Simpson Thacher

The Treasury taps Simpson Thacher to serve as legal adviser for the recapitalization plan. Good firm with a top-notch PE practice (they represent KKR), so it definitely has the necessary expertise to advise on the recapitalization portion of the bailout. My wife knows more about Simpson Thacher than I do. Here's what she had to say about the appointment in an email:

Very professional and no-nonsense but still congenial and respectful overall. Excellent transactional. A little inconsistent in lit[igation]. Mostly diligent litigators but I remember a couple jerk showboaters who dragged negotiations down. Not indicative of the firm though.

Hopefully they can craft a program with a decent legal foundation. And by "a program with a decent legal foundation," I mean "a program that doesn't totally screw any of my clients."