SEGMENT 1:

Lori Quigley, Managing Director for Supervision,
Office of Thrift Supervision

- Use of Funds - Provide a regulatory perspective on appropriate uses of funds under
  the Capital Purchase Program, including how regulators will monitor the uses of funds.
  Discuss what types of activities fit the broad definition of using the funds to increase lending.

- Bank acquisition and consolidation - Discuss use of TARP money to fund the acquisition
  of other banks and the implications on community banking. Discuss the pros/cons of bank
  acquisition/consolidation in the current economic environment as well as the long-term.

- Lending Demand - Identify and discuss trends in loan origination, performance, and demand.
  Discuss whether the economic environment has created a shortage of qualified borrowers
  or a shortage of willing lenders.

SEGMENT 2:

Gregory Peters, Managing Director, New York, Global Head of Fixed Income Research & Chief US Credit Strategist,
Morgan Stanley

Is TARP still critically important?
- The amorphous nature of the TARP program prompts us to question whether the program's
  original purpose is still relevant? In short, the combination of capital injections and further
  securitized asset write downs make the initial program's intent of selling these assets less
  important in our view. In that vein, we question the effectiveness of nationalization or the
  so-called good bank/bad bank structure.

Enter TALF
- We argue that TARP is important, but TALF is more critical in unlocking the system.
  The breakdown in securitization destabilized not only the financial system, but also the economy.
  In order to repair the system and stabilize asset values, you need to fix the core problem -
  securitization. We will provide a quick explanation of the TALF and discuss its importance, as well
  as our concerns.

The numerous programs, policies and stimulus should be evaluated in aggregate
- Individually each program is necessary, but not sufficient. Therefore, TARP is a
  single aspect of the overall governmental response and investors must weigh the effectiveness of
  all these programs in order to determine whether it will have a meaningful effect on the economy
  and markets.

SEGMENT 3:

Jamie L. Boucher, Partner, Financial Institutions Regulatory Group,
Skadden, Arps, Slate, Meagher & Flom LLP

Broad reform of regulatory structure
  - Post-election priority for Obama administration and Congress
  - Studies required by the Emergency Economic Stabilization Act
  - Paulson "Blueprint" for regulatory reform as possible starting point for modernization
    of the regulatory regime
  - Rationalization of number and overlapping jurisdictions of financial regulators
  - Shift from functional to objective-based regulation; Federal Reserve as empowered
    regulator responsible for economic stability
  - Expansion of regulation to encompass new areas (e.g., OTC derivatives, hedge funds)
  - Role of Fannie, Freddie, and the other GSEs
  - Harmonize regulation with global markets

Continued government intervention in the banking and financial markets
  - Lending and liquidity support facilities
  - Depository institution failures

Pressure on financial institutions to raise capital
  - Government investments under TARP and successor programs.
  - Involvement of non-traditional investors in banking sector (e.g., private equity).

Government initiatives to protect "Main Street"
  - Loan modification and foreclosure prevention programs/initiatives
  - Efforts to prevent unfair, deceptive/predatory, or discriminatory practices (e.g.
    implementation of new credit card rule, mortgage lending, other consumer finance)