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.
October 14, 2008 at 10:56 AM
1 minute read
The original version of this story was published on Legalweek
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.
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