still prefers a “self-liquidation”, but thecurrent thinking is that the firm may, against the desires of the SECstaff, file a Chapter 7 liquidation as early as Sunday. Pursuant to SIPC’s
BOG--FOIA 10-267--001052
Bylaws, Chairman Bucelo has authorized a SIPA filing if it becomesnecessary.
For technical reasons, a brokerage firm may only use SubchapterIII of Chapter 7. SIPC and the SEC may take the position that such afiling is damaging to customers, because that Subchapter requires theliquidation of all securities positions. SIPA, on the other hand, requiresthe delivery of the securities positions wherever practicable.
The situation is both very fluid and very “non-public”. Shouldit become necessary to take action, Jim Giddens of Hughes Hubbard and Reedwill serve as trustee and counsel.
Steve
BOG--FOIA 10-267--001053
Lawrence . [email protected]
09/13/2008 03:44 PM
To "Sarah Harris (Markets)"
<[email protected]> cc "Alexander Justham"
[email protected], Subject Re: Lehman: international
communication on payment, clearing,
and settlements
Thanks, Sarah! We'll add their names to the list.
"Sarah Harris (Markets)"
09/13/2008 03:43 PM
To <[email protected]>
cc <[email protected]>, <[email protected]>, <[email protected]>, "Alexander Justham" <[email protected]>, "Philip Abbott"
<[email protected]>, <[email protected]>
Subject Re: Lehman: international communication on payment, clearing, and settlements
Lawrence
(b) (4)
(b) (4)
BOG--FOIA 10-267--001054
From: [email protected] To: Sarah Harris (Markets); [email protected] ; [email protected] ; [email protected] ; [email protected]
Cc: [email protected] ; [email protected] ; [email protected] Sent: Sat Sep 13 18:58:33 2008
Subject: Lehman: international communication on payment, clearing, and settlements
Duplicate
BOG--FOIA 10-267--001055
The FSA reserves the right to monitor all email communications for compliance with legal, regulatory and
professional standards.
This email is not intended to nor should it be taken to create any legal relations or contractual
relationships. This email has originated from
The Financial Services Authority (FSA)
25 The North Colonnade,
Canary Wharf,
London
E14 5HS
United Kingdom
Registered as a Limited Company in England and Wales No.1920623.
Registered Office as above
Switchboard: 020 7066 1000
Web Site: http://www.fsa.gov.uk
*****************************************************************
BOG--FOIA 10-267--001056
insPatrick M Parkinson /BOARD/F SFRS
09/13/2008 03:45 PM
To Dave Stockton/BOARD/FRS@BOARD
cc Subject Re: Lehman Brothers
Thanks. Causing quite a stir. PatDave Stockton
----- Original Message ----- From: Dave Stockton
Sent: 09/13/2008 03:35 PM EDT
To: Scott Alvarez; Patrick Parkinson
Cc: Brian Madigan
Subject: Fw: Lehman Brothers
FYI.
Dave
----- Forwarded by Dave Stockton/BOARD/FRS on 09/13/2008 03:34 PM -----
" St PStephen P . a bHarbeck"
<s [email protected]>>
09/13/2008 03:29 PM
To <[email protected]>, <[email protected]>, "Heyman,William H" <[email protected]>, <[email protected]>, <[email protected]>, <[email protected]>,
<[email protected]>cc "Philip W. Carduck" <[email protected]>, "Josephine Wang"
<[email protected]>, <[email protected]>,
<[email protected]>, <[email protected]>Subject Lehman Brothers
Duplicate
BOG--FOIA 10-267--001057
insPatrick M Parkinson /BOARD/F SFRS
09/13/2008 03:58 PM
To Theodore Lubke/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Jamie
McAndrews/NY/FRS@FRS, Wendy cc
Subject Re: Macro Hedge Proposal
PatTheodore Lubke
----- Original Message ----- From: Theodore Lubke
Sent: 09/13/2008 03:38 PM EDT
To: Patrick Parkinson; Chris McCurdy; Jamie McAndrews; Wendy Ng; Joyce
Hansen
Subject: Fw: Macro Hedge ProposalDuplicate
(b) (5)
BOG--FOIA 10-267--001058
Jeremy GagneJeremy GagneJeremy GagneJeremy Gagne ////NYNYNYNY////FRSFRSFRSFRS
09/13/2008 04:07 PM
To NY Banksup
LCBOAdmin/NY/FRS@FRS cc Che Sidanius/NY/FRS@FRS,
Jeanmarie Davis/NY/FRS@FRS, Jeff
Stehm/BOARD/FRS@BOARD, Jeffrey
Subject Re: Conf. Call Meeting w/ CLS: "CLS' Current Thinking Regarding a
Bankruptcy Scenario"
Please find attached minutes from today's meeting.
Jeremy GagneBank ExaminerFederal Reserve Bank of New YorkTel: 212-720-2911
BOG--FOIA 10-267--001059
(b)(4) & (b)(8)
BOG--FOIA 10-267--001060
(b)(4) & (b)(8)
BOG--FOIA 10-267--001061
(b)(4) & (b)(8)
BOG--FOIA 10-267--001062
09/13/2008 04:08 PM
To Scott Alvarez/BOARD/FRS@BOARD cc
Subject Re: Fw: Scheduled Call today at 7:00 p.m. w/Chairman Bernanke, Vice
Chairman Kohn and Others
Thanks.
I am leaving soon and will take the call from home.--------------------------Sent from my BlackBerry Wireless Handheld
Scott Alvarez
----- Original Message ----- From: Scott Alvarez
Sent: 09/13/2008 04:06 PM EDT
To:
Cc: Donald Kohn; Kevin Warsh; Michelle Smith
Subject: Re: Fw: Scheduled Call today at 7:00 p.m. w/Chairman Bernanke,
Vice Chairman Kohn and Others
Scott
09/13/2008 02:31 PM
To Scott Alvarez/BOARD/FRS@BOARD
cc Kevin Warsh/BOARD/FRS@BOARD, Michelle A Smith/BOARD/FRS@BOARD, Donald L
Kohn/BOARD/FRS@BOARDSubject Fw: Scheduled Call today at 7:00 p.m. w/Chairman Bernanke, Vice
Chairman Kohn and Others
(b) (6)
(b) (6)
(b) (6)
(b) (6)
(b) (6)(b) (6)
Duplicate
(b) (5)
BOG--FOIA 10-267--001063
h eTheodore Lubke /NY/FRS
09/13/2008 04:18 PM
To Patrick M
Parkinson/BOARD/FRS@BOARD cc Chris McCurdy/NY/FRS@FRS, Jamie
McAndrews/NY/FRS@FRS, Joyce
Hansen/NY/FRS@FRS, Wendy Subject Re: Macro Hedge Proposal
Theo LubkeSenior Vice PresidentBank Supervision GroupFederal Reserve Bank of New [email protected]: 212-720-6334fax: 212-720-7818http://www.newyorkfed.orgPatrick M Parkinson/BOARD/FRS@BOARD
Patrick M Parkinson //BOARD/FSRS@ DBOARD
09/13/2008 04:02 PM
To Theodore Lubke/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Wendy Ng/NY/FRS@FRS, Joyce
Hansen/NY/FRS@FRScc
Subject Re: Macro Hedge Proposal
Duplicate
(b) (5)
BOG--FOIA 10-267--001064
h eTheodore Lubke /NY/FRS
09/13/2008 04:34 PM
To Brian Peters/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS,
[email protected], Clinton cc Wendy Ng/NY/FRS@FRS, Christine
Cumming/NY/FRS@NY Subject HIGH PRIORITY - potential resource
need
Theo LubkeSenior Vice PresidentBank Supervision GroupFederal Reserve Bank of New [email protected]: 212-720-6334fax: 212-720-7818http://www.newyorkfed.org
(b) (5)
BOG--FOIA 10-267--001065
e BaileyDeborah P Bailey / DBOARD// RFRS
09/13/2008 04:40 PM
To Randall S Kroszner/BOARD/FRS@BOARD
cc Mark VanDerWeide/BOARD/FRS@Board, Roger Cole/BOARD/FRS@Board
Subject Re: Fw: call with foreign supervisors
Randall S Kroszner/BOARD/FRS
a a Randall SRandall S KrosznerKroszner // DDBOARDBOARD////FFSRS
09/13/2008 04:23 PM
To Deborah P Bailey/BOARD/FRS@BOARD, Roger Cole/BOARD/FRS@BOARD
cc Mark VanDerWeide/BOARD/FRS@BOARD
Subject Re: Fw: call with foreign supervisors
What communication has been happening with the other US regulators?
Deborah P Bailey/BOARD/FRS
e e Deborah PDeborah P Bailey //BOARD/FRS
09/13/2008 12:30 PM
To Randall S Kroszner/BOARD/FRS@BOARD
cc Mark VanDerWeide/BOARD/FRS@BOARD
Subject Re: Fw: call with foreign supervisors
--------------------------Sent from the Blackberry of Deborah Bailey
(b) (5)
(b) (5)
(b) (5)
BOG--FOIA 10-267--001066
Randall S Kroszner
----- Original Message ----- From: Randall S Kroszner
Sent: 09/13/2008 10:58 AM EDT
To: Deborah Bailey; Mark VanDerWeide
Cc: Roger Cole; Scott Alvarez
Duplicate
BOG--FOIA 10-267--001067
Lisa. [email protected]
09/13/2008 05:13 PM
To "Jeff Stehm" <[email protected]> cc
Subject Fw: conference call Sunday evening
re Lehman situation
--------------------------------------
Sent from my BlackBerry Handheld.
From: "Colby, Robert LD" [[email protected]]
Sent: 09/13/2008 05:11 PM AST
To: Lisa Joniaux; "Mooney, Jeffrey S." <[email protected]>; "Carpenter, Jerry W." <[email protected]>;
"Moore, Catherine" <[email protected]>
Subject: Fw: conference call Sunday evening re Lehman situation
I am trying to confirm the number for today"s call. Robert Colby Division of Trading and Markets 202-551-5770
From: Colby, Robert LD To: '[email protected]' Sent: Sat Sep 13 16:43:50 2008Subject: Re: conference call Sunday evening re Lehman situation
I am available. Is the call on? Robert Colby Division of Trading and Markets 202-551-5770
From: Doar, Tim To: Radhakrishnan, Ananda ; John Lawton ([email protected]) ; '[email protected]' ; Macchiaroli, Michael A.; grace vogel ([email protected]) ; [email protected] ; Colby, Robert LD
Cc: Taylor, Kim ; Michaels, Dale ; Bagan, Anne Sent: Sat Sep 13 12:31:13 2008Subject: conference call Sunday evening re Lehman situation
(b)(4) & (b)(8)
BOG--FOIA 10-267--001068
Here are the conference call details:
US Toll-Free: 1-877-228-3100
US Toll: 1-719-457-5124
Participant Code: 274484
Tim Doar, Managing Director, Risk Management
CME Group20 South Wacker Drive
Chicago, Illinois 60606
(312) 930-3162 - Phone
(312) 930-3187 - Fax
(312) 446-2962 - cell
At CME, Customers Mean Everything. To let us know how we are doing, please call the CME Customer
Feedback Line at (866) 652-1132, or send us an e-mail at [email protected] .
(b)(4) & (b)(8)
BOG--FOIA 10-267--001069
Calendar EntryNotify me
Mark Private Pencil In
SubjectTriparty Repo Contingency / Dial in 517-345-3224 / Access Code: 369015
When
Starts Sat 09/13/2008 08:45 PM
Ends Sat 09/13/2008 09:15 PM30 mins
Specify a different time zone
Invitees
Invited The following invitees have been invited
Required (to)Chris Burke/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS, Joseph
Optional (cc) William Dudley/NY/FRS@FRS
Chair Carol Grunwald/NY/FRS
Where
Location
ReservedThe following have been requested
RoomsM9 MKT Central Meeting Room 2/NY Main Building@FRS
Categorize
Description
Your Notes
BOG--FOIA 10-267--001070
"SalzSalz,, Andre ( SUS - ew YorkNew York)" <asasalz@deldeloitte .ccom>
09/13/2008 05:40 PM
To "[email protected]" <[email protected]>,
"[email protected]" cc
Subject RE: HIGH PRIORITY - potential
resource need
Likely - need some more facts - - like who would be our client & scope. Would the group be available at 6pm for a call?
If so, please send out bridge number.
Thanks,
andre
-----Original Message-----From: [email protected] [mailto:[email protected]]Sent: Saturday, September 13, 2008 5:36 PMTo: [email protected]; Theodore Lubke; Meg McConnell; Leon Taub; Gregory Evans; Salz, Andre (US - New York); Mountain, James (US - New York); Larson, Carol (US - Pittsburgh)Subject: Re: HIGH PRIORITY - potential resource need
Deloitte,
Is this something you can do? If yes please send your number and someonewill call you to discuss.
Leon/Greg
I want to make sure we get this right if the answer is yes and Deloitte cando it, how do they get paid, from who and how much.
Maria Grace AmbrosioMarkets Group(212) 720-5618
----- Original Message -----From: Helen MuccioloSent: 09/13/2008 05:17 PM EDTTo: Theodore Lubke; Brian Peters; Dianne Dobbeck; Sarah Dahlgren;
Clinton Lively; Meg McConnell; Alexandra Merle-Huet; Chris McCurdy; PatrickParkinson; Joyce Hansen
Cc: Wendy Ng; Christine Cumming; Maria AmbrosioSubject: Re: HIGH PRIORITY - potential resource need
Helen
-----------------Sent from my BlackBerry Handheld.
----- Original Message -----From: Theodore LubkeSent: 09/13/2008 05:07 PM EDTTo: Helen Mucciolo; Brian Peters; Dianne Dobbeck; Sarah Dahlgren;
(b) (5)
BOG--FOIA 10-267--001071
Clinton Lively; Meg McConnell; Alexandra Merle-Huet; Chris McCurdy; PatrickParkinson; Joyce Hansen
Cc: Wendy Ng; Christine CummingSubject: Re: HIGH PRIORITY - potential resource need
Thanks.
===============Theo LubkeNew York FedTel: 212-720-6334===============
----- Original Message -----From: Helen MuccioloSent: 09/13/2008 05:04 PM EDTTo: Theodore Lubke; Brian Peters; Dianne Dobbeck; Sarah Dahlgren;
Clinton Lively; Meg McConnell; Alexandra Merle-Huet; Chris McCurdy; PatrickParkinson; Joyce Hansen
Cc: Wendy Ng; Christine CummingSubject: Re: HIGH PRIORITY - potential resource need
Helen
-----------------Sent from my BlackBerry Handheld.
----- Original Message -----From: Theodore LubkeSent: 09/13/2008 04:54 PM EDTTo: Helen Mucciolo; Brian Peters; Dianne Dobbeck; Sarah Dahlgren;
Clinton Lively; Meg McConnell; Alexandra Merle-Huet; Chris McCurdy; PatrickParkinson; Joyce Hansen
Cc: Wendy Ng; Christine CummingSubject: Re: HIGH PRIORITY - potential resource need
===============Theo LubkeNew York FedTel: 212-720-6334===============
----- Original Message -----From: Helen MuccioloSent: 09/13/2008 04:44 PM EDTTo: Theodore Lubke; Brian Peters; Dianne Dobbeck; Sarah Dahlgren;
Clinton Lively; Meg McConnell; Alexandra Merle-Huet; Chris McCurdy; PatrickParkinson
Cc: Wendy Ng; Christine CummingSubject: Re: HIGH PRIORITY - potential resource need
Helen
-----------------Sent from my BlackBerry Handheld.
(b) (5)
(b) (5)
(b) (5)
(b) (5)
BOG--FOIA 10-267--001072
----- Original Message -----From: Theodore LubkeSent: 09/13/2008 04:37 PM EDTTo: Brian Peters; Dianne Dobbeck; Sarah Dahlgren; Clinton Lively; Meg
McConnell; Alexandra Merle-Huet; Helen Mucciolo; Chris McCurdy/NY/FRS@NY;Patrick Parkinson
Cc: Wendy Ng; Christine Cumming/NY/FRS@NYSubject: HIGH PRIORITY - potential resource need
Duplicate
BOG--FOIA 10-267--001073
e ehmJeff Stehm // DBOARD//FRS
09/13/2008 05:49 PM
To "Deborah Bailey" <[email protected]>, "Larry
Sweet" <[email protected]>,
cc Subject Fw: Update
Fyi. Re lehman fsb
----- Original Message -----From: Susan.V.FoleySent: 09/13/2008 05:38 PM ASTTo: Jeffrey MarquardtCc: Jeff StehmSubject: Re: Update
Spoke to NY and then NY and Philly (all
We have a call tomorrow at 10 am. Will know then if FVP is comfortable andif able to reach the DI. Will fill you in after that and the next touchpoint.
Have a good night.--------------------------Sent from my BlackBerry Wireless Handheld
----- Original Message -----From: Jeffrey MarquardtSent: 09/13/2008 04:09 PM EDTTo: Susan FoleyCc: Jeff StehmSubject: Update
Susan:Jeff S is at home and is plugged into the NY C+S discussions. Feel free
to call him on his BB if needed. I will be at the office until about 5:10and then will be out of touch for a few hours. I will monitor my BB laterthis evening. Thx
(b)(4), (b)(5), & (b)(8)
BOG--FOIA 10-267--001074
hTheodore [email protected]
09/13/2008 05:56 PM
To "Salz, Andre (US - New York)"
<[email protected]> cc "Larson, Carol (US - Pittsburgh)"
<[email protected]>, Gregory
Evans <[email protected]>, Subject RE: HIGH PRIORITY - potential
resource need
Let's keep this on hold for now. I'll be back in contact if we want to pursue. Thank you.
Theo LubkeSenior Vice PresidentBank Supervision GroupFederal Reserve Bank of New [email protected]: 212-720-6334fax: 212-720-7818
http://www.newyorkfed.org
"Salz, Andre (US - New York)"
09/13/2008 05:43 PM
To "[email protected]" <[email protected]>, "[email protected]" <[email protected]>, Theodore Lubke <[email protected]>, Meg McConnell <[email protected]>, Leon Taub <[email protected]>, Gregory Evans <[email protected]>, "Mountain, James (US - New York)" <[email protected]>, "Larson, Carol (US -
Pittsburgh)" <[email protected]>
cc
Subject RE: HIGH PRIORITY - potential resource need
Duplicate
BOG--FOIA 10-267--001075
MAnn Miner /NY//FRS
09/13/2008 07:30 PM
To [email protected], [email protected], Clinton
Lively/NY/FRS@FRS, Dianne cc Erin Upton/NY/FRS@FRS
Subject Master Timeline as of 9/13 at 7:30PM
This is a single timeline that is about to get parsed into several views (e.g. bankruptcy and communication-related aspects).
Thanks for your ongoing inputs.
Ann MinerFRBNY212-720-2816
BOG--FOIA 10-267--001076
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\21BA7713-05AF-4183-9E1A-A15B5B7D6E86\Lehman 9.13.08 700pm EU.xls1 11/3/20101:07 PM
(b) (5)
BOG--FOIA 10-267--001077
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\21BA7713-05AF-4183-9E1A-A15B5B7D6E86\Lehman 9.13.08 700pm EU.xls2 11/3/20101:07 PM
(b) (5)
BOG--FOIA 10-267--001078
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\21BA7713-05AF-4183-9E1A-A15B5B7D6E86\Lehman 9.13.08 700pm EU.xls3 11/3/20101:07 PM
(b) (5)
BOG--FOIA 10-267--001079
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\21BA7713-05AF-4183-9E1A-A15B5B7D6E86\Lehman 9.13.08 700pm EU.xls4 11/3/20101:07 PM
(b) (5)
BOG--FOIA 10-267--001080
arsKevin Warsh /BOARD/F SFRS
09/13/2008 07:39 PM
To "Donald L Kohn"
<[email protected]> cc
Subject Fw: int'l regulators
----------------------------------------------------------------------------------Sent from my BlackBerry Wireless Handheld
William Rutledge
----- Original Message ----- From: William Rutledge
Sent: 09/13/2008 07:42 PM EDT
To: Randall Kroszner
Cc: Kevin Warsh; Timothy Geithner
Subject: Re: int'l regulators
Randy: sorry we missed connections. Call did seem to go very well.
Take care. Bill
aRandall .S.. [email protected]
09/13/2008 04:37 PM
cc
Subject int'l regulators
Ben and Don asked me to follow up with you on where we stand on our communications with the int'l
(b)(4) & (b)(5)
BOG--FOIA 10-267--001081
regulators. I understand that the call this morning went well and that there is another scheduled for
tomorrow 9am.
Thanks,
--Randy
BOG--FOIA 10-267--001082
arezScott Alvarez /BOARBOARD/FRS
09/13/2008 07:44 PM
To Mark
VanDerWeide/BOARD/FRS@BOARD
cc Subject Re: tri-party
.
Scott
Mark VanDerWeide/BOARD/FRS
a kMark VanDerWeide /BOADRD/ RFRS
09/13/2008 07:41 PM
To Scott Alvarez/BOARD/FRS@BOARD
cc
Subject Re: tri-party
MarkScott Alvarez/BOARD/FRS
Scott Alvarez/BOARD/ RFRSS
09/13/2008 07:41 PM
To Mark VanDerWeide/BOARD/FRS@BOARD
cc
Subject Re: tri-party
Scott
Mark VanDerWeide/BOARD/FRS
a kMark VanDerWeide /BOADRD/ RFRS
09/13/2008 07:39 PM
To Scott Alvarez/BOARD/FRS@BOARD
cc
Subject tri-party
Mark
(b) (5)
(b) (5)
(b) (5)
(b) (5)
BOG--FOIA 10-267--001083
a o alCarol Grunwald // YNY/F SFRS
09/13/2008 07:58 PM
To Chris Burke/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, HaeRan
Kim/NY/FRS@FRS, Joseph cc William Dudley/NY/FRS@FRS
Subject Rescheduled: Triparty Repo Contingency / Dial in 517-345-3224 / Access Code: 369015 (Sep 13 08:45 PM EDT in M9 MKT Central Meeting
Room 2/NY Main Building@FRS)
BOG--FOIA 10-267--001084
h i M CChris McCurdy / YNY/FRS
09/13/2008 07:58 PM
To Arthur Angulo/NY/FRS cc Terrence Checki/NY/FRS, Lucinda M
Brickler/NY/FRS, Patrick M
Parkinson/BOARD/FRS Subject Urgent: Clearing Bank Margins
Terry would like to double check the banks that have bumped up the clearing margins for Lehman.
-----------------Sent from my BlackBerry Handheld.PIN: 24337F55Phone: 917-445-7752 (used while traveling)
(b) (5)
BOG--FOIA 10-267--001085
e ehmJeff Stehm // DBOARD//FRS
09/13/2008 08:13 PM
To "Larry Sweet" <[email protected]>, "Jeff
Marquardt" cc
Subject Fw: OCC Call - Recap
FyiWilliam Carlucci
----- Original Message ----- From: William Carlucci
Sent: 09/13/2008 08:11 PM EDT
To: "Mooney, Jeffrey S." <[email protected]>
Cc: "Moore, Catherine" <[email protected]>; Jeanmarie Davis; Lisa Joniaux;
Jeff Stehm
Subject: Re: OCC Call - Recap
Thank you Jeff.
Best Regards,
William CarlucciSenior Bank ExaminerFederal Reserve Bank of New York212-720-8969/212-855-3390 (DTC)"Mooney, Jeffrey S." <[email protected]>
"MMooney, J f Jeffrey S ." <M [email protected]>
09/13/2008 07:40 PM
To <[email protected]>, "Moore, Catherine"
Subject Re: OCC Call - Recap
From: [email protected] To: Burgess, Karen; Mooney, Jeffrey S. Cc: [email protected] ; [email protected] Sent: Sat Sep 13 19:30:07 2008Subject: OCC Call - Recap
Karen and Jeff,
(b)(4), (b)(5), & (b)(8)
BOG--FOIA 10-267--001086
Best Regards,
William CarlucciSenior Bank ExaminerFederal Reserve Bank of New York212-720-8969/212-855-3390 (DTC)
(b)(4) & (b)(8)
BOG--FOIA 10-267--001087
e ehmJeff Stehm // DBOARD//FRS
09/13/2008 08:18 PM
To Donald L Kohn/BOARD/FRS@BOARD
cc Theodore Lubke/NY/FRS@FRS, Jeanmarie Davis/NY/FRS@FRS, Roger Graham/NY/FRS@FRS,
Subject Update on LB Clearing and Settlement Issues
Don,
Below for your information is an update on Lehman's clearing and settlement activities based on information received today by FRBNY and Board staff. Please feel free to call me or Jeff Marquardt.
(b)(4) & (b)(8)
BOG--FOIA 10-267--001088
Jeff StehmAssociate DirectorFederal Reserve Board202-452-2217 (office)202-412-9846 (cell)email: [email protected]
(b)(4) & (b)(8)
BOG--FOIA 10-267--001089
Arthur Angulo /NNY/ RFRS
09/13/2008 08:24 PM
To Thomas Baxter/NY/FRS@FRS, Joyce Hansen/NY/FRS@FRS, Jonathan
Polk/NY/FRS@FRS, Chris cc Theodore Lubke/NY/FRS@FRS
Subject Fw: memo re: Lehman's
inter-company default scenario
haven't opened docs yet ...
----- Forwarded by Arthur Angulo/NY/FRS on 09/13/2008 08:19 PM -----
h i Christopher T sTsuboi /NY// RFRS
09/13/2008 08:01 PM
To Alejandro LaTorre/NY/FRS@FRS, Alexa Philo/NY/FRS@FRS, Anthony Cirillo/NY/FRS@FRS, Arthur Angulo/NY/FRS@FRS, Bard Stermasi/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Caroline Frawley/NY/FRS@FRS, Catherine Voigts/NY/FRS@FRS, Christopher Calabia/NY/FRS@FRS, Clinton Lively/NY/FRS@FRS, Daniel Muccia/NY/FRS@FRS, Dennis Herbst/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, Jan Voigts/NY/FRS@FRS, Jeanmarie Davis/NY/FRS@FRS, Jim Mahoney/NY/FRS@FRS, John Ricketti/NY/FRS@FRS, Jonathan Polk/NY/FRS@FRS, Kyle Grieser/NY/FRS@FRS, Lily Tham/NY/FRS@FRS, Paul Whynott/NY/FRS@FRS, Robert Galletta/NY/FRS@FRS, Roger Graham/NY/FRS@FRS, Sandra Rosario/NY/FRS@FRS, Sarah Dahlgren/NY/FRS@FRS, Steven J Manzari/NY/FRS@FRS, Steven Mirsky/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Wendy Ng/NY/FRS@FRS, William BRODOWS/NY/FRS@FRS, William
Hallacy/NY/FRS@FRS, Zahra El-Mekkawy/NY/FRS@FRScc
Subject memo re: Lehman's inter-company default scenario
RESTRICTED FR
Hello,
The attached memo is what Lehman's internal counsel described as their view on how a default for their B/D units may triggera cascade of defaults through to the subs which have large OTC deriv books. Also attached is a spreadsheet showingthe current status of the holding company's credit facilities (both syndicated and bilateral).
Let us know any questions..thanks!chris
Christopher TsuboiFederal Reserve Bank of New YorkBank Supervision/Operational Risk
BOG--FOIA 10-267--001090
Sheet1
Page 1
(b) (8)
BOG--FOIA 10-267--001092
(b) (8)
BOG--FOIA 10-267--001093
(b) (8)
BOG--FOIA 10-267--001094
a PoiTanshel Pointer / YNY/FRSSent by: Tanshel Pointer/NY/FRS@FRS
09/13/2008 10:14 PM
To Mark
VanDerWeide/BOARD/FRS@BOARD
cc Subject Invitation: Lehman Update w/Mr.
Geithner - [FRB Staff ONLY please] (Sep 13 10:00 PM EDT in Board
Room)
(b) (5)
BOG--FOIA 10-267--001095
o KohnDonald L Kohn / DBOARD// RFRS
09/13/2008 10:15 PM
To Jeff Stehm/BOARD/FRS@BOARD cc
Subject Re: Update on LB Clearing and Settlement Issues
helpful. thanks Jeff. Obviously critical that tri -party go forward. Jeff Stehm/BOARD/FRS
eJeff StehmStehm//BOARBOARBOARDBOARD//F SF SFRSFRS
09/13/2008 08:18 PM
To Donald L Kohn/BOARD/FRS@BOARD
cc Theodore Lubke/NY/FRS@FRS, Jeanmarie Davis/NY/FRS@FRS, Roger Graham/NY/FRS@FRS, Lawrence Sweet/NY/FRS@FRS, Marsha Takagi/NY/FRS@FRS, Lisa Joniaux/NY/FRS@FRS, Louise Roseman/BOARD/FRS@BOARD, Patrick M Parkinson/BOARD/FRS@BOARD, Jeffrey Marquardt/BOARD/FRS@BOARD, Melissa A Vanlandingham/BOARD/FRS@BOARD, Dibora Amanuel/BOARD/FRS@BOARD, Jennifer A Lucier/BOARD/FRS@BOARD
Subject Update on LB Clearing and Settlement Issues
Duplicate
BOG--FOIA 10-267--001096
aRandall .S.. [email protected]
09/13/2008 10:30 PM
To "Scott Alvarez"
<[email protected]> cc
Subject Fw: Urgent - Lehman
Fyi.
--Sent from my BlackBerry Wireless Handheld-
----- Original Message -----From: Sent: 09/13/2008 08:18 PM ESTTo: Randall KrosznerSubject: Urgent - Lehman
- let's assume govt not interested in bailout
- you should strongly consider stepping in as counterparty on all repo trades where LEHMAN has posted collateral (not the reverse in my opinion)
- if repo counterparties (money market funds et al) incur a loss, the consequences could be severe
- there will be higher haircuts (if not a refusal to lend to dealers on a go forward basis)
- there will be funds breaking the buck
- there will be a wave of selling unlike any we have seen before
- if fed liquidates repo collateral in orderly manner, fed will have an unsecured claim vis-a-vis estate (other lehman creditors)
- however - you need to make one huge demand: anyone who takes fed as counterparty MUST agree to clear all future repos thru a central clearinghouse mechanism (where a competive market exists - ie 2 or more clearinghouses or a non profit entity such as dtcc) for the next 5 years. We must end the insanity of "too big to fail".
- I believe this issue is the single most critical issue you face ; the derivatives book will be a mess for the market - but the systemic issues are far less dire
- if the repo markets shuts down, it's game over. And I am not trying to be dramatic.
In the interest of full disclosure, we have exposure to lehman - not material - but need to inform you. I, like you, have a deep interest in seeing the markets continue to function
Please call
(b) (4)
(b) (4)
BOG--FOIA 10-267--001097
(b) (4)
BOG--FOIA 10-267--001098
a kMark.VanDerWeide@ bfrb.gov
09/13/2008 11:01 PM
To [email protected] cc "Patrick Parkinson"
"Sophia H. Allison" Subject Re: tri=part
Good point.
Mark
Sophia HAllison/BOARD/FRS
To09/13/2008 10:57 Mark VanDerWeide/BOARD/FRS@BOARD,PM "Patrick Parkinson"
"Sophia H. Allison"<[email protected]>
SubjectRe: tri=part(Document link: MarkVanDerWeide)
----------------------------------------------------------------------------------Sent from my BlackBerry Wireless Handheld
----- Original Message -----From: Mark VanDerWeideSent: 09/13/2008 10:54 PM EDTTo: Patrick Parkinson; Lucinda Brickler; Joseph SommerCc: Sophia AllisonSubject: tri=part
Mark
(b) (5)
(b) (5)
(b) (5)
BOG--FOIA 10-267--001099
LiAda Li // YNY/F SFRS
09/14/2008 07:56 AM
To [email protected], [email protected], Clinton
Lively/NY/FRS@FRS, Dianne cc Theodore Lubke/NY/FRS@FRS, Alexandra Merle-Huet/NY/FRS@FRS,
Erin Upton/NY/FRS@FRS Subject CGSH Bankruptcy Timeline
This message is being forwarded on behalf of Theo.
Thanks,Ada LiFederal Reserve BankTel: [email protected] Forwarded by Ada Li/NY/FRS on 09/14/2008 07:52 AM -----
" Sean Sean A ONeal "" <<sssonealsoneal@@cgshcgsh..cccomcom>
09/14/2008 02:59 AM
To [email protected], [email protected], [email protected], "Moore, Catherine" <[email protected]>, [email protected],
[email protected] "James L BROMLEY" <[email protected]>, "Jane Kim"
<[email protected]>, "David Aman" <[email protected]>Subject Fw: revised timeline
____________________________________________________________________
Sean A. O'Neal Cleary Gottlieb Steen & Hamilton LLP One Liberty Plaza, New York NY 10006
t: +1.212.225.2416 | f: +1.212.225.3999
www.clearygottlieb.com | [email protected]
----- Forwarded by Sean A ONeal/NY/Cgsh on 09/14/2008 02:52 AM -----
S a ASean A O lONeal/NY//Cgsh
14 September 2008
01:34 AM
To [email protected], [email protected], [email protected] cc "McGowan, Thomas K." <[email protected]>, James L BROMLEY/NY/Cgsh@cgsh, Jane
Kim/NY/Cgsh@cgsh, David Aman/NY/Cgsh@CGSH
Subjectrevised timeline
I've attached a revised timeline, per our discussions.
(b) (5)
BOG--FOIA 10-267--001100
Sean
[attachment "Lehman BK Timeline.doc" deleted by Sean A ONeal/NY/Cgsh]
____________________________________________________________________
Sean A. O'Neal Cleary Gottlieb Steen & Hamilton LLP One Liberty Plaza, New York NY 10006
t: +1.212.225.2416 | f: +1.212.225.3999
www.clearygottlieb.com | [email protected]
This message is being sent from a law firm and may contain
confidential or privileged information. If you are not
the intended recipient, please advise the sender
immediately by reply e-mail and delete this message and
any attachments without retaining a copy.
BOG--FOIA 10-267--001101
(b) (5)
BOG--FOIA 10-267--001102
2
(b) (5)
BOG--FOIA 10-267--001103
LiAda Li // YNY/F SFRS
09/14/2008 08:52 AM
To Alexandra Merle-Huet/NY/FRS@FRS, Ann Miner/NY/FRS@FRS, Arthur
Angulo/NY/FRS@FRS, Brian cc
Subject Invitation: Discussion of LB's bankruptcy timeline (Sep 14 10:00
AM EDT in 13-027)
We would like to discuss today's timeline and various ways we can work to buy time and have full awareness of bankruptcy possibilities.
BOG--FOIA 10-267--001104
LiAda Li // YNY/F SFRS
09/14/2008 09:01 AM
To Alexandra Merle-Huet/NY/FRS@FRS, Ann Miner/NY/FRS@FRS, Arthur
Angulo/NY/FRS@FRS, Brian cc
Subject Information Update - Description has changed: Discussion of LB's
bankruptcy timeline
We would like to discuss today's timeline and various ways we can work to buy time and have full awareness of bankruptcy possibilities.
Dial-in Instructions:
T: 877-336-1829Part Code: 645414
BOG--FOIA 10-267--001105
William R NelsonWilliam R NelsonWilliam R NelsonWilliam R Nelson ////BOARDBOARDBOARDBOARD////FRSFRSFRSFRS
09/14/2008 09:47 AM
To Susan V Foley/BOARD/FRS@BOARD
cc Subject Re: Lehman subs
great. thanks.
Email: [email protected]: 202-452-3579Blackberry: 202-725-3612Mobile: 703-340-4542Susan V Foley/BOARD/FRS
Susan VSusan VSusan VSusan V FoleyFoleyFoleyFoley////BOARDBOARDBOARDBOARD////FRSFRSFRSFRS
09/14/2008 09:46 AM
To William R Nelson/BOARD/FRS@BOARD
cc
Subject Re: Lehman subs
The steps are been shared and coordinated with Board and NY staff that are part of the broader discussions.
Susan FoleyAssistant DirectorPayment System RiskFederal Reserve Board(202) 452-3596William R Nelson/BOARD/FRS
William RWilliam RWilliam RWilliam R NelsonNelsonNelsonNelson////BOARDBOARDBOARDBOARD////FRFRFRFRSSSS
09/14/2008 09:42 AM
To Susan V Foley/BOARD/FRS@BOARD
cc
Subject Re: Lehman subs
Yes, that helps. Are you sure that these steps are consistent with FR efforts to resolve Lehman's difficulties? That is, have they been vetted at the highest levels? They seem appropriate and fairly innocuous to me.
Email: [email protected]: 202-452-3579Blackberry: 202-725-3612Mobile: 703-340-4542Susan V Foley/BOARD/FRS
Susan VSusan VSusan VSusan V FoleyFoleyFoleyFoley////BOARDBOARDBOARDBOARD////FRSFRSFRSFRS
09/14/2008 09:39 AM
To William R Nelson/BOARD/FRS@BOARD
cc
Subject
BOG--FOIA 10-267--001106
Re: Lehman subs
Bill
There are two subsidiaries. One in Philly and the other in San Fran.
We have a call this morning at 10 am. The goal is to discuss reaction/comfort level from the FVP (Bill Stone) and any information if Philly was able to reach the DI.
Hope that helps. And I have not had a chance to really focus on the Friday email. Plan to look at today.
Susan
Susan FoleyAssistant DirectorPayment System RiskFederal Reserve Board(202) 452-3596William R Nelson/BOARD/FRS
i William R elNelson/BOARD/FR
S
09/14/2008 05:06 AM
To Susan V Foley/BOARD/FRS@BOARD
cc
Subject Lehman subs
Hi Susan,
You left me a message on Friday about, I think, restricting access to daylight credit of one or more DI subs of Lehman. Could you fill me in? Email might be best, since I'll be running around like a crazy man till Tuesday.
thanksBill
Not Responsive
(b)(5)&(b)(8)
BOG--FOIA 10-267--001107
Email: [email protected]: 202-452-3579Blackberry: 202-725-3612Mobile: 703-340-4542
Not Responsive
BOG--FOIA 10-267--001108
MAnn Miner /NY//FRS
09/14/2008 10:13 AM
To [email protected], [email protected], Clinton
Lively/NY/FRS@FRS, Dianne cc
Subject Timeline as of 9:45AM Sunday 9/14
Timeline - This incorporates the Cleary plan.
BOG--FOIA 10-267--001109
(b) (5)
BOG--FOIA 10-267--001110
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\327BBFAB-353A-45E0-ADAA-25D83D243014\Lehman 9.14.930am.xls2 11/3/20101:08 PM
(b) (5)
BOG--FOIA 10-267--001111
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\327BBFAB-353A-45E0-ADAA-25D83D243014\Lehman 9.14.930am.xls3 11/3/20101:08 PM
(b) (5)
BOG--FOIA 10-267--001112
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\327BBFAB-353A-45E0-ADAA-25D83D243014\Lehman 9.14.930am.xls4 11/3/20101:08 PM
(b) (5)
BOG--FOIA 10-267--001113
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\327BBFAB-353A-45E0-ADAA-25D83D243014\Lehman 9.14.930am.xls5 11/3/20101:08 PM
(b) (5)
BOG--FOIA 10-267--001114
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\327BBFAB-353A-45E0-ADAA-25D83D243014\Lehman 9.14.930am.xls6 11/3/20101:08 PM
(b) (5)
BOG--FOIA 10-267--001115
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\327BBFAB-353A-45E0-ADAA-25D83D243014\Lehman 9.14.930am.xls7 11/3/20101:08 PM
(b) (5)
BOG--FOIA 10-267--001116
09/14/2008 10:26 AM
To Timothy Geithner/NY/FRS@FRS, Kevin Warsh/BOARD/FRS@BOARD,
Donald L cc Brian F Madigan/BOARD/FRS@BOARD,
Scott Alvarez/BOARD/FRS@BOARD, Subject spoke to shirakawa, trichet, king
We now have a Board meeting scheduled for noon.
(b) (6)
(b)(4) & (b)(5)
BOG--FOIA 10-267--001117
kLucinda M Brickler //NY/F SFRS
09/14/2008 10:57 AM
To Chris Burke/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, HaeRan
Kim/NY/FRS@FRS, Joseph cc
Subject triparty repo update
I will try to get us all together early this p.m. so we can all debrief each other on developments and issues.
Lucinda
Lucinda BricklerPayments Policy FunctionFederal Reserve Bank of New York 212.720.6132 or 646.720.6132
(b)(4), (b)(5), & (b)(8)
BOG--FOIA 10-267--001118
SwLawrence Sweet //NY/F SFRS
09/14/2008 11:33 AM
To Lawrence Radecki/NY/FRS, Jeff Stehm/BOARD/FRS@BOARD, Jeffrey
Marquardt/BOARD/FRS@BOARD cc Marsha Takagi/NY/FRS@FRS
Subject Fw: Lehman: international communication on payment, clearing,
and settlements
Looks much better...Monday's batch is already done! Please follow up directly with Johan to fill in any other details
as you see fit.
-----------------
Sent from my BlackBerry Handheld.
From: "Pissens Johan" [[email protected]]
Sent: 09/14/2008 05:24 PM ZE2
To: Lawrence Sweet
Cc: "Praet Peter" <[email protected]>
Subject: Re: Lehman: international communication on payment, clearing, and settlements
Larry
Best regardsJohan
From: [email protected] To: Pissens Johan Sent: Sun Sep 14 03:45:11 2008Subject: Re: Lehman: international communication on payment, clearing, and settlements
Thanks!
-----------------
Sent from my BlackBerry Handheld.
From: "Pissens Johan" [[email protected]]
Sent: 09/14/2008 12:56 AM ZE2
(b) (4)
BOG--FOIA 10-267--001119
To: Lawrence Sweet; <[email protected]>; <[email protected]>;
<[email protected]>; <[email protected]>; <yvon.lucas@banque-france fr>;
<[email protected]>; <[email protected] hk>; <[email protected]>;
<[email protected]>; <[email protected]>; <[email protected] kr>;
<[email protected]>; <[email protected]>; <mike [email protected]>;
<[email protected]>; <[email protected]>; <dave [email protected]>;
<[email protected]>; <[email protected]>; <[email protected]>;
<[email protected]>; <[email protected]>; "Bourtembourg Benoit" <[email protected]>;
<[email protected]>; <[email protected]>; <[email protected]>;
<[email protected]>; <[email protected]>; <[email protected]>;
<gabrielle.chabassol@banque-france fr>; <[email protected]>
Cc: Jeffrey Marquardt; Jeff Stehm; Marsha Takagi
Subject: Re: Lehman: international communication on payment, clearing, and settlements
ReceivedJohan Pissens
From: [email protected] To: [email protected] ; Pissens Johan; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; Bourtembourg Benoit; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected] ; [email protected]
Cc: [email protected] ; [email protected] ; [email protected] Sent: Sat Sep 13 19:58:36 2008Subject: Lehman: international communication on payment, clearing, and settlements
Duplicate
BOG--FOIA 10-267--001120
Marsha TakagiMarsha TakagiMarsha TakagiMarsha Takagi ////NYNYNYNY////FRSFRSFRSFRS
09/14/2008 11:53 AM
To Jeff Stehm/BOARD/FRS@BOARD cc Lawrence Sweet/NY/FRS@FRS
Subject Re:
I am about to send a confirmation message to the central banks and regulators for a 6 pm call. Also, Roger Graham will be letting me know about a call that will be scheduled with the BOE on their concerns re: Lehman's payments. I'll let you know when I receive the details on that. That's all I'm aware of -- Larry may know of others.
Marsha
Jeff Stehm/BOARD/FRS@BOARD
JeffJeffJeffJeff StehmStehmStehmStehm////BOARDBOARDBOARDBOARD////FRSFRSFRSFRS@@@@BOARDBOARDBOARDBOARD
09/14/2008 11:49 AM
To Lawrence Sweet/NY/FRS@FRS
cc Marsha Takagi/NY/FRS@FRS
Subject
Larry,
What's the plan for today as far as conference calls go for payment and settlement issues? I know of the 330 PM CLS call. Anything else on the books or in the possibility stage?
Jeff StehmAssociate DirectorFederal Reserve Board202-452-2217 (office)202-412-9846 (cell)email: [email protected]
BOG--FOIA 10-267--001121
e ehmJeff Stehm // DBOARD//FRS
09/14/2008 11:58 AM
To Dibora Amanuel/BOARD/FRS@BOARD, Melissa A
cc Subject Fw: Update on LB Clearing and
Settlement Issues
FYI. We will need to start a similar note for today's intelligence take......CLS, and Foreign Systems then opening of monday domestic systems. for foreign systems I will forward a message from NBB on Euroclear and one from NY on ICE.
Jeff StehmAssociate DirectorFederal Reserve Board202-452-2217 (office)202-412-9846 (cell)email: [email protected] Forwarded by Jeff Stehm/BOARD/FRS on 09/14/2008 11:56 AM -----
o Donald L KohnKohn//BOARDBOARD//F SF SFRSFRS
09/13/2008 10:15 PM
To Jeff Stehm/BOARD/FRS@BOARD
cc
Subject Re: Update on LB Clearing and Settlement Issues
helpful. thanks Jeff. Obviously critical that tri -party go forward. Jeff Stehm/BOARD/FRS
eJeff Stehm/BOARBOARD/F SFRS
09/13/2008 08:18 PM
To Donald L Kohn/BOARD/FRS@BOARD
cc Theodore Lubke/NY/FRS@FRS, Jeanmarie Davis/NY/FRS@FRS, Roger Graham/NY/FRS@FRS, Lawrence Sweet/NY/FRS@FRS, Marsha Takagi/NY/FRS@FRS, Lisa Joniaux/NY/FRS@FRS, Louise Roseman/BOARD/FRS@BOARD, Patrick M Parkinson/BOARD/FRS@BOARD, Jeffrey Marquardt/BOARD/FRS@BOARD, Melissa A Vanlandingham/BOARD/FRS@BOARD, Dibora Amanuel/BOARD/FRS@BOARD, Jennifer A Lucier/BOARD/FRS@BOARD
Subject Update on LB Clearing and Settlement Issues
Duplicate
BOG--FOIA 10-267--001122
e ehmJeff Stehm // DBOARD//FRS
09/14/2008 11:59 AM
To Melissa A Vanlandingham/BOARD/FRS@BOARD, Dibora
cc Subject ICE
Jeff StehmAssociate DirectorFederal Reserve Board202-452-2217 (office)202-412-9846 (cell)email: [email protected] Forwarded by Jeff Stehm/BOARD/FRS on 09/14/2008 11:59 AM -----
a sa sMarshaMarsha aaTakagiTakagi //NYNY//// RRFRSFRS@@@@FFSRS
09/13/2008 05:57 PM
To Jeff Stehm/BOARD/FRS@BOARD
cc
Subject Re: Draft Email to VC
I think the bottom line is that it won't be an issue -
Marsha--------------------------Sent from my BlackBerry Wireless Handheld
Jeff Stehm
----- Original Message ----- From: Jeff Stehm
Sent: 09/13/2008 05:50 PM EDT
To: Marsha Takagi
Subject: Re: Draft Email to VC
Marsha Takagi
----- Original Message ----- From: Marsha Takagi
Sent: 09/13/2008 05:47 PM EDT
To: Jeff Stehm
Cc: Jeanmarie Davis; Jeffrey Marquardt; Lawrence Sweet; Lisa Joniaux
Subject: Re: Draft Email to VC
Jeff Stehm/BOARD/FRS@BOARD
eJeff Stehm/BOARBOARD/F SFRS@BOARD
09/13/2008 05:14 PM
To Lawrence Sweet/NY/FRS@FRS, Marsha Takagi/NY/FRS@FRS, Lisa Joniaux/NY/FRS@FRS, Jeanmarie Davis/NY/FRS@FRS, Jeffrey Marquardt/BOARD/FRS@BOARD
cc
(b) (5)
(b) (5)
(b) (5)
BOG--FOIA 10-267--001123
Subject Draft Email to VC
All
Below is a draft email to update the Vice Chairman. Please let me know asap if you have any suggested changes. Thanks.
------------------------------
Don,
(b) (5)
BOG--FOIA 10-267--001124
Jeff StehmAssociate DirectorFederal Reserve Board202-452-2217 (office)202-412-9846 (cell)email: [email protected]
(b) (5)
BOG--FOIA 10-267--001125
Calendar EntryNotify me
Mark Private Pencil In
Subject Triparty Repo Update / 1-888-808-6929 / Code: 6133#
When
Starts Sun 09/14/2008 01:00 PM
Ends Sun 09/14/2008 01:30 PM30 mins
Specify a different time zone
Invitees
Invited The following invitees have been invited
Required (to)Chris Burke/NY/FRS@FRS, Chris McCurdy/NY/FRS@FRS, Dwight Hilton/RICH/FRS@FRS, HaeRan
Optional (cc) Maxine Malcolm/NY/FRS@FRS
Chair Carol Grunwald/NY/FRS
Where
Location
ReservedThe following have been requested
RoomsM9 MKT Central Meeting Room 2/NY Main Building@FRS
Categorize
Description
Your Notes
BOG--FOIA 10-267--001126
e ehmJeff Stehm // DBOARD//FRS
09/14/2008 12:07 PM
To Melissa A Vanlandingham/BOARD/FRS@BOAR
D, Dibora cc
Subject Fw: Timeline as of 9:45AM Sunday
9/14
Jeff StehmAssociate DirectorFederal Reserve Board202-452-2217 (office)202-412-9846 (cell)email: [email protected] Forwarded by Jeff Stehm/BOARD/FRS on 09/14/2008 12:07 PM -----
AnnAnn iMiner/ YNY/FRS@FR
S
09/14/2008 10:13 AM
To [email protected], [email protected], Clinton Lively/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, [email protected], Jan Voigts/NY/FRS@FRS, Jeanmarie Davis/NY/FRS@FRS, Jeff Stehm/BOARD/FRS@BOARD, Jeffrey Marquardt/BOARD/FRS@BOARD, Jim Mahoney/NY/FRS@FRS, JohnP McGowan/NY/FRS@FRS, Jonathan Polk/NY/FRS@FRS, Joseph Sommer/NY/FRS@FRS, Lily Tham/NY/FRS@FRS, Lisa Joniaux/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS, Marsha Takagi/NY/FRS@FRS, [email protected], Michael Schussler/NY/FRS@FRS, Patrick M Parkinson/BOARD/FRS@BOARD, Shari Ben-Haim/NY/FRS@FRS, Susan Stiehm/NY/FRS@FRS, Theodore Lubke/NY/FRS@FRS, Wendy Ng/NY/FRS@FRS, Ada Li/NY/FRS@FRS, Jamie McAndrews/NY/FRS@FRS, Chris McCurdy/NY/FRS@NY, Theodore Lubke/NY/FRS@FRS, Alexandra Merle-Huet/NY/FRS@FRS, Daniel Muccia/NY/FRS@FRS, Roger Graham/NY/FRS@FRS, Lawrence
Sweet/NY/FRS@FRScc
Subject Timeline as of 9:45AM Sunday 9/14
Timeline - This incorporates the Cleary plan.
BOG--FOIA 10-267--001127
(b) (5)
BOG--FOIA 10-267--001128
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\4FF325D8-11E3-42C4-83F5-9435B58C1E8D\Lehman 9.14.930am.xls2 11/3/20101:09 PM
(b) (5)
BOG--FOIA 10-267--001129
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\4FF325D8-11E3-42C4-83F5-9435B58C1E8D\Lehman 9.14.930am.xls3 11/3/20101:09 PM
(b) (5)
BOG--FOIA 10-267--001130
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\4FF325D8-11E3-42C4-83F5-9435B58C1E8D\Lehman 9.14.930am.xls4 11/3/20101:09 PM
(b) (5)
BOG--FOIA 10-267--001131
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\4FF325D8-11E3-42C4-83F5-9435B58C1E8D\Lehman 9.14.930am.xls5 11/3/20101:09 PM
(b) (5)
BOG--FOIA 10-267--001132
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\4FF325D8-11E3-42C4-83F5-9435B58C1E8D\Lehman 9.14.930am.xls6 11/3/20101:09 PM
(b) (5)
BOG--FOIA 10-267--001133
C:\Program Files\neevia.com\docConverterPro\temp\NVDC\4FF325D8-11E3-42C4-83F5-9435B58C1E8D\Lehman 9.14.930am.xls7 11/3/20101:09 PM
(b) (5)
BOG--FOIA 10-267--001134
a bersJames Embersit //BOARD/FRS
09/14/2008 12:16 PM
To Craig F Marchbanks/BOARD/FRS@BOARD,
David K cc
Subject Fw: (Draft) Monitoring Questions for CPC - For Discussion at 11am CPC
Call
Folks- as you know things are hopping in NY. T
I've been told there's not much for us to do today but just to be prepared for tomorrow.
Jim Embersitoffice - 202-452-5249cell-202-528-7884-Jim Embersit202-452-5249-------------------------Sent from my BlackBerry Wireless Handheld
Jon D Greenlee
----- Original Message ----- From: Jon D Greenlee
Sent: 09/14/2008 10:28 AM EDT
To: Sabeth Siddique; James Embersit
Subject: Fw: (Draft) Monitoring Questions for CPC - For Discussion at 11am
CPC Call
Please share with some of your staff and see if we need to add or further clarify any of this.
Thanks
Jon
Jon GreenleeAssociate DirectorBoard of Governors of the Federal Reserve SystemPhone (202) 452-2962----- Forwarded by Jon D Greenlee/BOARD/FRS on 09/14/2008 10:28 AM -----
iDianne oDobbeck /NY/FRS@RFRS
09/14/2008 10:23 AM
To Adrienne Haden/BOARD/FRS@BOARD, Ann Miner/NY/FRS@FRS, Barbara Yelcich/NY/FRS@FRS, Brian Peters/NY/FRS@FRS, Carl Tannenbaum/BSR/CHI/FRS@FRS, Caroline Frawley/NY/FRS@FRS, Chris Haley/BOS/FRS@FRS, Claudia Franco/NY/FRS@FRS, Clinton Lively/NY/FRS@FRS, Coryann Stefansson/BOARD/FRS@BOARD, Dana R Green/SF/FRS@FRS, Dennis Ryan/NY/FRS@FRS, Dianne Dobbeck/NY/FRS@FRS, Frank Mayhew/RICH/FRS@FRS, James Barnes/RICH/FRS@FRS, James Embersit/BOARD/FRS@BOARD, James Hodgetts/NY/FRS@FRS, James Wall/NY/FRS@FRS, Jane Wakefield/NY/FRS@FRS, Jeanmarie Davis/NY/FRS@FRS, Jennifer Burns/RICH/FRS@FRS, Jerrold L Newlon/CLEV - BSR12/CLEV/FRS@FRS, Jim Mahoney/NY/FRS@FRS, John
(b) (5)
BOG--FOIA 10-267--001135
Harvey/NY/FRS@FRS, John Reynolds/NY/FRS@FRS, John Ricketti/NY/FRS@FRS, John Ruocco/NY/FRS@FRS, Jon D Greenlee/BOARD/FRS@BOARD, Jonathan Polk/NY/FRS@FRS, Karen Kahrs/NY/FRS@FRS, Kevin Bertsch/BOARD/FRS@BOARD, Lisa A White/RICH/FRS@FRS, Lisa Joniaux/NY/FRS@FRS, Lydia Tshulos/NY/FRS@FRS, Michael Johnson/SF/FRS@FRS, Nadine M Wallman/CLEV - BSR12/CLEV/FRS@FRS, Nina Nichols/BOARD/FRS@BOARD, Philip Aquilino/SF/FRS@FRS, Phyllis L Harwell/BOARD/FRS@BOARD, Preston Thompson/BOS/FRS@FRS, Ralph Santasiero/NY/FRS@FRS, Raymond A Bacon/BSR/CHI/FRS@FRS, Richard Westerkamp/RICH/FRS@FRS, Ron Feldman/MPLS/FRS@FRS, Sabeth I Siddique/BOARD/FRS@BOARD, Sarah Dahlgren/NY/FRS@FRS, Stacy L Coleman/RICH/FRS@FRS, Stacy O'Bryant/RICH/FRS@FRS, Stanley Poszywak/RICH/FRS@FRS, Stephanie Chaly/NY/FRS@FRS, Steven J Manzari/NY/FRS@FRS, Steven M Durfey/BSR/CHI/FRS@FRS, Suzanna Costello/ATL/FRS@FRS, Suzanne Killian/BOARD/FRS@BOARD, Theonilla Lee-Chan/NY/FRS@FRS, Theresa Barry/BOS/FRS@FRS, Todd Waszkelewicz/NY/FRS@FRS, Tony Bardascino/RICH/FRS@FRS, Wendy E Kallery/BSR/CHI/FRS@FRS,
William Charwat/BOARD/FRS@BOARDcc
Subject (Draft) Monitoring Questions for CPC - For Discussion at 11am CPC
Call
As a follow-up to our conversation yesterday, please find attached a draft set of questions for discussion at 11am. (The questions are provided below for ease of reading via BB). Things continue to be very fluid right now, so we are not asking you to execute on what is outlined below. Rather, we'd like to discuss with you the substance of the attachment and get your thoughts on what else may be helpful to include. During the upcoming call, we'll also speak about when it may be appropriate to reach out to your firms regarding the pace of information flow. At the risk of beating a dead horse, please do not reach out to your firms until you've gotten a go ahead from your LFIT member / senior management.
We look forward to the discussion at 11, and will plan to circulate a more final version of the document later this afternoon. Please don't hesitate to reach out with any questions you may have, and thanks very much for your efforts.
(b)(5)&(b)(8)
BOG--FOIA 10-267--001136
(b)(5)&(b)(8)
BOG--FOIA 10-267--001137
(b)(5)&(b)(8)
BOG--FOIA 10-267--001138
a St k onDave Stockton //BOARD/FRS
09/14/2008 12:28 PM
To "Scott Alvarez"
<[email protected]> cc
Subject Fw: Lehman Brothers Sunday Update
1.
Fyi.
Dave
--------------------------
Sent from my BlackBerry Wireless Handheld
From: "Stephen P. Harbeck" [[email protected]]
Sent: 09/14/2008 12:12 PM AST
To: <[email protected]>; <todd [email protected]>; "Heyman,William H" <[email protected]>;
<[email protected]>; <[email protected]>; <[email protected]>; Dave Stockton
Cc: "Philip W. Carduck" <[email protected]>; "Josephine Wang" <[email protected]>;
<gerry [email protected]>; <[email protected]>; Julie Edwards; "William J. Fisher"
<[email protected]>; "Kenneth Caputo" <[email protected]>
Subject: Lehman Brothers Sunday Update 1.
This will update you concerning the status of Lehman Brothers. Grace Vogel of FINRA
reports, as of 11:30 this morning, that the Treasurer of Lehman is in the process of finalizing a
general credit agreement with Barclays so that at the opening of business tomorrow Barclays can
step into Lehman transactions as the counterparty. This is contingent on a global deal with
Barclays. If this does not come about, the FED is working on a plan that I have discussed briefly
with Fed personnel. The third option is a bankruptcy filing for some of the entities; it is not
known if that would include the SIPC member.
If you have any questions, I can be reached via email or my direct line in the office at 703
289-8360, or my cell at 202 445-0340.
Steve
Stephen P. Harbeck
President and CEO
BOG--FOIA 10-267--001139
Securities Investor Protection Corporation
805 15th St. NW
Washington DC 20005
202 371-8300
BOG--FOIA 10-267--001140
a s T agiMarsha Takagi // YNY/F SFRS
09/14/2008 12:44 PM
To [email protected], [email protected],
[email protected] cc Jeffrey
Marquardt/BOARD/FRS@BOARD,
Jeff Stehm/BOARD/FRS@BOARD, Subject Lehman: Call CONFIRMED on
payment, clearing, and settlements
Dear all,
We are confirming the conference call that is scheduled for 18:00 New York time today. Below is the dial-in information.
Call number: +1 215-861-0692Access code: 7202874
Again, please feel free to let me and those on the cc list know if you encounter any issues, developments, or concerns that you would like to share or to discuss with us before then. Thank you.
Best regards,Marsha
Marsha TakagiPayments Policy FunctionFederal Reserve Bank of New York+1 (212) 720-2874 (office)+1 (917) 415-7389 (mobile)[email protected]
__________________Duplicate
BOG--FOIA 10-267--001141
Deborah P BaileyDeborah P BaileyDeborah P BaileyDeborah P Bailey ////BOARDBOARDBOARDBOARD////FRSFRSFRSFRS
09/14/2008 12:55 PM
To Jeanmarie Davis/NY/FRS@FRS, Scott Alvarez/BOARD/FRS@BOARD,
Patrick M cc William Rutledge/NY/FRS@FRS, Brian Begalle/NY/FRS@FRS, "Roger
Cole" <[email protected]> Subject Re: collateral-- tri party
Thanks
--------------------------
Sent from the Blackberry of Deborah Bailey
From: Jeanmarie.Davis
Sent: 09/14/2008 12:51 PM AST
To: Deborah Bailey
Cc: William Rutledge; Brian Begalle
Subject: collateral-- tri party
About 3/4 percent is OMO eligible, which consists mostly of treasuries and agency MBS, with some
Agency debt.
Non OMO collateral is DTC Fixed income securities, primarily corporate bonds, private label CMO and
CP. This is mostly investment grade. There is also a small equity book.
In terms of PDCF, the types of collateral which are currently not accepted but are in tri-party are:
Equities, and non-investment grade fixed income DTCC eligible. Also, whole loans, which Lehman does
not have.
Jeanmarie
Jeanmarie DavisSenior Vice PresidentLarge Complex Banking OrganizationsFederal Reserve Bank of New [email protected](212)720-2256
BOG--FOIA 10-267--001142
Calendar Entry
MeetingNotify me
Mark Private Pencil In
Subject Call with CLS central banks, FSA, and Bafin
When
Starts Sun 09/14/2008 06:00 PM
Ends Sun 09/14/2008 07:00 PM1 hour
Specify a different time zone
Invitees
Invited The following invitees have been invited
Required (to)Dibora Amanuel/BOARD/FRS@BOARD, Jeffrey Marquardt/BOARD/FRS@BOARD,
Optional (cc)Patrick M Parkinson/BOARD/FRS@BOARD
Chair Jeff Stehm/BOARD/FRS
Where
Location
ReservedNo rooms or resources have been reserved
Categorize
Description
Dear all,
We are confirming the conference call that is scheduled for 18:00 New York time today. Below is the dial-in information.
Call number: +1 215-861-0692Access code: 7202874
Again, please feel free to let me and those on the cc list know if you encounter any issues, developments, or concerns that you would like to share or to discuss with us before then. Thank you.
Best regards,Marsha
Marsha TakagiPayments Policy FunctionFederal Reserve Bank of New York+1 (212) 720-2874 (office)+1 (917) 415-7389 (mobile)[email protected]
__________________
Duplicate
BOG--FOIA 10-267--001143
Thank you in advance for your valued assistance and cooperation!
Lawrence M. SweetSenior Vice PresidentFederal Reserve Bank of New YorkOffice telephone: 1-212-720-6876Emergency mobile: 1-917-915-1425
Your Notes
Duplicate
BOG--FOIA 10-267--001144
a s T agiMarsha Takagi // YNY/F SFRS
09/14/2008 12:58 PM
To Sandy Krieger/NY/FRS@FRS, Lucinda M Brickler/NY/FRS@FRS,
Jeanmarie Davis/NY/FRS@FRS, cc Lawrence Sweet/NY/FRS@FRS, Jeffrey
Marquardt/BOARD/FRS@BOARD, Subject Fw: Lehman: Call CONFIRMED on
payment, clearing, and settlements
FYI, we've confirmed the payments related call scheduled for this evening at 6 pm with foreign supervisors. A separate identical e-mail was sent to the central banks in the CLS cooperative oversight arrangement.
Marsha----- Forwarded by Marsha Takagi/NY/FRS on 09/14/2008 12:53 PM -----
a sMarsha aaTakagiTakagi //NYNY//// RRFRSFRS
09/14/2008 12:47 PM
To [email protected], [email protected], [email protected], [email protected], [email protected], [email protected],
[email protected] Jeffrey Marquardt/BOARD/FRS@BOARD, Jeff
Stehm/BOARD/FRS@BOARD, Lawrence Sweet/NY/FRS@FRSSubject Lehman: Call CONFIRMED on payment, clearing, and settlements
Dear all,
We are confirming the conference call that is scheduled for 18:00 New York time today. Below is the dial-in information.
Call number: +1 215-861-0692Access code: 7202874
Again, please feel free to let me and those on the cc list know if you encounter any issues, developments, or concerns that you would like to share or to discuss with us before then. Thank you.
Best regards,Marsha
Marsha TakagiPayments Policy FunctionFederal Reserve Bank of New York+1 (212) 720-2874 (office)+1 (917) 415-7389 (mobile)[email protected]
__________________Duplicate
BOG--FOIA 10-267--001145
Thank you in advance for your valued assistance and cooperation!
Lawrence M. SweetSenior Vice PresidentFederal Reserve Bank of New YorkOffice telephone: 1-212-720-6876Emergency mobile: 1-917-915-1425
Duplicate
BOG--FOIA 10-267--001146
RichRichRichRich....AshtonAshtonAshtonAshton@@@@frbfrbfrbfrb....govgovgovgov
09/14/2008 01:22 PM
To [email protected], [email protected],
[email protected] cc [email protected],
[email protected], Subject PDCF and TSLF resolutions
These are the two resolutions that were approved by the Board.
(See attached file: Lehman Brothers resolution PDCF collateral
expansion.doc)(See attached file: Lehman Brother resolution TSLF.doc) -
Lehman Brothers resolution PDCF collateral expansion.doc - Lehman Brother resolution TSLF.doc
BOG--FOIA 10-267--001147
RESOLUTION
Given the unusual and exigent circumstances and pursuant to section 13(3) of the Federal Reserve Act, on March
11, 2008, the Board authorized the Federal Reserve Bank of New York to expand its securities lending program by
authorizing lending of Treasury securities to primary dealers secured by a pledge of a range of certain specified
types of debt securities. In light of the continued unusual and exigent circumstances, the Board modifies its prior
authorization to lend Treasury securities to primary dealers to permit the lending of securities to be secured by a
pledge of any investment-grade debt securities. All other conditions on the Board’s initial approval of the
securities lending facility remain unchanged.
BOG--FOIA 10-267--001148
RESOLUTION
Given the unusual and exigent circumstances and pursuant to section 13(3) of the Federal Reserve Act, on March
14, 2008, the Board authorized the Federal Reserve Bank of New York to establish a facility to extend overnight
credit to primary dealers that must be secured to the satisfaction of the Reserve Bank and may be secured with a
broad range of investment-grade debt securities. In light of the continued unusual and exigent circumstances, the
Board modifies its prior authorization to extend credit to primary dealers to permit the credit to be secured by any
collateral that is accepted by the JPMorgan Chase & Co. or Bank of New York tri-party repurchase agreement
systems as of September 12, 2008, subject to any exclusions or modifications determined by the Chairman. All
other conditions on the Board’s initial approval of the credit facility remain unchanged.
BOG--FOIA 10-267--001149
oJoseph.Sommer@@ny..frb.org
09/14/2008 01:25 PM
[email protected] cc [email protected],
[email protected] Subject Re: question about PDCF
This can only be answered by Board staff-----------------Sent from my BlackBerry Handheld.
----- Original Message -----From: Susan McLaughlinSent: 09/14/2008 01:08 PM EDTTo: HaeRan Kim; Joseph SommerCc: William WalshSubject: question about PDCF
can you copy Sandy and Christine on your answer as well? thanks!
Susan McLaughlinMarkets GroupFederal Reserve Bank of New York1.212.720.1321
**************************************************The accompanying document(s) is the property of the Federal Reserve System.If you are an unintended viewer or recipient, please contact the sender andarrange for the retrieval of the document(s). Any unauthorized disclosureof the contents of the document(s) may subject the person(s) disclosing orreceiving the information to civil and criminal sanctions.
(b) (5)
BOG--FOIA 10-267--001150
09/14/2008 01:40 PM
To Donald L Kohn/BOARD/FRS@BOARD, Randall
S Kroszner/BOARD/FRS@BOARD, cc Brian F
Madigan/BOARD/FRS@BOARD,
Scott Alvarez/BOARD/FRS@BOARD, Subject 4:30 announcement
(b) (6)
(b) (5)
BOG--FOIA 10-267--001151
a Kros nerRandall S Kroszner /BOARD/FRS
09/14/2008 01:42 PM
To Deborah P Bailey/BOARD/FRS@BOARD, Scott
Alvarez/BOARD/FRS@BOARD cc
Subject Fw: 4:30 announcement
Thanks.----- Forwarded by Randall S Kroszner/BOARD/FRS on 09/14/2008 01:41 PM -----
09/14/2008 01:40 PM
To Donald L Kohn/BOARD/FRS@BOARD, Randall S Kroszner/BOARD/FRS@BOARD, Elizabeth A
Duke/BOARD/FRS@BOARDcc Brian F Madigan/BOARD/FRS@BOARD, Scott
Alvarez/BOARD/FRS@BOARD, Michelle A
Smith/BOARD/FRS@BOARD, Kevin Warsh/BOARD/FRS@BOARDSubject 4:30 announcement
(b) (6)
Duplicate
(b) (5)
BOG--FOIA 10-267--001152
a k VanD eideMark VanDerWeide /BOARBOARD/F SFRS
09/14/2008 01:53 PM
To Scott Alvarez/BOARD/FRS@BOARD cc
Subject bankrtupcy
Scott:
Chairman would like to talk to you about
Mark
(b) (5)
BOG--FOIA 10-267--001153
e ehmJeff Stehm // DBOARD//FRS
09/14/2008 02:11 PM
To Jeffrey Marquardt/BOARD/FRS@BOARD, Melissa A
cc Subject Fw: Tri-party and GCF for Monday,
9/15 - FICC's point of view
FYI.
Jeff StehmAssociate DirectorFederal Reserve Board202-452-2217 (office)202-412-9846 (cell)email: [email protected] Forwarded by Jeff Stehm/BOARD/FRS on 09/14/2008 02:10 PM -----
iiWilliamWilliam a lCarlucci /NNY/FRS@FFSRS
09/14/2008 02:04 PM
To Albert Alvarado/NY/FRS@FRS, Lisa Joniaux/NY/FRS@FRS, William Carlucci/NY/FRS@FRS, Anna Ng/NY/FRS@FRS, Jeanmarie Davis/NY/FRS@FRS, Jeff Stehm/BOARD/FRS@BOARD, Roger Graham/NY/FRS@FRS, Brian Begalle/NY/FRS@FRS, [email protected], [email protected], [email protected], [email protected]
cc
Subject Tri-party and GCF for Monday, 9/15 - FICC's point of view
(b)(4) & (b)(8)
BOG--FOIA 10-267--001154
Best Regards,
William CarlucciSenior Bank Examiner
(b)(4) & (b)(8)
(b) (5)
BOG--FOIA 10-267--001155
Federal Reserve Bank of New York212-720-8969/212-855-3390 (DTC)
BOG--FOIA 10-267--001156
e ehmJeff Stehm // DBOARD//FRS
09/14/2008 02:17 PM
To Melissa A Vanlandingham/BOARD/FRS@BOAR
D, Dibora cc
Subject CLS LB Status
FYI
Jeff StehmAssociate DirectorFederal Reserve Board202-452-2217 (office)202-412-9846 (cell)email: [email protected] Forwarded by Jeff Stehm/BOARD/FRS on 09/14/2008 02:16 PM -----
hhCheChe..SidaniusSidanius@@@@nyny....frfrbb..orgorg
09/14/2008 02:12 PM
To "Todd Waszkelewicz" <[email protected]>, "Jeanmarie Davis" <[email protected]>, "Jeremy Gagne" <[email protected]>, "Bill Johnson" <[email protected]>, [email protected], "Marsha Takagi" <[email protected]>, "Jeff Stehm" <[email protected]>, "Jeff Marquardt" <[email protected]>,
"Theodore" <[email protected]>cc
Subject Fw: Status?
Sent from Wireless Device
Che sidaniusFederal Reserve Bank of NYOffice: (212) 720 2431Blackberry: (347) 561 0489
----- Original Message ----- From: Che Sidanius Sent: 09/14/2008 02:12 PM EDT To: Todd Waszkelewicz; Jeremy Gagne Cc: William Johnson Subject: Re: Status?
Sent from Wireless Device
Che sidanius
(b)(4), (b)(5), & (b)(8)
BOG--FOIA 10-267--001157
Federal Reserve Bank of NYOffice: (212) 720 2431Blackberry: (347) 561 0489
----- Original Message ----- From: Todd Waszkelewicz Sent: 09/14/2008 02:03 PM EDT To: Jeremy Gagne; Che Sidanius Cc: William Johnson Subject: Status?
All well?
BOG--FOIA 10-267--001158
o as k iTodd Waszkelewicz /NY//FRS
09/14/2008 02:21 PM
To Jeff Stehm/BOARD/FRS@BOARD cc
Subject Re: Fw: Status?
John Ruocco and Jeanmarie are currently meeting with Citi (I haven't heard anything yet)...but we should have good intel going into CLS' calls with Citi and ourselves. Thanks.
Jeff Stehm/BOARD/FRS@BOARD
eJeff Stehm/BOARBOARD/F SFRS@BOARD
09/14/2008 02:22 PM
To Todd Waszkelewicz/NY/FRS@FRS
cc
Subject Re: Fw: Status?
Any intel on Citi's thinking??
Jeff StehmAssociate DirectorFederal Reserve Board202-452-2217 (office)202-412-9846 (cell)email: [email protected]
Todd Waszkelewicz/NY/FRS@FRS
ooToddTodd as kas kWaszkelewiczWaszkelewicz ////NYNY//FFFFSRS@ RFRS
09/14/2008 02:17 PM
To Jeanmarie Davis/NY/FRS, Lawrence Sweet/NY/FRS@FRS, Marsha Takagi/NY/FRS@FRS, Jeff Stehm/BOARD/FRS@BOARD, Jeffrey
Marquardt/BOARD/FRS@BOARD, Theodore Lubke/NY/FRS@FRScc Che Sidanius/NY/FRS@FRS, Jeremy Gagne/NY/FRS, William
Johnson/NY/FRS@FRSSubject Fw: Status?
Che's reporting from CLS' operations in London that
----- Forwarded by Todd Waszkelewicz/NY/FRS on 09/14/2008 02:12 PM -----
hChe Sidanius /NNY/ RFRS
09/14/2008 02:12 PM
To Todd Waszkelewicz/NY/FRS@FRS, Jeremy Gagne/NY/FRS@FRS
cc William Johnson/NY/FRS@FRS
Subject Re: Status?
Duplicate
(b)(4) & (b)(8)
BOG--FOIA 10-267--001159
o KohnDonald L Kohn / DBOARD// RFRS
09/14/2008 02:40 PM
To
cc Subject Re: I briefed Carney (Bank of Canada)
09/14/2008 02:19 PM
To Donald L Kohn/BOARD/FRS@BOARD, Brian F Madigan/BOARD/FRS@BOARD, William Dudley/NY/FRS@FRS, Kevin
Warsh/BOARD/FRS@BOARD, Michelle A Smith/BOARD/FRS@BOARDcc
Subject I briefed Carney (Bank of Canada)
(b) (6)
(b) (6)
(b) (6)
(b)(4) & (b)(8)
BOG--FOIA 10-267--001160
e ehmJeff Stehm // DBOARD//FRS
09/14/2008 03:00 PM
To Jeffrey
Marquardt/BOARD/FRS@BOARD cc
Subject Fw: Lehman: Call CONFIRMED on
payment, clearing, and settlements
Jeff StehmAssociate DirectorFederal Reserve Board202-452-2217 (office)202-412-9846 (cell)email: [email protected] Forwarded by Jeff Stehm/BOARD/FRS on 09/14/2008 03:00 PM -----
a sMarsha aaTakagiTakagi //NYNY//// RRFRSFRS@@@@FFSRS
09/14/2008 02:59 PM
To Jeff Stehm/BOARD/FRS@BOARD
cc
Subject Re: Fw: Lehman: Call CONFIRMED on payment, clearing, and
settlements
I spoke with Ben Mitchell at around 11 am. He was supposed to call me again after the noon "deadline" but he hasn't and I haven't had a chance to call him yet. I'm not sure if others higher up have been communicating. I'll try calling him as soon as I finish something else up .
At 11, Ben basically said
MarshaJeff Stehm/BOARD/FRS@BOARD
eJeff Stehm/BOARBOARD/F SFRS@BOARD
09/14/2008 02:56 PM
To Marsha Takagi/NY/FRS@FRS
cc
Subject Fw: Lehman: Call CONFIRMED on payment, clearing, and
settlements
Do we know who the FSA spoke with in "your company"?
Jeff StehmAssociate DirectorFederal Reserve Board202-452-2217 (office)202-412-9846 (cell)email: [email protected] Forwarded by Jeff Stehm/BOARD/FRS on 09/14/2008 02:52 PM -----
(b)(4) & (b)(5)
BOG--FOIA 10-267--001161
" Sarah arrisSarah Harris (Markets)" <ssarah.harrisharris@ sfsa..govov..ukukukuk>>>>
09/14/2008 02:51 PM
To <[email protected]>
cc <[email protected]>, <[email protected]>,
<[email protected]>Subject Re: Lehman: Call CONFIRMED on payment, clearing, and
settlements
For info Sally Dewar Managing Director of the Wholesale + instutuional markets at the FSA has contacted your company
From: [email protected] To: Sarah Harris (Markets); [email protected] ; [email protected] ; [email protected] ; [email protected] ; Alexander Justham; Philip Abbott Cc: [email protected] ; [email protected] ; [email protected] Sent: Sun Sep 14 17:47:58 2008Subject: Lehman: Call CONFIRMED on payment, clearing, and settlements
Duplicate
(b) (4)
BOG--FOIA 10-267--001162
o KohnDonald L Kohn / DBOARD// RFRS
09/14/2008 03:03 PM
To
cc Brian F Madigan/BOARD/FRS@Board, Kevin
Warsh/BOARD/FRS@Board, Scott Subject Re: Don and I are starting RB
president calls
09/14/2008 02:55 PM
To Kevin Warsh/BOARD/FRS@BOARD, Scott
Alvarez/BOARD/FRS@BOARD, Brian F Madigan/BOARD/FRS@BOARDcc Donald L Kohn/BOARD/FRS@BOARD
Subject Don and I are starting RB president calls
Anything new, Kevin?
Brian, Scott: Any more details on PDCF collateral, 23A details?
(b) (6)
(b) (6)
(b) (6)
(b) (5)
BOG--FOIA 10-267--001163
e ehmJeff Stehm // DBOARD//FRS
09/14/2008 03:28 PM
To Donald L
Kohn/BOARD/FRS@BOARD cc Louise
Roseman/BOARD/FRS@BOARD,
Jeffrey Subject Update on CLS and Lehman
Don,
We just wanted to keep you apprised of developments this afternoon regarding Lehman
We will update you as the afternoon progresses.
Jeff StehmAssociate DirectorFederal Reserve Board202-452-2217 (office)202-412-9846 (cell)email: [email protected]
(b) (5)
BOG--FOIA 10-267--001164
Gregory Gaare /NNY/FRS
09/14/2008 03:35 PM
To Alexa Philo/NY/FRS@FRS, Amy White/NY/FRS@FRS, Anthony Cirillo/NY/FRS@FRS, Arthur
cc William Hallacy/NY/FRS@FRS, Jordan Pollinger/NY/FRS@FRS, Brandon Hall/NY/FRS@FRS, Jeffrey
Subject Update from JPMC
I just had a brief conversation with the credit executive covering Lehman.
(b)(4) & (b)(8)
BOG--FOIA 10-267--001165
hChe.Sidanius@@ny..frb.org
09/14/2008 03:48 PM
To "Todd Waszkelewicz" <[email protected]>,
"Jeanmarie Davis" cc
Subject Fw: Follow-up
Sent from Wireless Device
Che sidaniusFederal Reserve Bank of NYOffice: (212) 720 2431Blackberry: (347) 561 0489
----- Original Message -----From: Che SidaniusSent: 09/14/2008 03:32 PM EDTTo: Todd Waszkelewicz; Jeanmarie DavisCc: Jeremy Gagne; William JohnsonSubject: Follow-up
Sent from Wireless Device
Che sidaniusFederal Reserve Bank of NYOffice: (212) 720 2431Blackberry: (347) 561 0489
----- Original Message -----From: Todd WaszkelewiczSent: 09/14/2008 02:15 PM EDTTo: Che SidaniusCc: Jeremy Gagne; William JohnsonSubject: Re: Status?
Great to hear...we'll talk at 8 your time. Thanks.
CheSidanius/NY/FRS
To09/14/2008 02:12 Todd Waszkelewicz/NY/FRS@FRS,PM Jeremy Gagne/NY/FRS@FRS
ccWilliam Johnson/NY/FRS@FRS
Subject
(b)(4) & (b)(8)
BOG--FOIA 10-267--001166
Re: Status?(Document link: ToddWaszkelewicz)
Duplicate
BOG--FOIA 10-267--001167
a C eJames A Clouse // DBOARD//FRS
09/14/2008 04:01 PM
To Michael S
Gibson/BOARD/FRS@BOARD cc
Subject Fw: (BN) ISDA Statement on Lehman
Brothers Bankruptcy Trades: Full Text
Mike...this was the announcement from ISDA.. Jim
c [email protected]: 703-304-6276blackberry: 202-390-3521----- Forwarded by James A Clouse/BOARD/FRS on 09/14/2008 04:02 PM -----
""J ES OUJ ES OUJAMES CLOUSEJAMES CLOUSE ,, BD. OF GOV.. OF EFED.." <jcjclouse@ berbloomberg.net>
09/14/2008 04:00 PM
cc
Subject (BN) ISDA Statement on Lehman Brothers Bankruptcy Trades : Full
Text
+-----------------------------------------------------------------------------
-+
ISDA Statement on Lehman Brothers Bankruptcy Trades: Full Text
2008-09-14 18:39:32.460 GMT
By Scott Lanman
Sept. 14 (Bloomberg) -- Following is a statement today from
the International Swaps and Derivatives Association:
``ISDA confirms a netting trading session will take place
between 2 pm and 4 pm New York time for OTC derivatives. Product
classes involved are credit, equity, rates, FX and commodity
derivatives. The purpose of this session is to reduce risk
associated with a potential Lehman Brothers Holding Inc.
bankruptcy filing. Trades are contingent on a bankruptcy filing
at or before 11:59 pm New York time, Sunday, September 14, 2008.
If there is no filing, the trades cease to exist. These trades
are subject to a protocol which is being distributed by ISDA
(International Swaps and Derivatives Association). Traders should
execute the protocol and return to ISDA.''
For Related News:
Top finance stories: TOP FIN <GO>
Derivatives: NI DRV <GO>
--Editor: Daniel Moss
To contact the reporter on this story:
Scott Lanman in Washington at +1-202-624-1934 or
(b) (5)
BOG--FOIA 10-267--001168
To contact the editor responsible for this story:
Chris Anstey at +1-202-624-1972 or [email protected]
BOG--FOIA 10-267--001169
LiAda Li // YNY/F SFRS
09/14/2008 04:06 PM
To Alexandra Merle-Huet/NY/FRS@FRS, Ann Miner/NY/FRS@FRS, Arthur
Angulo/NY/FRS@FRS, Beverly cc
Subject Invitation: Update on Bankruptcy Timeline (Sep 14 04:30 PM EDT in
13-027)
Chris Cumming is requesting this meeting for a quick debrief on what 's changed since the morning.
Dial In: 877-336-1829Part. Code: 645414
BOG--FOIA 10-267--001170
09/14/2008 04:16 PM
To Kevin Warsh/BOARD/FRS@BOARD cc
Subject re:
Anything to report?
In case I am asked:
(b) (6)
(b) (5)
BOG--FOIA 10-267--001171
o KohnDonald L Kohn / DBOARD// RFRS
09/14/2008 04:17 PM cc Subject Re: I am free for the moment --
09/14/2008 04:12 PM
To Donald L Kohn/BOARD/FRS@BOARD
cc
Subject I am free for the moment --
(b) (6)
(b) (6)
(b) (6)
(b) (5)
(b)(4) & (b)(5)
(b) (5)
BOG--FOIA 10-267--001172
Jeff StehmJeff StehmJeff StehmJeff Stehm ////BOARDBOARDBOARDBOARD////FRSFRSFRSFRS
09/14/2008 04:30 PM
To Jeffrey Marquardt/BOARD/FRS@BOARD,
Lawrence Sweet/NY/FRS@FRS, cc
Subject Talking Points for 7 PM
For comment
Jeff StehmAssociate DirectorFederal Reserve Board202-452-2217 (office)202-412-9846 (cell)email: [email protected]
BOG--FOIA 10-267--001173
(b) (5)
BOG--FOIA 10-267--001174
(b) (5)
BOG--FOIA 10-267--001175
e Jeremy Gagne /NY/FRS
09/14/2008 04:47 PM
To Che Sidanius/NY/FRS@FRS, Jeanmarie_Davis/NY/FRS@b1pmal12
.glc.frb.org, Jeff cc
Subject Notes from CLS meeting
Comments or additions welcome!
Jeremy GagneBank ExaminerFederal Reserve Bank of New YorkTel: 212-720-2911
BOG--FOIA 10-267--001176
(b)(4) & (b)(8)
BOG--FOIA 10-267--001177
(b)(4) & (b)(8)
BOG--FOIA 10-267--001178
09/14/2008 10:02 PM
To [email protected], [email protected],
Subject Lehman is decided to file
SEC updated statement will go out once they physically get to the court room
BOG--FOIA 10-267--001179
arsKevin Warsh /BOARD/F SFRS
09/14/2008 10:16 PM
To "Tim Geithner"
<[email protected]> cc
Subject Fw: Lehman is decided to file
Another good call tfg. Well done
Kevin----------------------------------------------------------------------------------Sent from my BlackBerry Wireless Handheld
Michelle A Smith
----- Original Message ----- From: Michelle A Smith
Sent: 09/14/2008 10:03 PM EDT
To: Donald Kohn; Kevin Warsh; [email protected]
Subject: Fw: Lehman is decided to file
----- Forwarded by Michelle A Smith/BOARD/FRS on 09/14/2008 10:03 PM -----
09/14/2008 10:02 PM
To [email protected], [email protected],
[email protected], [email protected]
Subject Lehman is decided to file
SEC updated statement will go out once they physically get to the court room
(b) (6)
BOG--FOIA 10-267--001180