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HIGHLY CONFIDENTIAL
Restricted For Use in Connection with Plan Confirmation Only
Return
From
Beck
Robert
CCC rb28459imcnamssmbcom
Sent Saturday September 20 2008 111 PM
To Head David CMBGBKG Akram Raja J CCCCFO Fraser Jane CCC
Couch Richard S
CCC Mirchandani Tara
CCC
Cc
Higgins
Brian
CCC
Subject Re project ocean
No
question
Bad economic deal no matter how
you
cut
i
t
They basically just
confirmed that
by offering up
this solution No
one i
s
going to bite
Original Message
From
Head
David
CMBGBKG
To Beck Robert CCC Akram Raja J CCCCFO Fraser Jane CCC Couch Richard S CCC Mirchandani Tara
CCC
Cc
Higgins
Brian
CCC
Sent Sat Sep 20 130453 2008
Subject Re project ocean
There scenario also saddles us with the credit risk
Basically they offered a solution to an accounting problem
The real
problem i
s credit
exposure
The only to fix the credit
exposure i
s to leave
i
t with someone else
Do they have an extra bank or thrift charter
Original Message
From
Beck
Robert
CCC
To Head David CMBGBKG Akram Raja J CCCCFO Fraser Jane CCC Couch Richard S CCC Mirchandani
Tara CCC
Cc
Higgins
Brian
CCC
Sent Sat Sep 20 125512 2008
Subject Re project ocean
We
just
connected We need nik to run the revised
open
bank scenario for us and
jpm
Issue
i
s the massive amount of
goodwill which
i
s a ticking time bomb
i
n the future when
i
t comes do Also their credit mark
i
n the $30B
i
s probably only $8B
so the goodwill hit will be higher with our mark Hence more comes on our bs down the road
I
f
goodwill was 4050B over
24 months we are eating up capital
at 2025B a year
Ouch Also at 40B of
goodwill we are massively overpaying even at
a price of $1
We
agreed
that this would be another ask for our closed bank deal
Were hoping to connect before the 130 call once we get the model
Thanks
Original Message
From
Head David CMBGBKG
To
Akram Raja
J
CCCCFO Fraser
Jane
CCC Beck
Robert
CCC Couch
Richard S
CCC Mirchandani
Tara
CCC
Sent Sat Sep 20 122319 2008
Subject
Re
project ocean
Are we gathering
Original Message
From
Akram Raja J CCCCFO
To Fraser Jane CCC Beck Robert CCC Couch Richard S CCC Mirchandani Tara CCC Head David
CMBGBKG
Sent Sat
Sep
20 122015 2008
Subject Re project ocean
Highly Confidential CITIWM 00001389
HIGHLY CONFIDENTIAL
Restricted For Use in Connection with Plan Confirmation Only
Return
I got dropped Please call me at 212 873 3852
Original Message
From
Fraser Jane CCC
To Beck Robert
CCC Couch Richard S
CCC Mirchandani Tara
CCC Akram Raja
J
CCCCFO Head David
CMBGBKG
Sent Sat Sep 20 110739 2008
Subject project ocean
Dial
i
n
Original Message
From
Garriott Huntley <huntleygarriottgscom>
To Fraser Jane CCC Kelly3 Ned CAI
Cc
Mahoney
John
<johnmahoneygscom> Romanoff Scott
<scottromanoffgscom> Vyas
Ankur
<ankurvyasgscom>
Sent Sat Sep 20 155633 2008
Subject RE project ocean
thanks
jane
that works for us
please use the follwing dial
i
n
1 888 4469294
Pin 731300
Original
MessageFrom
Fraser Jane
mailtojanefraserciticom
Sent Saturday September 20 2008 1017 AM
To Garriott Huntley Kelly3 Ned
Cc
Mahoney John Romanoff Scott
Subject
Re
project ocean
Huntley
Can we do this at noon
Jane
Original Message
From
Fraser Jane CCC
To
huntleygarriottgscom <huntleygarriottgscom> Kelly3
Ned
CAI
Cc
johnmahoneygscom <johnmahoneygscom> scottromanoffgscom
<scottromanoffgscom>
Sent Sat Sep 20 150822 2008
Subject
Re
project ocean
Hi Huntley
Ill
get
back to
you shortly as were getting a couple
of our accounting
team to
join as well Ideal
i
s
probably
after the 130
call we have
Jane
Original Message
From
Garriott Huntley <huntleygarriottgscom>
To
Kelly3
Ned
CAI Fraser
Jane
CCC
Cc Mahoney John <johnmahoneygscom> Romanoff Scott <scottromanoffgscom>
Highly Confidential CITIWM 00001390
HIGHLY CONFIDENTIAL
Restricted For Use in Connection with Plan Confirmation Only
Return
Sent Sat
Sep
20 045555 2008
Subject project ocean
Ned Jane
We wanted to followup with
you
on our conversations today regarding regulatory capital treatment of purchase accounting
marks We continue to make
progress
and would like to share with
you
our latest thinking
I
s
there a time Saturday morning that works for you
Best
Huntley
Garriott
See the IBD Disclaimer <httpwwwgscomdisclaimerafg> for important information regarding this message and your
reliance on information contained
i
n
i
t This
message may
contain information that
i
s confidential or privileged I
f
you
are not
the intended
recipient please
advise the sender
immediately
and delete this
message
See the Email
<httpwwwgscomdisclaimeremail>
Disclaimer for further information on confidentiality
and the risks inherent
i
n
electronic communication
See the httpwwwgscomdisclaimerafg for important information regarding this
message
and
your
reliance on
information contained
i
n
i
t This
message may
contain information that
i
s confidential or privileged I
f
you are not the
intended recipient please advise the sender immediately and delete this
message
See the
httpwwwgscomdisclaimeremail for further information on confidentiality and the risks inherent
i
n electronic
communication
Highly Confidential CITIWM 00001391
HIGHLY CONFIDENTIAL
Restricted For Use in Connection with Plan Confirmation Only
Return
WaMu Timeline
(2000/2001/2002/2003 /2004/20051,2006/2007/2008)
WaMu Timelioe
WAMUBANK
SUPERVISORY TIMELINE
(2000/2001/2002/2003 /2004/20051,2006/2007/2008)
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