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There are two caveats. First, we do not make policy recommendations. We try to help clarify
document IMAGES-006-HOUSE_OVERSIGHT_020831.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…itlement liabilities but not hard-to-value assets such as natural resources, the power to tax or mint currency, or what Treasury calls “heritage” or “stewardship assets” like national parks. Nevertheless, the trends are clear, and critical warning signs are evident in nearly ever...

Drill Down on USA Inc. Periodic Large One-Time Charges
document IMAGES-006-HOUSE_OVERSIGHT_020930.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…iscal year ends in September. *TARP one-time charges include repayments & dividends; F2011 TARP data as of 2/11, per US Treasury; F2011 YTD GSE & ARRA data not available. **ARRA one-time charges exclude funds used by entitlement programs such as Social Security / Medicare / KP M...

European Equity Strategy
document TEXT-001-HOUSE_OVERSIGHT_014460.txt Dec 1, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

…th rising rates – the key is that inflation breakevens are not falling. However, a more aggressive bond sell-off taking Treasury yields to 3% or higher would undermine EM, the growth outlook, peripheral spreads and risky assets. Reflation rotation stretched – refining our approac...

6. Interest Rate Risk —-A Common Misperception
document IMAGES-007-HOUSE_OVERSIGHT_024220.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…2% higher (2.8% from better price appreciation and 2.4% from dividend reinvestment) than the S&P 500, while the 10-year Treasury yield rose from 3.6% to 4.9% (+130 bps) over this period. Valuation re-rating and earnings growth from generators, as economic growth tightened power m...

ie JA3609, 3780, 3838, 3868-69, 4513, 4530-31, 5982, 6212; R.1257, Ex. 4, pp. 16-17, 27 (Amaout Evid
document IMAGES-007-HOUSE_OVERSIGHT_023413.txt Sep 11, 2001 House Oversight Committee — Epstein Estate Records (Nov 2025)

…). 76 JA3607, 4512-15, 4530, 5982, 6212; R.977, Ex. U (December 21, 2004 Press Release from the U.S. Department of the Treasury regarding the designation of Adel Abdul Jalil Batterjee). i JA4332, 5988, 6216. v8 JA3812, 3823; R.277, Ex. 5 (January 4, 2002 letter from the U.S. D...

Market’s unusual lack of volatility
document IMAGES-001-HOUSE_OVERSIGHT_012095.txt Nov 1, 2017 House Oversight Committee — Epstein Estate Records (Nov 2025)

…k a beating. The rising hope of U.S. tax reform and the continued strength of the global economic expansion lifted U.S. Treasury yields as well as commodity prices from oil to copper. The U.S. reflation expectation also boosted the greenback. European sovereign bond yields and th...

in 2011 called the law a calamity that increases business uncertainty and undermines
document IMAGES-003-HOUSE_OVERSIGHT_014773.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…maturity bucket. As a tail risk for deregulation, we like buying 30y swap spreads, a credit-risk-free floating-rate US Treasury asset that provides 3m Libor + 56bp annually, which is about 100bp cheap to pre-crisis levels. Swap spreads could also benefit from deregulation that r...

provide an FTO with “material support or resources,” which is
document IMAGES-010-HOUSE_OVERSIGHT_030179.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…te is punishable by up to 15 years in prison, or life in prison if the support results in the death of any person. The Treasury Department’s Office of Foreign Assets Control (OFAC) also enforces sanctions against Hamas and its affiliates, forbidding U.S. persons from engaging in...

Cite as 349 F.Supp.2d 765 (S.D.N.Y. 2005)
document TEXT-001-HOUSE_OVERSIGHT_017830.txt Sep 11, 2001 House Oversight Committee — Epstein Estate Records (Nov 2025)

…personal jurisdiction over bank chairman in Antiterrorism Act (ATA) action, by alleging, inter alia, that Department of Treasury designated him as Specially Designated Global Terrorist, and that he was involved in United States operations of designated terrorist organization. 18...

Fwd: My Thoughts on Currencies
email TEXT-001-HOUSE_OVERSIGHT_026637.txt Nov 29, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

…dent-Elect Trump will likely continue to drive the markets, extending the recent trends. By the way, he has left the US Treasury Secretary post last to be filled, and it is the most important appointment for the markets as it will both reflect and influence key policies HOUSE OVE...

Japan Macro Watch
document TEXT-001-HOUSE_OVERSIGHT_014424.txt Nov 14, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

…ter the US election. The insurance sector has been the best performer since the US election on the back of a steeper US Treasury curve and higher rates. Michael Hartnett observes “violent rotation out of deflation to inflation plays”, including a move from REITs to US banks. This...

Higher yields leading to bank, insurance outperformance
document IMAGES-002-HOUSE_OVERSIGHT_014427.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ter the US election. The insurance sector has been the best performer since the US election on the back of a steeper US Treasury curve and higher rates. Michael Hartnett observes “violent rotation out of deflation to inflation plays”, including a move from REITs to US banks. This...

5. US 1-10 Treasury Yield Spread — Through October 12, 2018
document IMAGES-009-HOUSE_OVERSIGHT_026914.txt Oct 12, 2018 House Oversight Committee — Epstein Estate Records (Nov 2025)

5. US 1-10 Treasury Yield Spread — Through October 12, 2018 4 US 1-10 Treasury Yield Spread During 2018 3 12 4 2 1.0 - 0.8 = 1 = 0.51 aaa : 0.6 8 0 0.51 3. 04 | ad wo 1 0.2 5 -2 0.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct 3 4 193 190 1%7 1974 191 188 195 202 209 2016 Source: I...

Jenna Lee*— Anchor, Fox News. Host, /Happening Now/ on Fox News
document IMAGES-004-HOUSE_OVERSIGHT_017586.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

*Jenna Lee*— Anchor, Fox News. Host, /Happening Now/ on Fox News. *Jorge Lemann*— Fmr Owner, AmBev (largest brewery in Latin America) and now one of the largest shareholders in Anheuser-Busch InBev. Boards: Lojas Americanas, Gillette, Swiss Re, Burger King. *Max Levchin*— fmr C...

Fwd: Valuation Discount
email IMAGES-007-HOUSE_OVERSIGHT_023317.txt May 2, 2016 House Oversight Committee — Epstein Estate Records (Nov 2025)

the financial benefits, ). In Bedford , I repeated my concern. THe current circumstance is distressing tome, I have done my utmost to keep you safe. and will continue to do so. reckless choices in accounting or otherwise does not bode well. at each turn I have put your interests...