LIBOR Item ID: 65 From: Lee, Timothy </O=EXCHANGELABS/OU=EXCHANGE ADMINISTRATIVE GROUP (FYDIBOHF23SPDLT)/CN=RECIPIENTS/CN=D9770D766B6642C4AC0F9F116D0B180D- TIMOTHY LEE> To: (b) (6) Subject: LIBOR Sent: June 29, 2012 8:16 AM Received: June 29, 2012 8:16 AM What do you think the odds are that Bob Diamond is filing for unemployment by Labor Day? ----- Timothy Lee Senior Policy Advisor 202-730-2821 [email protected] RE: LIBOR Item ID: 29 From: (b) (6) To: Lee, Timothy <[email protected]> Subject: RE: LIBOR Sent: June 29, 2012 10:28 AM Received: June 29, 2012 10:29 AM 50-50 From: Lee, Timothy [mailto:[email protected]] Sent: Friday, June 29, 2012 8:17 AM To: (b) (6) (b) (6) Subject: LIBOR What do you think the odds are that Bob Diamond is filing for unemployment by Labor Day? ----- Timothy Lee Senior Policy Advisor 202-730-2821 [email protected] Confidentiality Notice: The information in this email and any attachments may be confidential or privileged under applicable law, or otherwise protected from disclosure to anyone other than the intended recipient(s). Any use, distribution, or copying of this email, including any of its contents or attachments by any person other than the intended recipient, or for any purpose other than its intended use, is strictly prohibited. If you believe you received this email in error, please permanently delete it and any attachments, and do not save, copy, disclose, or rely on any part of the information. Please call the OIG at 202-730-4949 if you have any questions or to let us know you received this email in error. ************************************************************************* This message and any attachments (the "message") are confidential, intended solely for the addressee(s), and may contain legally privileged information. Any unauthorised use or dissemination is prohibited. E-mails are susceptible to alteration. Neither SOCIETE GENERALE nor any of its subsidiaries or affiliates shall be liable for the message if altered, changed or falsified. ************************************************************************* Re: Idle fantasies Item ID: 111 From: (b) (6) > To: [email protected] <[email protected]> Subject: Re: Idle fantasies Sent: July 26, 2012 10:12 AM Received: July 26, 2012 10:14 AM BO is barack obama? All these banks have billions in liabilities - mortgage putbacks, libor rigging, underwater assets due to mark to markets. SG (gle fp) look up our proce-to-book! From : Lee, Timothy [mailto:[email protected]] Sent : Thursday, July 26, 2012 10:03 AM To : (b) (6) (b) (6) sa Subject : Idle fantasies Citigroup is trading at under half tangible book, according to reports. Equity market cap is about $70bn or so. The largest LBO ever done was about $35 bn. If you think about it, you wouldn’t even need an LBO for the TBTF banks, which are already levered to the gills. All you’d need is a BO. About $35 bn to get a controlling share of the company, then strip out Citibank, Salomon Brothers etc and sell the parts. Um, what am I missing here? Confidentiality Notice: The information in this email and any attachments may be confidential or privileged under applicable law, or otherwise protected from disclosure to anyone other than the intended recipient(s). Any use, distribution, or copying of this email, including any of its contents or attachments by any person other than the intended recipient, or for any purpose other than its intended use, is strictly prohibited. If you believe you received this email in error, please permanently delete it and any attachments, and do not save, copy, disclose, or rely on any part of the information. Please call the OIG at 202-730- 4949 if you have any questions or to let us know you received this email in error. ************************************************************************* This message and any attachments (the "message") are confidential, intended solely for the addressee(s), and may contain legally privileged information. Any unauthorised use or dissemination is prohibited. E-mails are susceptible to alteration. Neither SOCIETE GENERALE nor any of its subsidiaries or affiliates shall be liable for the message if altered, changed or falsified. ************************************************************************* RE: Idle fantasies Item ID: 112 From: Lee, Timothy </o=ExchangeLabs/ou=Exchange Administrative Group (FYDIBOHF23SPDLT)/cn=Recipients/cn=d9770d766b6642c4ac0f9f116d0b180d-Timothy Lee> To: (b) (6) > Subject: RE: Idle fantasies Sent: July 26, 2012 10:25 AM Received: July 26, 2012 10:25 AM Maybe too late. Stock rocketing up today. Make sure Draghi gets his cut. From: (b) (6) (b) (6) ] Sent: Thursday, July 26, 2012 10:13 AM To: Lee, Timothy Subject: Re: Idle fantasies BO is barack obama? All these banks have billions in liabilities - mortgage putbacks, libor rigging, underwater assets due to mark to markets. SG (gle fp) look up our proce-to-book! From : Lee, Timothy [mailto:[email protected]] Sent : Thursday, July 26, 2012 10:03 AM To : (b) (6) Subject : Idle fantasies Citigroup is trading at under half tangible book, according to reports. Equity market cap is about $70bn or so. The largest LBO ever done was about $35 bn. If you think about it, you wouldn’t even need an LBO for the TBTF banks, which are already levered to the gills. All you’d need is a BO. About $35 bn to get a controlling share of the company, then strip out Citibank, Salomon Brothers etc and sell the parts. Um, what am I missing here? Confidentiality Notice: The information in this email and any attachments may be confidential or privileged under applicable law, or otherwise protected from disclosure to anyone other than the intended recipient(s). Any use, distribution, or copying of this email, including any of its contents or attachments by any person other than the intended recipient, or for any purpose other than its intended use, is strictly prohibited. If you believe you received this email in error, please permanently delete it and any attachments, and do not save, copy, disclose, or rely on any part of the information. Please call the OIG at 202-730- 4949 if you have any questions or to let us know you received this email in error. ************************************************************************* This message and any attachments (the "message") are confidential, intended solely for the addressee(s), and may contain legally privileged information. Any unauthorised use or dissemination is prohibited. E-mails are susceptible to alteration. Neither SOCIETE GENERALE nor any of its subsidiaries or affiliates shall be liable for the message if altered, changed or falsified. ************************************************************************* LIBOR Item ID: 113 From: Lee, Timothy </o=ExchangeLabs/ou=Exchange Administrative Group (FYDIBOHF23SPDLT)/cn=Recipients/cn=d9770d766b6642c4ac0f9f116d0b180d-Timothy Lee> To: (b) (6) Subject: LIBOR Sent: August 29, 2012 9:03 AM Received: August 29, 2012 9:03 AM Hi (b) (6) , Great to catch up. Per our conversation, here is the Schwab suit . As we discussed, it would be great to get color from business, legal or operations folks related to this case or other noteworthy issues. You are free to give out my name, position, and contact information at your discretion. The offer for lunch stands whenever you come to Washington again. Just let me know. Best, Tim ----- Timothy Lee Senior Policy Advisor, FHFA-OIG 202-730-2821 FW: LIBOR: one more thing Item ID: 116 From: Lee, Timothy </o=ExchangeLabs/ou=Exchange Administrative Group (FYDIBOHF23SPDLT)/cn=Recipients/cn=d9770d766b6642c4ac0f9f116d0b180d-Timothy Lee> To: Millman, Phillip <[email protected]> Cc: [email protected] <[email protected]> Subject: FW: LIBOR: one more thing Sent: September 7, 2012 10:21 AM Received: September 7, 2012 10:21 AM Hi gentlemen, This falls into the “duh” category, but better late than never I suppose. Tim From: Lee, Timothy Sent: Friday, September 07, 2012 10:12 AM To: [email protected]; Greenlee, Jon ([email protected]); Sciacca, Christie ([email protected]); [email protected] Subject: LIBOR: one more thing Hi all, You know, in the shower this morning I realized that there is an obvious way to elaborate on the “other assets” mentioned yesterday. My experience in the markets suggests that the great majority of the Enterprises’ PLMBS portfolio is in floating-rate format. A quick, unscientific Bloomberg “gut check” of five deals named in FHFA’s PLMBS-related Bank of America lawsuit from last September resulted in two fixed-rate assets and three LIBOR-pegged assets. In light of the fact that the Enterprises’ PLMBS holdings, though falling, remain very substantial (falling, according to the last OMM I saw, from $150 billion at end 2009 to $115 billion currently). Even if only half the Enterprises’ PLMBS assets are floating rate, it is very, very easy to pencil in LIBOR suppression losses for a single year running into nine figures on that portfolio alone. This is over and above the figures indicated on yesterday’s sheet, and of course for deals sold in many cases by the very banks accused of LIBOR-related misconduct. In light of this, as decisions are made on starting a closer analysis, the PLMBS portfolio may prove to be an additional rich vein to mine. Tim ----- Timothy Lee Senior Policy Advisor, FHFA-OIG 202-730-2821 Out of Office: LIBOR Item ID: 944 From: Millman, Phillip <[email protected]> To: Timothy Lee <[email protected]> Subject: Out of Office: LIBOR Sent: June 29, 2012 8:15 AM Received: June 29, 2012 8:15 AM I'm out of the office starting on 6/28/12 and returning to the office on 07/10/12. I will have limted access to email and voice mail. I will respond to messages when I can. If this an extremely urgent matter, please contact my supervisor, Steve Hart, at 202-649-3053.