Davis Polk wins role on new $250bn US bank rescue
Davis Polk & Wardwell has been appointed as the sole adviser to the Federal Reserve Bank of New York on the US Government's $250bn (£142bn) plan to purchase shares in nine of America's largest banks. The plan, announced by US President George Bush today (14 October) will take $250bn from the $700bn (£399bn) bailout package passed on 3 October. The part-nationalisation will see the government invest in Bank of America (BoA), Citi, JPMorgan, Goldman Sachs, Wells Fargo, Morgan Stanley, Merrill Lynch, Bank of New York and State Street.
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