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US banks issuing FDIC-guaranteed bonds are divided over the disclosures that they should be providing

Orrick Hölters & Elsing has hired corporate lawyer Erich Michel from Bird & Bird. He will join the firm's Frankfurt office on January 1 2009. Michel's experience has seen him advise on the privatisation of Frankfurt airport and represent Aareal Bank on the sale of German real estate internet company Immobilienscout by public auction. He also worked on the privatisation of Tank & Rast. Joining Michel on his move will be Stefan Kleinbreuer (senior European consultant) and Stefan Renner. They will join the Frankfurt office as of counsel and associate respectively.

As companies across Asia struggle to refinance, China has come up with a novel solution. The government will allow Real Estate Investment Trusts (Reits) to set up

Jay Himes, former Chief of the Antitrust Bureau for the Office of the Attorney General of the Sate of New York, has joined Labaton Sucharow as co-chair of the firm’s antitrust group.

Magisters, based in the Commonwealth of Independent States, has merged with Belarusian firm BelJurBureau.

Taylor Wessing represented Howden Insurance Brokers Limited in its acquisition of Benfield Corporate Risk’s US Wholesale Property Casualty unit.

Shearman & Sterling is expanding its Abu Dhabi office by doubling its staff to nearly 30 lawyers. The most significant moves result in a strengthened M&A and equity capital markets team in the region.

Chris Pugh Freshfields Bruckhaus Deringer has appointed Chris Pugh (right) as head of its global dispute resolution group. Pugh has been a partner in the group since 1991, and will start his new position on January 1 2009. He will replace Ian Terry, who has held the position for three years. When his term ends, Terry will return to his role as a commercial disputes partner.

Basel II needs to be fully audited to identify and repair its mistakes. First on the list should be pro-cyclicality