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Davis Polk & Wardwell

US Financial Crisis and the downturn 2009 (3)

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Rankings at a glance
Award levelCommended
InnovationCitigroup bailout
Originality6
Rationale6
Impact7
Total19
DescriptionThe firm was at the centre of discussions with governmental regulators (US Treasury, New York Federal Reserve, Federal Deposit Insurance Corporation), and dealt with $306bn in guarantees and a $20bn direct investment

US Financial Crisis and the downturn 2009 (2)

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Rankings at a glance
Award levelStandout
InnovationAIG rescue
Originality7
Rationale7
Impact8
Total22
DescriptionThe government requested that the firm switch clients when a private rescue of AIG fell through. Having shifted from representing JPMorgan Chase to the New York Federal Reserve, 10 hours later the firm had helped to design and execute the largest single credit financing ever

US Financial Crisis and the downturn 2009

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Rankings at a glance
Award levelStandout
InnovationAdvising Freddie Mac on US government rescue
Originality7
Rationale7
Impact8
Total22
DescriptionResponsible for the initial bailout completed in a single weekend, the firm resolved many novel legal issues including insurance arrangements and pre-existing delegations of authority, under pressure of completing before the Asian markets opened on Monday morning