Cleary Gottlieb confirmed Tuesday that it was one of the six firms the Treasury Department contacted to possibly take a lead adviser role on the $700 billion bailout plan. The four firms that turned Treasury down appeared to be mostly concerned about conflicts and losing lucrative clients. Simpson Thacher won the role; Chairman Richard Beattie says the idea that Treasury would push his firm to drop clients was "ridiculous."
Cleary Confirms It Rejected Lead Adviser Role on Federal Bailout Plan
The American Lawyer
October 15, 2008