Author Topic: interesting wrinkle in the Bailout bill, and one of the reasons it was so wrong  (Read 1247 times)

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Offline Baruch Menachem

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Acorn is not the only sleaze group that wants in on the rape of the treasury.
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WASHINGTON, Oct 23, 2008 /PRNewswire via COMTEX/ -- Last week, the U.S. Treasury Department offered the nine largest banks in the United States an opportunity to sell shares to the government. This investment is part of the Trouble Asset Relief Program (TARP), the national bailout plan passed by Congress in early October. All nine banks -- Bank of America, Bank of New York, CitiGroup, Goldman Sachs, JPMorgan Case, Merrill Lynch, Morgan Stanley, State Street and Wells Fargo -- have agreed to this plan and are now participating in TARP.

The National Association of Minority and Women Owned Law Firms (NAMWOLF) is a national trade association that promotes diversity in the legal profession by fostering the development of long lasting relationships between pre-eminent minority- and women-owned law firms and private and/or public entities. NAMWOLF is already offering its services to the U.S. Treasury Department to provide connections to legal counsel during the bailout period; in addition they will extend their resources to the banks in need of legal counsel.

"NAMWOLF would like to recognize Bank of America, CitiGroup, JPMorgan Chase and Wells Fargo for their dedication to diversity over the years. These financial institutions have an outstanding record working with minority- and women-owned law firms through the years, including several of NAMWOLF's partner law firms," said Yolanda Coly, managing director of NAMWOLF. "In the months to come as these banks undergo significant changes, they will require legal counsel from firms with an expertise in this field. NAMWOLF can connect them to firms across the country with the necessary expertise, but can also put them in good standing with the federally-mandated diversity requirements of TARP."

As part of the strict federal legislation outlined in TARP, which authorizes the Treasury Department to purchase up to $700 billion in troubled financial assets, the Treasury Department and involved financial institutions are required to involve minority- and women-owned businesses in the process. NAMWOLF encourages these nine banks to help follow these important guidelines by offering to partner them with the minority- and women-owned law firms.

About NAMWOLF

The National Association of Minority & Women Owned Law Firms () was founded in June 2001. Headquartered in Milwaukee, NAMWOLF is a national trade association that advocates for promoting true diversity in the legal profession by fostering the development of long lasting relationships between pre-eminent minority and women owned law firms and private/public entities.

The National Association of Minority and Women Owned Law Firms (NAMWOLF) will gather for its Annual Meeting and Law Firm Expo at the Marriott - Dallas Las Colinas Hotel on November 13-14. Highlights of the meeting will include career development and legal education seminars, a diversity awards luncheon, networking opportunities and an expo highlighting the minority and women-owned law firm members. The association's fourth annual meeting will focus on promoting the inclusion of minority and women-owned law firms as outside legal counsel and more than 100 law firms and corporations are expected to attend. Every year the conference attracts some of the top legal minds in the country, and panelists from a variety of firms, corporations and the public sector. For more information about the conference and to attend, visit or email: events@namwolf.org.
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