In a recent article from bloomberg:
Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co. will announce... that they are establishing a fund of about $80 billion aimed at reviving the asset-backed commercial paper market, said people familiar with the plan.
The fund, to which other firms will probably contribute, will buy some assets from structured investment vehicles, or SIVs, the people said. SIVs are units set up by banks to finance purchases of assets including subprime mortgage debt.
This fund is aimed at creating liquidity in the asset-backed commercial paper market that was affected by our August Credit Crunch.
Download LiquidityCrisisSpecialReport.pdf
Hope for greater liquidity? Improved Economy? Improved Housing Market?
Or just a sleazy bail-out???
Read Matt Heaton's post: My Letter To Congress
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