Subject: Public information on RBS ABS CDO's

From: victor hong

To: vanessa.smith@fsa.gov.uk;

Bcc:

Date: Friday, November 25, 2011 6:09 AM

Thank you for calling me this morning. As we discussed, this is in the context of my
responding to a governmental/regulatory inquiry, with advance authorization of RBS.

Please kindly read the attached Word document, plus supporting public-domain
2007-2008 market research analyses. Nothing in my attachments is material,
specific, and non-public.

It is imperative for the FSA to correct that excerpt, and to investigate further the senior
management behavior related to the RBS collapse, particularly about risk management
findings beforehand. Your upcoming report should first be accurate and complete,
before publishing. Otherwise, the cautionary tale is how the SEC deliberately
refused to address the Madoff situation, despite prolonged, multiple opportunities.

Again, I am surprised that RBS refused to provide my contact information until days
ago. That should be a matter regarding whether or not RBS truly has cooperated
with the FSA, as any financial institution is required to do.

Let us talk again soon. Thank you.

Victor Hong
xxxxxxx East xxxth Street, #xxxxx
New York City, NY xxxxxxxx
xxxxxxxxxxxxxxxxx

Attachments

public information.docx (55.64KB)

ABS CDO market data at GCM.zip (6.21MB)