File this under: Everybody in the pool!!!
But wait...is there water in the pool? And is the pool sound? And will the water get all slimey in a few days? And who's gonna guarantee me that no one's gonna gravitate next to me just to piss on me? And how come all these guys seem to know each other? Hmmm...
via Bloomberg
Citigroup, Bank of America Lead Banks Creating Fund
By Mark Pittman and Elizabeth Hester
Oct. 14 (Bloomberg) -- Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co. will announce as soon as tomorrow 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, hedge funds and other investors to finance purchases of securities, including corporate bonds and mortgage debt.
The Treasury Department encouraged the banks to work together, and it jump-started the talks with a meeting of Wall Street executives in Washington on Sept. 16, said a person with knowledge of the deliberations. Robert Steel, the Treasury's top domestic finance official, brought the lenders together and prodded the competitors to keep working through the following weeks. Treasury Secretary Henry Paulson, a former chief executive officer of Goldman Sachs Group Inc., also made calls.
``Paulson definitely has the cachet to bring everyone to the table, because of his long experience on Wall Street,'' said Joe Mason, associate professor of business at Drexel University in Philadelphia and a former financial economist at the Treasury's Office of the Comptroller of the Currency.
Sunday, October 14, 2007
And now for something completely different...
The two posts below shine a bright light into a dark corner of my mind. I'm sorry, but I just couldn't resist.
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