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
BoA and Citi will receive the largest capital injection, with both receiving $25bn (£14.2bn) worth of investment.
Treasury Secretary Henry Paulson said the injection of $250bn into the
The Davis Polk team was led by financial institutions partner Randall Guynn, alongside capital markets partner Michael Kaplan and M&A partner William Taylor.
Davis Polk and Cravath Swaine & Moore have been jointly advising HM Treasury on US law aspects of the UK Government’s own £37bn capital injection into the banking system. The Davis Polk team was led by financial institutions partner Jeffrey Oakes in London and Arthur Long in New York. Cravath’s team was led by partners Robbins Kiessling and Philip Boeckman.
Yesterday (14 October) the US Treasury Department chose Simpson Thacher & Bartlett as its lead legal adviser on the $700bn bailout plan from among a group of six law firms that were asked to consider taking the job.
Keep abreast of all the latest post-Lehman developments in our Legal Week Wiki special.
