Just before Christmas, K. Lee Blalack II fielded a call from a nervous general counsel at one of the world’s largest financial institutions. The call was prompted by a frightening letter from a U.S. senator, demanding all sorts of documents for the latest investigation of the troubles on Wall Street. Blalack, a partner with O’Melveny & Myers in Washington, D.C., asked him the same first question he always does: “What does it say on the letterhead?”
A senator acting in his individual capacity? Blalack doesn’t even break a sweat. The U.S. House Appropriations or Transportation committee? No need to worry, Blalack assures his client. You’ll produce a few documents and that will be the end of it.
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