EFTA01300087.pdf

From: Jeffre E stein <' evacatio maitcom> To: Sent: 1/19/2009 5:26:43 PM Subject: Re: Fwd: Fw: Turner Construction i have really thought this through now„ break the banks into four roles.. guaranteed---money market deposits.. ,lending —home business,--proprietary - asset management. the first guaranteed , should be a govt function. lending for home. quasi gov't for ten years, proprietary„ none. asset management ( mutual funds) and lending outside.. A new Order„ it used to be s& L.s investment banks, commercial banks, and money funds. Now no risk. gov't subsidized home lending- and risk I'm at the office On Mon, Jan 19, 2009 at 12:20 PM, ‹ > wrote: I have not stopped thinking about the future of the banks.. Are u aroun.l? Original Message From: "Jeffrey Epstein" beevacationagmaikeoml Sent: 01/19/2009 II:32 AM EST To: Jes Staley Subject: Fwd: Fw: Turner Construction fyi ------- Forwarded message ------- From: Farkas, Andrew L. C Date: Mon. Jan 19, 2009 at 8:56 AM Subject: Re: Fw: Turner Construction To: njeevacationaDgmail.com" <jeevacationOgnail.com> I told you so. dude! Anyway. in an additional development. I may have found something to buy that falls into your category. It's a 170' sloop (sailboat for the uninitiated) caked kokomo. 2 yrs old. Buik by what is arguably the finest yard in the world (for sailboats) called alloy out of new zealand. Original build price approx $62mm. Offered 12 mos ago at $53mm. Price ultimately dropped to $28mm. I have offered $17.5rnm. Owner in trouble AND just took delvery of a newer bigger version of same thing. I originally offered $23..5mm and requested owner provided 3 year financing on $17.5mm price. I'm sending you brochure and history from broker under separate cover. From: Jeffrey Epstein To: Farkas, Andrew L. Sent: Mon Jan 19 08:25:41 2009 SDNY_GM_00077076 Confidential Treatment Requested by JPMorgan Chase JPM-SDNY-00000203 EFTA_00187548 EFTA01300087 Subject: Re: Fw: Turner Construction holy s On Mon, Jan 19, 2009 at 7:33 AM, Farkas, Andrew L. a wrote: Fyl From: Horrigan, Michael To: Farkas, Andrew L.; Garner, Charles; Garrison, Frank Sent: Mon Jan 19 00:41:10 2009 Subject Turner Construction Turner construction is closing its Dubai operations - they are 75% owned by EMAAR so this is extraordinary Dubai staff move to Abu Dhabi as contracts dry up by Tom ArrInli This email address is being protected from spam bots, you need Javascnpt enabled to view it on Sunday, 1,3 January 2009 DUBAI DEPARTURE: Turner Construction International has moved its staff to Abu Dhabi.(Getty Images) ZOOM DUBAI DEPARTURE: Turner Construction International has moved its staff to Abu Dhabi.(Getty Images) Staff from the regional operations of US firm Turner Construction International have been transferred to Abu Dhabi as construction contracts in Dubai dry up. The construcsion nranawarm firm has laved its scam of engineers and project. construction aid design limners fromDubai. where it Ins kid recent projects delayed or cancelled. to Abu Mtn where it has two ongoing projects. Martin Toogood. business development manager with the limn in Dubai said. "Dubai is the worse hit" Toogood told Arabian Business in an interview. SDNY_GM_00077077 Confidential Treatment Requested by JPMorgan Chase JPM-SDNY-00000204 EFTA_00187549 EFTA01300088  "No one is doing anything in Dubai at the moment, so we're not even looking or asking. Everyone is saying 'wait a few months'. We've had a couple of jobs stopped or put on hold here so we sent the whole team down to Abu Dhabi where we have two jobs." He said going forward the firm was pinning its hopes on infrastructure and development projects backed by governments. In addition to two projects in Abu Dhabi, the firm is also managing construction of the $27 billion King Abdullah Economic City in Saudi Arabia, and is engaged in contracts in Qatar and Kuwait. "All those government-backed projects don't rely on developers' money, they rely on oil and gas and are carrying on," he said. "We shouldn't be looking at (private] development projects in places like Dubai now - we are looking more for government-backed projects, like universities and hospitals." He described business in the US and Europe as "pretty bad" and said Turner was moving staff from the US who weren't working on projects to the Gulf. As the Gulf feels the affects of the economic slowdown, private sector projects are drying up as investors and speculators beat a hasty retreat from the market. Turner is the leading general builder in the US, ranking first or second in all major segments of the building construction field. In the Gulf, Turner specialises in management of construction schemes, employing around 500 people, with recent projects including the Bud Al Arab, Dubai International Financial Centre (DIFC), Kempinski Hotel on Palm Jumeirah in Dubai and Emirates Palace hotel in Abu Dhabi. •444****************************************DiscLAImER******************************************** This email and any files transmitted with it are confidential and contain privileged or copyright information. If you are not the intended recipient you must not copy, distribute or use this email or the information contained in it for any purpose other than to notify us of the receipt thereof. If you have received this message in error, please notify the sender immediately, and delete this email from your system. 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