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158699340
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[05/26/1999 – 12/06/1999]
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158699340
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[05/26/1999 – 12/06/1999]
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Presidential Electronic Mail from the Automated Records Management System (ARMS)
Automated Records Management System (ARMS) Email from the White House Office (WHO) Bucket
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42-t-26444785-20171074F-007-006-2019
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Withdrawal/Redaction Sheet
Clinton Library
DOCUMENT NO.
SUBJECT/TITLE
DATE
RESTRICTION
AND TYPE
001. email
From: Marsha Scott, To: Bob Nash, Re: Mrs. Leahy (1 page)
05/25/1999
b(6)
COLLECTION:
Clinton Presidential Records
Automated Records Management System [Email]
WHO ([SLMA, Sallie Mae])
OA/Box Number: 500000
FOLDER TITLE:
[05/26/1999 - 12/06/1999]
2017-1074-F
in350
RESTRICTION CODES
Presidential Records Act - [44 U.S.C. 2204(a)]
Freedom of Information Act - 15 U.S.C. 552(b)]
P1 National Security Classified Information |(a)(1) of the PRA]
b(1) National security classified information [(b)(1) of the FOIA|
P2 Relating to the appointment to Federal office [(a)(2) of the PRAJ
b(2) Release would disclose internal personnel rules and practices of
P3 Release would violate a Federal statute [(a)(3) of the PRAJ
an agency |(b)(2) of the FOIA]
P4 Release would disclose trade secrets or confidential commercial or
b(3) Release would violate a Federal statute |(b)(3) of the FOIA]
financial information |(a)(4) of the PRA]
b(4) Release would disclose trade secrets or confidential or financial
P5 Release would disclose confidential advice between the President
information [(b)(4) of the FOIA]
and his advisors, or between such advisors [a)(5) of the PRAI
b(6) Release would constitute a clearly unwarranted invasion of
P6 Release would constitute a clearly unwarranted invasion of
personal privacy [(b)(6) of the FOIA]
personal privacy [(a)(6) of the PRAJ
b(7) Release would disclose information compiled for law enforcement
purposes |(b)(7) of the FOIA]
C. Closed in accordance with restrictions contained in donor's deed
b(8) Release would disclose information concerning the regulation of
of gift.
financial institutions 1(b)(8) of the FOIA]
PRM. Personal record misfile defined in accordance with 44 U.S.C.
b(9) Release would disclose geological or geophysical information
2201(3).
concerning wells [(b)(9) of the FOIA]
RR. Document will be reviewed upon request.
RECORD TYPE: PRESIDENTIAL (NOTES MAIL)
CREATOR: Laura K. Demeo ( CN=Laura K. Demeo/OU=WHO/O=EOP [ WHO ])
CREATION DATE/TIME:26-MAY-1999 15:26:20.00
SUBJECT: Re: Issues
TO: Mae E. Haney (CN=Mae E. Haney/OU=WHO/O=EOP@EOP WHO )
READ:UNKNOWN
CC: charles h. cole ( CN=charles h. cole/OU=who/O=eop@eop [ WHO 1)
READ:UNKNOWN
CC: phu d. huynh (CN=phu d. huynh/OU=who/O=eop@eop [ WHO 1)
READ:UNKNOWN
CC: marsha scott ( CN=marsha scott/OU=who/O=eop@eop [ WHO 1)
READ:UNKNOWN
CC: kristina 1. gordon ( CN=kristina 1. gordon/OU=who/O=eop@eop [ WHO D
READ:UNKNOWN
CC: charles n. duncan ( CN=charles n. duncan/OU=who/O=eop@eop [ WHO ])
READ:UNKNOWN
CC: dorian V. weaver ( CN=dorian V. weaver/OU=who/O=eop@eop [ WHO 1)
READ:UNKNOWN
TEXT:
i dont know about IRS - vanessa should know. my understanding is that
leahy should be nominated tomorrow - per sen. leahy's office, but
vanessa/patrick might want to check that out. that info. came to me from
mark also.
Mae E. Haney
05/26/99 02:57:52 PM
Record Type: Record
To: Bob J. Nash/WHO/EOP@EOP, Dorian V. Weaver/WHO/EOP@EOP, Marsha
Scott/WHO/EOP@EOP, Charles N. Duncan/WHO/EOP@EOP
cc: Laura K. Demeo/WHO/EOP@EOP, Phu D. Huynh/WHO/EOP@EOP, Kristina
L. Gordon/WHO/EOP@EOP, Charles H. Cole/WHO/EOP@EOP
Subject: Issues
Mark Childress indicated that we wanted to nominate the IRS folks
tomorrow. Levitan, Wetzler, Nickles and Williams have cleared and he says
we should probabl;y get Tobias tonight. Is this true and if so, should we
get the paperwork ready and give the clerk a "heads up"?
Mark also indicated we wanted to appoint Marcelle Leahy, Sallie Mae,
tomorrow. Is this true and should we gte the information ready?
Thanks
Withdrawal/Redaction Marker
Clinton Library
DOCUMENT NO.
SUBJECT/TITLE
DATE
RESTRICTION
AND TYPE
001. email
From: Marsha Scott, To: Bob Nash, Re: Mrs. Leahy (1 page)
05/25/1999
b(6)
COLLECTION:
Clinton Presidential Records
Automated Records Management System [Email]
WHO ([SLMA, Sallie Mael)
OA/Box Number: 500000
FOLDER TITLE:
[05/26/1999 - 12/06/1999]
2017-1074-F
jn350
RESTRICTION CODES
Presidential Records Act - |44 U.S.C. 2204(a)]
Freedom of Information Act - 15 U.S.C. 552(b)]
PI National Security Classified Information [(a)(1) of the PRA|
b(1) National security classified information [(b)(1) of the FOIA]
P2 Relating to the appointment to Federal office |(a)(2) of the PRAJ
b(2) Release would disclose internal personnel rules and practices of
P3 Release would violate a Federal statute |(a)(3) of the PRAJ
an agency [(b)(2) of the FOIA]
P4 Release would disclose trade secrets or confidential commercial or
b(3) Release would violate a Federal statute |(b)(3) of the FOIA]
financial information [(a)(4) of the PRA
b(4) Release would disclose trade secrets or confidential or financial
P5 Release would disclose confidential advice between the President
information ((b)(4) of the FOIA]
and his advisors, or between such advisors |a)(5) of the PRA|
b(6) Release would constitute a clearly unwarranted invasion of
P6 Release would constitute a clearly unwarranted invasion of
personal privacy [(b)(6) of the FOIA]
personal privacy [(a)(6) of the PRA|
b(7) Release would disclose information compiled for law enforcement
purposes [(b)(7) of the FOIA]
C. Closed in accordance with restrictions contained in donor's deed
b(8) Release would disclose information concerning the regulation of
of gift.
financial institutions |(b)(8) of the FOIA|
PRM. Personal record misfile defined in accordance with 44 U.S.C.
b(9) Release would disclose geological or geophysical information
2201(3).
concerning wells [(b)(9) of the FOIA]
RR. Document will be reviewed upon request.
RECORD TYPE: PRESIDENTIAL (NOTES MAIL)
CREATOR: Sara M. Latham ( CN=Sara M. Latham/OU=WHO/O=EOP [ WHO 1)
CREATION DATE/TIME:25-MAY-1999 11:39:25.00
SUBJECT: Marcelle Leahy
TO: Laura K. Demeo ( CN=Laura K. Demeo/OU=WHO/O=EOP@EOP [WHO 1)
READ:UNKNOWN
TEXT:
per your recommendation, she would like to be on the Sallie Mae Bd. - will
you begin the vetting process, thx
RECORD TYPE: PRESIDENTIAL (NOTES MAIL)
CREATOR: Laura K. Demeo ( CN=Laura K. Demeo/OU=WHO/O=EOP [ WHO 1)
CREATION DATE/TIME:25-MAY-1999 11:42:10.00
SUBJECT: Marcelle Leahy
TO: Dorian V. Weaver ( CN=Dorian V. Weaver/OU=WHO/O=EOP@EOP [ WHO 1)
READ:UNKNOWN
CC: Charles H. Cole ( CN=Charles H. Cole/OU=WHO/O=EOP@EOP[ WHO 1)
READ:UNKNOWN
CC: Mae E. Haney (CN=Mae E. Haney/OU=WHO/O=EOP@EOP [ WHO 1)
READ:UNKNOWN
TEXT:
bob wants to put marcelle leahy on sallie mae. she has already been
cleared for IJC. can we ask counsel to do whatever additional vet is
needed for her to sallie mae? thx, we need to start this ASAP.
Forwarded by Laura K. Demeo/WHO/EOP on 05/25/99
11:40 AM
Sara M. Latham
05/25/99 11:39:20 AM
Record Type: Record
To: Laura K. Demeo/WHO/EOP@EOP
cc:
Subject: Marcelle Leahy
per your recommendation, she would like to be on the Sallie Mae Bd. - will
you begin the vetting process, thx
RECORD TYPE: PRESIDENTIAL (NOTES MAIL)
CREATOR: Mae E. Haney (CN=Mae E. Haney/OU=WHO/O=EOP [ WHO 1)
CREATION DATE/TIME:25-MAY-1999 11:58:57.00
SUBJECT: Re: Marcelle Leahy
TO: Laura K. Demeo ( CN=Laura K. Demeo/OU=WHO/O=EOP@EOP [ WHO ])
READ:UNKNOWN
CC: Deborah Ho ( CN=Deborah Ho/OU=WHO/O=EOP@EOP [ WHO D
READ:UNKNOWN
CC: Skye S. Philbrick (CN=Skye S. Philbrick/OU=WHO/O=EOP@EOP[ WHO 1)
READ:UNKNOWN
CC: Dorian V. Weaver (CN=Dorian V. Weaver/OU=WHO/O=EOP@EOP [ WHO ])
READ:UNKNOWN
CC: Michael E. O'Connor ( CN=Michael E. O'Connor/OU=WHO/O=EOP@EOP WHO )
READ:UNKNOWN
CC: Charles H. Cole ( CN=Charles H. Cole/OU=WHO/O=EOP@EOP WHO ])
READ:UNKNOWN
CC: Marsha Scott ( CN=Marsha Scott/OU=WHO/O=EOP@EOP [ WHO 1)
READ:UNKNOWN
CC: Bob J. Nash (CN=Bob J. Nash/OU=WHO/O=EOP@EOP [ WHO ])
READ:UNKNOWN
CC: Amy Comstock (CN=Amy Comstock/OU=WHO/O=EOP@EOP [ WHO ])
READ:UNKNOWN
TEXT:
Laura,
I spoke with Amy and Mike. Debbie is going to pull Marcell
Leahy's file (originally cleared 2/26/99) and Mike will look at the old
vet and then pass it to Amy to look at the finanicial review. I indicated
to Mike and Amy that Podesta wanted this done as quickly as
possible! Thanks
Laura K. Demeo
05/25/99 11:42:05 AM
Record Type: Record
To: Dorian V. Weaver/WHO/EOP@EOP
cc: Mae E. Haney/WHO/EOP@EOP, Charles H. Cole/WHO/EOP@EOP
Subject: Marcelle Leahy
bob wants to put marcelle leahy on sallie mae. she has already been
cleared for IJC. can we ask counsel to do whatever additional vet is
needed for her to sallie mae? thx, we need to start this ASAP.
Forwarded by Laura K. Demeo/WHO/EOP on 05/25/99
11:40 AM
Sara M. Latham
05/25/99 11:39:20 AM
Record Type: Record
To: Laura K. Demeo/WHO/EOP@EOP
cc:
Subject: Marcelle Leahy
per your recommendation, she would like to be on the Sallie Mae Bd. - will
you begin the vetting process, thx
RECORD TYPE: PRESIDENTIAL (NOTES MAIL)
CREATOR: Laura K. Demeo ( CN=Laura K. Demeo/OU=WHO/O=EOP [ WHO ])
CREATION DATE/TIME:26-MAY-1999 17:36:07.00
SUBJECT: Re: Issues
TO: Mae E. Haney ( CN=Mae E. Haney/OU=WHO/O=EOP@EOP WHO 1)
READ:UNKNOWN
CC: charles h. cole ( CN=charles h. cole/OU=who/O=eop@eop [ WHO )
READ:UNKNOWN
CC: phu d. huynh ( CN=phu d. huynh/OU=who/O=eop@eop [ WHO ])
READ:UNKNOWN
CC: marsha scott ( CN=marsha scott/OU=who/O=eop@eop [ WHO )
READ:UNKNOWN
CC: kristina 1. gordon ( CN=kristina 1. gordon/OU=who/O=eop@eop [ WHO ])
READ:UNKNOWN
CC: charles n. duncan ( CN=charles n. duncan/OU=who/O=eop@eop [ WHO )
READ:UNKNOWN
CC: dorian V. weaver ( CN=dorian V. weaver/OU=who/O=eop@eop [ WHO D
READ:UNKNOWN
TEXT:
bob wants to go with all these nominations tomorrow - thx
Mae E. Haney
05/26/99 02:57:52 PM
Record Type: Record
To: Bob J. Nash/WHO/EOP@EOP, Dorian V. Weaver/WHO/EOP@EOP, Marsha
Scott/WHO/EOP@EOP, Charles N. Duncan/WHO/EOP@EOP
cc: Laura K. Demeo/WHO/EOP@EOP, Phu D. Huynh/WHO/EOP@EOP, Kristina
L. Gordon/WHO/EOP@EOP, Charles H. Cole/WHO/EOP@EOP
Subject: Issues
Mark Childress indicated that we wanted to nominate the IRS folks
tomorrow. Levitan, Wetzler, Nickles and Williams have cleared and he says
we should probabl;y get Tobias tonight. Is this true and if so, should we
get the paperwork ready and give the clerk a "heads up"?
Mark also indicated we wanted to appoint Marcelle Leahy, Sallie Mae,
tomorrow Is this true and should we gte the information ready?
Thanks
RECORD TYPE: PRESIDENTIAL (NOTES MAIL)
CREATOR: Laura K. Demeo ( CN=Laura K. Demeo/OU=WHO/O=EOP [ WHO 1)
CREATION DATE/TIME:26-MAY-1999 17:35:58.00
SUBJECT:
TO: Charles H. Cole ( CN=Charles H. Cole/OU=WHO/O=EOP@EOP [ WHO ])
READ:UNKNOWN
TEXT:
charlie - please call her ASAP.
Forwarded by Laura K. Demeo/WHO/EOP on 05/26/99
05:27 PM
Mae E. Haney
05/26/99 11:14:38 AM
Record Type: Record
To: Charles W. Burson/OVP@OVP
cc: Bob J. Nash/WHO/EOP@EOP, Laura K. Demeo/WHO/EOP@EOP
Subject:
Bob Nash wanted me to give you a status report on the clearance for Lois
DeBerry, Member of the Board of Directors for Sallie Mae. Mr. DeBerry
was sent paperwork on 4/26/99 and has not returned the paperwork to the
counsel's office. His clearance can not begin until he submits his
paperwork. Please let me know if you have any questions. Thanks
RECORD TYPE: PRESIDENTIAL (NOTES MAIL)
CREATOR: Mae E. Haney (CN=Mae E. Haney/OU=WHO/O=EOP [ WHO ])
CREATION DATE/TIME:26-MAY-1999 09:55:29.00
SUBJECT: final clearance--Marcelle Leahy
TO: Kristina L. Gordon ( CN=Kristina L. Gordon/OU=WHO/O=EOP@EOP [ WHO 1)
READ:UNKNOWN
TO: Skye S. Philbrick ( CN=Skye S. Philbrick/OU=WHO/O=EOP@EOP [ WHO 1)
READ:UNKNOWN
TO: Charles H. Cole ( CN=Charles H. Cole/OU=WHO/O=EOP@EOP [WHO])
READ:UNKNOWN
TO: Patrick W. Henning ( CN=Patrick W. Henning/OU=WHO/O=EOP@EOP [ WHO )
READ:UNKNOWN
TO: Bob J. Nash (CN=Bob J. Nash/OU=WHO/O=EOP@EOP [ WHO ])
READ:UNKNOWN
TO: Laura K. Demeo ( CN=Laura K. Demeo/OU=WHO/O=EOP@EOP WHO ])
READ:UNKNOWN
TO: Marsha Scott ( CN=Marsha Scott/OU=WHO/O=EOP@EOP [ WHO )
READ:UNKNOWN
TEXT:
Marcelle Leahy, Member of the Board Directors of Sallie Mae, has received
final counsel clearance and such appointment may proceed.
Forwarded by Mae E. Haney/WHO/EOP on 05/26/99 09:50
AM
Deborah Ho
05/25/99 06:16:03 PM
Record Type: Record
To: See the distribution list at the bottom of this message
cc:
Subject: Marcelle Leahy
Message Sent
To:
Mark Childress/WHO/EOP@EOP
Amy Comstock/WHO/EOP@EOP
Kristina L. Gordon/WHO/EOP@EOP
Mae E. Haney/WHO/EOP@EOP
Phu D. Huynh/WHO/EOP@EOP
Michael E. O'Connor/WHO/EOP@EOP
Dorian V. Weaver/WHO/EOP@EOP
William K. Winkler/WHO/EOP@EOP
ATTACHMENT
1
ATT CREATION TIME/DATE: 0 00:00:00.00
TEXT:
Unable to convert ARMS_EXT:[ATTACH.D61]ARMS29623165B.136to.ASCI.
The following is a HEX DUMP:
END ATTACHMENT
1
MEMORANDUM
TO:
BOB J. NASH
ASSISTANT TO THE PRESIDENT
DIRECTOR, OFFICE OF PRESIDENTIAL PERSONNEL
FROM:
MARK CHILDRESS
SENIOR COUNSEL FOR NOMINATIONS
MICHAEL O'CONNOR
ASSOCIATE COUNSEL TO THE PRESIDENT
AMY COMSTOCK
ASSOCIATE COUNSEL TO THE PRESIDENT
RE:
MARCELLE LEAHY
DATE:May 25, 1999
You are hereby notified that the Office of Counsel to the President has completed its clearance
review of the proposed appointment of Marcelle Leahy to be Member of the Board of Directors
of Sallie Mae, and such appointment may proceed.
cc:
Dorian V. Weaver, OPP
Automated Records Management System
Hex-Dump Conversion
RECORD TYPE: PRESIDENTIAL (NOTES MAIL)
CREATOR: Dorian V. Weaver (CN=Dorian V. Weaver/OU=WHO/O=EOP [ WHO ])
CREATION DATE/TIME:26-MAY-1999 20:48:23.00
SUBJECT: Re: Issues
TO: Phu D. Huynh (CN=Phu D. Huynh/OU=WHO/O=EOP@EOP WHO 1)
READ:UNKNOWN
TO: Mae E. Haney (CN=Mae E. Haney/OU=WHO/O=EOP@EOP [ WHO ])
READ:UNKNOWN
CC: kristina I. gordon ( CN=kristina 1. gordon/OU=who/O=eop@eop [ WHO 1)
READ:UNKNOWN
CC: laura k. demeo ( CN=laura k. demeo/OU=who/O=eop@eop [ WHO ])
READ:UNKNOWN
CC: marsha scott ( CN=marsha scott/OU=who/O=eop@eop [ WHO ])
READ:UNKNOWN
CC: charles h. cole (CN=charles h. cole/OU=who/O=eop@eop [ WHO 1)
READ:UNKNOWN
CC: phu d. huynh (CN=phu d. huynh/OU=who/O=eop@eop [ WHO 1)
READ:UNKNOWN
CC: charles n. duncan ( CN=charles n. duncan/OU=who/O=eop@eop [ WHO ])
READ:UNKNOWN
CC: bob j. nash ( CN=bob j. nash/OU=who/O=eop@eop [ WHO 1)
READ:UNKNOWN
TEXT:
Bob,
We should NOT appoint Mrs. Leahy tomorrow. We must talk about
the rest of the slate.
Mae, has Mark or anyone else promised that Mrs. Leahy should be
appointed tomorrow? If so, notification of appointment was inappropriate.
In addition, no one on IRS should be nominated or announced until
we reach a final decision on press.
In short, noneof these nominations/appointments are ready yet.
Vanessa
Mae E. Haney
05/26/99 02:57:52 PM
Record Type: Record
To: Bob J. Nash/WHO/EOP@EOP, Dorian V. Weaver/WHO/EOP@EOP, Marsha
Scott/WHO/EOP@EOP, Charles N. Duncan/WHO/EOP@EOP
cc: Laura K. Demeo/WHO/EOP@EOP, Phu D. Huynh/WHO/EOP@EOP, Kristina
L. Gordon/WHO/EOP@EOP, Charles H. Cole/WHO/EOP@EOP
Subject: Issues
Mark Childress indicated that we wanted to nominate the IRS folks
tomorrow. Levitan, Wetzler, Nickles and Williams have cleared and he says
we should probabl;y get Tobias tonight. Is this true and if so, should we
get the paperwork ready and give the clerk a "heads up"?
Mark also indicated we wanted to appoint Marcelle Leahy, Sallie Mae,
tomorrow Is this true and should we gte the information ready?
Thanks
RECORD TYPE: PRESIDENTIAL (NOTES MAIL)
CREATOR: Skye S. Philbrick (CN=Skye S. Philbrick/OU=WHO/O=EOP [ WHO ])
CREATION DATE/TIME:27-MAY-1999 08:31:16.00
SUBJECT: Sallie Mae
TO: Mae E. Haney (CN=Mae E. Haney/OU=WHO/O=EOP@EOP [ WHO 1)
READ:UNKNOWN
TEXT:
Do you know if we're doing a press release on this today? I believe it is
Leahy's wife who was named to this board. Thanks
RECORD TYPE: PRESIDENTIAL (NOTES MAIL)
CREATOR: Walker F. Bass ( CN=Walker F. Bass/OU=WHO/O=EOP [WHO])
CREATION DATE/TIME:27-MAY-1999 10:07:56.00
SUBJECT: Sallie Mae
TO: Mae E. Haney (CN=Mae E. Haney/OU=WHO/O=EOP [ WHO
READ:UNKNOWN
TEXT:
Forwarded by Walker F. Bass/WHO/EOP on 05/27/99
10:07 AM
Peggy A Clark <[email protected]>
05/27/99 09:40:38 AM
Record Type: Record
To: Walker F. Bass/WHO/EOP
cc:
Subject: Sallie Mae
Walker - SO sorry to bother you. But, I talked to Sky this am, she said
that she would talk to Mae, who is handling the announcement. Would you
please pass this e-mail off to Mae for me?
Mae,
Sky told me that you were working on the announcement for Marcelle Leahy to
be a board member for Sallie Mae. This is a BIG deal, here, as you would
imagine. So, we want to call her and do our own press release. I have
told the powers that be that we cannot put out a release until you guys do
- however, we could start preparing one to release - but we need to talk to
her. Please let me know when you expect to do the press release so that we
can get our ducks in a row here.
My number is 202-969-8022. Thanks alot and hope you are doing well!
Peg
Any information sent to or from Sallie Mae or its subsidiaries is the
property of Sallie Mae. To review the full disclaimer please see
http://www.salliemae.com.
RECORD TYPE: PRESIDENTIAL (NOTES MAIL)
CREATOR: Mae E. Haney ( CN=Mae E. Haney/OU=WHO/O=EOP [ WHO ])
CREATION DATE/TIME:27-MAY-1999 18:17:52.00
SUBJECT: Sallie Mae
TO: Kristina L. Gordon ( CN=Kristina L. Gordon/OU=WHO/O=EOP@EOP[ WHO ])
READ:UNKNOWN
TEXT:
This is the women that needs to be notified when the press is done on
Marcelle Leahy.
Thanks
Forwarded by Mae E. Haney/WHO/EOP on 05/27/99 06:16
PM
Walker F. Bass
05/27/99 10:07:51 AM
Record Type: Record
To: Mae E. Haney/WHO/EOP
cc:
Subject: Sallie Mae
Forwarded by Walker F. Bass/WHO/EOP on 05/27/99
10:07 AM
Peggy A Clark <[email protected]>
05/27/99 09:40:38 AM
Record Type: Record
To: Walker F. Bass/WHO/EOP
cc:
Subject: Sallie Mae
Walker - SO sorry to bother you. But, I talked to Sky this am, she said
that she would talk to Mae, who is handling the announcement. Would you
please pass this e-mail off to Mae for me?
Mae,
Sky told me that you were working on the announcement for Marcelle Leahy to
be a board member for Sallie Mae. This is a BIG deal, here, as you would
imagine. So, we want to call her and do our own press release. I have
told the powers that be that we cannot put out a release until you guys do
- however, we could start preparing one to release - but we need to talk to
her. Please let me know when you expect to do the press release so that we
can get our ducks in a row here.
My number is 202-969-8022. Thanks alot and hope you are doing well!
Peg
Any information sent to or from Sallie Mae or its subsidiaries is the
property of Sallie Mae. To review the full disclaimer please see
http://www.salliemae.com
RECORD TYPE: PRESIDENTIAL (NOTES MAIL)
CREATOR: Peggy A Clark <[email protected]> ( Peggy A Clark <[email protected]> [ UNKNOWN
1)
CREATION DATE/TIME:27-MAY-1999 09:42:36.00
SUBJECT: Sallie Mae
TO: Walker F. Bass ( CN=Walker F. Bass/OU=WHO/O=EOP [ WHO 1)
READ:UNKNOWN
TEXT:
Walker - so sorry to bother you. But, I talked to Sky this am, she said
that she would talk to Mae, who is handling the announcement. Would you
please pass this e-mail off to Mae for me?
Mae,
Sky told me that you were working on the announcement for Marcelle Leahy to
be a board member for Sallie Mae. This is a BIG deal, here, as you would
imagine. So, we want to call her and do our own press release. I have
told the powers that be that we cannot put out a release until you guys do
- however, we could start preparing one to release - but we need to talk to
her. Please let me know when you expect to do the press release so that we
can get our ducks in a row here.
My number is 202-969-8022. Thanks alot and hope you are doing well!
Peg
Any information sent to or from Sallie Mae or its subsidiaries is the
property of Sallie Mae. To review the full disclaimer please see
http://www.salliemae.com.
RECORD TYPE: PRESIDENTIAL (NOTES MAIL)
CREATOR: Dorian V. Weaver ( CN=Dorian V. Weaver/OU=WHO/O=EOP [ WHO 1)
CREATION DATE/TIME:27-MAY-1999 14:42:55.00
SUBJECT: Sallie Mae
TO: Phu D. Huynh (CN=Phu D. Huynh/OU=WHO/O=EOP@EOP [ WHO 1)
READ:UNKNOWN
TEXT:
Phu,
I spoke with Senator Leahy's office. We plan to appoint Mrs.
Leahy tomorrow. Do you know which vice? Has Marsha's office given you
any info/press release?
V
RECORD TYPE: PRESIDENTIAL (NOTES MAIL)
CREATOR: Phu D. Huynh ( CN=Phu D. Huynh/OU=WHO/O=EOP [ WHO ])
CREATION DATE/TIME:28-MAY-1999 12:31:01.00
SUBJECT: Description of Sallie Mae
TO: Kristina L. Gordon ( CN=Kristina L. Gordon/OU=WHO/O=EOP@EOP [ WHO 1)
READ:UNKNOWN
TEXT:
The Student Loan Marketing Corporation (Sallie Mae) was created by an act
of Congress in 1972 to provide funding and liquidity for federally
guaranteed education loans, and in 1996, Congress enacted and President
Clinton signed legislation authorizing its restructuring as a fully
private, state-chartered corporation. Sallie Mae is the nation's largest
source of funding and servicing support for education loans for students
and their parents.
RECORD TYPE: PRESIDENTIAL (NOTES MAIL)
CREATOR: [email protected]@INET@LNGTWY([email protected]@INETQLNGTWYI
UNKNOWN 1)
CREATION DATE/TIME: 1-JUL-1999 19:57:30.00
SUBJECT: Re: Sallie Mae Deliverable for East St. Louis
TO: Jackson T. Dunn@eop (Jackson T. Dunn@eop [ WHO ])
READ:UNKNOWN
TEXT:
Please also remember when doing paper we have the $3 million EZ signing.
(same as Ag in Pine ridge). Thanks!
[email protected] on 07/01/99 07:36:49 PM
To: Douglas S. Kantor/OGC/HHQ/HUD
cc: [email protected], [email protected],
[email protected], M. Lawing/SECY/HHQ/HUD, Patricia
Enright/SECY/HUD/GOV, Ginny Terzano/PA/HHQ/HUD
Subject: Re: Sallie Mae Deliverable for East St. Louis
This is great news. Please make sure that we (Jay Dunn and me) have
information no later than the first thing tomorrow morning because we are
finalizing our press paper tomorrow.
RECORD TYPE: PRESIDENTIAL (NOTES MAIL)
CREATOR: "Douglas S. Kantor" <[email protected]> ("Douglas S. Kantor"
<[email protected]> [ UNKNOWN])
CREATION DATE/TIME: 1-JUL-1999 19:22:51.00
SUBJECT: Sallie Mae Deliverable for East St. Louis
TO: Anne E. McGuire (CN=Anne E. McGuire/OU=WHO/O=EOP [ WHO 1)
READ:UNKNOWN
TO: Jonathan A. Kaplan ( CN=Jonathan A. Kaplan/OU=OPD/O=EOP [ OPD ])
READ:UNKNOWN
TO: Lisa Green (CN=Lisa Green/OU=OPD/O=EOP [ OPD D
READ:UNKNOWN
TO: [email protected] ( [email protected] [ UNKNOWN D (WHO)
READ:UNKNOWN
CC: Patricia Enright <[email protected]> ( Patricia Enright <[email protected]> [ UNKNOWN 1)
READ:UNKNOWN
CC: Ginny Terzano <[email protected]> ( Ginny Terzano <[email protected]> [ UNKNOWN 1)
READ:UNKNOWN
CC: "Jacquie M. Lawing" <[email protected]> ("Jacquie M. Lawing" <[email protected]> [
UNKNOWN D
READ:UNKNOWN
TEXT:
Sallie Mae came through with a deliverable for East St. Louis and we are
very excited about it. They will establish a college information center at
a local library in East St. Louis. The center will have a full-time staff
person to counsel prospective college students on their options and
voluminous resources. It is modeled on the DC College Information Center
and the Boston Higher Education Center. The initial cost to start the
center will come from a $50,000 grant from the Sallie Mae Trust (their
charitable foundation).
They would like Paul Carey, Executive Vice President and Larry O'Toole,
Vice President of Sallie Mae and President of Nellie Mae to be invited to
the event.
They are faxing me more information and I will make sure that Ginny has it.
RECORD TYPE: PRESIDENTIAL (NOTES MAIL)
CREATOR: Lisa Green (CN=Lisa Green/OU=OPD/O=EOP [ OPD ])
CREATION DATE/TIME: 1-JUL-1999 19:36:02.00
SUBJECT: Re: Sallie Mae Deliverable for East St. Louis
TO: "Douglas S. Kantor" <[email protected]> ("Douglas S. Kantor" <[email protected]>[
UNKNOWN 1)
READ:UNKNOWN
CC: ginny terzano <[email protected]> ( ginny terzano <[email protected]> [ UNKNOWN ])
READ:UNKNOWN
CC: "jacquie m. lawing" <[email protected]> ("jacquie m. lawing" <[email protected]> [
UNKNOWN D
READ:UNKNOWN
CC: Jonathan A. Kaplan ( CN=Jonathan A. Kaplan/OU=OPD/O=EOP@EOP [ OPD ])
READ:UNKNOWN
CC: patricia enright <[email protected]> (patricia enright <[email protected]> [ UNKNOWN 1)
READ:UNKNOWN
CC: Anne E. McGuire ( [CN=Anne E. McGuire/OU=WHO/O=EOP@EOP [ WHO ])
READ:UNKNOWN
CC: [email protected] ( [email protected] [ UNKNOWN ] ) (WHO)
READ:UNKNOWN
TEXT:
This is great news. Please make sure that we (Jay Dunn and me) have
information no later than the first thing tomorrow morning because we are
finalizing our press paper tomorrow.
RECORD TYPE: PRESIDENTIAL (NOTES MAIL)
CREATOR: Lisa Green ( CN=Lisa Green/OU=OPD/O=EOP [ OPD
CREATION DATE/TIME: 3-JUL-1999 15:19:42.00
SUBJECT: Sallie Mae Deliverable for East St. Louis
TO: Jackson T. Dunn CN=Jackson T. Dunn/OU=WHO/O=EOP@EOP WHO ])
READ:UNKNOWN
TO: Anne E. McGuire (CN=Anne E. McGuire/OU=WHO/O=EOP@EOP WHO
READ:UNKNOWN
CC: Jonathan A. Kaplan ( CN=Jonathan A. Kaplan/OU=OPD/O=EOP@EOP [OPD ])
READ:UNKNOWN
TEXT:
I'm not sure that this deliverable will actually make it into our paper or
into the President's remarks. How do we want to deal with this?
I know Sallie Mae is no longer a public entity, but because of the quasi
public nature I am sending this to both of you to ponder.
Forwarded by Lisa Green/OPD/EOP on 07/03/99 03:15
PM
"Douglas S. Kantor" <[email protected]>
07/01/99 07:18:53 PM
Record Type: Record
To: [email protected], Lisa Green/OPD/EOP, Jonathan A. Kaplan/OPD/EOP,
Anne E. McGuire/WHO/EOP
cc: "Jacquie M. Lawing" <[email protected]>, Patricia Enright
<[email protected]>, Ginny Terzano <[email protected]>
Subject: Sallie Mae Deliverable for East St. Louis
Sallie Mae came through with a deliverable for East St. Louis and we are
very excited about it. They will establish a college information center at
a local library in East St. Louis. The center will have a full-time staff
person to counsel prospective college students on their options and
voluminous resources. It is modeled on the DC College Information Center
and the Boston Higher Education Center. The initial cost to start the
center will come from a $50,000 grant from the Sallie Mae Trust (their
charitable foundation).
They would like Paul Carey, Executive Vice President and Larry O'Toole,
Vice President of Sallie Mae and President of Nellie Mae to be invited to
the event.
They are faxing me more information and I will make sure that Ginny has it.
RECORD TYPE: PRESIDENTIAL (NOTES MAIL)
CREATOR: Walker F. Bass ( CN=Walker F. Bass/OU=WHO/O=EOP [ WHO 1)
CREATION DATE/TIME:14-JUL-1999 15:50:47.00
SUBJECT: from Peg Clark
TO: Heather M. Marabeti ( CN=Heather M. Marabeti/OU=WHO/O=EOP@EOP WHO 1)
READ:UNKNOWN
TEXT:
Also, would you please pass this portion of my message along to Heather -
(or if you know anything, fill me in, too.)
Sallie Mae has been working with Jon Schnur on a number of projects
regarding lifelong learning. We have recommended Paul Carey to serve on the
Presidential Advisory Committee on Lifelong Learning. Jon said that he
ison the key OVP list which has now been referred to you guys. Paul is the
number two person at Sallie Mae and the person who started our lifelong
learning initiatives. Sallie Mae is the largest funding entity developing
programs in this area. (Paul is a lifelong Dem at Sallie.) Anyway, as I
said, I understand that his name was sent over as a key OVP person to serve
on the Committee. If this is not quite right, or if you need further info,
please, please let me know as they are looking to me to bird dog this
with Tom Downey. We can marshal major support, if necessary, but if he's
already on the list as OVP, then I won't tell him to gear any more support
to bug you with having been there many times myself.
Please let me know. You can call or e-mail me.. my direct line is
202-969-8022. Best to you and THANKS!
RECORD TYPE: PRESIDENTIAL (NOTES MAIL)
CREATOR: Skye S. Philbrick (CN=Skye S. Philbrick/OU=WHO/O=EOP [ WHO 1)
CREATION DATE/TIME:12-OCT-1999 16:59:27.00
SUBJECT: Mari Carmen Aponte
TO: Charles H. Cole ( CN=Charles H. Cole/OU=WHO/O=EOP@EOP [ WHO ])
READ:UNKNOWN
TEXT:
Marie Therese asked if you could call Mari Carmen and give her an update
on Sallie Mae even if there is no update. Her number is 202-363-2050.
Thanks
RECORD TYPE: PRESIDENTIAL (NOTES MAIL)
CREATOR: Tom Butts <[email protected]> (Tom Butts <[email protected]> [ UNKNOWN 1)
CREATION DATE/TIME:14-OCT-1999 19:25:34.00
SUBJECT:
TO: Broderick Johnson ( CN=Broderick Johnson/OU=WHO/O=EOP [WHO])
READ:UNKNOWN
TEXT:
p.s. Mr. Clay went south today on the Sallie Mae indexing. Don't
think students got anything for it. Not good!!!
RECORD TYPE: PRESIDENTIAL (NOTES MAIL)
CREATOR: Jeffrey Denny <[email protected]> (Jeffrey Denny <[email protected]> [
UNKNOWN
CREATION DATE/TIME:18-OCT-1999 15:54:54.00
SUBJECT: hallooo
TO: Laura E. Schiller ( CN=Laura E. Schiller/OU=WHO/O=EOP [ WHO
READ:UNKNOWN
TEXT:
Sup for the weekend? Sat p.m. looks OK for me. Ugood? Below, a Frank
speech you might like.
Remarks Prepared for Delivery by
Franklin D. Raines
Chairman and CEO, Fannie Mae
Greater Washington Board of Trade
Morning Star Breakfast
Washington, DC, October 14, 1999
Thank you, Jim for that introduction and for the invitation to be your
Morning Star speaker, and thanks to Cellular One for sponsoring the
series this year. There are few words in the English language more
daunting than the term ?breakfast speech.? But I?ll do my best.
Let me also thank John Tydings and the Board of Trade for your
leadership for a greater Washington. These are optimistic times for the
DC area. I would hesitate to use the term ?bull market? because it
sounds like the beginning of a political joke. But in fact we should
all be bullish on Washington. I?ve lived here for most of the past 22
years, served in the public and private sector here and raised my family
here. And I can tell you ? never has the future of Washington looked
brighter for everybody.
The Board of Trade has a lot to do with that. To give you an example
I?m familiar with, the Board has teamed up with Fannie Mae to bring our
Employer-Assisted Housing Program to more companies and families in the
area. Basically, we can help your companies help your employees become
homeowners. This is fantastic for them and it?s a plus for your
recruiting and retention. But it?s also great for the region. We know
a community of homeowners is better off and the citizenry is more
active, engaged and determined to be proud of the place where they live.
Expanding homeownership is what Fannie Mae does. We are the country?s
largest affordable housing company. Some people still think we?re a
government agency or even that candy company from Chicago. But we?re a
private Fortune 500 corporation on the New York Stock Exchange, and our
job is to guarantee that mortgage lenders from Anacostia to Alaska have
a ready source of low-cost financing to lend to average working families
to buy a home. To do that, we own or guarantee $1.2 trillion in
mortgages. So the largest non-bank financial services company in
America is based right here in DC on Wisconsin Avenue.
But I?m not here to talk about Fannie Mae. Instead, I would rather talk
about the future of our hometown of Washington, DC, a city in a region
that is undergoing an historic transformation. I have tried to be part
of that transformation not only in my six years at Fannie Mae, but also
as the federal budget director, as a member of the new mayor?s
transition team, through service on non-profit boards, as a member of
the board of America Online ? and even as a baseball fan who wants to
bring a Major League ball team to the city.
To capture the change in our region and what it means for the business
community, it may be interesting to note that Fannie Mae?s evolution
somewhat mirrors the evolution of this city. And a key lesson from my
company?s experience can also apply to building an even greater
Washington.
That is, in 1938, Fannie Mae began as a government-owned corporation,
providing public sector solutions to a public need for affordable
housing. In 1968, we became a private company when the federal
government sold its last stock holdings. As a private company, we carry
out a public mission that tries to improve the quality of life in
America.
Greater Washington itself is undergoing a similar transformation. From
its humble beginnings as a village on the Potomac, Washington became a
government town, dominated in almost every aspect by the public sector.
But today, as we celebrate the city?s 200th anniversary, Washington has
begun what you could call the process of being ?privatized.? That is,
we have entered a whole new era for the city ? the post-government era ?
a period in which the private sector is ascending in dominance as the
federal role in the local economy recedes.
Government will continue to have a heavy influence of course. But the
private sector will have a greater influence than ever. And if it
chooses to make a wise investment, the business community can have a
greater impact on the quality of life in the area by applying private
sector solutions to public needs.
How did we get here? What does this new era mean for the city, the
region, the citizens, the economy and the business community? As civic
leaders, business leaders and good corporate citizens, what new roles ?
what new responsibilities ? can we take on? How can we build an even
greater Washington in the post-government era?
Let me try to answer these questions, first by looking back.
We all know the thumbnail history of Washington, how it was one of the
few cities in the world that was created to serve as a seat of a
national government. Before 1800, it was called ?the capital of
Miserable Huts.? Cows grazed on what is now the Mall, hogs rooted
through the trash and homes were infested with snakes. One observer
called Washington ?a city so many are willing to come to and all so
anxious to leave.? At the time, less than 10 percent of the available
lots were sold. And the only commercial establishment in the city was
a brewery.
It was actually a great time for private enterprise. One aspect of that
may be best summed up by the story about a Georgetown merchant named
Samuel Davidson. Apparently, Davidson was a close friend of Pierre
L?Enfant when the French architect designed the layout of the city.
According to legend, Davidson would invite L?Enfant to a nearby tavern,
get him good and drunk, and then pick his brain for where he was going
to put the federal buildings. Kind of like, ?Pierre, old buddy ? have
another ale on me. So, tell me again ? where are you putting the
Treasury Department??
Then Davidson would sneak off and buy up certain choice parcels, which
he later sold to the government for a discount. But he would also keep
certain edge properties, which he sold at a huge profit to private
merchants. That?s how Davidson amassed enough wealth to build his
mansion in Georgetown, which is called ?Evermay,? and it?s still there
near Dumbarton Oaks, fully restored. It?s quite beautiful.
But the business community also came through for Washington.
Apparently after the British burned the city in 1814 to try to
demoralize the country, Congress came just a couple of votes short of
moving the capital to another city. But the District?s bankers pulled
together and offered to finance the reconstruction, and so the capital
stayed here. The Civil War brought a huge growth in government and
commerce, and the population nearly doubled between 1860 and 1870. And
in 1889 the Washington Board of Trade was founded to help manage the
city's growth.
In the 20th century the federal impact on the region took off as World
War I and II and the New Deal brought a wave of people to support the
war effort and staff new government agencies and programs. President
Kennedy?s call to public service brought even more ambitious programs
and people to Washington, and that continued with the Great Society
expansion of centralized government.
The first twinge of a counter-movement could be seen when President
Johnson?s budget office was looking for a few last-minute savings to
deliver a balanced budget in 1969, and it proposed privatizing Fannie
Mae. This turned out to be one of its wisest policy decisions Congress
ever made. At the time, Fannie Mae had $185 million of government
capital to guarantee a constant nationwide flow of mortgage finance.
Today we have almost $18 billion of private equity capital, and it?s
fueling national homeownership rates at record highs and mortgage
interest rates at the lowest levels in the entire market.
This bright idea ? shifting public functions to the private sector ?
would foreshadow a paradigm shift that would occur years later on a
larger scale. But the writing was already on the wall. In the
seventies and eighties, the growth of government ? coupled with
disillusionment over Watergate and Vietnam ? began to raise questions
about the size, impact, efficiency, effectiveness and certainly the cost
of the federal government. Even defenders of activist government were
wondering whether many public needs could be better, more efficiently
met with the discipline and accountability of private sector management
and private capital.
By the nineties, the pendulum of government growth began to swing in
earnest. The end of the Cold War permitted a downsizing of military
spending. There has been a move to shift more authority and functions
to the states. The Clinton Administration made a point of trying to
instill market discipline and private enterprise practices in the
operations of the federal government to improve its performance, and
many functions have been outsourced and privatized. Federal employment
and contracts began to shrink. Today the government has the lowest
employment since the Kennedy Administration. And the balanced federal
budget has helped to impose a new discipline on the growth of federal
spending in general, reducing the role of the federal government in the
national economy.
We all know the result ? the federal government?s impact on the region
is diminishing. But early predictions that the regional economy would
suffer as a result have not come true. Quite the opposite, in fact,
because at the same time the private sector?s size and impact have
grown, and in phenomenal ways. We?ve reached a new phase in
Washington?s history ? the post-government era, where the region?s
economy is fast being dominated not by the public sector, but by private
enterprise.
Just this week, there was a front-page story in the New York Times that
captured this transformation with the headline ?Information Superhighway
Is Just Outside the Beltway.? You know something?s happening when a
story about this region is front-page news in the Times. It called the
city, ?Washington.com? and said we?re ?the home to far more
entrepreneurs and other business people than federal workers and
assorted private companies and institutions connected to the
government.?
Many of you know the statistics. Half the Internet?s backbone is
supplied by companies here. We now have more than 9,000
technology-related companies here ? more than the Route 128 corridor
outside Boston or the Research Triangle in North Carolina. We have some
of the biggest names: AOL, MCI Worldcom, Nextel, Network Solutions.
This industry brings us more than 300,000 information technology jobs ?
11 percent of the country?s ? and almost as many as the number of
federal jobs. And venture capital in the region has more than doubled
in the past two years. Investors are bullish on the Washington area.
Not mentioned by the New York Times is the presence in the region of
some of the largest financial institutions in the nation that are also
leveraging information technology ? Fannie Mae, Freddie Mac and Sallie
Mae.
Certainly this private sector growth has a lot to do with the federal
presence. The government and particularly the Defense Department has
had a huge appetite for advanced technology, computer systems,
telecommunications and satellites. Proximity to the Federal
Communications Commission brought new telecommunications companies here
in the wake of deregulation. The National Institutes of Health, the
Food and Drug Administration and other federal research agencies spawned
a cluster of biomedical and science-related commercial enterprises.
But it appears that the private sector is weaning itself from government
and is growing independently, with less reliance on federal contracts or
contacts. The CEO of one new computer startup bragged that he had no
government contracts whatsoever. Of course the government will still
remain an important customer, although on different terms as a result of
outsourcing and procurement reforms. These changes ? part of the
government?s effort to adopt more efficient business management
practices ? mean the government is acting more like a normal commercial
buyer, even for government-unique purchases.
And like a virtuous circle, the government is going to benefit a lot
from the advances of these new businesses in the region, including not
only applications of the Internet to government operations, but also the
Revolution in Military Affairs ? the digitized battlefield ? and new
database mining capabilities that will improve the integrity of
government benefit programs.
This new post-government economy is having its most visible impact along
the Dulles Corridor and Tyson?s Corner, especially if you?re stuck on
the Beltway or I-66 during rush hour. But it?s also fueling the
renaissance of the city of Washington. The most obvious sign is the new
construction, rehab and renewal, both residential and commercial, as
home prices rise and the retail and office markets boom. The
out-migration of DC has slowed, and families are moving closer to the
city and even back into it. The signs of progress are everywhere. I?m
not wild about those trenches they?re cutting into the streets to lay
down new fiber optic cable, but that too is a sign of progress. Another
sign we haven?t seen in a while was the DC Council debating the size of
a tax cut rather than service cuts.
On the whole, the region has declining poverty levels, less crime and
falling unemployment. In fact, employment in the area increased by more
than 12 percent in the nineties, adding over 276,000 jobs, according to
the Urban Institute.
But as a Brookings report this summer warned, not everybody in the
region is benefiting. Maybe you remember reading about it ? a map
showed that while the western half of the region is thriving, the
eastern half of the region is carrying the area?s burden of poverty and
distress. But on a more hopeful note, it also said the Washington area
has the resources and a growing philanthropic impulse to bridge this
divide and close the income and opportunity gaps.
This is the future of Washington in the post-government era. The
question is, what is the role of state and local government in this new
economy? And what is the role of private business ? what is our civic
obligation?
Certainly, Washington will be part of a national trend in which local
leaders are meeting more public needs with local solutions. There's an
old story about a new Congressman who returned to his home district for
a town meeting. A citizen stood up and complained about the trash
collection on her street. The Congressman listened carefully, but then
said, ?With all due respect, ma'am, this is a local problem. Have you
told your mayor about your complaint?? And the woman replied, ?No, I
haven't. I didn't want to start that high up.?
Today, across the country, some of the best solutions are coming not
from the federal government but from local leaders, local partners and
local strategies backed by private investment. We?re seeing more localcoalitions and partnerships involving business,
government, education
and the nonprofits emerging to address local social and economic
problems. Communities are becoming the new national laboratories for
ideas and innovation. We are seeing tailor-made solutions that really
work, and more reaching out to private sector investors like Fannie Mae,
especially when it comes to housing and community development.
Some of you know that Fannie Mae has pledged to invest $1 billion in DC
over the next four years to boost affordable homeownership and rental
housing here for 8,000 families. One of our strategies is to pick
several neighborhoods where we can make a tangible difference and touch
off even further renewal. One of the best examples is our partnership
with Howard University to turn around LeDroit Park. But Fannie Mae is
just one player. We could not do any of these housing investments
without local leaders like my three guests this morning ? Eric Price,
the new Deputy Mayor for Planning and Economic Development, Dr. Hassan
Minor from Howard University, and Chris Smith of the William C. Smith
and Company.
As the private sector grows in size and influence, the business
community simply has a greater combined ability to improve the quality
of life in the region ? and do it with private sector solutions. We
can do this not only as good corporate citizens, but also as smart
business leaders making a good long-term investment. Now I don't need
to tell this audience that investing in the community is a good thing to
do. You already know that, and you're already doing it. As far back as
1969, the Greater Washington Board of Trade itself was building housing
for low-income families and establishing a major job training program
for the disadvantaged.
There is still plenty to be done. But the message of this year ?s
Washington Business Philanthropy Summit is that while corporate
philanthropy is on the rise, and business leaders do want to get more
involved, they need to know how. My friend Chris Smith was one of the
heroes of the Philanthropy Summit, and the story of one of his business
ventures is a good example of the kind of investments that this region
needs from us in the post-government era.
It ?s called the Parklands. It ?s a community in Anacostia, just off the
Suitland Parkway. You should have seen it a few years ago. Sixty acres
of dilapidated, boarded-up apartments ravaged by neglect, crime, drugs
and disrepair. A war zone. We were in danger of losing a generation
of children over there.
But when Chris Smith saw Parklands, he didn ?t just see a problem. He
saw a community that was waiting to come out. It ?s like an artist who
looks at a canvas or a stone and sees the art inside trying to come out.
You should see Parklands now. Since 1991, Chris ?s company has invested
over $53 million to create four residential apartment villages. They
have a million-dollar Splash Park. They have private bus service to the
Metro, they have a new shopping center with small business incubation
services, they have a special partnership with the DC police, they have
summer youth jobs programs, they have two day care centers and they have
parenting skills training. Next year they ?II have a new arts and
recreation center. And just two weeks ago, we cut the ribbon on the
Oxon Creek townhomes, which are 210 new town homes for families of mixed
incomes to buy.
This was almost entirely a private enterprise. Company employees
provided sweat equity along with staff, parents and students of the
Garfield Elementary School. They brought in others to help with the
repairs, including District Electrical Services, Huron Paint, Shue
Painting, District Glass, Express Iron and Virginia Roofing. Bank of
America financed the deal, and the DC Housing Finance Agency helped.
Fannie Mae helped to close the deal by providing about $22 million in
financing and a $350,000 seed grant from the Fannie Mae Foundation for
the arts and community center.
None of this would have happened without Chris coming in, seeing a
business opportunity to improve a neighborhood, and pulling together a
wide range of people with a stake in seeing Washington succeed.
We can all learn something from Chris and the Parklands project. There
are countless business opportunities to improve the quality of life in
the DC area. And it ?s a new imperative today in the post-government
era.
Fannie Mae has several strategies. In addition to our $1 billion
investment in DC ? which is what we do ? we also offer technical
assistance to nonprofits and others who want to make a difference and
want to know how. Basically, we share intellectual capital. A few
years ago we took a $350 million reduction in earnings to expand the
Fannie Mae Foundation, which supports a wide range of community
improvement activities, including the annual Help the Homeless
Walkathon. We also encourage our employees to volunteer their time and
talents, and we ?ve adopted Woodson High School to help the students
there succeed.
These strategies I ?ve called before ?augmentative giving ? ? basically,
instead of giving dollars and stepping away, or giving in-kind
contributions, it ?s taking what you know ? your business skills ? and
applying them in a manner that has an effect on the quality of life in
our region. Anybody can do it. Anybody can find a way to apply your
business to improving the region. Why, even if you were a sludge
company, even if you ?ve got nothing else to offer, you can help in
community cleanup activities and work with nonprofits doing that.
All of us can leverage our business expertise, our contacts and our
resources directly in service of the community. Serving public needs is
no longer the exclusive domain of the public sector. As the private
sector grows in dominance in the region, we will have a greater role to
play. We must take the lead not only in housing, but in education,
transportation, health care, social development, environmental
protection and other areas of public importance similarly to what the
business community has done in other progressive regions of the country.
The possibilities are limited only by our imagination. How can we use
the new technologies the region is developing to deal with these
problems? What role can the Internet play in education? How can
advanced communications help in law enforcement? How can esoteric
financing techniques support public infrastructure? How can interactive
technology leverage the cultural and historical resources of DC to build
employment opportunities in the central city? These are just a few
questions about how this new private sector can interact to have a
greater impact on the region.
Washington is a region on the upswing. There is a lot to be bullish
about. It ?s a very smart place to invest, whether your investment is
commercial or philanthropic. The post-government era in Washington is
upon us, and it ?s ours to shape. Together, we have the ability to write
the future history of Washington in this new era.
Thank you.
RECORD TYPE: PRESIDENTIAL (NOTES MAIL)
CREATOR: "Oberg, Jon" <[email protected]> ("Oberg, Jon" <[email protected]> UNKNOWN
CREATION DATE/TIME:29-OCT-1999 16:46:30.00
SUBJECT: FW: Bloomberg -- Sallie Mae Could Get Windfall Under House Disabi lity Bill
TO: Hildy Kuryk (CN=Hildy Kuryk/OU=WHO/O=EOP [ WHO ])
READ:UNKNOWN
TEXT:
Here's the hot higher ed issue of the day in the form of a newspaper
article.
> Sallie Mae Could Get Windfall Under House-Passed Bill
>
>
Washington, Oct. 29 (Bloomberg) --
>
SLM Holding Corp., the dominant player in the student loan market, could
>
reap a windfall under a provision quietly added to a bill now pending in
>
Congress.
>
The provision, which is opposed by the Clinton
>
administration, would change the interest-rate index used to pay
>
federal subsidies for student loans. Lenders' returns would be
>
based on commercial paper rates, rather than Treasury bill rates,
>
which have been lower and more volatile lately.
>
The provision has a good chance of becoming law because it's
>
been attached to a popular measure that would help the disabled
>
find jobs. "The odds are certainly better than shareholders had
>
assumed this year," said Chuck Gabriel, senior political analyst
>
with Prudential Securities Inc. "This is a popular bill with
> bipartisan support."
> The House passed the disabilities bill 412-9, and the Senate
> passed it 99-0. President Bill Clinton is unlikely to veto such a
> popular measure, and if he does, there's a good chance the veto
>
will be overturned.
> Dispute Over Costs
> Government officials estimate the benefit for SLM, the
> parent of Sallie Mae, could be about $700 million over the next
> 10 years, though company officials dispute that estimate. Other
> major student loan providers like Citigroup Inc. and Bank America
> Corp. would also benefit if the proposed change were to become
> law.
> "What the industry is essentially doing is asking the
> government to write them a commercial paper to Treasury bill swap
V
at cost because the private sector is asking more than they want
> to pay," Donald Feuerstein, a senior Education Department
> official, said.
>
A Sallie Mae official said the provision is more likely to
> save the government money. Its most important impact, would be to
> make it easier for Sallie Mae and others to issue asset-backed
> securities pegged to indexes that investors prefer, such as the
> London interbank offered rate.
> ``It makes our earnings more consistent, not greater," said
> Paul Carey, executive vice president for marketing at SLM.
> The Congressional Budget Office said it would lower the
> government's cost by $20 million over five years, Carey said. The
>
actual cost would depend on market conditions.
> SLM shares rose 1 1/4 to 48 1/16 today.
> Legislative Strategy
>
The change in the Sallie Mae subsidy index was attached to
>
the disabled bill before the House passed it last week. The
>
Senate must accept the House provision before any change in the
>
student loan index can become law.
>
Key decision makers for the Senate will be Finance Committee
>
Chairman Bill Roth, a Delaware Republican, and Senate Majority
>
Leader Trent Lott of Mississippi.
>
Sallie Mae has spent close to $750,000 on lobbying this
>
year, and hired a bevy of outside lobbyists, including two
>
former congressmen, to complement its four-person in-house team,
>
according to reports filed with the Senate.
>
The proposed new method of calculation would pay lenders a
>
rate based on a quarterly average of three-month commercial paper
> rates. The federal subsidy is now calculated by taking the
>
quarterly T-bill average rate, adding 280 basis points and then
>
dividing by four. The proposed method would take the quarterly
>
commercial paper rate, as reported by the Federal Reserve in
>
publication H-15, add 234 basis points and divide by four.
>
10 Basis-Point Difference
>
Under recent market conditions, Sallie Mae would get a yield
>
10 basis points higher than under current law, Carey said. The
>
effect on Sallie Mae income would be small, he said. More
>
importantly asset-backed sales would be easier.
>
"If they get this change they'll be better able to match
>
assets and liabilities," said Jonathan Adams, an analyst at
>
Prudential Securities Inc. That's because the cost of Sallie
>
Mae's debt ``follows the cost of commercial paper more than it
>
follows 90-day Treasury bills."
>
Sallie Mae has approximately $35 billion in student loans on
> its books, and has about $15 billion in asset-backed securities
V
outstanding. It expects to have acquired $10 billion in loans by
V
year end, Carey said.
>
Under current law, student borrowers' interest rates are 1.7
V
percentage points above the Treasury bill index while they are in
>
school, rising to 2.3 percentage points with a cap of 8.25
>
percent, after students leave school.
>
In general, lenders draw an interest rate about one-half
>
percentage point higher than the rate students pay, with the
V
federal government making up the difference.
>
The total cost of federal subsidies for the loans, which
> come largely in the form of interest rate and default guarantee,
> is about $2 billion annually.
> The number of college students borrowing for college has
> more than doubled in the past decade, according to the U.S.
> Department of Education. During 1997, 5.4 million college
>
students received a total of $34 billion in loans from the
> federal government and private lenders.
>
William Roberts in Washington (202)624-1897, with reporting by
>
Vincent Del Giudice and Laura Litvan in Washington and Vladimir
>
Cole in New York/mmw
RECORD TYPE: PRESIDENTIAL (NOTES MAIL)
CREATOR: Charissa L. Smith ( CN=Charissa L. Smith/OU=WHO/O=EOP [ WHO 1)
CREATION DATE/TIME: 1-NOV-1999 11:07:05.00
SUBJECT:
TO: [email protected] ( [email protected] @ inet [ UNKNOWN 1)
READ:UNKNOWN
CC: [email protected] ( [email protected] @ inet [ UNKNOWN 1)
READ:UNKNOWN
Records Management@EOP ( Records Management@EOP [ UNKNOWN ])
READ:UNKNOWN
TEXT:
Good morning- you'll had asked if I had a contact at Fannie Mae- and I
believed that I did- but it is Sallie Mae, not Fannie Mae- (Marcia
Drinkard, Y2K Project Director).
Sorry- Charissa
RECORD TYPE: PRESIDENTIAL (NOTES MAIL)
CREATOR: Stephen N. Boyd ( CN=Stephen N. Boyd/OU=WHO/O=EOP [ WHO ])
CREATION DATE/TIME: 4-NOV-1999 12:13:57.00
SUBJECT: St Pete Times inquiry on SallieMae tax brk
TO: David Vandivier ( CN=David Vandivier/OU=OMB/O=EOP@EOF [ OMB ])
READ:UNKNOWN
TEXT:
David-
Vanita Gouda [202-463-0579] of the St Pete Times would like info on our
position on a tax break for Sallie Mae that is apparently in current
legislation. Do you have anything on this?
RECORD TYPE: PRESIDENTIAL (NOTES MAIL)
CREATOR: David Vandivier ( CN=David Vandivier/OU=OMB/O=EOP [ OMB ]
CREATION DATE/TIME: 4-NOV-1999 12:19:47.00
SUBJECT: Re: St Pete Times inquiry on SallieMae tax brk
TO: Stephen N. Boyd ( CN=Stephen N. Boyd/OU=WHO/O=EOP@EOP [ WHO ])
READ:UNKNOWN
TEXT:
Steve - I will call you on this in a few minutes- I am on the line right
now. Did the reporter say what bill this was in?
Stephen N. Boyd
11/04/99 12:13:51 PM
Record Type: Record
To: David Vandivier/OMB/EOP@EOP
cc:
Subject: St Pete Times inquiry on SallieMae tax brk
David-
Vanita Gouda [202-463-0579] of the St Pete Times would like info on our
position on a tax break for Sallie Mae that is apparently in current
legislation. Do you have anything on this?
RECORD TYPE: PRESIDENTIAL (NOTES MAIL)
CREATOR: Stephen N. Boyd ( CN=Stephen N. Boyd/OU=WHO/O=EOP [ WHO 1)
CREATION DATE/TIME: 4-NOV-1999 12:49:00.00
SUBJECT: Re: St Pete Times inquiry on SallieMae tax brk
TO: David Vandivier (CN=David Vandivier/OU=OMB/O=EOP@EOI [ OMB ])
READ:UNKNOWN
TEXT:
I called and left her a message to try to get bill#. will let you know.
thx.
David Vandivier
11/04/99 12:19:46 PM
Record Type: Record
To: Stephen N. Boyd/WHO/EOP@EOP
cc:
bcc:
Subject: Re: St Pete Times inquiry on SallieMae tax brk
Steve - I will call you on this in a few minutes- I am on the line right
now. Did the reporter say what bill this was in?
Stephen N. Boyd
11/04/99 12:13:51 PM
Record Type: Record
To: David Vandivier/OMB/EOP@EOP
cc:
Subject: St Pete Times inquiry on SallieMae tax brk
David-
Vanita Gouda [202-463-0579] of the St Pete Times would like info on our
position on a tax break for Sallie Mae that is apparently in current
legislation. Do you have anything on this?
RECORD TYPE: PRESIDENTIAL (NOTES MAIL)
CREATOR: Charles H. Cole ( CN=Charles H. Cole/OU=WHO/O=EOP [ WHO ])
CREATION DATE/TIME: 6-DEC-1999 15:25:41.00
SUBJECT: Rahm Emanuel
TO: Lauren A. Skryzowski ( CN=Lauren A. Skryzowski/OU=WHO/O=EOP@EOP [ WHO 1)
READ:UNKNOWN
TEXT:
Re your call, Rahm is for Freddie Mac, not Sallie Mae.