Treasury Announces Solicitations for Financial Agents under the Emergency Economic Stabilization Act or The Fed is looking for contractors for the bailout
Treasury Announces Solicitations for Financial Agents under the Emergency Economic Stabilization Act
I just read through the Treasury solicitation announcement for financial agents for their soon-to-be-acquired distressed assets and the distressed asset sales and here are some interesting tidbits (with my comments in red):
- Custodian, Accounting, Auction Management, and Other Infrastructure Services
- Securities Asset Management Services
- Whole Loan Asset Management Services
All interested and eligible parties that meet the requirements and guidelines required of each service should submit requests by the 5 p.m. (EDT) on Oct. 8, 2008. Treasury expects to announce the results of initial selections from these three competitions next week. *I wonder if Goldman Sachs and Citigroup will be selected...My prediction is that it is highly likely especially since the Government has a vested interest in seeing them succeed.* In some cases more than one financial agent may be chosen.
These services are being obtained through the Treasury's authority to retain financial agents to provide services on its behalf as provided for under the Emergency Economic Stabilization Act. These are not contracts governed by the provisions of the Federal Acquisition Regulation. *Very interesting... I wonder why not government by FAR. I imagine that the agents will want some protections to reduce their perceived or real risks.*
Any additional thoughts or insights on this?
BTW, I bet whoever is selected will surely be busy addressing calls or emails from "brokers" (with "prominent" yahoo email addresses) who are "working with direct buyer mandates to invest billions of dollars." (Some of you know what I'm talking about... :)
Tags: treasurydepartment, Emergency Economic Stabilization Act, distressed assets, distressed asset sales, opportunisti investments, goldman sachs, citigroup, financial agents
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