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Bailout Legislation and the Credit Crisis: Memos Galore

By broc

Bailout Legislation and the Credit Crisis: Memos Galore

With many law firms suffering from a dearth of transactional work - compounded by the biggest market crisis of our generation - the sheer number of firm memos being produced has been overwhelming lately. Here is where we have been posting the hordes of memos related to the crisis:

- Memos re: Bailout Legislation
- Memos re: Implementing TARP (includes memos on Money Market Guaranty Program)
- Memos re: Fair Value Accounting
- Memos re: CDOs/Credit Default Swaps
- Memos re: SEC's Emergency Orders
- Memos re: Lehman Bankruptcy
- Memos re: Covered Bonds
- Memos re: International Developments

In addition, we have posted these memos regarding related developments on these sites:

- Memos re: Fed’s Rule Relaxation for Non-Controlling Bank Investments (on DealLawyers.com)
- Memos re: Executive Compensation Provisions in Bailout Legislation (on CompensationStandards.com)

Work on Congressional Fair Value Study Commences: Comments Solicited

The SEC has commenced its study on "mark-to-market" accounting - and is authorized by Section 133 of the Emergency Economic Stabilization Act - and is soliciting comment. The Act requires the study to be completed by January 2nd and the SEC must consult with Treasury and the Federal Reserve. Notably, the IASB announced that it believes last week’s SEC-FASB clarification on fair value is consistent with IAS 39.

Last month, Corp Fin Director John White and Deputy Chief Accountant James Kroeker (who is heading up the SEC's study now) gave this testimony on transparency in accounting before the Senate Banking Committee.

The Brackets: A "Credit Crunch" Pool

- Broc Romanek

Full post as published by The Corporate Counsel.net Blog on October 09, 2008 (boomark / email).