The Work
November 4, 2008 5:11 PM
Treasury Pays $5.5 Million Each To Hughes Hubbard, Squire Sanders for Bailout Help
Posted by Zach Lowe
We wrote extensively about the Treasury Department's decision to hire Simpson Thacher & Bartlett for $300,000 to serve as its primary bailout advisor.
Treasury asked six firms to compete for that gig, and only two responded. Now we know why: there were more lucrative jobs waiting, according to Reuters. Specifically, Treasury announced Monday that they will pay Squire, Sanders & Dempsey and Hughes Hubbard and Reed $5.5 million each for help advising the government in buying troubled assets from up to 2,500 banks and financial institutions.
The Hughes contract can be found here, and the Squire, Sanders deal here. Both deals run through the end of April 2009.
Treasury reached out to five firms for the work, the announcement says. This time, four of five responded -- not surprising, given the price tag Treasury negotiated for the work. As with the Simpson announcement last month, Treasury is not disclosing the identities of the other three firms it reached out to.
The Am Law Daily will have more on the contracts this week.
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$5.5 M is not exactly correct; if you read the details, its a GSA Schedule award of up to a maximum of $5.5 M, but actual work is at negotiated hourly rates for actual hours worked - pretty standard for a GSA professional services contract.
Comment By TARP Guru - November 5, 2008 at 9:54 AM