FDIC May Run ‘Bad Bank’ in U.S. Plan to Remove Toxic Assets: possible contract attorney jobs?

As reported by the Bloomberg and the HuffingtonPost websites last night, the FDIC may manage the so-called “bad bank” that the Obama administration is likely to set up as it tries to break the back of the credit crisis.   The FDIC has been beefing up staff (see our earlier post here).  FDIC Chairman Sheila Blair is pushing to run the operation, which would buy the toxic assets clogging banks’ balance sheets.  Bair is arguing that her agency has expertise and could help finance the effort by issuing bonds guaranteed by the FDIC.  Obama’s team may announce the outlines of its financial-rescue plan as early as next week.  And quoting John Douglas, former general counsel at the agency who now is a partner at Paul, Hastings, “that’s what the FDIC does, it takes bad assets out of banks and manages and sells them.”

If the Obama administration does move in that direction it is expected the FDIC will be looking for former RTC contract managers (of which there are scores among Posse List members) and/or those with skill sets involving loan analysis and managing pending bank closures and interventions.

Keep an eye on the FDIC employment page (click here) and the FBO website which posts Federal government contracts (click here).  In addition, there are a number of D.C. and NYC staffing agencies that have done work for the FDIC and OTS so they get first crack at any projects requiring a staff up of attorneys and financial analysts.