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| Friday, November 20, 2009 |
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ANALYSIS
March 2, 2009
Sagging Index no longer reflects what’s going on in the market, some say, Replacements? Google it, to start.
March 2, 2009
Downward price spiral will actually boost the cost of capital for most companies. CFOS, take note.
March 2, 2009
The latest bailout at AIG could be a preview of how the president will deal with Wall Street.
March 2, 2009
No corporate defaults. Big debt offerings. Percolating CP issuance. Things may be looking up in the capital markets.
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October 17, 2008 4:12 PM ET
The Treasury Department may be deploying a whopping $700 billion to financial institutions, but Treasury officials don’t seem to be willing to dish out all that much for legal advice on the bailout. Simpson Thacher Bartlett, the New York-based law firm that the Treasury tapped to serve as its legal adviser on the financial rescue plan, will receive a fee of $300,000 for its services. According to a copy of the agreement the law firm signed last week with the Treasury, the assignment will run from Oct. 10 through April 9, 2009. Thus, over the roughly 130 days Simpson will be on the job, the firm will receive an average daily payout of about $2,300. Of course, the assignment from the Treasury should boost the well-known law firm’s profile a bit more. And it will certainly enhance Simpson Thacher’s already impressive list of clients. Lee Meyerson, for example, the partner at Simpson overseeing the Treasury assignment, has represented behemoths such as Mellon Financial in its acquisition of Bank of New York and as well J.P. Morgan in its $58 billion acquisition of Bank One. Still, not that many law firms were clamoring for the gig. The Treasury solicited offers from six firms, yet only two (including Simpson) submitted bids, according to a statement on the Treasury’s website. The Treasury Department’s search for a custodian bank—which was ultimately awarded to Bank of New York Mellon—drew submissions from 70 banks. The fees the Treasury agreed to pay BONY Mellon for the three-year assignment were blacked out of the contract.
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