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Federal Financial Markets Rescue: The Emergency Economic Stabilization Act of 2008 and Other Government Actions
 by Mayer Brown LLP, Charles M. Horn
 
 Copyright: 2009

 Product Details >> 

Product Details

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  • ISBN Number: 9781402412653
  • Page Count: 544
  • Number of Volumes: 1
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  • The purchase of PLI titles may include Basic Upkeep Service, whereby
    supplements, replacement pages and new editions may be shipped
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View Chapter 4 - Executive Compensation and Corporate Governance Requirements


The Federal Financial Markets Rescue provides you with complete yet concise coverage of the government’s sweeping legislative and regulatory efforts to address and ameliorate the 2008-09 financial crisis.

Essential reading for every professional affected by the 2008 Emergency Economic Stabilization Act and related rescue efforts, The Federal Financial Markets Rescue explains how the EESA and a host of initiatives, including the Troubled Asset Relief Program, attempt to stabilize financial markets and institutions, minimize costs to the government and taxpayers, and assist beleaguered homeowners.

You’ll get the essential story about TARP; the use of contractors and other service providers to implement TARP; restrictions on executive compensation; oversight mechanisms designed to monitor the bailout; EESA provisions focusing on foreclosure mitigation efforts; federal programs geared to stabilizing the banking system and providing liquidity to ailing credit markets; and the federal tax implications of rescue programs on financial institutions, including the impact of the 2009 American Recovery and Reinvestment Act.

Updated annually or as needed, The Federal Financial Markets Rescue: The Emergency Economic Stabilization Act of 2008 and Other Government Actions is an important resource for attorneys, accountants, investment advisers, and executives in financial institutions.
 

Basic Upkeep Service:
In order to keep you abreast of the latest developments in your field, the purchase of PLI treatises includes Basic Upkeep Service, so that supplements, replacement pages and new editions may be shipped to you immediately upon publication for a 30-day examination. This service is cancelable at any time.

Chapter 1: Background of the U.S. Government Rescue Efforts Caroline P Osolinik ~ Mayer Brown LLP
  • § 1:1 : Growth and Collapse of Domestic Lending Markets1-1
  • § 1:2 : Government’s Initial Measures1-2
  • § 1:3 : Crisis Deepens1-4
  • § 1:4 : Emergency Economic Stabilization Act1-6
  • § 1:5 : Other Rescue Initiatives1-9
Chapter 2: The Troubled Asset Relief Program Jeffrey P. Taft ~ Mayer Brown LLP
Matthew Windsor ~ Mayer Brown Rowe & Maw LLP
  • § 2:1 : Introduction2-2
  • § 2:2 : General Description of the Program2-3
    • § 2:2.1 : Eligibility: Financial Institutions2-3
    • § 2:2.2 : Eligibility: Troubled Assets2-4
    • § 2:2.3 : Structure of TARP2-5
    • § 2:2.4 : Oversight2-6
    • § 2:2.5 : Warrants2-7
    • § 2:2.6 : Guarantee Program2-7
    • § 2:2.7 : Termination of TARP Authority2-8
  • § 2:3 : Capital Purchase Program and Capital Assistance Program2-8
    • § 2:3.1 : Eligibility2-9
    • § 2:3.2 : Applications2-10
    • § 2:3.3 : Securities2-12
    • § 2:3.4 : Dividends2-12
    • § 2:3.5 : Redemptions2-13
    • § 2:3.6 : Transferability2-13
    • § 2:3.7 : Conversion2-14
    • § 2:3.8 : Voting Rights2-14
    • § 2:3.9 : Warrants2-15
    • § 2:3.10 : Repayment of CPP Funds2-15
  • § 2:4 : Public-Private Investment Program2-16
    • § 2:4.1 : Legacy Loans Program2-18
      • [A] : Eligibility2-19
      • [B] : Auction Process2-19
    • § 2:4.2 : Legacy Securities Program2-20
      • [A] : Eligibility2-21
      • [B] : Securities PPIF Operations2-22
  • § 2:5 : Homeowner Affordability and Stability Plan2-22
    • § 2:5.1 : HAFP2-23
    • § 2:5.2 : HAMP2-23
      • [A] : Eligible Borrowers Under the HAMP2-24
      • [B] : Loan Modification Procedures for Servicer2-24
      • [C] : Incentive Payments to Servicers, Lenders, and Borrowers2-25
      • [D] : Reporting Requirements2-26
  • § 2:6 : Additional TARP Programs2-26
    • § 2:6.1 : Asset Guarantee Program2-26
    • § 2:6.2 : Targeted Investment Program2-27
    • § 2:6.3 : Systemically Significant Failing Institution Program2-28
    • § 2:6.4 : Automotive Industry Financing Program2-29
    • § 2:6.5 : Consumer and Business Lending Initiative2-29
    • § 2:6.6 : Automotive Supplier Support Program2-30
Chapter 3: Federal Contracting Under the Troubled Asset Relief Program Marcia G. Madsen ~ Mayer Brown LLP
Melissa Baker ~ Mayer Brown LLP
  • § 3:1 : Overview3-2
  • § 3:2 : Designation of Financial Agent3-2
    • § 3:2.1 : Existing Authority3-2
    • § 3:2.2 : Expansion of Exemption3-3
    • § 3:2.3 : Judicial Review3-5
  • § 3:3 : Federal Acquisition Regulations3-6
    • § 3:3.1 : FAR-Based Contracting and Exceptions3-6
    • § 3:3.2 : Contract Awards to Date3-6
    • § 3:3.3 : Judicial Review3-7
  • § 3:4 : Conflicts of Interest3-7
    • § 3:4.1 : Organizational Conflicts of Interest3-8
    • § 3:4.2 : Personal Conflicts of Interest3-10
    • § 3:4.3 : Public-Private Investment Partnership (PPIP) Conflicts Rules3-11
  • § 3:5 : Conclusion3-12
Chapter 4: Executive Compensation and Corporate Governance Requirements Edward S Best ~ Mayer Brown LLP
Sagit Kaufman ~ Mayer Brown LLP
Bradley West ~ Mayer Brown LLP
  • § 4:1 : Introduction4-3
  • § 4:2 : Treasury Regulatory Actions4-5
  • § 4:3 : Compensation Standards and Restrictions4-7
    • § 4:3.1 : Overview and Definitions4-8
      • [A] : TARP Recipients4-8
      • [B] : Control Groups4-9
      • [C] : Senior Executive Officers4-10
      • [D] : Most Highly Compensated Employee4-11
    • § 4:3.2 : Risk-Related Restrictions on Compensation4-12
      • [A] : Compensation Committee4-13
      • [B] : Risk Assessment of SEO Compensation Arrangements4-14
      • [C] : Bonuses to SEOs4-15
      • [D] : Compliance Certification Requirements4-17
    • § 4:3.3 : Limitations on Golden Parachute Payments4-19
      • [A] : Existing Parachute Payment Restrictions—Internal Revenue Code4-19
      • [B] : EESA Parachute Payment Restrictions4-19
    • § 4:3.4 : Recovery of Bonus and Incentive Payments (“Clawback Provisions”)4-21
      • [A] : Existing Clawback Provisions—Sarbanes-Oxley Act of 20024-21
      • [B] : Clawback Provisions Pre-ARRA4-21
      • [C] : Clawback Provisions Post-ARRA4-22
    • § 4:3.5 : Additional Obligations Under ARRA Amendments4-22
      • [A] : “Say on Pay”4-22
      • [B] : Luxury Expenditure Policies for TARP Recipients4-23
      • [C] : Review of Prior Payments to Executives4-24
      • [D] : Withdrawal by TARP Recipients4-25
    • § 4:3.6 : Compensation and Governance Standards4-25
      • [A] : Compensation Practices of Firms Receiving Exceptional Assistance4-25
      • [B] : Perquisites Disclosures4-26
      • [C] : Compensation Consultants Disclosure4-26
      • [D] : Tax Gross-Up Prohibitions4-26
    • § 4:3.7 : Special Master for TARP Executive Compensation4-26
      • [A] : Special Master Responsibilities with Respect to All TARP Recipients4-27
      • [B] : Special Master Responsibilities with Respect to TARP Recipients Receiving Exceptional Assistance4-29
  • § 4:4 : Additional Contractual Obligations of Select Bailout Funds Recipients4-29
    • § 4:4.1 : Capital Purchase Program (CPP)—Standard CPP Public Term Sheet4-30
    • § 4:4.2 : Program for Systemically Significant Failing Institutions (PSSFI)—American International Group, Inc. (“AIG”)4-30
    • § 4:4.3 : Targeted Investment Program (TIP)—Citigroup, Inc. (“Citigroup”)4-31
    • § 4:4.4 : Automotive Industry Financing Program (AIFP)—General Motors Corporation (“GM”)4-32
  • § 4:5 : Other Corporate Governance Standards and Restrictions4-33
    • § 4:5.1 : Line of Business Restriction4-34
    • § 4:5.2 : Inspection of Books and Records4-35
    • § 4:5.3 : Limitations on Certain Transactions and Transactions with Related Parties4-36
    • § 4:5.4 : Transactions with Related Parties4-37
    • § 4:5.5 : Exercise of Voting Rights4-38
    • § 4:5.6 : Expenses/Luxury Expenditures Policies4-38
    • § 4:5.7 : Lobbying Policies and Rules4-39
    • § 4:5.8 : Risk Management Committee4-41
Chapter 5: EESA Oversight Mechanisms Caroline P Osolinik ~ Mayer Brown LLP
Maya D Song ~ Mayer Brown LLP
  • § 5:1 : Introduction5-1
  • § 5:2 : Oversight Mechanisms in the Emergency Economic Stabilization Act5-3
    • § 5:2.1 : Executive Oversight5-3
      • [A] : Office of the Special Inspector General for TARP5-4
      • [B] : Financial Stability Oversight Board5-6
    • § 5:2.2 : Congressional Oversight Roles5-7
      • [A] : Government Accountability Office5-7
      • [B] : Congressional Oversight Panel5-9
  • § 5:3 : Other Reporting and Study Requirements5-11
    • § 5:3.1 : Treasury Secretary5-11
    • § 5:3.2 : Comptroller General5-12
    • § 5:3.3 : Securities and Exchange Commission5-12
  • § 5:4 : Congressional Oversight: Hearings and Proposals5-13
  • § 5:5 : The Obama Administration5-15
Chapter 6: Other Emergency Economic Stabilization Act Provisions Jeffrey P. Taft ~ Mayer Brown LLP
Alicia K Kinsey ~ Mayer Brown LLP
  • § 6:1 : Homeowner Assistance Programs6-2
    • § 6:1.1 : Foreclosure Mitigation (Section 109)6-2
    • § 6:1.2 : Homeowner and Tenant Assistance (Section 110)6-3
    • § 6:1.3 : HOPE Amendments (Section 124)6-4
  • § 6:2 : Central Bank Coordination (Section 112)6-4
  • § 6:3 : Fiscal Provisions of EESA6-5
  • § 6:4 : Judicial Review (Section 119)6-7
  • § 6:5 : Enhanced FDIC Authority (Section 126)6-7
  • § 6:6 : Cooperation with the FBI (Section 127)6-7
  • § 6:7 : Acceleration of Deposit Reserve Interest Payment Effective Date (Section 128)6-7
  • § 6:8 : Federal Reserve Board Loan Authority Provisions (Section 129)6-8
  • § 6:9 : Suspension of Mark-to-Market Accounting (Section 132)6-9
  • § 6:10 : Increase in FDIC Insurance Limits (Section 136)6-10
  • § 6:11 : Technical Provisions6-10
  • § 6:12 : Budget-Related Provisions (Title II)6-11
Chapter 7: Related Financial Rescue Provisions Jeffrey P. Taft ~ Mayer Brown LLP
Alicia K Kinsey ~ Mayer Brown LLP
  • § 7:1 : Introduction7-3
  • § 7:2 : FDIC Temporary Liquidity Guarantee Program7-3
    • § 7:2.1 : Background and Purpose7-3
    • § 7:2.2 : Statutory Authority7-4
    • § 7:2.3 : Eligibility for Participation7-4
    • § 7:2.4 : Opt-Out Provisions7-5
    • § 7:2.5 : The Debt Guarantee Program7-6
      • [A] : Qualifying Debt Instruments7-6
      • [B] : Disclosure and Compliance Requirements7-7
      • [C] : Limits on Guaranteed Debt7-8
      • [D] : Payment of Claims7-9
    • § 7:2.6 : The Transaction Account Guarantee Program7-9
      • [A] : Qualifying Accounts7-9
      • [B] : Disclosure Requirements7-10
      • [C] : Sweep Accounts7-10
      • [D] : Payment of Claims7-10
    • § 7:2.7 : Fees for Participation in the TLGP7-11
  • § 7:3 : Federal Reserve Board Liquidity Programs7-11
    • § 7:3.1 : Commercial Paper Funding Facility7-12
      • [A] : Background and Purpose7-12
      • [B] : Assets of the SPV7-12
      • [C] : Eligibility for Participation7-13
      • [D] : Limits per Issuer7-13
      • [E] : Pricing7-14
      • [F] : Duration7-14
    • § 7:3.2 : Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility Program7-14
      • [A] : Background and Purpose7-14
      • [B] : AMLF Details7-14
      • [C] : Eligibility for Participation7-16
      • [D] : Duration7-16
    • § 7:3.3 : Money Market Investor Funding Facility7-16
      • [A] : Background and Purpose7-16
      • [B] : Eligibility for Participation7-17
      • [C] : MMIFF Details7-17
      • [D] : Duration and Wind-Down Process7-18
    • § 7:3.4 : Term Asset-Backed Securities Loan Facility7-19
      • [A] : Background and Purpose7-19
      • [B] : TALF Details7-19
      • [C] : Eligible Collateral7-20
      • [C][1] : Non-Mortgage Asset-Backed Securities7-20
      • [C][2] : Commercial Mortgage-Backed Securities7-21
      • [D] : Eligibility for Participation7-21
      • [E] : Duration7-22
    • § 7:3.5 : Term Auction Facility7-22
      • [A] : Background and Purpose7-22
      • [B] : TAF Details7-23
      • [C] : Eligibility for Participation7-23
      • [D] : Duration7-24
      • [E] : Collateral7-24
    • § 7:3.6 : Primary Dealer Credit Facility7-24
      • [A] : Background and Purpose7-24
      • [B] : Eligibility for Participation7-24
      • [C] : Loan Terms7-25
      • [D] : Duration7-25
    • § 7:3.7 : Term Securities Lending Facility7-25
      • [A] : Background and Purpose7-25
      • [B] : Eligibility for Participation7-25
      • [C] : TSLF Details7-25
      • [D] : Duration7-26
    • § 7:3.8 : Currency Swaps7-26
      • [A] : Background and Purpose7-26
      • [B] : Duration7-26
Chapter 8: Financial Rescue Tax Matters Jeffrey Cantrell ~ Mayer Brown LLP
  • § 8:1 : Introduction8-2
  • § 8:2 : Early Tax Initiatives in the Financial Crisis8-2
    • § 8:2.1 : Residential Mortgage-Backed Securities8-2
    • § 8:2.2 : Auction Rate Securities8-6
  • § 8:3 : The Crisis Deepens—EESA and Related Tax Guidance8-7
    • § 8:3.1 : Nonrecognition Treatment Afforded Securities Lenders on Certain Borrower Defaults8-7
    • § 8:3.2 : Selected Tax Provisions Relating to the Capital Purchase Program8-9
    • § 8:3.3 : Tax Losses and Notice 2008-838-11
    • § 8:3.4 : EESA Tax Treatment of Investments in GSE Preferred Securities8-12
    • § 8:3.5 : Offshore Liquidity8-13
  • § 8:4 : Financial Rescue Tax Aspects of the Obama Administration’s Stimulus Bill8-16
    • § 8:4.1 : Liberalization of Corporate Debt Restructuring Options8-16
      • [A] : Cancellation of Indebtedness Income Deferral8-17
      • [B] : Suspension of Interest Deduction Limitations on High Yield Debt Obligations8-18
    • § 8:4.2 : Net Operating Losses8-19
    • § 8:4.3 : Selected AMTand Tax Exempt Interest Issues8-20
Chapter 9: Table of Authorities
Chapter 10: Index to Federal Financial Markets Rescue

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