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Banking and
Financial Institutions Law Update February 4, 2009
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Banking and
Financial Institutions Team Leaders
Jean M. Weipert
Team Members
William G. Asimakis,
Jr.
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UNDER THE "TARP"
TROUBLED ASSET RELIEF PROGRAM
PROGRAM
ALERT
President Obama and Treasury Secretary
Timothy Geithner today have announced new executive compensation
guidelines which will apply to financial institutions receiving
assistance from the federal government. Click here for a link
to the Treasury Department's detailed explanation of the new
guidelines. The guidelines are generally divided into two
categories. The strictest guidelines will apply to banks
needing "exceptional assistance," similar to what AIG, Citi
and Bank of America have received. Another set of guidelines
will apply to banks participating in any new "generally
available capital access programs," similar to the Capital
Purchase Program. Notably, the new guidelines will not apply
retroactively to existing investments or to programs already
announced (such as the Capital Purchase Program).
Clark Hill will
strive to keep you consistently updated and informed about the
Troubled Asset Relief Program and the government's evolving response
to the turmoil in our capital markets. Please click here to view
our previously distributed "Under the TARP" newsletters.
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To find out
more about Clark Hill and our Banking and Financial Institutions
Law Group, visit clarkhill.com
or call 800.949.3124
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