From: Jeffrey Epstein <[email protected]> To: Subject: Re: Fw: Date: Tue, 30 Mar 2010 20:17:57 +0000 blather.. simply world regulations should not set up a system to play one country against another, the regulators shoudl deal with it and coordinate with global players. On Tue, Mar 30, 2010 at 4:08 PM, > wrote: Sent from my BlackBerry® wireless device From: Jes Staley Date: Tue, 30 Mar 2010 14:26:24 -0400 To: Peter Mandelson Subject: Peter, What follows are some brief speaking points that we would use in discussing the Volcker plan with Summers. We can speak to them when we talk tonight. The Federal government's guarantee of bank deposits enhances consumer confidence in our financial system. Although deposits play a lesser role as a funding source following decades of bank disintermediation, it is sensible for government (as any guarantor would want) to seek limits on how funds sourced from their guaranteed deposits are exposed to risk. Well-managed US banks with prudent controls to protect client interests, including depositors', already do this respecting the intent of existing affiliate restrictions and with internal procedures separating proprietary and fiduciary activities. Updating regulation to the reality of global modern markets should not disadvantage U S institutions or create structural conflicts in relation to their Asian or European counterparts. Fiduciary: Asset Management Regulations that protect client investments from other banking activities have proven successful during recent financial crises. EFTA00889933