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Bank of New York Will Oversee Bailout Fund
Topics:Mergers & Acquisitions
Companies:Wells Fargo and Co | Bank of New York Co
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Two other banks, Wells Fargo [WFC
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] and State Street [STT
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], had also been in the running.
All three firms declined to comment.
The master custodian bank will hold and track the distressed assets that the government will buy as well as run and report on the auctions used to buy the assets.
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Government officials called it the “prime contractor of the purchase program.”
The agency received 70 applications, of which 10 met the requirements and minimum qualifications. The contract will last three years.
Copyright © 2008 The New York Times
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