The Treasury Department's false alarm sounds
Who says lawyers aren't an excitable bunch? On Friday, 29 March, the US Department of the Treasury released a 22-page summary of a radical plan to revolutionise a wide swathe of financial markets. Lawyers sprang into action. Many spent the weekend dissecting the summary and answering calls from panicked clients. Of course, the promise of sweet, sweet billables made the loss of Saturday and Sunday a little more palatable. The following Monday, Treasury Secretary Henry Paulson held a press conference to announce the new plan, which covered everything from hedge funds to home mortgages. Lawyers felt an earthquake coming. Sweeping new regulations would mean one practice area would boom, another would die. There would be new laws to learn and new deals to make.
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