Watchlist Sponsored By :
- Dubai's Debt Woes Signal New Era for Creditors
- US Dollar Rises Against Most Currencies—Except Yen
- Shoppers Hit Black Friday Sales, Budgets Pared
- Fantasy Christmas Gifts 2009
- EA Sports Hopes to Pump Up Sales With Pop-Ups
- Cheap Robotic Hamsters Are Holiday's Unlikely Craze
- Steepest Black Friday Discounts, Revealed
- Is Super Bowl Halftime Act Too Old?
- Car Insurance Scofflaws Raise Health Reform Doubt
- Is Super Bowl Halftime Act Too Old?
- Surprising Options Trades in TiVo Shares
- EA Sports Hopes to Pump Up Sales Through Pop-Up Locations
- 8 Retailers that Gain During the Holidays
- Farrell: What's Different On This Black Friday
- 10 Dividend Picks For Your Portfolio: Chief Investors
- 4 Thanksgiving Week Buys For Your Portfolio: Market Pros
- There's a 'Great Chance' For a Double-Dip Recession: Strategist
- Revenge of the Gangsta Nerds
MOST SHARED
- Finding the Holiday's Best Buys
- 8 Retailers that Gain During the Holidays
- Banks Play Down Dubai Exposure, Investors Still Wary
- Dubai Fallout Is a Correction, Not Another Crisis: El-Erian
- Attraction of Switzerland to Businesses
- More Asia Executives Resigned to Economy Flights: Survey
- ING Prices Share Issue at Hefty Discount
- San Miguel Sells $1.36 Billion Stake to Ally
powered by digg
Three U.S. Banks to Ask Others for Superfund Help
Topics:Banking
Sectors:Financial Services | Banks
Companies:Citigroup Inc | JPMorgan Chase and Co | Bank of America Corp
Text Size 
Three U.S. banks drawing up a plan to ease the credit markets are expected to ask others in the industry to help out next week, The Wall Street Journal reported in its online edition, citing sources familiar with the situation.
 |
] , Citigroup [C
Loading...
()
] and JPMorgan Chase [JPM
Loading...
()
] are spearheading an effort to raise billions of dollars for a new fund that is supposed to help structured investment vehicles (SIVs) sell hard-to-value paper they hold, without further unnerving already jittery credit markets.The banks have asked BlackRock to act as the lead asset manager for the $75 billion fund they are creating to support the asset-backed securities market, a source told Reuters on Wednesday.
According to the Journal, bankers involved in assembling the plan have said they would like to get the superfund running by January.
Copyright 2009 Reuters. Click for restrictions.
Print
Email
- Bill Griffeth is taking a leave of absence from CNBC and Power Lunch for a year. Here's a message from Bill.
- Social enterprises are becoming a new asset class for the ethically-minded.
- With Americans cutting back on spending, holiday tipping will take another hit this year.
- More shoppers than ever plan to comparison-shop this season. Who will benefit?
- It may be the most unusual guide to business you'll read.
- Some of the nation's top bartenders offer suggestions on what to serve at holiday celebrations this year.
MORE FROM CNBC
SECTOR : Financial Services
Data is a real-time snapshot *Data is delayed at least 15 minutes