A big freebie

On the verge of a second consecutive  “Uncle Sam to the Rescue” weekend, an interesting detail emerged in  The Legal Times yesterday regarding  Wachtell’s work—“endless term sheets, and almost endless drafts” —in putting together the U.S. Treasury’s bailout plan for Fannie and Freddie:  the firm worked pro bono.   Wachtell's lead partner on the matter, Harold Novikoff , told the The Legal Times, “We believe the matter to be of supreme importance to the nation and the capital markets. Therefore, we were pleased and privileged to assist the United States Treasury.” 

Wachtell’s 2008 list of the beneficiaries of its pro bono practice (sub req’d) includes, among others, a Tibetan nun, indigent criminal defendants, and public radio. Next year will the firm add the “U.S Treasury” (or “The American People”) to the list?

(Not everyone is grateful: one Wall Street Journal editorial describes the bailout deal as "")

                                           -posted by brian