Davis Polk is playing a pivotal role in the largest and most complex matters of the current financial crisis:
|Lead counsel to the New York Federal Reserve Bank on
the $85 billion financing for AIG.
The firm is also lead counsel to the New York Fed on a subsequent $37.5
billion financing for
AIG and on AIG's global disposition program.
|Lead counsel to Banco Santander on its $1.9 billion acquisition of Sovereign Bancorp.|
|Lead counsel to Citi on its proposed $56 billion rescue of Wachovia, which was the first FDICassisted “open bank” transaction to invoke the “systemic risk” exception to the “least cost resolution” principle.|
|Lead counsel to Citi as the organizer of a multi-bank financing on a potential pre-bankruptcy acquisition of Lehman by Barclays. The firm is also advising several major financial institutions on credit exposure issues relating to Lehman.|
Bank of New York
|Counsel to the Federal Reserve Bank of New York on the US Treasury’s
$250 billion bank
capital purchase program.
|Lead counsel to the Federal Home Loan Mortgage Corporation (Freddie Mac) on a proposed increase in its equity capital, the US government’s conservatorship and financial assistance package, as well as the Department of Justice and SEC investigations.|
|Counsel to Her Majesty’s Government (HMG) on US bank regulatory and other issues relating to HMG’s plan to provide financial support to the UK banking system.|
|Lead counsel to Lloyds TSB on US bank regulatory matters on its proposed acquisition of HBOS. We are also lead US counsel to Lloyds on the investment by HMG.|
Counsel to Morgan Stanley on the bank regulatory, compliance and corporate issues related to its recently announced conversion into a bank holding company. Davis Polk also advised Morgan Stanley on the structuring of the convertible preferred securities Morgan Stanley is selling to Mitsubishi and then on Morgan Stanley's participation in the US Treasury's $250 billion bank capital purchase program.
|Lead US counsel to The Royal Bank of Scotland Group on a proposed investment by HMG.|
|Davis Polk provided legal support and technical analysis to the Securities Industry and Financial Markets Association, the leading financial industry association, on the Emergency Economic Stabilization Act and the $700 billion TARP.|