Sarah Dahigren/NY/FRS To

James Hennessy/NY/FRS
10/28/2008 03: 14 PM
cc

bcc

Subject
Re sole source000000000003FFFF006E00137CEOOOOO

thanks.....this is good to hear

State Street from a future perspective (but not as the investment manager like in the BlackRock situation) .....

* * * * * * * * * * * * * *
Sarah Dahlgren
Senior Vice President
Federal Reserve Bank of New York
(work)
(blackberry)

visit www.newyorkfed.org
* * * * * * * * * * * * * *

James Hennessy/NY/FRS

10/28/2008 02:42 PM
To
Sarah Dahlgren/NY/FRS@FRS
cc

SUbject
Re: sale source

Spoke with Joyce. She definitely wasn't implying any bad motive by anyone involved and didn't seem upset about it. Regarding future service providers, she has
views about State Street that I will share with you.

Sarah Dahigren/NY/FRS

10/27/2008 10:59 PM
To
James Hennessy/NY/FRS@FRS
cc

Subject
Re: sole source

thanks....

I think Joyce was raising good points, but I don't think we said anything untrue or were in any way attempting to mislead ....should I call to clarify with Joyce or let it
drop (I know Paul talked with her.... 1 can simply follow up on his discusison with her if you think it wise ...)

and no needling of Tom ... Paul can do a good job with him tomorrow.....

CONFIDENTIAL FRBNY-TOWNS-Rl-209848
 * * * * * * * * * * * * * *
Sarah Dahlgren
Senior Vice President
Federal Reserve Bank of New York
(work)
(blackberry)

visit www.newyorkfed.org
* * * * * * * * * * * * * *

James Hennessy/NY/FRS

10/27/2008 10:48 PM
To
Sarah Dahlgren/NY/FRS@FRS
cc

SUbject
Re: sole source

Spent some time with him tonight. (He doesn't underst,md ML3, and Tcan't begin explain it either -- so don't needle him! -- and Tam going to have Whynott spend some time with
him tomorrow. BTW, you might touch base with Joyce about her reaction to Sunday's briefing; I think she had some concerns about how ML3 was presented to Geitlmer, which
she expressed to Paul.) He knew that Stephanie was handling the Blackrock contract -- he didn't express any concerns -- and I explained that, in contrast to MLL we had a clear
reason to sale source it tlns time (tllat tlley had already modeled, etc.). So, altllOugh I have no worries, yes, probably worth reviewing it Witll him before taking it to Tom.

From: Sarah Dahlgren

Sent: 10/27/200810:37 PM EDT

To: James Hennessy

Subject: sale source

should we talk with Tom tomorrow about BlackRock?.....we likely need to talk with Tim tomorrow -- since Tom talked to him the last time before we originally talked
with BlackRock.....

* * * * * * * * * * * * * *

Sarah Dahlgren

Senior Vice President

Federal Reserve Bank of New York

(work)

(blackberry)

visit www.newyorkfed.org

* * * * * * * * * * * * * *

CONFIDENTIAL FRBNY-TOWNS-Rl-209849