EFTA00629579.pdf

From: Paul S Barrett To: Jeffrey Epstein <[email protected]> CC: Jeffrey M Matusow >, Jes Staley Subject: RE: 30yr swaps Date: Tue, 24 Aug 2010 21:32:19 +0000 Our 10MM JEt position is a forward extra with the short call knocking in only if we hit 81.50. The big rally in the JPY has been driven by falling US yields. Now that we have reduced all of our 30yr rates exposure we should sit tight. The Bar has been making some noise recently regarding intervention and I don't think we should cut the exposure right now. Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank 40W 57th Street, 33rd Floor, New York, NY 10019 (W) (F) From: Jeffrey Epstein [mallto Sent: Tuesday, August 24, 2010 4:25 PM To: Paul S Barrett Cc: Jes Staley Subject: Re: 30yr swaps yen? „ so far jpm recomendations. are a disater On Tue, Aug 24, 2010 at 4:19 PM, Jeffrey Epstein <jeevacation®gmail.corn> wrote: ok On Tue, Aug 24, 2010 at 3:44 PM, Paul S Barrett < wrote: Jeffrey Left you a message. We should unwind the remainder of our 30yr swap exposure. Between the jobless claims and housing data the risk has substantially grown for a hard landing which would drive interest rates lower. We have 10MM of an outright swap and 10MM of a receiver swaption (4.35% strike) Let me know. Paul Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank 40W 57th Street, 33rd Floor, New York, NY 10019 EFTA00629579  (W) (F) This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at http://wwwjpmorgan.corn/pages/disclosures/email. The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to and destroy this communication and all copies thereof, including all attachments. This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at EFTA00629580