Humpty Dumpty: After a hopeful day of negotiations on the Hill and a tentative agreement on a plan to end the financial crisis, talks imploded Thursday. By day’s end, Treasury secretary Henry Paulson was kneeling before the House speaker, appealing for her support, The New York Times reports. Meanwhile, federal regulators seized Washington Mutual Inc. and struck a deal to sell the bulk of its operations to J.P. Morgan Chase & Co., The Wall Street Journal reports.
Near Death: The Recorder has this piece on the demise of Heller Ehrman, the 118-year-old San Francisco law firm. In a firmwide "all hands" videoconference yesterday, Chairman Matthew Larrabee said the partnership had concluded that dissolution was unavoidable.
Executive Compensation: Executives at companies expecting to participate in the bailout plan should read the fine print on any bill passed by Congress, says Venable legislative partner John O'Neill, a former tax and benefits counsel to the Senate Finance Committee, in this Q & A with The American Lawyer.