Subject: Hugh McCulloch
In 1863, Hugh McCulloch, the first Comptroller of the United States, sent a letter to all
national banks. His instructions included this warning: “Never deal with a rascal under the
expectation that you can prevent him from cheating you.” Many bankers who thought they could
“manage” the rascal problem have learned the wisdom of Mr. McCulloch’s advice – and I have as
well. People are not that easy to read. Sincerity and empathy can easily be faked. That is as true
now as it was in 1863.

Is this an oblique reference to Jimmy Haslam?