Sarah Robertson Memo

To John Tuld From: Cynthia Wagner March 6,2014 Subject: Firing Sarah Robertson

John, is it really necessary to fire Sarah Robertson? She has been a faithful and loyal employee at

this firm. She has devoted her life to this firm. I could understand firing her if she had known

about this disaster and said nothing, but it is quite the opposite. Sarah had several conversations

with Jared Cohen about the risks we were taking with these mortgage-backed securities. In fact

as Chief Risk Management Officer, Sarah also filtered many warnings to you however, you

chose to ignore the wamings. I suspect that was due to greed.

When you spoke of "needing a head to feed to the traders on the floor and,n" 6o*6,@had no

idea that you were referring to Sarah. We all know how important the position of Chief Risk

Management Officer really is. It will be almost impossible to find a replacement half as good as

Sarah Robertson. She has proven her loyalty time and time again. She could have been a

whistleblower but instead she chose to be loyal to you.

If anyone should be terminated, I would have to say it should be Jared Cohen. Jared chose to

ignore Sarah's wamings, and he is the one who led us down a path of destruction. He has shown

no remorse for the risks that he took the put this firm in danger of bankruptcy. He only cared

about himself and the $ 2.5 million that he made last year. Jared is a total jack-ass who could

care less about you or this firm. Jared would stab you in the back the first chance he got.

Aren't you tired of firing the wrong employees? You fired Eric Dale after l9years of service.

That was a mistake too. After terminating him there was a lot of regret there, because he was not

there to help get us through this disaster. Once again,I say fire Jared Cohen and keep Sarah

Robertson! Do not make another big mistake. Sarah is an irreplaceable and very valuable

employee.