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Financial Crisis – News and Resources

June 2009

Financial Crisis News Briefs Last Updated June 3, 2009

Please click on the links below or scroll down to view our client alerts, attorney articles and other resources relating to the financial crisis.

One-Page Reference Guides (a/k/a Cheat Sheets) and Timeline of Events
Presentations
Financial Stability Plan and Related Financial Markets Legislation
TARP Programs and Emergency Economic Stabilization Act
Tax
Liability Management
Securities Markets
Employee and Executive Compensation
Money Market Funds
Covered Bonds
Accounting Rules and Best Practices
Consumer Finance and Mortgages
Outsourcing
Financial Crisis Response Outside the US
Links to Other Legal and Government Resources
   Stress Test Results
   Financial Stability Plan
         Public Private Investment Trust
   Federal Reserve Resources
   Treasury Capital Purchase Program Resources
   FDIC Resources
   Congressional Resources

One-Page Reference Guides (a/k/a Cheat Sheets) and Timeline of Events

* Please note these are summaries that are accurate as of the date noted therein. For more detailed information, please see our client alerts on these topics.

Presentations

6/15/2009 Strategies for Exiting the TARP Capital Purchase Program NEW
4/29/2009 Update on Federal Programs in Response to the Financial Crisis
4/21/2009 UK Government Banking Support Measures Including Reform of UK Banking Regulations
3/2009 TARP and Government Intervention in 2009
3/2009 How Federal Actions in Response to the Fiscal Crisis Can Help Securitization and Restart the Economy
1/2009 January Presentation on Bailing out the Banking System

Financial Stability Plan and Related Financial Markets Legislation

Client Alerts

TARP Programs and Emergency Economic Stabilization Act

Cheat Sheets

* Please note these are summaries that are accurate as of the date noted therein. For more detailed information, please see our client alerts on these topics.

Client Alerts

3/2009 Capital Purchase Program Overview
2/18/2009 Treasury's Asset Guarantee Program
1/16/2009 From TARP to ARRP: Is 2009 the Year We Get Out from Under the TARP?
1/15/2009 CaPP: Subchapter S-Corporations
12/12/2008 GAO Calls for Increased Oversight of TARP Contractors
11/25/2008 TARP’s Term Asset-Backed Securities Loan Facility: Can Wall Street Help Main Street?
11/23/2008 Insurance Companies Adopt Thrift Holding Company Structure to Become Eligible for Treasury Capital Purchase Program and FDIC Liquidity Guarantee
11/23/2008 FDIC Approves Temporary Liquidity Guarantee Program Final Rule
11/18/2008 CaPP: Private Bank Program
11/13/2008 TARP UPDATE: Troubled Assets Will Not be Purchased
11/10/2008 SIFMA TARP Conference
11/10/2008 The Emergency Economic Stabilization Act's Effect on Employee Benefits and
Executive Compensation
10/21/2008 Update to Treasury’s Capital Purchase Program
10/17/2008 New Liquidity and Capital Alternatives for Financial Institutions: Treasury’s TARP Capital Purchase Program; FDIC’s Temporary Liquidity Guarantee Program
10/14/2008 TARP and the Various Federal Tent Poles: Will it be Enough?
10/3/2008 Economic Stabilization Act: Overview of Transactions Involving Troubled Assets
10/3/2008 Recovery Legislation Creates Both Opportunities and Risks for Government Contractors
10/3/2008 Economic Stabilization Act: Employee Benefits and Executive Compensation
10/3/2008 Bailout Bill Tax Provisions - An Executive Summary

Tax

Client Alerts and Articles

6/17/2009 MoFo Tax Talk, Volume 2, Issue 2 NEW
3/10/2009 MoFo Tax Talk, Volume 2, Issue 1
3/9/2009 Stop Tax Haven Abuse Act: An Attempt to Close Down Dividend “Washing” has New Life with a New Congress and New Administration
2/19/2009 Temporary Deferral of Cancellation-of-Indebtedness Income Under the Recovery and Reinvestment Act of 2009
2/17/2009 Tax Provisions of the Stimulus Bill
12/19/2008 MoFo Tax Talk Volume 1, Issue 4
11/25/2008 TARP’s Term Asset-Backed Securities Loan Facility: Can Wall Street Help Main Street?
10/20/2008 New Tax Rules Re Certain Investment Fund Managers’ Deferred Compensation
10/3/2008 Bailout Bill Tax Provisions - An Executive Summary
10/3/2008 Summary of Cleantech Provisions in the Bailout Bill
10/3/2008 Economic Stabilization Act: Employee Benefits and Executive Compensation
10/2/2008 Notice 2008-83: The IRS Offers Reassurance to Troubled Banks
9/30/2008 MoFo Tax Talk Volume 1, Issue 3
6/2008 Tales from the Credit Crunch: Selected Issues in the Taxation of Financial Instruments and Pooled Investment Vehicles by Thomas A. Humphreys
First published in Journal of Taxation of Financial Products by CCH June 2008.
Click here to visit the CCH website.

Resources

1/2009 Notice 2009-14: Tax Law Application to TARP Participants

Liability Management

Client Alerts and Articles

7/2/2009 Tender Offer Considerations for Cash Repurchases and Exchange Offers NEW
6/5/2009 Section 3(a)(9) Exchange Offers NEW
3/5/2009 Liability Management: Is Now the Time to Rebalance Your Balance Sheet?

Securities Markets

Short Selling Reform

3/16/2009 The Fed/Treasury gave us TARP – How will the SEC Protect the Market from Exposure to Naked Short Sales and other Abusive Transactions?
2/13/2009 UK’s FSA Proposes a ‘Permanent’ Extension of the Disclosure Rules for all Short-Sellers
1/7/2009 Update on UK’s Short-Selling Measures: FSA Proposes to End the Ban but to Extend the Disclosure Regime
1/1/2009 "The Short Story" by Anna Pinedo and James Tanenbaum
First published in Financier Worldwide January 2009. Used by permission.
11/2008 Securities Markets: Short Selling Under Fire by David Kaufman and Anna Pinedo
First published in INSIGHTS November 2008. Used by permission..
10/1/2008 Update Regarding UK's Short-Selling Prohibition
9/29/2008 SEC Clarifies Short Sale Restrictions and Related Disclosure Requirements
9/21/2008 New Restrictions on Short Sales; Disclosure Requirements for Short Sales and Positions; and Relaxed Issuer Repurchase Requirements
9/19/2008 UK's New Short-Selling Prohibition
9/17/2008 SEC Takes Emergency Action on Shorting; South Dakota Short Selling Ballot Initiative
7/30/2008 A Short Summary of Short Selling Regulations

Auction Rate Securities

11/2008 US Auction Rate Securities: A Market Being Replaced by Anna Pinedo
First published in International Financial Law Review November 2008. Used by permission.
6/18/2008 Closed-End Fund Auction Rate Securities Relief
4/2008 International Briefing: Subprime ripple effect by Anna Pinedo and James Tanenbaum
First published International Financial Law Review April 2008. Used by permission.

Credit Rating Agency Reform

4/28/2009 The EU Rating Agency Regulation
2/4/2009 SEC Adopts and Proposes Reforms Relating to Credit Ratings Agencies
12/4/2008 SEC’s New and Proposed Credit Rating Agency Rules
8/5/2008 SEC Proposals for Credit Rating Agency Reform: Potential Impact on the Asset-backed Markets

Employee and Executive Compensation

Cheat Sheets

Executive Compensation

Client Alerts

Resources

Money Market Funds

Cheat Sheets

* Please note these are summaries that are accurate as of the date noted therein. For more detailed information, please see our client alerts on these topics

Client Alerts

Covered Bonds

Client Alerts and Articles

6/17/2009 U.S. Covered Bond Legislation Introduced in Congress NEW
4/1/2009 An Update on Covered Bonds
2/9/2009 Covered Bonds - Will Insurance Companies Follow Banks? by Chiahua Pan
First published in Asset Securitization Report February 9, 2009. Used by permission.
12/3/2008 Update on the FSA’s Approach to Covered Bond Issuance and Asset Encumbrance
10/21/08 A Separate Piece by Anna Pinedo and James Tanenbaum
First published in Total Securitization October 21, 2008. Used by permission.
9/18/2008 Finance: Covering Your Assets by Peter Green and Jeremy Jennings-Mares
First published in Legal Week September 18, 2008. Used by permission
9/2008 The Not So New Thing—Covered Bonds by Mara Goldsmith and Anna Pinedo
First published in Wall Street Lawyer September 2008. Used by permission.
9/2008 U.S. covered bonds: Coming soon to a financial institution near you by Anna Pinedo and James Tanenbaum
First published in Euromoney Global Banking & Financial Policy Review September 2008. Used by permission.
7/29/2008 Treasury Announces Best Practices for Covered Bonds
7/16/2008 The FDIC Offers Certainty on Covered Bonds—a step in the right direction
6/30/2008 Something to Talk About
6/2008 Expanding the U.S. covered bonds market Anna Pinedo quoted
First published in Financier Worldwide June 2008. Used by permission.
5/2008 Bridging the Gap: Regulatory moves in the U.K. and U.S. seek to close the gap with Europe on covered bonds by Peter Green and Jeremy Jennings-Mares
First published in Institutional Investor News: The 2008 Global Securitization Guide. Used by permission.
4/21/2008 Covered Bonds and U.S. Regulators
3/2008 Creating a Level Playing Field—a covered bond framework for the U.K. by Peter Green and Jeremy Jennings-Mares
First published in Financier Worldwide March 2008. Used by permission.
11/6/2007 Amidst the Turmoil, Covered Bonds Bounce Back by Anna Pinedo and James Tanenbaum
First published in Asset Securitization Report November 2007. Used by permission.
8/2007 Lucrative Knock-offs: Covered bonds in the U.S. by Anna Pinedo and James Tanenbaum
First published in Euromoney Global Banking & Financial Policy Review 2007. Used by permission.
Morrison & Foerster’s Frequently Asked Questions About Covered Bonds

For more information about our covered bonds practice please see
http://www.mofo.com/practice/practice/capitalmarkets/CoveredBonds/overview.html.

Accounting Rules and Best Practices

Client Alerts and Articles

4/29/2009 PCAOB Issues Staff Audit Practice Alert on Fair Value Determinations and OTTI
4/13/2009 Mark-to-Market Update: FASB Issues New Fair Value Accounting Guidance
3/19/2009 Mark-to-Market Update: After Congressional Hearing, FASB Proposes New Fair Value Accounting Guidance
1/7/2009 SEC Study Recommends Keeping Mark-to-Market Accounting
11/2008 Wall Street in Crisis: Fair Value & the Recent Market Turmoil by Melissa Beck and Anna Pinedo
First published in Wall Street Lawyer November 2008. Used by permission.
10/13/2008 Fair Value and the Recent Market Turmoil
8/29/2008 Institute of International Finance's (IIF) Final Report on Market Best Practices for Financial Institutions and Financial Products
8/11/2008 The Counterparty Risk Management Policy Group III Report Includes Detailed Suggestions for Financial Intermediaries
7/25/2008 New FASB Accounting Rules on Convertible Debt
7/22/2008 If It Quacks Like a Duck: Financial Instruments with Characteristics of Equity—Still Equity for FASB?
7/2008 International Briefings: Glass half empty accounting by Anna Pinedo and James Tanenbaum
First published in International Financial Law Review July 2008. Used by permission.

Consumer Finance and Mortgages

Cheat Sheets

Term Asset-Backed Securities Loan Facility*

* Please note these are summaries that are accurate as of the date noted therein. For more detailed information, please see our client alerts on these topics.

Client Alerts and Articles