"Fire Sale" Memo

To: Mr- John Tuld

From: Brittany Wilson

Date:512212073

Title: Fire Sale

After the quick announcement to start a fire sale, I felt that I should state my position regarding this matter. Your statement about what needs to be done in order to survive really contradicts what will happen if the fire sale is accomplished. Understandablythis situation is a worst case scenario but the bottom line it's a lose-lose situation. The idea of selling our mortgage-back securities, which carry no value, crosses several dilemmas. First, Sam has explained, very clear that the implications of the fire sale will ultimately destroy all the employee's future careers. Secondlwe are defacing the value of the company by deceiving other firms and destroying the market. Third, it's completely unethical to sell these toxic mortgage-back securities in the first place. There are definitely repercussions that will affect the lives of so many people.

Our projections showed that we knew this was going to happen 2 weeks ago and it should be our obligation to resolve this issue with minimal damage. Once the fire sale has been completed the company will have survived but not without ending all the employees current and future careers. For all of the employees who decide to sell these mortgage-back securities will have enviably ruined their reputation to be trusted. In this business your word is everything. These employees including myself will have no way of ever getting a job in this field.

Sam truly understands the situation and states, "you will kill the market for years, it's over and you're selling something that you know has no value." As a part of this board, I feel that going through with the fire sale is not only unethical, but is a death sentence for the economy. We are technically selling bad mortgage-back securities to other firms before they realize what's

happening. Selling toxic mortgage-back securities to other companies could cause them to lose millions of dollars; it may be enough to put them out of business too. ln addition, if we sell the mortgage- back securities for less than 65 cents on the dollar, our company could lose millions or even trillions of dollars in the process and that's if our employees are capable of selling everything.

I hope you considered what would happen if this company wanted to restart in the future. I find it hard to believe that any reputable traders would be willing to purchase from a company that would do bad business. Our reputation is very important in the selling industry which I am sure you're more than aware of. I understand that your decision is made based on a capitalistic point

of view and I respect that, but it does not mean it won't come without a catastrophic price.

This decision should not be taken lightly and should not be made in the heat of the moment. I ask that we take a little more time to come up with a different alternative before making a rash

decision; one that could cause Wall Street to come crumbling down. I whole-heartily believe Sam and the stance he has taken on this discussion. As a member of the board, I urge you to reconsider before taking any action. No one will really survive this fire sale in the end.

Cc: Sam Rogers