Amid all of the fuss over the proposed $700 billion rescue plan, lawyers are scrambling to provide their clients with the most up-to-date information about what is going on. In the rush, it looks like Mayer Brown spoke a bit out of turn.
The firm had planned to hold a conference call this afternoon with two of its partners, former Rep. David McIntosh and legislative counsel Carolyn Osolinik, who a firm news release said “have been advising senior Treasury and White House officials and Congressional Leaders on critical elements of the Troubled Asset Relief legislation and related issues of interest.” The release went on to say, “These consultations have included Treasury Secretary Paulson’s office and key members and staff of the Senate Banking Committee and House Financial Services Committee.”
Actually, that wasn’t the case.
In a subsequent e-mail, the firm cancelled the teleconference. Text from what the firm called a “clarification” follows.
“We will not be hosting this teleconference today. We apologize for any inconvenience this might cause and hope that you will be able to join us for future events as part of our Credit Market Distress teleconference series.
“In connection with a statement in our earlier announcement, some have asked if Mayer Brown is providing legal counsel to government officials, including the Treasury Department, the White House, and various members of Congress. In fact we are not. Moreover, we have not received from any government officials non-public information about the legislative proposals. As always, we are advising our clients and in doing so, we are in communication with various government officials.”
Bob Harris, interim public relations director at the firm, declined to comment beyond the clarification.