Bank woes mean opportunity for some

NEW YORK, Dec. 29 (UPI) -- The financial meltdown of 2008 has created a banner year for a few opportunistic U.S. lawyers, whose business it is to advise banks.

Lawyers associated with the Resolution Trust Corp., a federal agency created in the 1989 during a rash of bank failures, are now finding their services in high demand -- especially if they still have government connections, The New York Times reported Monday.

Former RTC attorneys are now helping banks apply for part of the $700 billion financial firm bailout program.

"It's a good time to be me," said John Douglas, a former RTC attorney.

Bank attorneys "are back in vogue," said former RTC lawyer David Iannarone.

Eugene Ludwig, comptroller of the currency under President Bill Clinton, said the current crisis called "not so much (for) capitalizing on it as really just, how do we contain the flames?"

But attorneys involved in mop-up work are certainly finding the financial landscape rife with opportunity.

"The best opportunity right now is in the debt area, mortgages. We have been buying all along," said Tribune Co. Chief Executive Officer Sam Zell, an attorney whose fortune and reputation as "the grave dancer" was made during the previous financial crisis.