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Re: Deutsche Bank

From:gruncom@aol.com To: bfallon@hillaryclinton.com, dschwerin@hillaryclinton.com CC: jpalmieri@hillaryclinton.com, john.podesta@gmail.com, jsullivan@hillaryclinton.com Date: 2015-11-23 14:51 Subject: Re: Deutsche Bank

I worry about going down this road. First, the remarks below make it sound like HRC DOESNT think the game is rigged -- only that she recognizes that the public thinks so. They are angry. She isn't. Second, once you start looking at speeches, you run smack into Maggie Haberman's report for Politico on HRC's Goldman Sachs speech, in which HRC isn't quoted directly, but described as saying people shouldn't be vilifying Wall Street. Maybe you think the Deutsche Bank speech takes the sting out of the Goldman report -- but I am concerned that the passage below will exacerbate not improve the situation. Mandy Grunwald Grunwald Communications 202 973-9400 ----- Reviving this thread because AP is working on a story similar to Pat Healy's article in Sunday's NYT about HRC's "Wall Street image problem." The reporter, Lisa Lerer, plans specifically to note that her paid speeches to banks were closed-press affairs, and transcripts are not available. She is asking if we wish to characterize her remarks in any way. I think we could come up with a vanilla characterization that challenges the idea that she sucked up to these folks in her appearances, but then use AP's raising of this to our advantage to pitch someone to do an exclusive by providing at least the key excerpts from this Deutsche Bank speech. In doing so, we could have the reporting be sourced to a "transcript obtained by [news outlet]" so it is not confirmed as us selectively providing one transcript while refusing to share others. On Fri, Nov 20, 2015 at 3:03 PM, Dan Schwerin <dschwerin@hillaryclinton.com> wrote: Following up on the conversation this morning about needing more arrows in our quiver on Wall Street, I wanted to float one idea. In October 2014, HRC did a paid speech in NYC for Deutsche Bank. I wrote her a long riff about economic fairness and how the financial industry has lost its way, precisely for the purpose of having something we could show people if ever asked what she was saying behind closed doors for two years to all those fat cats. It's definitely not as tough or pointed as we would write it now, but it's much more than most people would assume she was saying in paid speeches. (Full transcript is attached and key riff is pasted below.) Perhaps at some point there will be value in sharing this with a reporter and getting a story written. Upside would be that when people say she's too close to Wall Street and has taken too much money from bankers, we can point to evidence that she wasn't afraid to speak truth to power. Downside would be that we could then be pushed to release transcripts from all her paid speeches, which would be less helpful (although probably not disastrous). In the end, I'm not sure this is worth doing, but wanted to flag it so you know it's out there. Deutsche Bank AG Secretary HillaryRodham Clinton New York, NY Tuesday, October 07,2014 ...Now, Jacques was talking about Eleanor Roosevelt, and I hopea lot of you have seen the extraordinary Ken Burns documentary series on PBSabout the Roosevelts. It's just riveting. And you should see it if you haven't, becauseit tells stories and shows pictures that have never been seen before of TeddyRoosevelt and Franklin Roosevelt and Eleanor Roosevelt. But Eleanor Roosevelt in particular is someone that I admire as one of mypredecessors, and I adore the book that Jacque's mother-in-law has writtenabout the relationship that she and her late husband, who was Eleanor'spersonal physician, had with Eleanor Roosevelt. And you look at the documentary and you really are struckonce again how every generation has to do what it can to make sure thateconomic opportunity is broadly shared and upward mobility remains at the coreof the American dream and experience. I mean, Teddy Roosevelt said it well. His commonsense slogan, the square deal,captured the American imagination and still resonates today. Just think about the changes that were going on at the turnof the last century: technologicaltransformation, growing economic inequality, the steady accumulation of vastpower and wealth in the hands of a select few. Roosevelt was a Republican from the party of big business,but he resisted both the elites who sought to protect their gilded ageadvantages and the rising tide of populist anger that threatened to sweep thenation. Instead, he stood up for thelevel playing field, no special deals, just a fair shot for everybody willingto get out there and work hard. I think that's a message worth recalling today when so manyhardworking American families, and I add European families feel like they'refalling further and further behind, while they see, in their view, the playingfield becoming more unlevel, and feeling as though it doesn't matter how hardthey work because the game is rigged against them. Now, to me this is not just about fairness, although I thinkthat's an important principle. We nowknow, based on research done by the IMF and others, that income inequalityholds back growth for the entire economy. There is no more important driver of growth around the world than thepurchasing power of American consumers. That is once again becoming clear as we move forward more dynamicallythan a lot of our friends and allies are economically. Stagnating wages translate into fewer customers, and that'snot a new insight. Just ask Henry Fordwho first articulated it. And it's no surprise that many Americans feel frustrated,some even angry, as you probably see in news coverage. And a lot of that anger has been directed atthe financial industry. Now, it's important to recognize the vital role that thefinancial markets play in our economy and that so many of you are contributingto. To function effectively thosemarkets and the men and women who shape them have to command trust andconfidence, because we all rely on the market's transparency and integrity. So even if it may not be 100 percent true, if the perceptionis that somehow the game is rigged, that should be a problem for all of us, andwe have to be willing to make that absolutely clear. And if there are issues, if there'swrongdoing, people have to be held accountable and we have to try to deterfuture bad behavior, because the public trust is at the core of both a freemarket economy and a democracy. So it is in everyone's interest, most of all those of youwho play such a vital role in the global economy, to make sure that we maintainand where necessary rebuild trust that goes beyond correcting specificinstances of abuse of fraud. Last year, the head of the Chicago Mercantile Exchange, Terry Duffy, publishedan op-ed in the Wall Street Journalthat caught my attention. He wrote, andI quote, "I'm concerned that those of us in financial services haveforgotten who we serve, and that the public knows it. Some Wall Streeters can too easily slip intoregarding their work as a kind of moneymaking game divorced from the concernsof Main Street." We heard a similar point from a more global perspective thisspring at a conference in London on inclusive capitalism organized by myfriend, Lynn Rothschild, who's here with us tonight. Mark Carney, the Governor of the Bank ofEngland, offered what we in America might call straight talk about how thefinancial industry has lost its way and how to earn back public confidence. And I think his words are worth both quoting and thinkingabout. Here's what he said. "The answer starts from recognizing thatfinancial capitalism is not an end in itself, but a means to promoteinvestment, innovation, growth and prosperity. Banking is fundamentally about intermediation, connecting borrowers andsavers in the real economy. In therun-up to the crisis, banking became about banks not businesses, transactionsnot relations, counterparties not clients." And then Mark Carney went on to outline proposals forstronger oversight, both within the industry and by government authorities, buthe noted "Integrity can neither be bought nor regulated. Even with the best possible framework ofcodes, principles, compensation schemes and market discipline, financiers mustconstantly challenge themselves to the standard they uphold." So this is a time when for all kinds of reasons trust ingovernment, trust in business has eroded. And I believe that it has to be rebuilt, not only by those in offices inWashington or Albany but by so many of you. Over the years, I've had the privilege of working with manytalented, principled, smart people who make their living in finance, especiallywhen I was Senator from New York. Manyof you here were my constituents, and I worked hard to represent you well. And I saw every day how important awell-functioning financial system is to not only the American economy but theglobal economy. That's why as Senator I raised early warnings about thesubprime mortgage market and called for regulating derivatives and othercomplex financial products because even among my smartest supporters andconstituents I never understood what they were telling me when they tried toexplain what they were. I also called for closing the carried interest loophole,addressing skyrocketing CEO pay and other issues that were undermining that allimportant link between Wall Street and Main Street. Remember what Teddy Roosevelt did. Yes, he took on what he saw as the excessesin the economy, but he also stood against the excesses in politics. He didn't want to unleash a lot ofnationalist, populistic reaction. Hewanted to try to figure out how to get back into that balance that has servedAmerica so well over our entire nationhood. Today, there's more that can and should be done that reallyhas to come from the industry itself, and how we can strengthen our economy,create more jobs at a time where that's increasingly challenging, to get backto Teddy Roosevelt's square deal. And Ireally believe that our country and all of you are up to that job...