This is hot news. The $700 Billion Bailout has been passed. The world is saved. Well, maybe America is, but Europe looks to be in even worse shape and without the tools to fix their problems.

Still, once again I have to applaud the U.S. Treasury, Members of Congress, the SEC and the President for giving more work to that great labor force in America, America's lawyers.

Of course, I'm referring to the $700 Billion dollar bailout, less commonly referred to as the Troubled Asset Relief Program or TARP as it will soon be known by even small children when they study how America became bankrupt saving companies from declaring bankruptcy.

Why will this create more work for corporate lawyers? One word. Regulations. This is the era of deregulation that led to Enron, $180/barrel gasoline, and heating oil too expensive for the average person to buy to heat their home. Then there is that other little mess deregulation led to. The global mortgage and financial credit crisis.

With regulations now coming into force in the corporate and banking world like a hurricane, those carefree days corporations enjoyed until now are gone. Once those laws are passed, they will have to be deciphered, enforced, avoided, fought over, analyzed, scrutinized, watered down or strengthened and almost certainly challenged in the courts.

We are witness to the start of the greatest passage of regulatory laws to govern corporations and banks the world has ever seen. As soon as Congress returns from their campaigning for the November elections, you can count on Congress and State legislators as well to begin looking for donkeys to pin the tail of blame on for this mess. And once the legislators believe they fully understand how we got into this mess, they will pass the laws they believe will keep us from ever getting in this mess again.

And it won't stop there. With the financial crisis in the U.S. having spread to Europe, Asia and most of the rest of the world, those countries will follow suit with probably even stricter regulations.

For an international corporate lawyer, this is like Christmas in September. At large law firms around the world, lawyers are sickened like everyone else at what this global crisis is doing to individuals around the world, including themselves and many of their staff, who don't know how they will pay their mortgage, put food on the table, or buy gasoline. TARP, as we will soon all be calling the bailout, may not even accomplish a darn thing. Only one thing is certain. Governments around the world will be passing new laws by the truckload, and lawyers will be called upon to understand them.

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