US duo land Treasury roles on $700bn bailout
The US Treasury Department has selected two law firms to help execute the $700bn (£440bn) bailout package that Congress passed in October, reports The National Law Journal. Squire Sanders & Dempsey and Hughes Hubbard & Reed were each awarded contracts worth up to about $5.5m (£3.5m) to assist the US Treasury in the execution of transactions under the new Emergency Economic Stabilisation Act, as the bailout package is formally known. The plan allows the US Government to purchase distressed assets from the nation's banks.According to a press release from the Treasury Department, the firms' duties include "reviewing executed investment agreements, working directly with accepted financial institutions to identify and resolve and legal issues before closing, and conducting the closing of transactions."
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