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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who wrote (106778)1/18/2010 7:03:54 PM
From: Hawkmoon2 Recommendations  Read Replies (1) of 116555
 
Well Mish, if you haven't been following Zerohedge and their call for Davis-Polk to answer a FOIA request for all communications related to Morgan Stanley, the Fed, and AIG, it's interesting reading:

zerohedge.com

zerohedge.com

And it appears that Davis-Polk was "hired" (by someone) to write a "bank bailout" bill proposal for the Treasury Dept to send to Capitol Hill:

A bill sent recently by the Treasury to Capitol Hill would give the Obama administration extensive new powers to inject money into or seize systemically important firms in danger of failure. It was drafted in large measure by Davis Polk & Wardwell, a law firm that represents many banks and the financial industry’s lobbying group. Mr. Geithner also hired Davis Polk to represent the New York Fed during the A.I.G. bailout.

Treasury officials say they inadvertently used a copy of Davis Polk’s draft sent to them by the Federal Reserve as a template for their own bill, with the result that the proposed legislation Treasury sent to Capitol Hill bore the law firm’s computer footprints. And they point to several significant changes to that draft that “better protect the taxpayer,” in the words of Andrew Williams, a Treasury spokesman.

nytimes.com

I think we're seeing a major COI involved when we're seeing a Financial Law Firm doing lobbying work also involved in writing legislative proposals. I know it happens, but this seems pretty blatant.

And yes.. maybe they were reckless attempts, but do we see the same kind of reckless attempts to save small business and entrepreneurialship in America?

I'm not seeing much of it. But maybe I'm blind.. ;0)

Hawk
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