Daniel Sabba writes to Todd Stevens, Chip Packard, Morris, Stewart Oldfield: "Southern Financial missed its TRS reset payment, which was due yesterday. This is now showing up into swap break reports, which feeds into CB&S management."
WHY THIS MATTERS: Packard was on the escalation chain when Epstein's entity missed a monthly TWTR TRS payment, triggering "swap break reports" that "feeds into CB&S management." This operational dysfunction was visible to senior Deutsche Bank leadership, including both co-heads (Packard) and senior management (Stevens). Morris's frustrated response: "What is going on up there???" Packard had direct visibility into the recurring operational problems caused by Epstein requiring personal sign-off for institutional trading payments.
Daniel Sabba writes to Morris (cc Packard, Todd Stevens, Stewart Oldfield): "Paul — were you aware JE sued Citi? You mentioned today you assessed the likelihood of JE being a litigious client negligible, so would like to get more clarity on the lawsuit below."
Sabba attaches the full FINANCIAL TRUST CO. v. CITIBANK (2003) opinion — Epstein sued Citibank for $10M in the Virgin Islands. Morris had told compliance Epstein was not litigious. Packard was CC'd on this challenge.
EFTA01460611: Morris reports to Packard on Leon Black trading accounts; Packard responds: "Very exciting day Paul. It is all coming together." EFTA01460614: Contains Gottesman art facility discussion. This captures Packard's personal investment in the Epstein-sourced business growth — not passive oversight but active celebration of revenue flowing from Epstein's network.
EFTA01475567–01475578 (Morris's full pipeline spreadsheet): Packard oversaw the Morris/Oldfield team that managed a $4.9 billion pipeline generating $56 million in estimated revenue. Epstein was Morris's anchor client within this massive book, with Southern Financial alone carrying a $2M flat fee—Morris's single largest revenue line item. The pipeline included prospects like Michael Dell, Eric Schmidt, and Gates Foundation, leveraging Epstein-class credibility. Packard's "Let's do the Paul Morris deal" championing of Epstein (Dec 2013) was based on understanding the full scope: a $4.9B book where a convicted sex offender served as the credibility anchor for pitching tech billionaires and major foundations. This was not a small relationship Packard casually approved — it was the cornerstone of one of DB's largest wealth management portfolios.
(Full quote and analysis in Section 4 above.) Packard immediately pivoted to expand Sahni's role after Sahni's successful Epstein call, directing coverage toward Eddie Stern, Belfer, and Kovner's new family office.
WHY THIS MATTERS: Packard was using Epstein's success as a launchpad to pitch more clients to Sahni. Eddie Stern (hedge fund manager, known Epstein associate), Belfer (Robert Belfer, major DB wealth management client), and Kovner (Bruce Kovner, billionaire founder of Caxton Associates) — Packard leveraging Epstein's endorsement to expand KCP coverage to other major clients. This shows institutional strategy: prove capability on Epstein, then use that credibility to win larger accounts.
Packard personally selects the Epstein relationship for internal showcase presentation: "Let's do the Paul Morris deal. It is a new KCP client with more than $150mm coming over from JPM." Don't worry about Roelfien, plenty to talk about at this point." Packard personally championing the Epstein onboarding — choosing to spotlight a convicted sex offender's accounts as a business achievement within Deutsche Bank, directing Diego Galan to have Morris present the relationship. The context and referent of the "don't worry about Roelfien" remark are unclear from available documents.
WHAT THIS SHOWS AND DOES NOT SHOW: These two documents — separated by less than two months — show Packard actively celebrating and promoting the Epstein relationship within Deutsche Bank. He selected it for internal presentation and expressed personal enthusiasm about its growth. This is not passive approval but active championing. It does not establish that Packard knew about or facilitated criminal conduct.