MP (Thrift) Global Advisers IM LLC
520 Madison Avenue, 35th Fl
New York, NY 10022-4213
“Tel: 212-651-9500
‘Mark R, Patterson
Chairman
May 15, 2009
Mr. Richard Fletcher
Executive Editor
The Telegraph
Telegraph Media Group Limited
111 Buckingham Palace Road, London, SW1W ODT
Dear Sir:
Mr. Evans-Pritchard’s recent article in The Telegraph fabricated, misquoted, and misstated my position
on the Treasury’s TARP program and completely mischaracterized our firms investment in Flagstar
Bancorp Ine. I'am writing to reiterate my views on TARP and the importance that private equity can play
in stabilizing our banking system.
Through TARP, the government is playing a critical role in alleviating liquidity concerns and providing a
solid capital base for countless banks across the country. The salutary benefits of the government's
actions are indisputable and I believe that the Obama administration and Secretary Geithner deserve credit
for the proactive steps they have taken. MatlinPatterson strongly supports the government's actions and
believes that private capital will be an important contributor to the success of the government's efforts to
restore U.S. financial institutions to health,
(Our firm’s investment in Flagstar demonstrates how private capital can work in conjunction with TARP.
to strengthen institutions that have viable business models and balance sheets that can be fixed. We
believe that private equity can and will be an invaluable contributor to the success of the Treasury's
TARP program and that Flagstar isa successful example of how public and private funds can co-invest t0
create a healthy financial institution.
Sincerely,
4
i
Mark Patterson
Chairman
MP (Thrift) Global Advisers III LLC