By Rebecca Christie and Robert Schmidt
Oct. 3 (Bloomberg) — The U.S. plans to hire five to 10 asset-management firms as Secretary Henry Paulson establishes the governmentâ€™s new office for handling the financial bailout, a Treasury official said.
The department will also add about two dozen new employees, a mix of bankers, lawyers, accountants and others, the official said today on condition of anonymity. The Treasuryâ€™s first attempt to hold an auction to buy troubled assets from financial firms will take at least four weeks to set up, said the official.
“Weâ€™ve been doing a lot of work getting ready for this,â€™â€™ Paulson told reporters after Congress passed the Bush administrationâ€™s $700 billion rescue package for financial institutions. “Once the legislation is signed, weâ€™re going to be going out and lining up advisers from the private sector.â€™â€™