EFTA Document EFTA01825234

To: Jes Staley From: Jeffrey Epstein Sent Mon 2/1/2010 10:28:20 AM Subject: Re: yes, the battle unlike last time is with someone who needs to get votes. votes votes On Mon, Feb 1, 2010 at 1:45 AM, Jes Staley •c ,. wrote: Against the history of my 30 years with the bank, the current state of debate with Washington, is actually not that bad. The greatest problem with Glass Steagal, was that it separated Morgan from our clients as our clients increasingly choose the capital markets over traditional bank products; they selected MM funds over deposits and debt issues over bank loans. There is, thankfully, no discussion in Washington of reinstating that wedge. That said. We should accept a tight limit on private equity investing with bank capital. Then we should reassert, and accept, the separation of bank capital with Fiduciary money. We should fight to maintain our ability to service our clients as a fiduciary, irrespective of how they choose to manage their money, so long as it is responsible. My thoughts today. Jes This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at ht %).% ww.jpinorean.corn /pages/disclosures 'email. The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to kg. [email protected], and destroy this communication and all copies thereof, including all attachments. EFTA_R1_00199608 EFTA01825234