With the country teetering on the edge of possible default and a historic downgrade to its AAA credit rating, San Francisco attorney Thomas Pollock has opted to take the optimistic view. The co-head of Paul, Hastings, Janofsky & Walker’s capital markets practice said the ramifications of default on the nation’s debt and the accompanying downgrade would cause all hell to break loose — which is why he’s hopeful that leaders in Washington, D.C., will come up with a reasonable plan to tackle the deficit.
Pollock — who represents financial institutions such as Doral Financial Corp., Capital Access and RBC Capital Markets, and California companies such as BioMarin Pharmaceutical Inc. and Autobytel Inc. — says many clients are already planning for what might happen after the Aug. 2 deadline to raise the debt ceiling has passed. For the business of law, he sees both dangers and opportunity.
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