From: "Habayeb, Elias"
Sent: 09/16/2008 07:16 AM 
To: Alejandro LaTorre
Cc: "Frenkel, Dr. Jacob A." <[email protected] >
Subject: FX Settlement Failures

Alex,

• It seems that Barclays, JPM and Deutsche Bank are holding back on the amounts they owe us under FX transactions.
• If this continues, the amounts are in the billions. This is extremely dangerous because it impairs our ability to make payments on the other side.
• This is the risk we were most concerned about and shared with you over the weekend.
• I would like discuss with you soonest possible as it is cascading through the system.

https://ypfsresourcelibrary.blob.core.windows.net/fcic/YPFS/JX-062sdnewones.pdf