FDIC is going to hire 500 new staff. Most slots will be bank examiner jobs. But those jobs pay quite well if you have a few years of experience.  For details click here. Information on the job postings will appear on the FDIC website here.

From: Wall Street Journal, November 28, 2008 The current Treasury has so far struggled to keep up with the task of hiring enough people to handle the $700 billion financial rescue package passed by Congress in October. The man now in charge of running the Troubled Asset Relief Program, Assistant Secretary Neel Kashkari, said the [...]

SIFMA (the Securities Industry and Financial Markets Association) had its “SIFMA Summit” in NYC today on the Troubled Asset Relief Program (TARP).  One of the presenters was Neel Kashkari, Interim Assistant Secretary of the Treasury for Financial Stability.  The one-day program will provide an in-depth discussion and analysis of TARP’s expected effect and discussions on [...]

From: National Law Journal, November 6, 2008 The U.S. Treasury Department has tapped Hughes Hubbard & Reed and Squire Sanders & Dempsey to help execute the $700 billion bailout package that Congress passed in October. The two firms were each awarded contracts worth up to about $5.5 million. The department said it asked five law [...]

We spoke to our Treasury contacts over the weekend.  If you would like to know about all employment opportunities within TARP (attorneys, accountants, financial analysts, etc.) go to the TARP web page by clicking here. You will find the legislation, the procurement process, procedures, jobs, etc.  You can also get on an email list for further [...]

As the media has reported, Clifford Chance has laid off 20 litigators in the mortgage-back securities practice (here) due to “sluggishness” and the fact that the expected uptick in litigation “has not arisen”.   This expected surge in litigation was recently discussed by Law.com in an article entitled “New Wave of Class Actions Filed in Wake [...]

From: The American Lawyer, October 14, 2008 The U.S. Treasury Department has chosen Simpson Thacher & Bartlett as its lead legal adviser on the $700 billion bailout plan from among a group of six law firms that were asked to consider taking the job, Interim Assistant Secretary for Financial Stability Neel Kashkari said in a [...]

Our contacts at Treasury indicated that the “staff up” has been on hold, although the FDIC and OTS are still staffing up because of other related regulatory events. For those of you following the media reports, the Fed and the Treasury Department may abandon the announced details of the bailout plan.  Paulson indicated this week [...]

The bailout plan and contract attorney work … an update to our September 25th posting: Yesterday the administration announced that a former Goldman Sachs executive will be the interim head of its $700 billion rescue effort for financial institutions.  Neel Kashkari, the Treasury’s assistant secretary for international affairs, was selected Monday to be the interim [...]

As has been reported in all the legal media web sites, the tsunami of filed and pending financial meltdown/subprime-related securities cases is still on the rise.  Nobody covers this better, by the way, than Kevin LaCroix at his site The D&O Diary (www.dandodiary.com).  We access his site all the time to track litigations and potential [...]