# EXHIBIT 40
From: Ryan, Maryanne X VaaCORPEXCHANGE/OU=EXCHANGE ADMINISTRATIVE GROUP (FYDIBOHF23SPOLT)/CN=RECIPIENTS/CN=MARYANNE.X.RYANj Sent: 1./8/2011 12:32:31 AM To: DeLuca, Phillip A [phillip.a.deluca@jpmchase.com) CC: Middlemiss, Arthur [arthur.middlemissftimorgan.com) Subject: Jeffrey Epstein

Phil-

This email is a summary of the Rapid Response meeting regarding Jeffrey Epstein. It involves an ask of william so I am sending to you first.

The RR sing attended by Catherine Keating, Ann Verdon, the current and former banker, Kevin, Jim and Bonnie from Risk and Art and I.

Jeffrey Epstein is a friend of Jes S and Catherine feels that PB along with william should meet with him to explain the HT project and explain the banks recognition on the project and whether Epstein if further exposed could have a potential serious impact.

Epstein was released in July from house arrest and the Palm Beach Post carried two articles saying DO) may be investigating for child trafficking via a modeling agency he is part owner in. I think Catherine believes that after the briefing on HT that )es would need to point blank ask Jeffrey the status of any criminal investigations. Catherine made sure we knew that no one on today's call was in favor of having retained him as a client. Seems it all is due to Jes's personal relationship. Note he has about 212 mil in the bank and some in JPHS (old Bear PCS)

I asked legal and asked on the call about if we were ever subpoened and seems it is NO which I find very interersting as Bear was. I also spent a good deal of tine looking at his assistant or young lady he brought over from Prague( or some place like that) accouaz. she was involved in some of the detailed escapades. She opened accounts in PB sponsered by him. II my were her debit transactions enlighting as compared to countless es related to his escapades. Lots of salon, lingerie shops, drug res ny palm beach and in st ( his places of residence). Plus lots of video like girls gone and some other shops not fit for my good catholic upbringing! The transactions are old OS to OS. Beal es frequent frequent spa like charges it has died down . Surprised she was never subpoened.

The one new concerning thing is the one article about the DO) investigation is saying they brought under age girls to the US via a modeling agency M2 that is owned by a guy named Brunel. Turns out the banker said today we extended Epstein a loan in relation to this modeling agency. It appears to be a legit modeling agency. If girls were expolited via their contract or arrangement it would be hard for us to tell.

Bottom line we need w to meet with )es to explain NT and then )es could decide the next steps.

Typed on my bb so sorry for typos. I do have a PB rapid response memo I can forward as well.