Giuliani's law firm seeking bailout business
In the midst of the worst financial crisis since the Great Depression, former Mayor Rudy Giuliani has begun drumming up business, positioning his law firm to advise corporate clients on how to profit from the government's $700 billion bailout.
Bracewell & Giuliani LLP announced it has formed a corporate task force to advise "financial institutions, private investment funds, institutional investors and other market participants" on the costly package.
"Our team of former government officials and experienced attorneys in the fields of legislation, enforcement and finance are equipped to guide institutions in this quickly evolving and complex environment," Giuliani said.
A firm spokeswoman declined to provide any further details and referred to the announcement.
Bracewell isn't the only group poised to profit if a deal is reached for the federal government to bail out the struggling financial system by buying up billions in bad mortgages and other toxic assets.
Among those who could make money are hedge funds, private equity firms and bankers, not to mention legions of accountants, financial consultants and law firms such as Bracewell & Giuliani.
"Invest in lawyers, they're going to have a field day in the coming years," said Axel Merk, portfolio manager at Merk Funds.
Bracewell says it has the legal and government experience to help clients understand whatever legislation Congress eventually passes. One of the task force members is Marc Mukasey, a former federal prosecutor and son of U.S. Attorney General Michael Mukasey.
"Mr. Giuliani and his partners will not be the only persons to profit from this," said Anthony Sabino, professor of law and business at St. John's University. "He's entitled to seize the opportunity. Certainly this will be a bonanza for those that advise the business community."