Messa From. Wells, Dayldh Sent' Tuesday, September 23, 2014 512 PM To Jake Bernstein Cc' 'Brian Reed' Subject. RE questions "Goldman Sachs has long had acomprehensive approach for addressing potential conflicts Ms Segarra, who unsuccessfully intervtewed for employment at Goldman in 2007, 2008 and 2009, told her supervtsors at the Fed that the firm did not have a written conflict ol interest policy. A quick Google search, however, shows publicly available Goldman Sachs documents outlining the management ol conflicts Federal Reserve Supervtsion management made that same discovery To get a balanced view of her claims, you should read What the senior Federal FleseNe oversight responsibilities tor GS wrote after discovering that what she had said about Goldman was just plain wrong in light of your repeated and adamant assertions that Goldman has no written conflicts 01 interest policy, you can understand why lwas surprised to find a "Conflicts ot interests Section" in Goldman's Code of Conduct that seemed to me to deline prohibit COls, and instruct employees what to do about COls In addition, this weekend, reViewed Goldman's Business Standards Report, where it discusses in detail the types of conflicts that can occur between the lirm's interests and the interests oi its clients and establishes extensive policies and procedures to guard against such contlicts." "[These materials] have caused me to raise serious questions in my mind as to your judgment in reaching and communicating conclusions Without a sound basis in the supervtsory process and before the due diligence and vetting process is complete."