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The choice of Wall Street law firm Simpson Thacher & Barlett LLP
for the coveted advisory role to the Treasury Department and its $700
billion bailout plan did not come without a rigorous review by
government officials.
House Financial Services Committee Chairman Barney Frank, D-Mass., noted that Treasury solicited five law firms to bid on the contract, however three of the firms pulled out because they didn't believe their firm could meet the government's conflict of interest guidelines. Simpson Thacher was chosen on Friday.
Treasury also on Tuesday chose Bank of New York Mellon Corp. to supervise some key aspects of the government's asset purchase plan. The financial institution is expected to hold and track the assets Treasury purchases as well as run and report on the auctions it use to buy the assets. Treasury's description: "Think of this as the prime contractor of the purchase program."
A Securities asset
manager, a firm that will hold, manage and ultimately sell the
mortgage-backed securities Treasury purchase, has yet to be chosen.
Treasury has received 100-plus submissions and is working to make a
selection in the next few days. - Ron Orol See related feature story "Remember the bailout" from The Deal newsweekly Ron Orol is a Washington-based reporter for The Deal and author of Extreme Value Hedging: How Activist Hedge Fund Managers Are Taking on the World. Categories Deal Video
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