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MEMORANDUM

DATE: October 13

FROM: Walter D. Winterhalter, Inspector General, Office of the Inspector General, U.S. Securities and Exchange Commission

TO: Eleanor Kaschnitz, National Security Advisor

RE: Concern

I wish to personally express my deepest concern about the possible intentional or inadvertent disclosure of the actual events that occurred last month, regarding the New York Stock Exchange Euronext. The potential for incalculable harm to our financial institutions and the world financial system is extreme. While speculation is rampant in the media, both traditional and electronic, the diverse nature of the speculation tends to cancel out fears, though the attention has had a dampening effect on the trading public. Only the passage of time will inform as to what extent. For now, I must urge in the strongest possible terms that no official account of events be made public and that every step possible be taken to prevent a credible source from leaking what we know and are learning.

I cannot emphasize this more forcefully.

cc: POTUS