Defendant Federal Reserve Docum. Production Lehman Part III Summer 2008 Heavy Redactions (Lawsuit #3)

From: Jeff Stehm
To: Jennifer Lucier; Melissa Vanlandingham; Dibora Amanuel

Subject: Fw: Thursday schedule for bankruptcy stream
Date: 09/11/2008 10:29 PM
Attachments: LEH rank in League Tables 2006-1H08.xls
Project.doc
Close Out LEH derivatives orderly unwind.doc
Memo communication.doc
Triparty Cheat Sheet 9 12 08.doc
Triparty Repo Contingency.doc
OTC Derivatives.doc
OTC Derivative Descriptive Data.xls
▼ Theodore Lubke
----- Original Message -----

From: Theodore Lubke
Sent: 09/11/2008 10:29 PM EDT
To: Ann Miner; brehenyb@sec.gov; canavanj@sec.gov; Clinton Lively; Dianne
Dobbeck; hsum@sec.gov; Jan Voigts; Jeanmarie Davis; Jeff Stehm; Jeffrey
Marquardt; Jim Mahoney; JohnP McGowan; Jonathan Polk; Joseph Sommer; Lily
Tham; Lisa Joniaux; Lucinda Brickler; Marsha Takagi; mcgowant@sec.gov;
Michael Schussler; Patrick Parkinson; Shari Ben-Haim; Susan Stiehm; Theodore
Lubke; Wendy Ng; Ada Li; Jamie McAndrews; Chris McCurdy
Subject: Thursday schedule for bankruptcy stream
We will gather at 9 am to assess where we on the various streams.
For those who have not yet circulated your work, please circulate to all
on this list.
We will also prepare for an 11 am briefing for Tim in the Board Room
where we will run through what a bankruptcy scenario looks like.
I propose the following outline for the presentation. It may get pared
down since we only have one hour. I'd like to have the leads on each
of the topics take the lead in presenting their topic.
(b) (5)
Finally, here are some docs (with cover notes) from recent e-mails that
not everyone may have received.
BOG--FOIA 10-267--001181
Thank you all for your excellent and hard work.
Theo
----- Forwarded by Theodore Lubke/NY/FRS on 09/11/2008 10:06 PM -----
Daniel
Muccia/NY/FRS
To Theodore Lubke/NY/FRS@FRS
cc
09/11/2008 09:09 PM 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. Muccia
Bank Supervision Group
Foreign Banks
Tel. 212-720-5692
Fax 212-720-7665
Jonathan
Polk/NY/FRS
To Jim Mahoney/NY/FRS@FRS, Clinton
Lively/NY/FRS@FRS, Joseph Sommer/NY/FRS@FRS,
Theodore Lubke/NY/FRS@FRS
09/11/2008 08:42 PM cc
Subject LEH derivatives close out
Here is an attempt to put something on paper that captures the

essence of our thinking. (b) (5)
Susan Stiehm/NY/FRS
To Theodore Lubke/NY/FRS@FRS, Wendy
Ng/NY/FRS@FRS
BOG--FOIA 10-267--001182
09/11/2008 08:37 PM cc
Subject Project
Hi, I just wanted to share what I have gathered so far as the Desk's
operational exposures as well as some figures I've pulled together
regarding market impact. I've also attached the league tables provided
by Bank Supervision.
________________________________________
Susan Stiehm
Domestic Capital Markets
Markets Group
Federal Reserve Bank of New York
212.720.2071
Note that you can also use area code (646) for all FRBNY phone
numbers.
The information contained in this message is the opinion of the sender

and not necessarily that of the Bank or the Federal Reserve System.
Lucinda M
Brickler/NY/FRS
To Andrew Danzig/NY/FRS@FRS, Arthur
Angulo/NY/FRS@FRS, Beverly Hirtle/NY/FRS@FRS,
Brian Peters/NY/FRS@FRS, Calvin
09/11/2008 07:43 PM 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, Steven.Shafran@do.treas.gov,
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,
Timothy Geithner/NY/FRS@FRS, Mark
VanDerWeide/BOARD/FRS@BOARD
cc
BOG--FOIA 10-267--001183
Subject Restruicted FR--triparty repo thoughts for tomorrow 9
12 08
Restricted FR
Hello all
So far, I've heard of nothing from JPMC regarding concerns about

unwinding triparty repo tomorrow a.m. (b) (5)
(b) (5)
Lucinda
Lucinda Brickler
Payments Policy Function
212.720.6132 or 646.720.6132
Clinton Lively/NY/FRS
To Theodore Lubke/NY/FRS@FRS, Jonathan
Polk/NY/FRS@FRS, Jim Mahoney/NY/FRS@FRS, Dianne
09/11/2008 05:15 PM Dobbeck/NY/FRS@FRS, Brian Peters/NY/FRS@FRS,
Sarah Dahlgren/NY/FRS@FRS, Patrick M
Parkinson/BOARD/FRS@BOARD, Anthony
Cirillo/NY/FRS@FRS
cc
Subject Notes on LEH OTC Derivatives
Updated outline on issues related to unwinding the OTC derivative

book at LEH.
Best
Clint
BOG--FOIA 10-267--001184
BOG--FOIA 10-267--001185
HY
Book Runner Proceeds Amount +

Full to Overallotment Sold Mkt. Number of
Book Runner (Equal if Joint) This Market (US$ Mil) Rank Share Issues
Lehman Brothers 1,588.9 9 5.1 13
Industry Total 31,361.7 - 100.0 76
IG

Industry Total 1,345,631.5 - 100.0 2,591
Corporate Bonds

Industry Total 1,376,993.2 - 100.0 2,667
MBS

Industry Total 172,911.5 - 100.0 321
ABS

Industry Total 186,227.6 - 100.0 399
Cash CDOs

Industry Total 43,254.1 - 100.0 144
All Syndicated Loans
Book Runner Proceeds Amount

Full to This Market Mkt. Number of
Book Runner (Equal if Joint) (US$ Mil) Rank Share Issues
Lehman Brothers 13,102.0 25 .9 23
Industry Total 1,534,872.6 - 100.0 3,655
Lev Syndicated Loans

Industry Total 423,173.2 - 100.0 1,044
Equity
Industry Total 305,220.6 - 100.0 1,293
BOG--FOIA 10-267--001186
HY
Industry Total 177,049.3 - 100.0 861
IG

Industry Total 2,619,934.4 - 100.0 7,001
Corporate Bonds

Industry Total 2,786,204.8 - 100.0 7,300
MBS

Industry Total 1,328,162.6 - 100.0 2,087
CMBS

Industry Total 338,953.4 - 100.0 800
RMBS

Industry Total 999,988.1 - 100.0 1,846
ABS

Industry Total 1,193,280.0 - 100.0 2,945
ReCredit/HE

Industry Total 235,921.5 - 100.0 1,063
Cash CDOs

Industry Total 447,505.8 - 100.0 1,689
SF Cash CDOs

Industry Total 197,079.8 - 100.0 932

Industry Total 4,706,437.8 - 100.0 9,011
Lev Syndicated Loans

Industry Total 1,638,618.7 - 100.0 2,848
Equity

Industry Total 887,830.9 - 100.0 4,456
US Municipal New Issues
Book Runner
Full to Par Amount Mkt. Number of
Book Runner (Equal if Joint) (US$ mil) Rank Share Issues
Industry Total 424,655.3 - 100.0 12,232
Completed M&A
Financial Advisor Ranking Value inc.

Full to Net Debt Mkt. Number of
Each Eligible Advisor of Target ($ Mil) Rank Share Deals
Lehman Brothers 749,853.9 7 19.6% 246
Industry Total 3,831,337.8 - 100.0 29,417
Announced M&A

Lehman Brothers 589,182.7 5 22.1% 189
Industry Total 2,662,854.4 - 100.0 26,791
BOG--FOIA 10-267--001187
2006 IG

Industry Total 2,623,774.2 - 100.0 7,119
2006 HY

Industry Total 198,992.1 - 100.0 948
2006 Corporate Bonds

Industry Total 2,812,133.2 - 100.0 7,479
2006 MBS

Industry Total 1,430,780.4 - 100.0 2,332
2006 CMBS

Industry Total 277,487.7 - 100.0 827
2006 RMBS

Industry Total 1,172,924.2 - 100.0 2,109
2006 ABS

Industry Total 1,510,350.5 - 100.0 3,429
2006 HEL ABS

Industry Total 495,690.1 - 100.0 1,628
2006 Cash CDOs

Industry Total 464,479.4 - 100.0 1,626

Industry Total 3,947,544.5 - 100.0 9,123
Equity 2006

Industry Total 698,632.2 - 100.0 3,444
US Municipal New Issues
Book Runner
Full to Par Amount Mkt. Number of
Book Runner (Equal if Joint) (US$ mil) Rank Share Issues
Industry Total 383,117.0 - 100.0 12,469
2006 Completed M&A

Lehman Brothers 468,512.0 7 16.2 198
Industry Total 2,890,469.4 - 100.0 25,048
2006 Announced M&A

Lehman Brothers 592,246.2 8 16.0 219
Industry Total 3,695,117.3 - 100.0 37,197
BOG--FOIA 10-267--001188
The Desk’s Exposure
(b) (5)
BOG--FOIA 10-267--001189
(b) (5)
Market Impact
Summary: Lehman has migrated away from corporate debt holdings to Treasuries and
Agency debt during the past couple of weeks. However, their share of weekly trading
volumes in corporate debt remains around 20 percent, followed by 10 percent in
Treasuries.
Trading:
% Lehman's Market Share of Trading Volumes

35%
Treasuries AGY MBS Corp
30%
25%
20%
15%
10%
5%
0%
7/4/01
11/4/01
3/4/02
7/4/02
11/4/02
3/4/03
7/4/03
11/4/03
3/4/04
7/4/04
11/4/04
3/4/05
7/4/05
11/4/05
3/4/06
7/4/06
11/4/06
3/4/07
7/4/07
11/4/07
3/4/08
7/4/08
Source: FR2004 weekly volume data
Positions: Treasuries, Agencies, MBS and Corp
BOG--FOIA 10-267--001190
5000
10000
15000
20000
25000
30000
35000
40000
45000
10000
20000
30000
40000
50000
60000
70000
80000
90000
0
0
0
50000
100000
150000
200000
250000
7/4/2001 7/4/2001 7/4/2001
1/4/2002 1/4/2002 1/4/2002
7/4/2002 7/4/2002 7/4/2002
Avg
1/4/2003
Avg
1/4/2003 1/4/2003
Avg
7/4/2003 7/4/2003 7/4/2003
1/4/2004 1/4/2004 1/4/2004
Lehman
Lehman
7/4/2004
Lehman
7/4/2004 7/4/2004
1/4/2005 1/4/2005 1/4/2005

7/4/2005 7/4/2005
7/4/2005
1/4/2006 1/4/2006
1/4/2006
7/4/2006 7/4/2006
7/4/2006
Primary Dealer Average

1/4/2007 1/4/2007
1/4/2007
7/4/2007 7/4/2007
7/4/2007
1/4/2008 1/4/2008
Gross Lehman MBS Position Compared to

Gross Lehman AGY Position Compared to
Gross Lehman TSY Position Compared to
1/4/2008
7/4/2008 7/4/2008
7/4/2008
BOG--FOIA 10-267--001191
Gross Lehman Corp Position Compared to
35000
30000 Avg Lehman
25000
20000
15000
10000
5000
0
7/4/2001
1/4/2002
7/4/2002
1/4/2003
7/4/2003
1/4/2004
7/4/2004
1/4/2005
7/4/2005
1/4/2006
7/4/2006
1/4/2007
7/4/2007
1/4/2008
7/4/2008
FX – FX Committee produces FX Volume Survey
Statistics should have the individual dealer information as of April, 2008
BOG--FOIA 10-267--001192
LEH Derivatives Close Out
(b) (5)
BOG--FOIA 10-267--001193
FEDERAL RESERVE BANK
OF NEW YORK
OFFICE MEMORANDUM
DATE September 11, 2008
TO Theo Lubke SUBJECT Communication Plan
FROM Daniel Muccia
(b) (5)
BOG--FOIA 10-267--001194
2
(b) (5)
BOG--FOIA 10-267--001195
3
(b) (5)
BOG--FOIA 10-267--001196
4
(b) (5)
BOG--FOIA 10-267--001197
5
(b) (5)
BOG--FOIA 10-267--001198
Restricted F.R. September 26, 2010
Triparty Repo Cheat Sheet

9 12 08
(b) (5)
Page 1 of 2
BOG--FOIA 10-267--001199
(b) (5)
Page 2 of 2
BOG--FOIA 10-267--001200
Restricted F.R. DRAFT
Contingency Planning
Loss of Confidence in Major Securities Dealer
(b) (5)
Sunday, September 26, 2010 Page 1 of 3

BOG--FOIA 10-267--001201
(b) (5)

BOG--FOIA 10-267--001202
(b) (5)

BOG--FOIA 10-267--001203
9/11/2008 5:09 PM
LEH OTC Derivatives
(b) (5)
1
BOG--FOIA 10-267--001204
(b) (5)
BOG--FOIA 10-267--001205
(b) (5)
3
BOG--FOIA 10-267--001206
(b) (5)
BOG--FOIA 10-267--001207
From: Ada Li
To: Jeffrey Marquardt; Jeff Stehm; Patrick M Parkinson; Pat White
Subject: Fw: Thursday schedule for bankruptcy stream - 9am mtg
Date: 09/12/2008 09:19 AM
Attachments: Communication Plan.doc
Memo communication.doc
Close Out LEH derivatives orderly unwind.doc
LEH rank in League Tables 2006-1H08.xls
Project.doc
Triparty Cheat Sheet 9 12 08.doc
OTC Derivatives.doc
FYI: For the 9 AM
Thanks,
Ada Li
Federal Reserve Bank
Tel: 212-720-6468
Ada.Li@ny.frb.org
----- Forwarded by Ada Li/NY/FRS on 09/12/2008 09:19 AM -----
Lily Tham/NY/FRS
To Steven Pesek/NY/FRS@FRS
cc Ada Li/NY/FRS, Shari Ben-Haim/NY/FRS@FRS
09/12/2008 01:46 AM
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 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 Tham/NY/FRS
To Wendy Ng/NY/FRS
cc
09/11/2008 11:37 PM
Subject Fw: Thursday schedule for bankruptcy stream -
Communication Plan
FYI, as well . . .
Daniel Muccia/NY/FRS
To Theodore Lubke/NY/FRS@FRS, Marsha
BOG--FOIA 10-267--001208
Takagi/NY/FRS@FRS
09/11/2008 11:32 PM cc Lily Tham/NY/FRS@FRS
Subject
Re: Thursday schedule for bankruptcy stream
Ok thanks. See you at 9am

----- Forwarded by Lily Tham/NY/FRS on 09/11/2008 11:33 PM -----
Theodore
Lubke/NY/FRS
To Daniel Muccia/NY/FRS@FRS, Marsha
Takagi/NY/FRS@FRS
cc Lily Tham/NY/FRS@FRS
09/11/2008 11:26 PM
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 - a few comments:
(b) (5)
Lily also cleaned up the formatting a bit, so please use this version.
Thank you.
Theo
Theo Lubke
Senior Vice President
theodore.lubke@ny.frb.org
tel: 212-720-6334
fax: 212-720-7818
http://www.newyorkfed.org
Theodore
Lubke/NY/FRS
To Ann Miner/NY/FRS@FRS, brehenyb@sec.gov,
canavanj@sec.gov, Clinton Lively/NY/FRS@FRS,
Dianne Dobbeck/NY/FRS@FRS, hsum@sec.gov, Jan
09/11/2008 10:29 PM Voigts/NY/FRS@FRS, Jeanmarie Davis/NY/FRS@FRS,
Jeff Stehm/BOARD/FRS@BOARD, Jeffrey
BOG--FOIA 10-267--001209
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, mcgowant@sec.gov, 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
cc
Subject Thursday schedule for bankruptcy stream
Duplicate
BOG--FOIA 10-267--001210
FEDERAL RESERVE BANK
OF NEW YORK
OFFICE MEMORANDUM
DATE September 11, 2008
TO Theo Lubke SUBJECT Communication Plan
FROM Daniel Muccia
Restricted F.R.
(b) (5)
BOG--FOIA 10-267--001211
2 Comunication Plan
Restricted F.R.
(b) (5)
BOG--FOIA 10-267--001212
3 Comunication Plan
Restricted F.R.
(b) (5)
(b) (5)
BOG--FOIA 10-267--001213
4 Comunication Plan
Restricted F.R.
Appendix A
Contact Information for Supervisors/Regulators

(b) (5)
BOG--FOIA 10-267--001214
5 Comunication Plan
Restricted F.R.
(b) (5)
BOG--FOIA 10-267--001215
From: Jamie McAndrews
To: Lucinda M Brickler
Cc: Chris.McCurdy@ny.frb.org; HaeRan Kim; Meg McConnell; Michael Schussler; Patrick M Parkinson;
Sandy.Krieger@ny.frb.org; Susan McLaughlin
Subject: Re: restricted fr--JPMC unwind cheat sheet
Date: 09/10/2008 03:39 PM
Attachments: JPMC Call Cheat Sheet.doc
Hi Lucinda,
(b) (5)
Thanks.
(b) (5)
Jamie
▼ Lucinda M Brickler/NY/FRS
Lucinda M
Brickler/NY/FRS
To Patrick M Parkinson/BOARD/FRS@BOARD,
Chris.McCurdy@ny.frb.org, Meg
McConnell/NY/FRS@FRS, Jamie
09/10/2008 03:14 PM McAndrews/NY/FRS@FRS, Susan
McLaughlin/NY/FRS@FRS, Patrick M
Parkinson/BOARD/FRS@BOARD, Michael
Schussler/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS,
Sandy.Krieger@ny.frb.org
cc
Subject restricted fr--JPMC unwind cheat sheet
Restricted FR
I created the following cheat sheet (b) (5)

(b) (5) (b) (5)
(b) (5)
Please let
me know what thoughts you have.
Lucinda
Second attachment is a duplicate
Lucinda Brickler
212.720.6132 or 646.720.6132
BOG--FOIA 10-267--001216
JPMC Unwind
Cheat Sheet
(b) (5)
BOG--FOIA 10-267--001217
(b) (5)
BOG--FOIA 10-267--001218
From: Patrick.M.Parkinson@frb.gov
To: brian.f.madigan@frb.gov; scott.alvarez@frb.gov
Subject: Fw: restricted fr--JPMC unwind cheat sheet
Date: 09/10/2008 05:23 PM
JPMC Call Cheat Sheet.doc
(b) (5)
Pat
----- Forwarded by Patrick M Parkinson/BOARD/FRS on 09/10/2008 05:21 PM
-----
Lucinda M
Brickler/NY/FRS@F
RS To
Lucinda.Brickler@ny.frb.org
09/10/2008 05:12 cc
PM Chris.McCurdy@ny.frb.org, HaeRan
Kim/NY/FRS@FRS, Jamie
McAndrews/NY/FRS@FRS, Meg
McConnell/NY/FRS@FRS, Michael
Parkinson/BOARD/FRS@BOARD,
Sandy.Krieger@ny.frb.org, Susan
McLaughlin/NY/FRS@FRS
Subject
Re: restricted fr--JPMC unwind
cheat sheet(Document link: Patrick
M Parkinson)
(b) (5)
(b) (5)
(See attached file: JPMC Call Cheat Sheet.doc)
Lucinda Brickler
212.720.6132 or 646.720.6132
Lucinda M
Brickler/NY/FRS
To
09/10/2008 03:14 Patrick M Parkinson/BOARD/FRS,
PM Chris McCurdy/NY/FRS, Meg
McConnell/NY/FRS, Jamie
McAndrews/NY/FRS, Susan
McLaughlin/NY/FRS, Patrick M
Parkinson/BOARD/FRS, Michael
Schussler/NY/FRS, HaeRan
BOG--FOIA 10-267--001219
Kim/NY/FRS, Sandy Krieger/NY/FRS
cc
Subject
restricted fr--JPMC unwind cheat
sheet
Duplicate
BOG--FOIA 10-267--001220
From: Patrick M Parkinson
To: Mark VanDerWeide
Subject: Fw: restricted fr--JPMC unwind cheat sheet
Date: 09/11/2008 10:09 AM
----- Forwarded by Patrick M Parkinson/BOARD/FRS on 09/11/2008 10:09 AM -----
Lucinda M
Brickler/NY/FRS@FRS
To Patrick M Parkinson/BOARD/FRS@BOARD,
Chris.McCurdy@ny.frb.org, Meg
McConnell/NY/FRS@FRS, Jamie
09/10/2008 03:11 PM McAndrews/NY/FRS@FRS, Susan
McLaughlin/NY/FRS@FRS, Patrick M
Parkinson/BOARD/FRS@BOARD, Michael
Schussler/NY/FRS@FRS, HaeRan Kim/NY/FRS@FRS,
Sandy.Krieger@ny.frb.org
cc
Subject restricted fr--JPMC unwind cheat sheet
Duplicate
BOG--FOIA 10-267--001221
From: Clinton.Lively@ny.frb.org
To: Patrick Parkinson
Subject: Fw: LEH OTC Derivatives
Date: 09/11/2008 02:20 PM
Attachments: OTC Derivatives.doc
Early draft

From: Clinton Lively
Sent: 09/11/2008 12:58 PM EDT
To: Jonathan Polk; Jim Mahoney; Dianne Dobbeck; Anthony Cirillo
Subject: LEH OTC Derivatives
Please find attached an outline of issues related to management of LEH's
OTC derivative book - please comment/complete .
Thanks
CLint
(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--001222
LEH OTC Derivatives
(b) (5)
BOG--FOIA 10-267--001223
(b) (5)
2
BOG--FOIA 10-267--001224
(b) (5)
3
BOG--FOIA 10-267--001225
(b) (5)
BOG--FOIA 10-267--001226
From: Mark VanDerWeide
To: Scott Alvarez; Brian F Madigan; Deborah P Bailey
Subject: Fw: latest doc
Date: 09/11/2008 02:33 PM
fyi
----- Forwarded by Mark VanDerWeide/BOARD/FRS on 09/11/2008 02:32 PM -----
Lucinda M
Brickler/NY/FRS@FRS
To Mark VanDerWeide/BOARD/FRS@BOARD, Patrick M
Parkinson/BOARD/FRS@BOARD
cc
09/11/2008 02:02 PM
Subject latest doc
The attachments are duplicates.
Lucinda Brickler
212.720.6132 or 646.720.6132
BOG--FOIA 10-267--001227
To: Mark VanDerWeide
Subject: Fw: Restruicted FR--triparty repo thoughts for tomorrow 9 12 08
Date: 09/11/2008 07:59 PM
Attachments: Triparty Cheat Sheet 9 12 08.doc
▼ Lucinda M Brickler

From: Lucinda M Brickler
Sent: 09/11/2008 07:43 PM EDT
To: Andrew Danzig; Arthur Angulo; Beverly Hirtle; Brian Peters; Calvin
Mitchell; Chris Burke; Chris McCurdy; Christine Cumming; Debby Perelmuter;
Dianne Dobbeck; HaeRan Kim; Jamie McAndrews; Jeanmarie Davis; Joseph Sommer;
Joseph Tracy; Lucinda Brickler; Maria Ambrosio; Meg McConnell; Michael
Nelson; Michael Schetzel; Michael Schussler; Patricia Mosser; Patrick
Parkinson; Sandy Krieger; Sarah Dahlgren; Scott Alvarez; Simon Potter;
Steven.Shafran@do.treas.gov; Susan Stiehm; Terrence Checki; Theodore Lubke;
Thomas Baxter; Til Schuermann; Tobias Adrian; William BRODOWS; William
Dudley; William Rutledge; Timothy Geithner; Mark VanDerWeide
Subject: Restruicted FR--triparty repo thoughts for tomorrow 9 12 08
Restricted FR
Hello all
So far, I've heard of nothing from JPMC regarding concerns about

unwinding triparty repo tomorrow a.m. (b) (5) (
(b) (5)
Lucinda
Attachments are duplicates
Lucinda Brickler
212.720.6132 or 646.720.6132
BOG--FOIA 10-267--001228
From: Theodore Lubke
To: Wendy Ng; Zahra El-Mekkawy; Brian Peters; Sarah.Dahlgren@ny.frb.org; Arthur Angulo
Cc: Jamie McAndrews; Patrick M Parkinson
Subject: Fw: Thursday schedule for bankruptcy stream
Date: 09/12/2008 08:22 AM
Attachments: Default Management Group Sep 12 morning pmp comments.doc
Wendy - If we do have this meeting, you should think about (b) (5)
BASZ - Is there a crack SG 14-16 staff member we could assign to this effort to help
with organization and logistics? Our team is getting stretched. Not certain it will go
fwd but wld hate to be caught flat footed.
Theo Lubke
Senior Vice President
theodore.lubke@ny.frb.org
tel: 212-720-6334
fax: 212-720-7818
http://www.newyorkfed.org
----- Forwarded by Theodore Lubke/NY/FRS on 09/12/2008 08:15 AM -----
Patrick M
To Jamie McAndrews/NY/FRS@FRS
cc Ada Li/NY/FRS@FRS, Ann
Miner/NY/FRS@FRS,
09/12/2008 08:13 AM Beverly.Hirtle@ny.frb.org,
brehenyb@sec.gov, canavanj@sec.gov, Chris
McCurdy/NY/FRS@NY, Clinton
Lively/NY/FRS@FRS, Dianne
Dobbeck/NY/FRS@FRS, hsum@sec.gov, Jan
Voigts/NY/FRS@FRS, Jeanmarie
Davis/NY/FRS@FRS, Jeff
Stehm/BOARD/FRS@BOARD, Jeffrey
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, mcgowant@sec.gov,
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
Subject Re: Thursday schedule for bankruptcy
stream
BOG--FOIA 10-267--001229
Jamie,
A few quick comments. (b) (5)

(b) (5)
Pat
▼ Jamie McAndrews/NY/FRS@FRS
Jamie
McAndrews/NY/FRS@FRS
To Theodore Lubke/NY/FRS@FRS
cc Ada Li/NY/FRS@FRS, Ann Miner/NY/FRS@FRS,
09/12/2008 07:48 AM McCurdy/NY/FRS@NY, Clinton Lively/NY/FRS@FRS,
Dianne Dobbeck/NY/FRS@FRS, hsum@sec.gov, Jan
Polk/NY/FRS@FRS, Joseph Sommer/NY/FRS@FRS,
Lily Tham/NY/FRS@FRS, Lisa
Parkinson/BOARD/FRS@BOARD, Shari Ben-
Theodore Lubke/NY/FRS@FRS, Wendy
Ng/NY/FRS@FRS, Tobias Adrian/NY/FRS@FRS,
Beverly.Hirtle@ny.frb.org, Michael
Schussler/NY/FRS@FRS
Subject
Hi all,
Here is a version of the default management group. I'll need

assistance today in fleshing this out further.
Jamie
[attachment "Default Management Group Sep 12 morning.doc" deleted

by Patrick M Parkinson/BOARD/FRS]
▼ Theodore Lubke/NY/FRS
BOG--FOIA 10-267--001230
September 12, 2008 7:30
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--001231
(b) (5)
BOG--FOIA 10-267--001232
To: Patrick M Parkinson
Cc: Ada Li; Ann Miner; Beverly.Hirtle@ny.frb.org; brehenyb@sec.gov; canavanj@sec.gov; Chris McCurdy; Clinton
Lively; Dianne Dobbeck; hsum@sec.gov; Jan Voigts; Jeanmarie Davis; Jeff Stehm; Jeffrey Marquardt; Jim
Mahoney; JohnP McGowan; Jonathan Polk; Joseph Sommer; Lily Tham; Lisa Joniaux; Lucinda M Brickler;
Marsha Takagi; mcgowant@sec.gov; Michael Schussler; Shari Ben-Haim; Susan Stiehm; Theodore Lubke;
Tobias Adrian; Wendy Ng; Beverly.Hirtle@ny.frb.org
Subject: Re: Thursday schedule for bankruptcy stream
Date: 09/12/2008 08:40 AM
Attachments: Default Management Group Sep 12 mid-morning.doc
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
▼ Patrick M Parkinson/BOARD/FRS@BOARD
Patrick M
Miner/NY/FRS@FRS,
Ng/NY/FRS@FRS
stream
Duplicate
BOG--FOIA 10-267--001233
F.R. Restricted
September 12, 2008 7:30

potential actions in the event of a default by Lehman
(b) (5)
BOG--FOIA 10-267--001234
(b) (5)
BOG--FOIA 10-267--001235
(b) (5)
BOG--FOIA 10-267--001236
To: Jamie McAndrews
Tobias Adrian; Wendy Ng
Date: 09/12/2008 08:56 AM
Attachments: Default Management Group Sep 12 mid-morning.doc
Much improved. A few further suggestions are attached.
Pat
▼ Jamie McAndrews/NY/FRS@FRS
Jamie
McAndrews/NY/FRS@FRS
To Patrick M Parkinson/BOARD/FRS@BOARD
cc Ada Li/NY/FRS@FRS, Ann Miner/NY/FRS@FRS,
Beverly.Hirtle@ny.frb.org, brehenyb@sec.gov,
09/12/2008 08:40 AM canavanj@sec.gov, Chris McCurdy/NY/FRS@NY,
Clinton Lively/NY/FRS@FRS, Dianne
Polk/NY/FRS@FRS, Joseph Sommer/NY/FRS@FRS,
Lily Tham/NY/FRS@FRS, Lisa
Schussler/NY/FRS@FRS, Shari Ben-
Theodore Lubke/NY/FRS@FRS, Tobias
Adrian/NY/FRS@FRS, Wendy Ng/NY/FRS@FRS,
Beverly.Hirtle@ny.frb.org
Subject
Duplicate
BOG--FOIA 10-267--001237
F.R. Restricted
September 12, 2008 7:30

(b) (5)
BOG--FOIA 10-267--001238
(b) (5)
BOG--FOIA 10-267--001239
(b) (5)
BOG--FOIA 10-267--001240
Date: 09/12/2008 09:16 AM
Thanks, Pat, I'll incorporate.

Jamie
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)
▼ Patrick M Parkinson

Sent: 09/12/2008 08:56 AM EDT
To: Jamie McAndrews
Cc: Ada Li; Ann Miner; Beverly Hirtle; brehenyb@sec.gov;
canavanj@sec.gov; Chris McCurdy/NY/FRS@NY; Clinton Lively; Dianne Dobbeck;
hsum@sec.gov; Jan Voigts; Jeanmarie Davis; Jeff Stehm; Jeffrey Marquardt; Jim
Mahoney; JohnP McGowan; Jonathan Polk; Joseph Sommer; Lily Tham; Lisa
Joniaux; Lucinda Brickler; Marsha Takagi; mcgowant@sec.gov; Michael
Schussler; Shari Ben-Haim; Susan Stiehm; Theodore Lubke; Tobias Adrian;
Wendy Ng
Duplicate
BOG--FOIA 10-267--001241
Tobias Adrian; Wendy Ng; Beverly.Hirtle@ny.frb.org; Meg.McConnell@ny.frb.org; Michael Schussler
Date: 09/12/2008 10:05 AM
Attachments: Default Management Group Sep 12 late-morning.doc
Please find the revised document that incorporates Pat's comments and a couple of
other changes.
▼ Patrick M Parkinson/BOARD/FRS@BOARD
Patrick M
Miner/NY/FRS@FRS,
Ng/NY/FRS@FRS
stream
Duplicate
BOG--FOIA 10-267--001242
F.R. Restricted
September 12, 2008 10:00

(b) (5)
BOG--FOIA 10-267--001243
(b) (5)
BOG--FOIA 10-267--001244
(b) (5)
BOG--FOIA 10-267--001245
From: Randall.S.Kroszner@frb.gov
To: Scott Alvarez
Subject: Fw: Urgent - Lehman
Date: 09/13/2008 10:30 PM
Fyi.
--Sent from my BlackBerry Wireless Handheld-
-----
From: (b) (4)
Sent:
To: Randall Kroszner
Subject: 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)
CONFIDENTIALITY AND SECURITY NOTICE
BOG--FOIA 10-267--001246
(b) (4)
BOG--FOIA 10-267--001247
From: Coryann Stefansson
To: BSR LIG
Subject: Fw: Draft LFI Conference Call Notes - 9/13/08 7pm call - Revised Version
Date: 09/14/2008 03:20 PM
Attachments: Conference Call Notes 9.13.08 evening version 2.doc
some of this may be out dated but I thought that i would forward
Coryann S. Stefansson
Associate Director
Bank Supervision and Regulation
Board of Governors
Office 202-452-5287
Cell Number 202- 294- 9829
Assistant - Ms. Kimberly Jensik

Kim.Jensik@frb.gov
Office Number 202 736-5555
----- Forwarded by Coryann Stefansson/BOARD/FRS on 09/14/2008 03:20 PM -----
Stacy
O'Bryant/RICH/FRS@FRS
To Sarah Dahlgren/NY/FRS@FRS, Brian
Peters/NY/FRS@FRS, Michael
Johnson/SF/FRS@FRS, Jennifer
09/13/2008 09:42 PM Burns/RICH/FRS@FRS, Jon D
Greenlee/BOARD/FRS@BOARD, Coryann
Stefansson/BOARD/FRS@BOARD, Chris
Haley/BOS/FRS@FRS, Raymond A
Bacon/BSR/CHI/FRS@FRS
cc
Subject Draft LFI Conference Call Notes - 9/13/08 7pm call
- Revised Version
Restricted F.R.
Much better version of notes - thanks to Jennifer!

Stacy O'Bryant
LFI/LCBO Project Manager, Banking Supervision and Regulation/Large
Complex Bank Organizations
The Federal Reserve Bank of Richmond, Charlotte Branch
Office 704· 280· 0570
stacy.o'bryant@rich.frb.org
www.richmondfed.org
BOG--FOIA 10-267--001248
Restricted F.R. Page 1 Date: September 13, 2008
Author: S. O’Bryant
Meeting Date: September 13, 2008 (7 p.m. EST)

Meeting Subject: LFIT Conference Call
Purpose: LFIT/RSO Discussion on Market Events and Issues
Key Takeaways:
(b) (5)
BOG--FOIA 10-267--001249
(b) (5)
BOG--FOIA 10-267--001250
(b) (5)
Not Responsive
• RSOs working on a set of questions for CPC teams to be distributed tonight

or tomorrow morning.
• Tomorrow: Bill talking to foreign supervisors at 9 am and domestics at 10 am
BOG--FOIA 10-267--001251
• Sarah will distribute email shortly to follow-up on last question (b) (5)
BOG--FOIA 10-267--001252
From: Deborah P Bailey
To: Brian F Madigan; William B English
Cc: Roger Cole; Scott Alvarez
Subject: Fw: DB Treasury Update
Date: 09/15/2008 11:12 AM
I am sure you know this but...

--------------------------
Sent from the Blackberry of Deborah Bailey
▼ Coryann Stefansson

From: Coryann Stefansson
Sent: 09/15/2008 11:10 AM EDT
To: Deborah Bailey
Subject: Fw: DB Treasury Update
This echoes what I hjeard from european contacts this morning.....fed
funds markets r locked .....crisis of confidence amongst major players
Coryann Stefansson
Associate Director
Bank Supervision and Regulation
Work # 202 452 5287
Cell # 202 294 9829
▼ John Harvey

From: John Harvey
Sent: 09/15/2008 10:29 AM EDT
To: NY Bank Sup - LFI CPC Updates
Cc: Randolph Brown; Glen Reppy
Subject: DB Treasury Update
Minutes to Meeting Held with Deutsche Bank’s Treasurer of the
America’s Division with Deutsche Bank’s CPC Team
Date: September 15, 2008
Time: 8:00 AM
(b)(4) & (b)(8)
Currently, there is 100% pullback in the Fed Funds
market in conditions similar to August 2007. Market is anticipating
massive injections of funding by the Federal Reserve into the funding
markets today.
Not Responsive
BOG--FOIA 10-267--001253
Not Responsive
BOG--FOIA 10-267--001254

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From: Jeff Stehm

To: Jennifer Lucier; Melissa Vanlandingham; Dibora Amanuel

----- Original Message -----

Attached is draft for review. Please forward it to the group as I do not

Here is an attempt to put something on paper that captures the

The information contained in this message is the opinion of the sender

----- Forwarded by Theodore Lubke/NY/FRS on 09/11/2008 10:08 PM -----

So far, I've heard of nothing from JPMC regarding concerns about

Updated outline on issues related to unwinding the OTC derivative

Book Runner Proceeds Amount +

Book Runner Proceeds Amount +

Book Runner Proceeds Amount +

Book Runner Proceeds Amount +

Book Runner Proceeds Amount +

Book Runner Proceeds Amount +

All Syndicated Loans

Book Runner Proceeds Amount

Lev Syndicated Loans

Book Runner Proceeds Amount

Book Runner Proceeds Amount +

Book Runner Proceeds Amount +

Book Runner Proceeds Amount +

Book Runner Proceeds Amount +

Book Runner Proceeds Amount +

Book Runner Proceeds Amount +

Book Runner Proceeds Amount +

Book Runner Proceeds Amount +

Book Runner Proceeds Amount +

All Syndicated Loans

Book Runner Proceeds Amount

Lev Syndicated Loans

Book Runner Proceeds Amount

Book Runner Proceeds Amount +

US Municipal New Issues

Financial Advisor Ranking Value inc.

Financial Advisor Ranking Value inc.

Book Runner Proceeds Amount +

Book Runner Proceeds Amount +

2006 Corporate Bonds

Book Runner Proceeds Amount +

Book Runner Proceeds Amount +

Book Runner Proceeds Amount +

Book Runner Proceeds Amount +

Book Runner Proceeds Amount +

2006 HEL ABS

Book Runner Proceeds Amount +

2006 Cash CDOs

Book Runner Proceeds Amount +

All Syndicated Loans

Book Runner Proceeds Amount

Book Runner Proceeds Amount +

US Municipal New Issues

2006 Completed M&A

Financial Advisor Ranking Value inc.

2006 Announced M&A

Financial Advisor Ranking Value inc.

% Lehman's Market Share of Trading Volumes

Source: FR2004 weekly volume data

Positions: Treasuries, Agencies, MBS and Corp

1/4/2002 1/4/2002 1/4/2002

7/4/2002 7/4/2002 7/4/2002

7/4/2003 7/4/2003 7/4/2003

1/4/2004 1/4/2004 1/4/2004