Email exchange between David Drumm and Gary McGann, July 2008
Gary McGann: “I don’t mean to second guess you, and I am sure you have considered it, but we must assume the worst case scenario – that we have to explain the totality.” Photograph: Collins Courts.
The email exchanges between David Drumm and Gary McGann, July 2008:
Thursday July 10, 2008, 18.16
I have been speaking to Sean on a couple of occasions on the plan execution.
You and the team are doing fantastic work in very trying circumstances and I just wanted to acknowledge that- we are all rooting for you!
Keep up the great work.
Thursday July 10, 2008, 18.48
One thought which I know you will have considered. Given the number of parties that will have a sense of some part (if not all) of the total picture, we need to have a credible explanation for how we got where we were, what we have done about it, and whether the problem is solved (the ultimate judges of that being depositors and investors).
As I said, I don’t mean to second guess you, and I am sure you have considered it, but we must assume the worst case scenario – that we have to explain the totality.
David Drumm replied to Gary McGann at 18.53 on Thursday, July 10, 2008
Thanks for the support Gary. Your comments are well made and have been considered. The entire transaction has been explained to our regulator . . . [and] is being handled by Morgan Stanley who must pass their own compliance regime.
Thursday, July 10, at 19.01 , email from Gary McGann to David Drumm
Thanks David. The only other potential audience is the media in the event/when it leaks.
All the best.
Thursday, July 10, 2008, at 19.12 , email from David Drumm to Gary McGann
Yes. We are handling each customer separately and they are our closest personal relationships going back 15 years and handpicked mostly for that reason – me and Pat particularly and in one case, Tony. None of them knows who else or how much is involved. It’s the best we can do but Pat and I both feel good about it. I will give you a shout tomorrow to give you some colour around it.
Gary McGann replies to David Drumm on Thursday, July 10, 2008 at 19.23
Many thanks David – great job.
Final email in chain is on July 11, 2008, at 18.27, from David Drumm to Gary McGann
Gary sorry I missed your call – tried to leave a message, you are obviously Stateside by ring tone.
Also sorry didn’t get you earlier but full on all day on this thing making progress but not without hiccups. I will fill you in when we speak but still expect this to get over the line Monday or Tuesday.