Cleary Gottlieb advised the Counterparty Risk Management Policy Group II in the preparation of its long-awaited recommendations for improving the stability of financial markets. The group, chaired by E. Gerald Corrigan, a former President of the Federal Reserve Bank of New York and currently a Managing Director at Goldman Sachs, is the second incarnation of a panel formed in the wake of the Wall Street bailout of hedge fund Long-Term Capital Management. Recommendations of the first panel were widely influential with regulators and market participants.
The 14-member panel included senior officials from Goldman and 11 other major financial institutions—Morgan Stanley, JP Morgan, Citigroup, Merrill Lynch, Lehman Brothers, Bear Stearns, Deutsche Bank, HSBC, General Motors Asset Management, TIAA-CREF and Tudor Investments.